Black Stone Minerals (NYSE: BSM) Co-CEO logs Form 4 tax withholding

Rhea-AI Filing Summary

Black Stone Minerals, L.P. director and Co-CEO/President Carter Fowler reported an automatic share withholding tied to equity compensation. On January 7, 2026, 2,511 common units representing limited partner interests were withheld at $13.38 per unit to cover taxes associated with the vesting of restricted common units issued under the company’s LTIP. After this tax withholding, Fowler directly beneficially owned 44,268 common units.

SEC Form 4

FORM 4

UNITED 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

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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^*

Carter Fowler

(Last) (First) (Middle)

1001 FANNIN ST.

SUITE 2020

(Street)

HOUSTON TX 77002

(City) (State) (Zip)

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)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Co-CEO and President

3. Date of Earliest Transaction (Month/Day/Year)
01/07/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

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)
			Code	V	Amount	(A) or (D)	Price
Common units representing limited partner interests	01/07/2026		F(1)		2,511	D	$13.38	44,268	D

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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents tax withholding associated with vesting of restricted common units issued pursuant to LTIP.

Remarks:

	/s/ Steve Putman, attorney-in-fact for Fowler Carter	01/09/2026
	** Signature of Reporting Person	Date
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.

FAQ

What insider transaction did Black Stone Minerals (BSM) report for Carter Fowler?

The filing shows that on January 7, 2026, Co-CEO and President Carter Fowler had 2,511 common units withheld to cover taxes related to the vesting of restricted common units under the LTIP.

Was the Black Stone Minerals (BSM) insider transaction a sale in the open market?

No. The transaction is coded F, and the footnote explains it represents tax withholding associated with vesting of restricted common units issued under the LTIP, not an open-market sale.

How many Black Stone Minerals (BSM) units does Carter Fowler own after this Form 4 transaction?

Following the tax withholding of 2,511 common units, Carter Fowler directly beneficially owned 44,268 common units representing limited partner interests.

What price per unit was used for the Black Stone Minerals (BSM) tax withholding?

The tax withholding transaction used a price of $13.38 per common unit for the 2,511 units withheld.

What does transaction code "F" mean in the Black Stone Minerals (BSM) Form 4?

In this context, code F indicates units were withheld to satisfy tax obligations on vested restricted common units, as noted in the footnote referencing the LTIP.

What role does Carter Fowler hold at Black Stone Minerals (BSM)?

Carter Fowler is reported as both a Director and an Officer, serving as Co-CEO and President of Black Stone Minerals, L.P.