Black Stone Minerals director receives 1,712 units; total 2.04M units

Rhea-AI Filing Summary

Stuart Alexander D., a director of Black Stone Minerals, L.P. (BSM), reported acquiring 1,712 common units on 10/03/2025 by electing to receive units instead of a cash board retainer. The reported per‑unit price for that election was $13.14. After the reported transaction, the filing shows 2,036,757 common units beneficially owned in total, with the majority held indirectly through a series of trusts and entities (including RDS Investments, L.P. and Topsfield Energy Ltd.). The filing is signed by an attorney‑in‑fact on behalf of the reporting person on 10/07/2025.

Positive

• Acquisition of 1,712 units by a director demonstrates alignment of board compensation with partner economics
• Total beneficial ownership of 2,036,757 units clearly disclosed, improving transparency about insider concentration
• Detailed indirect ownership breakdown via trusts and entities clarifies control relationships

Negative

• None.

Insights

Corporate Governance Analyst

Director elected equity compensation, modest incremental ownership.

The director received 1,712 common units in lieu of a cash retainer at $13.14 per unit, which increases his direct stake and aligns compensation with limited partner economics. The total reported beneficial ownership of 2,036,757 units is largely held indirectly through named trusts and entities, indicating consolidated family/control structures rather than independent holdings.

Key dependencies include any future elections to receive units versus cash and changes in the indirect ownership vehicles; monitor subsequent Form 4 filings for additional grants or transfers across the next 12 months.

Equity Ownership Specialist

Transaction is routine and disclosure clarifies ownership breakdown.

The filing documents a routine compensation election resulting in an acquisition (code "A") and enumerates multiple indirect ownership interests by trusts and entities, including RDS Investments, L.P. and Topsfield Energy Ltd. The detailed listing establishes how the 2,036,757 units are distributed between direct and indirect holdings.

Investors tracking insider concentration should note the sizeable indirect holdings and check for any changes to these vehicles or additional acquisitions reported on Form 4 filings over the coming quarters.

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

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^*

Stuart Alexander D.

(Last) (First) (Middle)

1001 FANNIN STREET, 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
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
10/03/2025

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	10/03/2025		A(1)		1,712	A	$13.14	2,036,757	D
Common units representing limited partner interests								1,251,634	I	By RDS Investments, L.P.
Common units representing limited partner interests								74,541	I	By Alexander Douglas Stuart Primary Trust
Common units representing limited partner interests								74,541	I	By Marian Stuart Pillsbury Primary Trust
Common units representing limited partner interests								159,901	I	By UA R Douglas Stuart III Marital Trust
Common units representing limited partner interests								74,541	I	By Robert D. Stuart III Primary Trust
Common units representing limited partner interests								74,541	I	By James McClure Stuart Primary Trust
Common units representing limited partner interests								239,333	I	By Marian S. Pillsbury Family 2012 GST Trust
Common units representing limited partner interests								286,976	I	By Ann Peake Stuart 2011 Exempt Trust
Common units representing limited partner interests								180,775	I	By Robert D. Stuart, Jr. 1996 Marital Trust
Common units representing limited partner interests								6,687	I	By Barbara E Stuart GST Exempt Trust fbo Alexander D Stuart
Common units representing limited partner interests								2,112,711	I	By Topsfield Energy Ltd.

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. Pursuant to a previous arrangement, the Reporting Person elected to receive common units in lieu of a cash retainer for service on the Board of Directors of the Partnership's General Partner.

Remarks:

	/s/ Steve Putman, attorney-in-fact for Alexander D. Stuart	10/07/2025
	** 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 did the BSM Form 4 filed by Stuart Alexander D. report?

The Form 4 reports the acquisition of 1,712 common units on 10/03/2025 at $13.14 per unit and a total beneficial ownership of 2,036,757 units.

Why were the 1,712 units acquired on the BSM Form 4?

The filing states the units were elected in lieu of a cash retainer for service on the board, as disclosed in the explanation section.

How much of Stuart Alexander D.'s BSM holdings are indirect?

The filing lists multiple indirect holdings by trusts and entities (for example, RDS Investments, L.P. and Topsfield Energy Ltd.); the combined indirect holdings are the majority of the 2,036,757 units.

When was the Form 4 signed and filed for BSM activity?

The signature by attorney‑in‑fact is dated 10/07/2025, reporting a transaction dated 10/03/2025.

Does the filing show any derivative securities for BSM?

No derivative securities are reported in Table II; the Form 4 discloses only non‑derivative common unit acquisitions.