Randall William E. 4

What Happened
Randall William E., a director of Black Stone Minerals, L.P. (BSM), acquired 1,488 common units on 2026-04-02. The units were valued at $15.12 each for a total transaction value of $22,499. This was recorded as an award/acquisition (transaction code A) — units issued as director compensation, not an open-market purchase.

Key Details

• Transaction date: 2026-04-02; Form 4 filed: 2026-04-06 (timely, within SEC two-business-day rule).
• Transaction type/code: Award / Acquisition (A).
• Units acquired: 1,488 at $15.12 per unit; total value $22,499.
• Shares/units owned after transaction: Not disclosed in the filing.
• Footnote: F1 — Reporting person elected to receive common units in lieu of a cash retainer for Board service.
• No indication of a sale or option exercise in this filing.

Context
This was a routine director compensation election (units instead of cash). Such awards are common and reflect compensation, not necessarily a signal of the director’s view on the stock. For limited partners, receiving common units increases direct economic ownership and potential distributions, but retail investors should treat this as compensation-related activity rather than an explicit bullish purchase.