Thomas L. Carter Jr - Sep 11, 2025 Form 4 Insider Report for Black Stone Minerals, L.P. (BSM)

Role: CEO, President, and Chairman, Director
Signature: /s/ Steve Putman, attorney-in-fact for Thomas L. Carter, Jr.
Stock symbol: BSM
Transactions as of: Sep 11, 2025
Transactions value $: $192,313
Form type: 4
Date filed: 9/12/2025, 04:56 PM
Previous filing: Sep 10, 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Carter Thomas L Jr	CEO, President, and Chairman, Director	1001 FANNIN STREET, SUITE 2020, HOUSTON	/s/ Steve Putman, attorney-in-fact for Thomas L. Carter, Jr.	2025-09-12	0001319960

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	BSM	Common units representing limited partner interests	Purchase	$16.1K	+1.3K	+0.04%	$12.39	3.5M	Sep 11, 2025	Direct	F1
transaction	BSM	Common units representing limited partner interests	Purchase	$176K	+14K	+0.4%	$12.59	3.51M	Sep 12, 2025	Direct	F2
holding	BSM	Common units representing limited partner interests						13.1K	Sep 11, 2025	By Fowler Thomas Carter 1995 Trust
holding	BSM	Common units representing limited partner interests						37.7K	Sep 11, 2025	By Georgia Elizabeth Carter 1995 Trust
holding	BSM	Common units representing limited partner interests						167K	Sep 11, 2025	By spouse
holding	BSM	Common units representing limited partner interests						37.7K	Sep 11, 2025	By Molly Leachman Carter 1995 Trust
holding	BSM	Common units representing limited partner interests						37.7K	Sep 11, 2025	By Katherine Ross Carter 1995 Trust
holding	BSM	Common units representing limited partner interests						11.5M	Sep 11, 2025	By Carter2221, Ltd.

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The price reported in Column 4 is a weighted average price. These common units were purchased in multiple transactions at prices ranging from $12.38 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.
F2	The price reported in Column 4 is a weighted average price. These common units were purchased in multiple transactions at prices ranging from $12.53 to $12.63, 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.

Content

The price reported in Column 4 is a weighted average price. These common units were purchased in multiple transactions at prices ranging from $12.38 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.

The price reported in Column 4 is a weighted average price. These common units were purchased in multiple transactions at prices ranging from $12.53 to $12.63, 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.