Form 4: Black Stone Minerals CEO Boosts Stake

Black Stone Minerals CEO Thomas L. Carter Jr. increased his direct beneficial ownership by purchasing 72,210 common units in early August 2025.

Summary

• Thomas L. Carter Jr., CEO, President, and Chairman of Black Stone Minerals, L.P. (BSM), acquired a total of 72,210 common units representing limited partner interests through three separate open market purchases.
• The purchases occurred on August 7, 2025, August 8, 2025, and August 11, 2025.
• On August 7, 2025, 19,710 units were purchased at a weighted average price of $12.2423 per unit, totaling approximately $241,349.55.
• On August 8, 2025, 27,500 units were purchased at a weighted average price of $12.2017 per unit, totaling approximately $335,546.75.
• On August 11, 2025, 25,000 units were purchased at a weighted average price of $12.1002 per unit, totaling approximately $302,505.00.
• The total value of these direct purchases amounts to approximately $879,401.30.
• Following these transactions, Thomas L. Carter Jr. directly beneficially owns 3,421,831 common units.
• Additionally, he indirectly beneficially owns 11,775,023 common units through various trusts and his spouse, bringing his total beneficial ownership to 15,196,854 common units.

Sentiment

Score: 8

Explanation: The sentiment is highly positive due to significant insider buying by the CEO, indicating strong confidence in the company's value and future.

Positives

• Significant insider buying by the CEO, President, and Chairman signals strong confidence in the company's future prospects and valuation.
• The substantial investment of approximately $879,401.30 by a key executive demonstrates alignment of management interests with those of shareholders.

Future Outlook

This filing does not provide forward-looking statements or guidance regarding the company's future performance or strategic direction.

Industry Context

Insider buying, particularly by top executives, is often viewed as a positive signal in the energy sector, indicating management's belief in the company's resilience and growth prospects amidst market fluctuations.

Comparison to Industry Standards

• Insider buying activity, such as this, is a common indicator of management confidence across all industries, including the energy sector.
• While specific comparable companies or projects are not detailed in this filing, the scale of the CEO's investment (over $879,000) is substantial and suggests a strong conviction in Black Stone Minerals' valuation relative to its peers.

Related Party Transactions

• Thomas L. Carter Jr. indirectly beneficially owns 13,141 common units through the Fowler Thomas Carter 1995 Trust.
• He indirectly beneficially owns 37,741 common units through the Georgia Elizabeth Carter 1995 Trust.
• He indirectly beneficially owns 167,155 common units through his spouse.
• He indirectly beneficially owns 37,742 common units through the Molly Leachman Carter 1995 Trust.
• He indirectly beneficially owns 37,741 common units through the Katherine Ross Carter 1995 Trust.
• He indirectly beneficially owns 11,481,503 common units through Carter2221, Ltd.

Stakeholder Impact

• Shareholders may view the CEO's increased stake as a positive sign, potentially boosting investor confidence and signaling a belief in the company's long-term value.
• The transactions reinforce management's commitment to the company's performance and alignment with shareholder interests.

Key Dates

Recommendation

The substantial open market purchases by the CEO, President, and Chairman of Black Stone Minerals, L.P. demonstrate strong conviction in the company's current valuation and future prospects. Insider buying of this magnitude often precedes positive company developments or reflects a belief that the stock is undervalued, making it a compelling 'buy' signal for seasoned investors.

Keywords

Black Stone Minerals, BSM, insider buying, Form 4, CEO, common units, beneficial ownership, energy, oil & gas, MLP