Black Stone Minerals (NYSE: BSM) SVP sells 29,386 common units

Filing Impact

(Moderate)

Filing Sentiment

(Negative)

Form Type

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 in an open-market transaction at a weighted average price of $13.748 per unit. After the sale, he directly holds 702,645 units. The transactions were carried out under a Rule 10b5-1 trading plan adopted on December 4, 2025.

Insider Trade Summary 10b5-1

Net Seller: 29,386 shares ($403,999)

Net Sell 1 txn

Insider Putman Luke Stevens

Role SVP, General Counsel, and Sec

Sold 29,386 shs ($404K)

Type	Security	Shares	Price	Value
Sale	Common units representing limited partner interests	29,386	$13.748	$404K

Holdings After Transaction: Common units representing limited partner interests — 702,645 shares (Direct, null)

Footnotes (1)

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading 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 $13.56 to 14.11, 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: $13.748 per unit Post-transaction holdings: 702,645 units +1 more

4 metrics

Units sold 29,386 units Open-market sale on May 5, 2026

Weighted average sale price $13.748 per unit Average price for reported transactions

Post-transaction holdings 702,645 units Direct ownership after May 5, 2026 sale

Sale price range $13.56–$14.11 per unit Range of individual transaction prices

Key Terms

Rule 10b5-1 trading plan, weighted average price, common units representing limited partner interests

3 terms

Rule 10b5-1 trading plan regulatory

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

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

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

"Common units representing limited partner interests"

Form 4 Insider Transactions: What Each Field Means →

05/06/2026 - 05:19 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)
05/05/2026

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	05/05/2026		S⁽¹⁾		29,386	D	$13.748⁽²⁾	702,645	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. The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading 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 $13.56 to 14.11, 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 Black Stone Minerals (BSM) report in this Form 4?

Black Stone Minerals reported that executive Luke Stevens Putman completed an open-market sale of common units. He sold 29,386 common units representing limited partner interests, reflecting a planned disposition of a portion of his holdings while retaining a substantial remaining direct ownership position after the transaction.

How many Black Stone Minerals (BSM) units did Luke Stevens Putman sell?

Luke Stevens Putman sold 29,386 common units representing limited partner interests of Black Stone Minerals. This sale was reported as an open-market transaction and reduced his position, while he continued to hold 702,645 common units directly following completion of the reported sale.

At what prices were the Black Stone Minerals (BSM) units sold in this Form 4?

The reported sale used a weighted average price of $13.748 per unit. The common units were sold in multiple transactions, at individual prices ranging from $13.56 to $14.11 per unit, according to the detailed price range disclosure provided in the filing footnote.

How many Black Stone Minerals (BSM) units does Putman hold after the reported sale?

After the reported sale, Luke Stevens Putman directly holds 702,645 common units of Black Stone Minerals. This post-transaction figure shows his continuing significant ownership interest, even after selling 29,386 units in the open-market transaction disclosed in the Form 4 filing.

Was the Black Stone Minerals (BSM) insider sale made under a Rule 10b5-1 plan?

Yes, the filing states the sales were effected under a Rule 10b5-1 trading plan. That plan was adopted by Luke Stevens Putman on December 4, 2025, indicating the transactions were pre-arranged rather than discretionary trades based on short-term market conditions.