Carter Fowler 4

What Happened

• Carter Fowler, Co-CEO, President and a Director of Black Stone Minerals, L.P. (BSM), received 1,330 common units on February 24, 2026 as the settlement of performance units under the issuer’s Long-Term Incentive Plan (reported as an award at $0.00 per unit). To cover tax withholding, 325 of those units were surrendered/disposed at a deemed value of $15.23 per unit (325 × $15.23 = $4,950). Net, Fowler retained 1,005 units from this settlement (1,330 awarded − 325 withheld), with an implied value of about $15,306 at the $15.23 closing price.

Key Details

• Transaction date: February 24, 2026; Form 4 filed February 26, 2026.
• Award: 1,330 units acquired (Code A) at $0.00 per unit.
• Tax withholding: 325 units disposed (Code F) at $15.23 per unit; total $4,950 (per filing).
• Net units retained from the settlement: 1,005 units (implied value ≈ $15,306 at $15.23/unit).
• Footnote: The award represents settlement of LTIP performance units; for tax withholding the unit value was deemed equal to BSM’s closing price on 2/24/2026.
• Shares owned after the transaction: not disclosed in this filing.
• Timeliness: filing covers 2/24/2026 transactions and was filed on 2/26/2026 (no late filing indicated).

Context

• This was an LTIP award settlement rather than an open-market purchase or voluntary sale. The disposition reported (Code F) reflects shares withheld to satisfy tax obligations—common practice and not necessarily an indication of trading intent.