Black Stone (NYSE: BSM) counsel sells 29,386 units under 10b5-1 plan

Q: Was the BSM insider sale made under a Rule 10b5-1 trading plan?

Yes. The filing states the sales were effected under a Rule 10b5-1 trading plan adopted on December 4, 2025. Such plans pre-schedule trades, reducing the significance of trade timing as an indicator of the insider’s short-term view.

Q: What security class did the BSM insider sell in this transaction?

The transaction involved common units representing limited partner interests in Black Stone Minerals, L.P. These units represent equity interests in the partnership and are the primary traded security class described in the insider’s Form 4/A filing.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

4/A

Rhea-AI Filing Summary

Black Stone Minerals, L.P. senior vice president, general counsel, and secretary Luke Stevens Putman sold 29,386 common units representing limited partner interests on April 6, 2026 in open-market transactions at a weighted average price of $14.4517 per unit.

The units were sold at prices ranging from $14.31 to $14.64. These sales were made under a pre-arranged Rule 10b5-1 trading plan that the reporting person adopted on December 4, 2025, meaning the trades were scheduled in advance. After these transactions, he directly held 732,031 common units.

Insider Trade Summary 10b5-1

Net Seller: 29,386 shares ($424,678)

Net Sell 1 txn

Insider Putman Luke Stevens

Role SVP, General Counsel, and Sec

Sold 29,386 shs ($425K)

Type	Security	Shares	Price	Value
Sale	Common units representing limited partner interests	29,386	$14.4517	$425K

Holdings After Transaction: Common units representing limited partner interests — 732,031 shares (Direct, null)

Footnotes (1)

On April 7, 2026, the reporting person filed a Form 4 that inadvertently omitted the 10b5-1 checkbox and plan adoption date. The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 plan adopted by the reporting person on December 4, 2025. The price reported in Column 4 is a weighted average price. These common units were sold in multiple transactions at prices ranging from $14.31 to 14.64, 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 sold at each separate price within the ranges set forth in this footnote.

Key Figures

Units sold: 29,386 units Weighted average sale price: $14.4517 per unit Post-transaction holdings: 732,031 units +2 more

5 metrics

Units sold 29,386 units Open-market sale on April 6, 2026

Weighted average sale price $14.4517 per unit Common units sold on April 6, 2026

Post-transaction holdings 732,031 units Common units held directly after sale

Sale price range $14.31–$14.64 per unit Multiple transactions comprising the reported sale

10b5-1 plan adoption date December 4, 2025 Plan governing the April 6, 2026 sales

Key Terms

Rule 10b5-1 plan, weighted average price, Common units representing limited partner interests, open-market sale

4 terms

Rule 10b5-1 plan financial

"The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 plan adopted..."

A Rule 10b5-1 plan is a prearranged, written schedule that lets corporate insiders buy or sell company stock at set times or amounts, even if they later learn material nonpublic information. Think of it like setting an automatic thermostat for trades: it creates a clear record that trades were planned in advance, reducing the risk of insider-trading accusations and helping investors trust that insider transactions are routine rather than based on secret information.

weighted average price financial

"The price reported in Column 4 is a weighted average price."

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

Common units representing limited partner interests financial

"security_title: "Common units representing limited partner interests""

open-market sale financial

"transaction_action: "open-market sale""

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

Form 4 Insider Transactions: What Each Field Means →

05/06/2026 - 05:20 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^*

Putman Luke Stevens

(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)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	SVP, General Counsel, and Sec

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/06/2026

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)
04/07/2026

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	04/06/2026		S⁽¹⁾		29,386	D	$14.4517⁽²⁾	732,031	D

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. On April 7, 2026, the reporting person filed a Form 4 that inadvertently omitted the 10b5-1 checkbox and plan adoption date. The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 plan adopted by the reporting person on December 4, 2025.

2. The price reported in Column 4 is a weighted average price. These common units were sold in multiple transactions at prices ranging from $14.31 to 14.64, 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 sold at each separate price within the ranges set forth in this footnote.

Remarks:

	/s/ Luke S. Putman	05/06/2026
	** 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 insider transaction did BSM executive Luke Stevens Putman report?

Luke Stevens Putman reported an open-market sale of 29,386 Black Stone Minerals common units on April 6, 2026. The units are limited partner interests and the sale was reported on an amended Form 4 filing with the Securities and Exchange Commission.

At what price did the BSM insider sell the 29,386 common units?

The insider sold 29,386 Black Stone Minerals common units at a weighted average price of $14.4517 per unit. Individual trades occurred in multiple transactions at prices ranging from $14.31 to $14.64, as disclosed in the filing footnotes.

How many BSM units does Luke Stevens Putman hold after the sale?

After the reported sale, Luke Stevens Putman directly holds 732,031 common units of Black Stone Minerals, L.P. These remaining units continue to represent his direct limited partner interest position following the April 6, 2026 open-market transactions.

Was the BSM insider sale made under a Rule 10b5-1 trading plan?

Yes. The filing states the sales were effected under a Rule 10b5-1 trading plan adopted on December 4, 2025. Such plans pre-schedule trades, reducing the significance of trade timing as an indicator of the insider’s short-term view.

Why was this BSM Form 4 filed as an amendment (Form 4/A)?

The amendment clarifies that a prior Form 4 filed on April 7, 2026 omitted the Rule 10b5-1 checkbox and plan adoption date. The Form 4/A corrects that omission and confirms the trades were executed under a pre-established 10b5-1 plan.

What security class did the BSM insider sell in this transaction?

The transaction involved common units representing limited partner interests in Black Stone Minerals, L.P. These units represent equity interests in the partnership and are the primary traded security class described in the insider’s Form 4/A filing.