Black Stone Minerals (BSM) director takes equity grant instead of cash

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Hamman Anne Lenoir reported acquisition or exercise transactions in this Form 4 filing.

Black Stone Minerals, L.P. director Anne Lenoir Hamman received a grant of 473 common units representing limited partner interests at $15.12 per unit as compensation, in lieu of a cash retainer for board service. This increased her directly held units to 7,086. She is also reported as having an indirect interest in 502,703 units through a family limited partnership, while disclaiming beneficial ownership beyond her pecuniary interest.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Hamman Anne Lenoir

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common units representing limited partner interests	473	$15.12	$7K
holding	Common units representing limited partner interests	--	--	--

Holdings After Transaction: Common units representing limited partner interests — 7,086 shares (Direct); Common units representing limited partner interests — 502,703 shares (Indirect, By family limited partnership)

Footnotes (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. The reporting person disclaims beneficial ownership of these securities except to the extent of her pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of all of the reported securities for purposes of Section 16 or for any other purpose.

Key Figures

Equity grant: 473 units Grant price: $15.12 per unit Direct holdings post-grant: 7,086 units +1 more

4 metrics

Equity grant 473 units Common units granted as board retainer on April 2, 2026

Grant price $15.12 per unit Value used for the 473-unit compensation grant

Direct holdings post-grant 7,086 units Common units directly owned after the April 2, 2026 award

Indirect holdings 502,703 units Units held via family limited partnership with beneficial ownership disclaimed beyond pecuniary interest

Key Terms

common units representing limited partner interests, family limited partnership, pecuniary interest, Section 16

4 terms

common units representing limited partner interests financial

"Common units representing limited partner interests"

family limited partnership financial

"nature_of_ownership: By family limited partnership"

pecuniary interest financial

"disclaims beneficial ownership of these securities except to the extent of her pecuniary interest"

Section 16 regulatory

"shall not be deemed an admission of beneficial ownership ... for purposes of Section 16"

Section 16 is a U.S. securities law rule that governs the trading and disclosure obligations of company insiders — typically officers, directors and large shareholders — to promote transparency and deter unfair profit-taking. It requires insiders to publicly report their stock trades and allows companies or the issuer to reclaim quick, short-term profits from certain insider trades, like a scoreboard and a refund policy that help investors see and limit possible insider advantage.

Form 4 Insider Transactions: What Each Field Means →

04/06/2026 - 05:08 PM

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^*

Hamman Anne Lenoir

(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)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/02/2026

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

X	Form 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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common units representing limited partner interests	04/02/2026		A		473	A⁽¹⁾	$15.12	7,086	D
Common units representing limited partner interests								502,703⁽²⁾	I	By family limited partnership

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

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.

2. The reporting person disclaims beneficial ownership of these securities except to the extent of her pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of all of the reported securities for purposes of Section 16 or for any other purpose.

Remarks:

	/s/ Steve Putman, attorney-in-fact for Anne Hamman	04/06/2026
	** 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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What did Black Stone Minerals (BSM) director Anne Lenoir Hamman receive in this Form 4?

Anne Lenoir Hamman received a grant of 473 common units at $15.12 per unit as compensation. The units represent limited partner interests and were issued instead of a cash retainer for serving on the Board of Directors of the partnership’s general partner.

How many Black Stone Minerals (BSM) units does Anne Lenoir Hamman now hold directly?

After the award, Anne Lenoir Hamman directly holds 7,086 common units. These units represent her personal direct ownership in Black Stone Minerals, L.P., separate from any indirect interests reported through related entities such as a family limited partnership.

What indirect holdings in Black Stone Minerals (BSM) are associated with Anne Lenoir Hamman?

The report lists 502,703 common units held indirectly through a family limited partnership. Hamman disclaims beneficial ownership of these securities, except to the extent of her pecuniary interest, meaning her economic stake may be smaller than the full reported amount.

Why were Black Stone Minerals (BSM) units granted instead of cash to Anne Lenoir Hamman?

Under a prior arrangement, Hamman elected to receive common units in lieu of a cash retainer for board service. This structure compensates her with equity rather than cash, aligning part of her remuneration with the performance of Black Stone Minerals, L.P.

Does Anne Lenoir Hamman claim full beneficial ownership of all indirectly reported BSM units?

No. She expressly disclaims beneficial ownership of the indirectly held units except for her pecuniary interest. This legal statement clarifies that not all economic, voting, or investment rights in those 502,703 units necessarily belong to her personally.