Phillips Erin Leah 4

What Happened
Erin Leah Phillips, Controller (PAO) of Black Stone Minerals, L.P. (BSM), was granted 2,002 common units as a restricted unit award under the Black Stone Minerals, L.P. 2025 Long-Term Incentive Plan. The units were reported as acquired on 2026-02-04 at $0.00 per unit (no immediate cash paid by the insider).

Key Details

• Transaction date: 2026-02-04; Transaction code: A (award/grant)
• Shares/units granted: 2,002 common units; reported acquisition price: $0.00 (value to insider not realized at grant)
• Vesting: Units vest in three equal installments on Jan 7, 2027; Jan 7, 2028; and Jan 7, 2029, subject to continued employment (see footnote).
• Shares owned after transaction: Not specified in the Form 4 provided.
• Filing: Form 4 filed 2026-02-06 for a 2026-02-04 transaction (filed within the typical two-business-day reporting window).
• Footnote: Award issued under the 2025 LTIP; vesting contingent on continuous employment through each vesting date.

Context: This is a compensation-related restricted unit award, not an open-market purchase or sale. Such grants are routine for employee incentive pay and do not by themselves indicate a buy/sell signal; value is generally realized only as units vest.