Carter Thomas L Jr 4

What Happened
Carter Thomas L. Jr., Executive Chairman and a director of Black Stone Minerals, L.P. (BSM), received 136,315 common units on February 24, 2026 as the settlement of performance units granted under the company’s Long-Term Incentive Plan. To cover tax withholding on the settlement, 53,641 common units were treated as disposed at a deemed price of $15.23 per unit, generating approximately $816,952 in withholding value. The award units were recorded at $0.00 acquisition price because they were issued as compensation.

Key Details

• Transaction date: February 24, 2026; Form 4 filed February 26, 2026 (two days after the transaction).
• Award: 136,315 units acquired (code A) at $0.00 (compensation settlement).
• Tax withholding: 53,641 units disposed (code F) at $15.23, amounting to $816,952 withheld.
• Footnote: Settlement represents performance units under the Issuer’s Long‑Term Incentive Plan; for tax withholding the common unit value was deemed equal to the Feb 24, 2026 closing price.
• Shares owned after transaction: not specified in the filing.

Context
This was a compensation settlement of performance-based units, not an open‑market purchase. The sale of 53,641 units was a routine sell-to-cover/withholding to satisfy tax obligations on the award and does not necessarily signal a personal investment decision to reduce ownership. The filing appears timely (filed two days after the transaction).