Black Stone Minerals, L.P. - Limited Partnership
US ˙ NYSE ˙ US09225M1018

SecurityBSM / Black Stone Minerals, L.P. - Limited Partnership
InstitutionKempner Capital Management Inc.
Latest Disclosed Ownership439,295 shares
Latest Disclosed Value $ 6,194,000
Kempner Capital Management Inc. reports 24.54% decrease in ownership of BSM / Black Stone Minerals, L.P. - Limited Partnership

On January 12, 2026 - Kempner Capital Management Inc. filed a 13F-HR form disclosing ownership of 439,295 shares of Black Stone Minerals, L.P. - Limited Partnership (US:BSM) valued at $5,838,231 USD as of December 31, 2025. The entity filed a previous 13F-HR on October 16, 2025 disclosing 582,128 shares of Black Stone Minerals, L.P. - Limited Partnership. This represents a change in shares of -24.54% during the quarter. The current value of the position is $6,101,808 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-01-12 2025-12-31 13F BLACKSTONEMNLS COM 09225M101 439,295 -142,833 -24.54 6,194 -19.02 5.8526
2025-10-16 2025-09-30 13F BLACK STONE MINERALS L P COM UNIT 09225M101 582,128 -177,215 -23.34 7,649 -22.99 6.3663
2025-07-15 2025-06-30 13F BLACK STONE MINERALS L P COM UNIT 09225M101 759,343 260,727 52.29 9,932 141,785.71 5.3191
2025-04-21 2025-03-31 13F BLACK STONE MINERALS L P COM UNIT 09225M101 498,616 0 0.00 8 -99.90 4.2850
2025-01-23 2024-12-31 13F BLACK STONE MINERALS L P COM UNIT 09225M101 498,616 0 0.00 7,280 -3.31 3.9960
2024-10-21 2024-09-30 13F BLACK STONE MINERALS L P COM UNIT 09225M101 498,616 0 0.00 7,529 -3.63 3.8540
2024-07-19 2024-06-30 13F BLACK STONE MINERALS L P COM UNIT 09225M101 498,616 0 0.00 7,813 -1.95 4.1433
2024-04-11 2024-03-31 13F BLACK STONE MINERALS L P COM UNIT 09225M101 498,616 0 0.00 7,968 0.13 4.3205
2024-01-24 2023-12-31 13F BLACK STONE MINERALS L P COM UNIT 09225M101 498,616 0 0.00 7,958 -7.37 4.4489
2023-10-19 2023-09-30 13F BLACK STONE MINERALS L P COM UNIT 09225M101 498,616 0 0.00 8,591 8.02 5.1707
2023-07-18 2023-06-30 13F BLACK STONE MINERALS L P COM UNIT 09225M101 498,616 0 0.00 7,953 1.66 5.0944
2023-04-21 2023-03-31 13F BLACK STONE MINERALS L P COM UNIT 09225M101 498,616 0 0.00 7,823 -6.99 4.5722
2023-01-13 2022-12-31 13F BLACK STONE MINERALS L P COM UNIT 09225M101 498,616 0 0.00 8,412 7.79 5.1049
2022-10-11 2022-09-30 13F BLACK STONE MINERALS L P COM UNIT 09225M101 498,616 0 0.00 7,803 14.31 5.1601
2022-07-19 2022-06-30 13F BLACK STONE MINERALS L P COM UNIT 09225M101 498,616 0 0.00 6,826 1.71 4.1574
2022-04-13 2022-03-31 13F BLACK STONE MINERALS L P COM UNIT 09225M101 498,616 0 0.00 6,711 30.29 3.6754
2022-01-18 2021-12-31 13F BLACK STONE MINERALS L P COM UNIT 09225M101 498,616 26,595 5.63 5,151 -9.44 3.0361
2021-11-01 2021-09-30 13F BLACK STONE MINERALS L P COM UNIT 09225M101 472,021 1,405 0.30 5,688 12.43 3.2412
2021-07-23 2021-06-30 13F BLACK STONE MINERALS L P COM UNIT 09225M101 470,616 0 0.00 5,059 23.27 2.8708
2021-04-27 2021-03-31 13F BlackStoneMnls COM 09225M101 470,616 21,000 4.67 4,104 36.66 2.3587
2021-01-05 2020-12-31 13F BlackStoneMnls COM 09225M101 449,616 24,500 5.76 3,003 15.06 1.9841
2020-10-06 2020-09-30 13F BlackStoneMnls COM 09225M101 425,116 0 0.00 2,610 -5.54 2.0875
2020-07-15 2020-06-30 13F BlackStoneMnls COM 09225M101 425,116 0 0.00 2,763 38.84 2.1690
2020-04-13 2020-03-31 13F BlackStoneMnls COM 09225M101 425,116 42,000 10.96 1,990 -59.16 1.7325
2020-01-14 2019-12-31 13F BlackStoneMnls COM 09225M101 383,116 100,590 35.60 4,873 21.13 3.1543
2019-10-04 2019-09-30 13F BSM BlackStoneMnlsLP COM 09225M101 282,526 45,000 18.95 4,023 9.26 2.7287
2019-07-08 2019-06-30 13F BSM BlackStoneMnlsLP COM 09225M101 237,526 84,037 54.75 3,682 35.97 2.4087
2019-04-05 2019-03-31 13F BSM BlackStoneMnlsLP COM 09225M101 153,489 1,700 1.12 2,708 15.23 1.7877
2019-01-09 2018-12-31 13F BSM BlackStoneMnlsLP COM 09225M101 151,789 21,680 16.66 2,350 -0.80 1.6156
2018-10-05 2018-09-30 13F BSM BlackStoneMnlsLP COM 09225M101 130,109 57,100 78.21 2,369 75.48 1.5181
2018-07-09 2018-06-30 13F BSM BlackStoneMnlsLP COM 09225M101 73,009 0 0.00 1,350 11.75 0.8876
2018-04-06 2018-03-31 13F BSM BlackStoneMnlsLP COM 09225M101 73,009 0 0.00 1,208 -7.79 0.8234
2018-01-09 2017-12-31 13F BSM BlackStoneMnlsLP COM 09225M101 73,009 0 0.00 1,310 3.48 0.8182
2017-10-10 2017-09-30 13F BSM BlackStoneMnlsLP COM 09225M101 73,009 0 0.00 1,266 9.99 0.8333
2017-07-12 2017-06-30 13F BSM BlackStoneMnlsLP COM 09225M101 73,009 5,000 7.35 1,151 2.49 0.7573
2017-04-11 2017-03-31 13F BSM BlackStoneMnlsLP COM 09225M101 68,009 50,509 288.62 1,123 241.34 0.7483
2017-01-06 2016-12-31 13F BSM BlackStoneMnlsLP COM 09225M101 17,500 0 0.00 329 5.45 0.2393
2016-10-04 2016-09-30 13F BSM BlackStoneMnlsLP COM 09225M101 17,500 0 0.00 312 15.13 0.2151
2016-07-06 2016-06-30 13F BSM BlackStoneMnlsLP COM 09225M101 17,500 0 0.00 271 10.61 0.1740
2016-04-06 2016-03-31 13F BSM BlackStoneMnlsLP COM 09225M101 17,500 100 0.57 245 -2.39 0.1472
2016-01-06 2015-12-31 13F BSM BlackStoneMnlsLP COM 09225M101 17,400 3,500 25.18 251 30.73 0.1473
2015-10-06 2015-09-30 13F BSM BlackStoneMnlsLP COM 09225M101 13,900 13,900 192 0.1088
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.