Form 4: Director Gifts BSM Units to Trusts

Black Stone Minerals Director Alexander D. Stuart gifted 20,200 common units to various trusts and entities, maintaining significant beneficial ownership.

Summary

• Alexander D. Stuart, a Director and 10% owner of Black Stone Minerals, L.P. (BSM), reported a gift transaction.
• On August 15, 2025, Stuart disposed of 20,200 common units representing limited partner interests.
• The transaction was a gift, with a reported price of $0 per unit.
• Following this transaction, Stuart directly beneficially owns 2,035,045 common units.
• Indirect beneficial ownership totals 4,536,181 common units through various trusts and entities, including RDS Investments, L.P., Alexander Douglas Stuart Primary Trust, Marian Stuart Pillsbury Primary Trust, UA R Douglas Stuart III Marital Trust, Robert D. Stuart III Primary Trust, James McClure Stuart Primary Trust, Marian S. Pillsbury Family 2012 GST Trust, Ann Peake Stuart 2011 Exempt Trust, Robert D. Stuart, Jr. 1996 Marital Trust, Barbara E Stuart GST Exempt Trust fbo Alexander D Stuart, and Topsfield Energy Ltd.
• Total beneficial ownership after the transaction is 6,571,226 common units.

Sentiment

Score: 6

Explanation: A gift transaction by a director and 10% owner is generally neutral to slightly positive. While it reduces direct holdings, it is often for estate planning or charitable purposes and does not signal a lack of confidence. The recipient entities are related parties, indicating continued control within the family/associated entities. The significant remaining beneficial ownership reinforces a positive long-term alignment.

Positives

• The transaction was a gift, indicating a planned transfer of ownership rather than a sale for liquidity, which can be a neutral to positive signal regarding long-term commitment.
• The reporting person, Alexander D. Stuart, maintains substantial direct and indirect beneficial ownership of 6,571,226 common units, demonstrating continued significant alignment with shareholder interests.

Negatives

• The direct beneficial ownership of the reporting person decreased by 20,200 common units.

Future Outlook

Not applicable. This Form 4 filing reports an insider transaction and does not provide forward-looking statements or guidance regarding the company's future performance or outlook.

Industry Context

This Form 4 filing details an insider transaction, specifically a gift of common units by a director and significant owner. Such transactions are typically part of personal financial planning or estate management and do not directly reflect broader industry trends or operational performance. They are common occurrences for long-term holders of public company equity.

Comparison to Industry Standards

• Not applicable. This filing reports an individual insider transaction (a gift) and does not contain financial or operational results that can be compared to industry benchmarks or specific comparable companies/projects.

Related Party Transactions

• Alexander D. Stuart gifted 20,200 common units to various trusts and entities (RDS Investments, L.P., Alexander Douglas Stuart Primary Trust, Marian Stuart Pillsbury Primary Trust, UA R Douglas Stuart III Marital Trust, Robert D. Stuart III Primary Trust, James McClure Stuart Primary Trust, Marian S. Pillsbury Family 2012 GST Trust, Ann Peake Stuart 2011 Exempt Trust, Robert D. Stuart, Jr. 1996 Marital Trust, Barbara E Stuart GST Exempt Trust fbo Alexander D Stuart, and Topsfield Energy Ltd.) which are considered indirect beneficial ownerships of the reporting person, indicating related party transfers.

Stakeholder Impact

• Shareholders: The transaction represents a minor shift in the beneficial ownership structure of a significant insider, but does not materially alter the overall ownership landscape or company operations.
• Employees, Customers, Suppliers, Creditors: No direct impact on these stakeholders is indicated by this insider transaction filing.

Next Steps

• No specific future actions or milestones are mentioned in this Form 4 filing beyond the reported transaction.

Key Dates

Keywords

Black Stone Minerals, BSM, SEC Form 4, Insider Transaction, Beneficial Ownership, Director, Limited Partner Interests, Gift, Alexander D. Stuart, Equity Transfer