BSM Black Stone Minerals, L.P. Insider Trading

Director Mark Dewalch bought 72.7K shares for $985.4K at BSM in two tranches (May 29–June 1), raising holdings 13.0%

Mark Dewalch purchased 72,726 shares across two separate transactions at a blended average price of $13.55, investing $985,353.67 total and increasing his stake from 558,522 to 631,248 shares (+13.0%). The transactions occurred at $13.48 on 2026-05-29 and $13.62 on 2026-06-01, prices that sit near the current market price of $13.60 and well within the 52-week range ($11.78–$15.49). Dewalch's cross-ticker track record shows a 100% win rate on prior buys at the 90-day mark with an average 90-day return of +2.5%, and his same-ticker history at BSM demonstrates consistent timing: 2 of 2 prior measurable buys posted positive 90-day returns (+0.1% and +3.6%). This filing reflects a material increase in an insider's commitment to a company generating $59.4M in quarterly revenue, $13.3M in net income, and sustained 8.4% annual revenue growth.

Director Mark Dewalch buys 37,650 BSM shares at $13.21; holdings now 431,495 shares post-transaction

Director Mark Dewalch purchased 37,650 shares at $13.21, increasing his stake to 431,495 shares (431.5K shares) post-transaction, a net change of +9.6% versus pre-transaction holdings. His prior open-market buy activity shows an across-ticker track record averaging +2.5% over 90 days with a 100.00% win rate, and at this specific ticker (BSM) his 2 prior buys with measurable outcomes achieved +0.1% and +3.6% returns at the 90-day mark. The current price of $13.31 sits -5.7% over 30 days and -11.8% over 90 days, placing the stock -14.1% from its 52-week high of $15.49. Fundamentals show quarterly revenue of $59,359,000.00 and net income of $13,272,000.00, with annual revenue growth of +8.4%.

Executive Chairman Carter Thomas L Jr buys 1,120 shares at $13.50; strong 20-trade track record with 93.75% 90d win rate

Carter Thomas L Jr, the Executive Chairman, purchased 1,120 shares at $13.50, adding to a substantial 3,682,724 share post-transaction position, signaling continued confidence in BSM's value proposition. His track record is highly material: across 20 prior buys, he has achieved a 93.75% win rate over 90 days with an average 90-day return of +9.8%, demonstrating consistent judgment in identifying entry points. The company's fundamentals remain solid with $59,359,000.00 in latest-quarter revenue and $13,272,000.00 net income, supported by annual revenue growth of +8.4%, providing a stable foundation for the insider's conviction. The current price of $13.78 sits at -11.0% from the 52-week high, creating a potential entry opportunity that aligns with this executive's historical pattern of buying near cycle lows.

Executive Chairman Carter Thomas makes three open-market purchases totaling ~68K shares as stock trades well below 52-week highs; repeat buyer with flawless track record at this ticker.

Carter Thomas, as Executive Chairman, made three purchases within a four-day window, acquiring nearly 68,000 shares worth approximately $909,000 at an average price near current levels. The stock is trading roughly 13% below its 52-week high and has declined over the past three months, yet Thomas is buying into this weakness—a pattern consistent with his prior Form 4 activity, which shows 20 prior open-market purchases with zero sales. Most significantly, his five previous purchases at this same ticker were followed by stock appreciation at both the 30-day and 90-day horizons; every prior buy proved well-timed. The company remains profitable with growing revenue, providing a fundamental backdrop that suggests Thomas is buying into a financially sound business at lower prices rather than catching a falling knife. This represents his 21st, 22nd, and 23rd open-market purchases in the 36-month window—a sustained accumulation pattern by someone with direct operational knowledge of the business.