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  4. [Form 4] Black Stone Minerals, L.P. Insider Trading Activity

Black Stone Minerals (NYSE: BSM) director-linked entity buys 72,726 common units

Filing Impact
(High)
Filing Sentiment
(Positive)
Form Type
4

Rhea-AI Filing Summary

Black Stone Minerals, L.P. director D. Mark DeWalch reported indirect open-market purchases of a total of 72,726 common units representing limited partner interests through DeWalch Diversified LP. The purchases were made at weighted average prices of $13.476 and $13.6217 per unit, across multiple trades within disclosed price ranges.

Following these transactions, DeWalch Diversified LP held 631,248 common units indirectly. Separate holding entries show additional indirect ownership by the reporting person’s wife and a trust, as well as direct ownership reported in his own name.

Positive

  • None.

Negative

  • None.
Insider DeWalch D Mark
Role null
Bought 72,726 shs ($985K)
Type Security Shares Price Value
Purchase Common units representing limited partner interests 36,363 $13.6217 $495K
Purchase Common units representing limited partner interests 36,363 $13.476 $490K
holding Common units representing limited partner interests -- -- --
holding Common units representing limited partner interests -- -- --
holding Common units representing limited partner interests -- -- --
Holdings After Transaction: Common units representing limited partner interests — 631,248 shares (Indirect, By DeWalch Diversified LP); Common units representing limited partner interests — 431,495 shares (Direct, null)
Footnotes (1)
  1. The price reported in Column 4 is a weighted average price. These common units were purchased in multiple transactions at prices ranging from $13.42 to $13.56, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of common units purchased at each separate price within the ranges set forth in this footnote. The price reported in Column 4 is a weighted average price. These common units were purchased in multiple transactions at prices ranging from $13.54 to $13.695, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of common units purchased at each separate price within the ranges set forth in this footnote.
Units purchased 72,726 units Total open-market purchases reported on Form 4
Purchase size 1 36,363 units Open-market purchase at $13.476 weighted average
Purchase size 2 36,363 units Open-market purchase at $13.6217 weighted average
Weighted average price 1 $13.476 per unit Indirect open-market purchase by DeWalch Diversified LP
Weighted average price 2 $13.6217 per unit Indirect open-market purchase by DeWalch Diversified LP
Indirect LP holdings 631,248 units Common units held by DeWalch Diversified LP after purchases
Direct holdings 431,495 units Common units held directly after reported holding entry
Trust holdings 40,809 units Common units held indirectly by Donald Mark DeWalch Trust
open-market purchase financial
"reported indirect open-market purchases of a total of 72,726 common units"
An open-market purchase is when an investor or a company buys shares on a public stock exchange at the going market price, rather than through a private deal. It matters to investors because these purchases change how many shares are available, can push the stock price up or signal confidence from large buyers, and often affect per-share metrics like earnings—think of it like someone buying lots of apples off a grocery shelf, reducing supply and potentially raising the price.
weighted average price financial
"The price reported in Column 4 is a weighted average price."
Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.
indirect ownership financial
"held 631,248 common units indirectly."
common units representing limited partner interests financial
"indirect open-market purchases of a total of 72,726 common units representing limited partner interests"
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Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number:3235-0287
Estimated average burden
hours per response:0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
DeWalch D Mark
(Last)(First)(Middle)
1001 FANNIN STREET, SUITE 2020
(Street)
HOUSTON TEXAS 77002
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
Black Stone Minerals, L.P. [ BSM ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
XDirector10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
05/29/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
Form filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year)2A. Deemed Execution Date, if any (Month/Day/Year)3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeVAmount(A) or (D)Price
Common units representing limited partner interests05/29/2026P36,363A$13.476(1)594,885IBy DeWalch Diversified LP
Common units representing limited partner interests06/01/2026P36,363A$13.6217(2)631,248IBy DeWalch Diversified LP
Common units representing limited partner interests431,495D
Common units representing limited partner interests40,809IBy Donald Mark DeWalch Trust
Common units representing limited partner interests6,749IBy wife
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year)3A. Deemed Execution Date, if any (Month/Day/Year)4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year)7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Explanation of Responses:
1. The price reported in Column 4 is a weighted average price. These common units were purchased in multiple transactions at prices ranging from $13.42 to $13.56, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of common units purchased at each separate price within the ranges set forth in this footnote.
2. The price reported in Column 4 is a weighted average price. These common units were purchased in multiple transactions at prices ranging from $13.54 to $13.695, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of common units purchased at each separate price within the ranges set forth in this footnote.
Remarks:
/s/ Steve Putman, attorney-in-fact for D. Mark DeWalch06/02/2026
** Signature of Reporting PersonDate
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What did Black Stone Minerals (BSM) director D. Mark DeWalch report on this Form 4?

He reported indirect open-market purchases of 72,726 common units of Black Stone Minerals through DeWalch Diversified LP. These are units representing limited partner interests and were acquired across multiple trades at disclosed weighted average prices.

How many Black Stone Minerals (BSM) units were bought in the latest transactions?

The Form 4 shows total indirect purchases of 72,726 common units. These were reported in two open-market purchase entries of 36,363 units each, executed on different dates but both through DeWalch Diversified LP.

At what prices were the Black Stone Minerals (BSM) units purchased?

The reported weighted average purchase prices were $13.476 and $13.6217 per unit. Footnotes explain that actual trades occurred in ranges from $13.42 to $13.56 and from $13.54 to $13.695, with full breakdowns available on request.

Who actually holds the purchased Black Stone Minerals (BSM) units?

The purchased units are held indirectly through DeWalch Diversified LP, an entity associated with director D. Mark DeWalch. The Form 4 also lists additional indirect holdings by his wife and a trust, plus a separate direct holding in his own name.

How many Black Stone Minerals (BSM) units does DeWalch Diversified LP hold after the purchases?

After the reported open-market purchases, DeWalch Diversified LP holds 631,248 common units. This figure reflects the total indirect position for that entity as of the latest reported transaction date in the Form 4.

Are the Black Stone Minerals (BSM) purchases in this Form 4 part of a single trade?

No. Footnotes state that the reported prices are weighted averages for multiple trades within specified price ranges. The reporting person undertakes to provide full trade-level price details to the issuer, security holders, or SEC staff upon request.