Form 4: Black Stone Minerals Executive Chairman Sells Units for Tax

Black Stone Minerals' Executive Chairman, Thomas L. Carter Jr., disposed of 34,933 common units at $13.38 each for tax withholding purposes related to restricted unit vesting.

Summary

• Thomas L. Carter Jr., Executive Chairman and Director of Black Stone Minerals, L.P., reported a transaction involving the company's common units.
• On January 7, 2026, Carter disposed of 34,933 common units representing limited partner interests.
• The disposition was for tax withholding associated with the vesting of restricted common units issued pursuant to a Long-Term Incentive Plan (LTIP).
• The units were disposed of at a price of $13.38 per unit.
• Following this transaction, Carter directly beneficially owns 3,477,768 common units.
• Carter also indirectly beneficially owns an additional 11,737,223 common units through various trusts and a limited partnership.

Sentiment

Score: 5

Explanation: The transaction is a routine, non-discretionary sale for tax withholding purposes related to the vesting of restricted units. It is neutral in terms of market sentiment as it does not indicate a change in the executive's investment conviction or company performance.

Positives

• The transaction indicates the vesting of restricted common units, which is a positive event for the executive as it represents earned compensation.
• The sale was non-discretionary, solely for tax withholding, rather than a voluntary sale of shares.

Future Outlook

NA

Industry Context

This is a routine insider transaction for tax purposes, common across all industries for executives receiving equity compensation. It does not reflect broader industry trends or specific developments within the oil and gas or minerals sector.

Stakeholder Impact

• Minimal impact on shareholders as this is a routine, non-discretionary transaction for tax purposes and does not signal a change in management's outlook or company fundamentals.

Key Dates

Recommendation

This Form 4 filing details a routine, non-discretionary sale of common units by an executive for tax withholding purposes upon the vesting of restricted stock. Such transactions are common and do not typically reflect a change in the executive's confidence in the company or its future prospects. Therefore, it provides no new fundamental information to alter an existing investment thesis, warranting a 'hold' recommendation.

Keywords

Black Stone Minerals, BSM, Form 4, Insider Transaction, Thomas L. Carter Jr., Executive Chairman, Common Units, Tax Withholding, Restricted Stock Units, LTIP, Beneficial Ownership