Form 4: Black Stone Minerals CEO Boosts Stake

Black Stone Minerals' CEO, President, and Chairman, Thomas L. Carter Jr., acquired 25,370 common units in open market purchases.

Summary

• Thomas L. Carter Jr., CEO, President, and Chairman of Black Stone Minerals, L.P. (BSM), purchased a total of 25,370 common units.
• The acquisitions occurred over three consecutive trading days: September 8, 9, and 10, 2025.
• On September 8, 2025, 13,527 units were acquired at a weighted average price of $11.8975 per unit.
• On September 9, 2025, 1,307 units were acquired at a weighted average price of $12.0655 per unit.
• On September 10, 2025, 10,536 units were acquired at a weighted average price of $12.3191 per unit.
• These transactions were executed pursuant to a Rule 10b5-1(c) plan, indicating a pre-arranged trading strategy.
• Following these purchases, Mr. Carter directly beneficially owns 3,497,401 common units.
• Additionally, Mr. Carter indirectly beneficially owns 11,775,023 common units through various family trusts and entities, including Fowler Thomas Carter 1995 Trust, Georgia Elizabeth Carter 1995 Trust, his spouse, Molly Leachman Carter 1995 Trust, Katherine Ross Carter 1995 Trust, and Carter2221, Ltd.

Sentiment

Score: 8

Explanation: The acquisition of a significant number of shares by the CEO, President, and Chairman, even if pre-planned, generally indicates strong insider confidence in the company's prospects and valuation, which is a positive signal for investors.

Positives

• Insider buying by the CEO, President, and Chairman signals strong confidence in the company's future prospects and valuation.
• The acquisition of 25,370 common units increases the executive's direct equity stake, aligning management interests further with shareholders.

Future Outlook

NA

Industry Context

Insider buying by a top executive in the energy sector, particularly for a company focused on mineral and royalty interests, can be interpreted as a positive signal regarding the executive's belief in the company's asset value and future cash flow generation. This action suggests confidence in the long-term outlook for commodity prices or the company's operational strategy, potentially contrasting with broader market sentiment or specific industry challenges.

Comparison to Industry Standards

• NA. This filing reports specific insider transactions, not operational or financial results that can be directly compared to industry benchmarks or competitors' performance. The significance lies in the insider's conviction rather than a comparative metric.

Related Party Transactions

• Indirect beneficial ownership through various family trusts (Fowler Thomas Carter 1995 Trust, Georgia Elizabeth Carter 1995 Trust, Molly Leachman Carter 1995 Trust, Katherine Ross Carter 1995 Trust) and a spouse, as well as Carter2221, Ltd., are disclosed as related party holdings.

Stakeholder Impact

• Shareholders may view the insider buying as a positive indicator of management's belief in the company's value, potentially increasing investor confidence.
• Employees may perceive this as a sign of stability and positive outlook from leadership.

Key Dates

Recommendation

The CEO, President, and Chairman's decision to increase their personal stake in Black Stone Minerals, L.P. through open market purchases, even if pre-planned under a 10b5-1 plan, signals strong conviction in the company's intrinsic value and future performance. This insider buying, especially from a top executive, often precedes positive developments or indicates a belief that the stock is undervalued, making it a compelling 'buy' signal for seasoned investors.

Keywords

Black Stone Minerals, BSM, Insider Buying, Thomas L. Carter Jr., CEO, Common Units, SEC Form 4, Equity Acquisition, Oil and Gas, Minerals, Partnership