Thomas L. Carter Jr. reports 9,200-unit purchase in BSM at $12.36

Rhea-AI Filing Summary

Thomas L. Carter Jr., CEO, President, Chairman and director of Black Stone Minerals, L.P. (BSM), reported an open-market purchase of common units on 08/12/2025. The Form 4 shows the acquisition of 9,200 common units at a weighted average price of $12.3612 per unit, purchased in multiple transactions with prices ranging from $12.34 to $12.40. After the reported transaction, the filing lists 3,431,031 common units held directly by the reporting person and multiple indirect holdings through trusts and entities, including 11,481,503 units held indirectly by Carter2221, Ltd. The Form 4 was signed by an attorney-in-fact on 08/13/2025.

Positive

• Timely disclosure of insider transaction with detailed ownership breakdown
• Clear identification of reporting person roles and nature of indirect holdings
• Weighted average price disclosure and price range provided for purchased units

Negative

• No material negative developments are disclosed in this Form 4

Insights

Securities Analyst

TL;DR: Insider made a small open-market purchase; disclosure clarifies direct and extensive indirect holdings.

The Form 4 documents a purchase of 9,200 common units at a weighted average price of $12.3612 on 08/12/2025 by Thomas L. Carter Jr., who serves as CEO, President, Chairman and a director of BSM. The filing enumerates both direct ownership of 3,431,031 units and multiple indirect holdings via named trusts and entities, including a large indirect position of 11,481,503 units by Carter2221, Ltd. The disclosure is routine and meets Section 16 reporting requirements.

Corporate Governance Expert

TL;DR: Reporting is compliant and transparent, showing both personal and familial/ entity holdings.

The filing clearly identifies the reporting person’s roles and the nature of indirect beneficial ownership by trusts, spouse, and affiliated entity. The statement includes the weighted average purchase price range and an attorney-in-fact signature dated 08/13/2025. The document provides necessary detail for shareholders to see how insider holdings are structured but does not by itself indicate material change to control or governance.

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
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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 Thomas L Jr

(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
X	Officer (give title below)		Other (specify below)
	CEO, President, and Chairman

3. Date of Earliest Transaction (Month/Day/Year)
08/12/2025

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	08/12/2025		P		9,200	A	$12.3612(1)	3,431,031	D
Common units representing limited partner interests								13,141	I	By Fowler Thomas Carter 1995 Trust
Common units representing limited partner interests								37,741	I	By Georgia Elizabeth Carter 1995 Trust
Common units representing limited partner interests								167,155	I	By spouse
Common units representing limited partner interests								37,742	I	By Molly Leachman Carter 1995 Trust
Common units representing limited partner interests								37,741	I	By Katherine Ross Carter 1995 Trust
Common units representing limited partner interests								11,481,503	I	By Carter2221, 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. The price reported in Column 4 is a weighted average price. These common units were purchased in multiple transactions at prices ranging from $12.34 to $12.40, 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 Thomas L. Carter, Jr.	08/13/2025
	** 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 Thomas L. Carter Jr. report on Form 4 for BSM?

He reported an open-market purchase of 9,200 common units on 08/12/2025 at a weighted average price of $12.3612 per unit.

How many BSM units does Thomas L. Carter Jr. hold directly after the transaction?

The Form 4 shows 3,431,031 common units held directly following the reported purchase.

Does the filing show indirect holdings for the reporting person?

Yes; the filing lists multiple indirect holdings through trusts, a spouse, and entities, including 11,481,503 units held indirectly by Carter2221, Ltd.

What price range were the purchased BSM units bought at?

The purchases were made at prices ranging from $12.34 to $12.40, inclusive, with a reported weighted average of $12.3612.

When was the Form 4 signed and by whom?

The Form 4 was signed by Steve Putman, attorney-in-fact for Thomas L. Carter, Jr. on 08/13/2025.