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Black Stone Minerals, L.P. senior vice president, chief financial officer, and treasurer Chris Bonner reported a small change in his ownership of company common units representing limited partner interests. On 01/07/2026, he disposed of 642 common units at a price of $13.38 per unit, coded as transaction type "F," which the filing explains represents tax withholding associated with the vesting of restricted common units issued pursuant to the LTIP. After this transaction, Bonner beneficially owned 6,938 common units directly.
Black Stone Minerals, L.P. executive reports tax-related unit withholding
Black Stone Minerals, L.P. Co-CEO, President, and director Taylor DeWalch reported a Form 4 transaction involving the partnership's common units representing limited partner interests. On January 7, 2026, DeWalch had 5,458 common units disposed of at $13.38 per unit under transaction code F, which indicates shares withheld to cover taxes. A footnote explains that this represents tax withholding tied to the vesting of restricted common units issued under the company's long-term incentive plan.
Following this tax withholding transaction, DeWalch beneficially owned 59,783 common units directly. The filing reflects an administrative equity event related to compensation rather than an open-market purchase or sale.
Black Stone Minerals, L.P. Executive Chairman Thomas L. Carter Jr. reported a tax-related share withholding on common units representing limited partner interests. On 01/07/2026, 34,933 common units were withheld at $13.38 per unit to cover taxes upon the vesting of restricted common units issued under the company’s LTIP. After this transaction, he beneficially owned 3,477,768 common units directly, along with additional units held indirectly through family trusts, his spouse, and Carter2221, Ltd.
Black Stone Minerals, L.P. insider activity: Senior Vice President, General Counsel, and Secretary Luke S. Putman reported a tax-related share withholding tied to equity compensation. On 01/07/2026, 14,920 common units representing limited partner interests were withheld at a price of $13.38 per unit, coded as an "F" transaction, which indicates shares withheld to cover taxes upon vesting of equity awards.
Following this tax withholding, Putman beneficially owned 682,722 common units directly. The filing clarifies in a footnote that the transaction represents tax withholding associated with the vesting of restricted common units issued under the company’s long-term incentive plan, rather than an open-market sale.
Black Stone Minerals, L.P. filed an amendment to a prior report to complete details of its previously announced leadership transition effective January 1, 2026. The filing confirms that the new officer and director appointments have taken effect and that the Compensation Committee has set target pay levels for the affected executives.
Executive Chairman Thomas L. Carter, Jr. has a salary of $450,000, with a short-term incentive target of $450,000 and a long-term incentive target of $1,600,000, for a total target compensation of $2,500,000. Co-Chief Executive Officers and Presidents Fowler T. Carter and Taylor DeWalch each have a salary of $425,000, STI target of $425,000, and LTI target of $2,400,000, for total targets of $3,250,000 each. Senior Vice President, Chief Financial Officer, and Treasurer Chris Bonner has a salary of $320,000, STI target of $320,000, and LTI target of $1,280,000, for a total target of $1,920,000.
The amendment also notes that Mr. Bonner is expected to enter into a severance agreement providing cash severance payments and benefits if his employment is terminated under certain circumstances, in a form substantially similar to agreements for certain other executives.
Black Stone Minerals, L.P. director D. Mark DeWalch reported receiving additional equity as part of his board compensation. On 01/02/2026, he acquired 1,410 common units representing limited partner interests at $13.29 per unit, electing to take units instead of a cash retainer for service on the board of the partnership's general partner.
Following this transaction, DeWalch beneficially owned 378,350 common units directly. He also reported indirect beneficial ownership of 558,522 common units through DeWalch Diversified LP, 40,809 common units through the Donald Mark DeWalch Trust, and 6,749 common units through his wife.
Black Stone Minerals, L.P. director Alexander D. Stuart reported acquiring additional common units representing limited partner interests. On 01/02/2026 he received 1,693 common units, reported as an acquisition at a price of $13.29 per unit, under a previous arrangement to take board cash retainers in equity instead.
Following this transaction, he is shown as directly owning 2,038,450 common units. He also reports significant indirect ownership through various entities and trusts, including 1,251,634 common units held by RDS Investments, L.P. and 2,112,711 common units held by Topsfield Energy Ltd., along with additional indirect holdings through multiple family and marital trusts.
Black Stone Minerals, L.P. director William E. Randall reported acquiring additional equity in the partnership through board compensation. On 01/02/2026, he received 1,537 common units representing limited partner interests at a price of $13.29 per unit, electing to take units instead of a cash retainer for his service on the Board of Directors of the partnership's general partner. Following this transaction, he beneficially owned 176,031 common units, held directly.
Black Stone Minerals, L.P. announced leadership changes and a board departure. On October 30, 2025, director William Mathis resigned from the Board of Black Stone Minerals GP, L.L.C., effective immediately; the company stated his decision was not due to any disagreement on operations, policies, or practices.
The Board approved a succession plan effective January 1, 2026 in which Thomas L. Carter, Jr. will become Executive Chairman. Fowler Carter and Taylor DeWalch will be appointed co‑Chief Executive Officers and join the Board. Chris Bonner will become Senior Vice President, Chief Financial Officer, and Treasurer, and Erin Phillips will serve as Controller and principal accounting officer. As directors, Mr. F. Carter and Mr. DeWalch will not be named to board committees and will not receive additional director compensation. Compensation arrangements for the new roles will be decided later. Disclosures note family relationships among certain appointees and that Stephen Fox, a related employee, received total compensation of $339,682 in 2024 and $258,659 for January 1, 2025 through October 31, 2025.
Black Stone Minerals (BSM) reported steady Q3 2025 results. Total revenue was $132.5 million versus $134.9 million a year ago, with net income of $91.7 million versus $92.7 million. Oil sales decreased to $57.1 million, while natural gas and NGL sales rose to $43.1 million. Derivative gains were $27.3 million. Operating expenses declined to $38.4 million, supporting income from operations of $94.1 million.
Liquidity and capital remained solid. The Credit Facility maturity was extended to October 31, 2030, with the $580.0 million borrowing base reaffirmed and $375.0 million of elected commitments; $95.0 million was outstanding at quarter end. The Board declared a $0.30 per common unit distribution for Q3. Year-to-date, BSM acquired Gulf Coast mineral and royalty interests for $65.7 million (including $58.3 million cash and $7.4 million in equity). It also agreed to acquire unproved East Texas mineral interests for approximately $40 million, with $3.3 million in escrow as restricted cash. As of October 31, 2025, 211,862,412 common units and 14,711,219 Series B preferred units were outstanding.