Black Stone Minerals (BSM) director reports 14,255-unit award in Form 4

Rhea-AI Filing Summary

Black Stone Minerals, L.P. director Alexander D. Stuart reported receiving 14,255 common units representing limited partner interests on January 13, 2026, coded as an acquisition at a price of $0 per unit, which typically indicates an equity award or similar grant. After this transaction, he directly beneficially owned 2,052,705 common units.

He also reported indirect beneficial ownership of additional common units held through various entities and trusts, including 1,251,634 units by RDS Investments, L.P. and 2,112,711 units by Topsfield Energy Ltd., as well as several family and marital trusts, reflecting a broad set of affiliated holdings.

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

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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^*

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)
01/13/2026

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	01/13/2026		A		14,255	A	$0	2,052,705	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:

Remarks:

	/s/ Steve Putman, attorney-in-fact for Alexander D. Stuart	01/15/2026
	** 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 on January 13, 2026?

Black Stone Minerals director Alexander D. Stuart reported an acquisition of 14,255 common units representing limited partner interests on January 13, 2026, at a reported price of $0 per unit.

How many Black Stone Minerals (BSM) units does Alexander D. Stuart own directly after this Form 4?

Following the reported transaction, Alexander D. Stuart beneficially owned 2,052,705 common units of Black Stone Minerals, L.P. in direct ownership.

What indirect holdings of Black Stone Minerals (BSM) units are associated with Alexander D. Stuart?

The filing lists several indirect holdings, including 1,251,634 units by RDS Investments, L.P. and 2,112,711 units by Topsfield Energy Ltd., along with multiple family and marital trusts each holding additional common units.

What type of security is involved in Alexander D. Stuart’s Black Stone Minerals Form 4?

The Form 4 involves common units representing limited partner interests of Black Stone Minerals, L.P., reported as non-derivative equity securities.

Did the Black Stone Minerals Form 4 disclose any derivative securities for Alexander D. Stuart?

No derivative securities are listed for Alexander D. Stuart in Table II of the Form 4; it only shows non-derivative common units.

Is Alexander D. Stuart identified as an officer or a director of Black Stone Minerals (BSM)?

Alexander D. Stuart is identified in the filing as a director of Black Stone Minerals, L.P., and is not marked as an officer or 10% owner in that role field.