SEC Form SC 13G/A filed by Black Stone Minerals L.P. (Amendment)

SEC Form SC 13G/A filed by Black Stone Minerals L.P. (Amendment)

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Black Stone Minerals downgraded by Raymond James

Black Stone Minerals downgraded by KeyBanc Capital Markets

Black Stone Minerals downgraded by Raymond James

Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

CEO, President, and Chairman Carter Thomas L Jr bought $196,069 worth of Common units representing limited partner interests (14,500 units at $13.52), increasing direct ownership by 0.43% to 3,349,621 units (SEC Form 4)

Director Dewalch D Mark was granted 1,227 units of Common units representing limited partner interests, increasing direct ownership by 0.33% to 374,081 units (SEC Form 4)

Director Kyle Jerry V. Jr. was granted 1,227 units of Common units representing limited partner interests, increasing direct ownership by 0.41% to 301,383 units (SEC Form 4)

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Insider purchases reveal critical bullish sentiment about the company from key stakeholders. See them live in this feed.

CEO, President, and Chairman Carter Thomas L Jr bought $196,069 worth of Common units representing limited partner interests (14,500 units at $13.52), increasing direct ownership by 0.43% to 3,349,621 units (SEC Form 4)

CEO, President, and Chairman Carter Thomas L Jr bought $1,411,800 worth of Common units representing limited partner interests (100,000 units at $14.12), increasing direct ownership by 3% to 3,133,128 units (SEC Form 4)

Director Dewalch D Mark bought $500,004 worth of Common units representing limited partner interests (34,200 units at $14.62), increasing direct ownership by 11% to 357,005 units (SEC Form 4)

Amendment: SEC Form SCHEDULE 13G/A filed by Black Stone Minerals L.P.

SEC Form 10-Q filed by Black Stone Minerals L.P.

SEC Form DEFA14A filed by Black Stone Minerals L.P.

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2/11/22 4:16:07 PM ET

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SC 13G/A 1 d306106dsc13ga.htm SC 13G/A SC 13G/A

Securities and Exchange Commission

Washington, D.C. 20549

Schedule 13G

(Rule 13d-102)

Information to be Included in Statements Filed Pursuant

to § 240.13d-1(b), (c) and (d) and Amendments Thereto Filed

Pursuant to § 240.13d-2

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)*

Black Stone Minerals, L.P.

(Name of Issuer)

Common Units

(Title of Class of Securities)

09225M101

(CUSIP Number)

December 31, 2021

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

☐ Rule 13d-1(b)

☒ Rule 13d-1(c)

☐ Rule 13d-1(d)

*	The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).


CUSIP No. 09225M101		Schedule 13G		Page 1 of 18


CUSIP No. 09225M101		Schedule 13G		Page 2 of 18


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CUSIP No. 09225M101		Schedule 13G		Page 7 of 18


CUSIP No. 09225M101		Schedule 13G		Page 8 of 18


CUSIP No. 09225M101		Schedule 13G		Page 9 of 18


CUSIP No. 09225M101		Schedule 13G		Page 10 of 18


CUSIP No. 09225M101		Schedule 13G		Page 11 of 18


CUSIP No. 09225M101		Schedule 13G		Page 12 of 18


CUSIP No. 09225M101		Schedule 13G		Page 13 of 18

ITEM 1.

(a) Name of Issuer:

Black Stone Minerals, L.P. (the “Issuer”)

(b)

Address of Issuer’s Principal Executive Offices:

1001 Fannin Street, Suite 2020

Houston, Texas 77002

ITEM 2.

(a) Name of Person Filing:

Each of the following is hereinafter individually referred to as a “Reporting Person” and collectively as the “Reporting Persons.” This statement is filed on behalf of:

The Carlyle Group Inc.

Carlyle Group Management L.L.C.

Carlyle Holdings I GP Inc.

Carlyle Holdings I GP Sub L.L.C.

Carlyle Holdings I L.P.

CG Subsidiary Holdings L.L.C.

TC Group, L.L.C.

TC Group Sub L.P.

TC Group CEMOF II, L.L.C.

CEMOF II General Partner, L.P.

CEMOF II AIV, L.P.

Mineral Royalties One, L.L.C.

(b)

Address or Principal Business Office:

The address of each of the Reporting Persons is c/o The Carlyle Group, 1001 Pennsylvania Ave., N.W., Suite 220 South, Washington, D.C. 20004-2505.

(c)

Citizenship of each Reporting Person is:

Each of the Reporting Persons is organized in the state of Delaware.

(d)

Title of Class of Securities:

Common Units representing limited partner interests (“Common Units”).

(e)

CUSIP Number:

09225M101


CUSIP No. 09225M101		Schedule 13G		Page 14 of 18

ITEM 3.

Not applicable.

ITEM 4.

Ownership.

(a-c)

The ownership information presented below represents beneficial ownership of Common Units of the Issuer, based on 208,665,648 Common Units outstanding as of October 29, 2021 and assuming the conversion of the Series B Cumulative Convertible Preferred Units (the “Preferred Units”) beneficially owned by the Reporting Persons.


Reporting Person	Amount beneficially owned		Percent of class:			Sole power to vote or to direct the vote:		Shared power to vote or to direct the vote:		Sole power to dispose or to direct the disposition of:		Shared power to dispose or to direct the disposition of:
Carlyle Group Management L.L.C.		0		0.0	%		0		0		0		0
The Carlyle Group Inc.		14,711,219		6.6	%		0		14,711,219		0		14,711,219
Carlyle Holdings I GP Inc.		14,711,219		6.6	%		0		14,711,219		0		14,711,219
Carlyle Holdings I GP Sub L.L.C.		14,711,219		6.6	%		0		14,711,219		0		14,711,219
Carlyle Holdings I L.P.		14,711,219		6.6	%		0		14,711,219		0		14,711,219
CG Subsidiary Holdings L.L.C.		14,711,219		6.6	%		0		14,711,219		0		14,711,219
TC Group, L.L.C.		14,711,219		6.6	%		0		14,711,219		0		14,711,219
TC Group Sub L.P.		14,711,219		6.6	%		0		14,711,219		0		14,711,219
TC Group CEMOF II, L.L.C.		14,711,219		6.6	%		0		14,711,219		0		14,711,219
CEMOF II General Partner, L.P.		14,711,219		6.6	%		0		14,711,219		0		14,711,219
CEMOF II AIV, L.P.		14,711,219		6.6	%		0		14,711,219		0		14,711,219
Mineral Royalties One, L.L.C.		14,711,219		6.6	%		0		14,711,219		0		14,711,219

Mineral Royalties One, L.L.C. is the record holder of 14,711,219 Series B Cumulative Convertible Preferred Units (the “Preferred Units”), and may be deemed to beneficially own 14,711,219 Common Units issuable upon conversion of the Preferred Units.

The Carlyle Group Inc., which is a publicly traded entity listed on Nasdaq, is the sole shareholder of Carlyle Holdings I GP Inc., which is the managing member of Carlyle Holdings I GP Sub L.L.C., which is the general partner of Carlyle Holdings I L.P., which, with respect to the securities reported herein, is the managing member of CG Subsidiary Holdings L.L.C., which is the sole member of TC Group, L.L.C., which is the general partner of TC Group Sub L.P., which is the managing member of TC Group CEMOF II, L.L.C., which is the general partner of CEMOF II General Partner, L.P., which is the general partner of CEMOF II AIV, L.P., which is the managing member of Mineral Royalties One, L.L.C. Accordingly, each of the foregoing entities may be deemed to share beneficial ownership of the securities held of record by Mineral Royalties One, L.L.C. Each of them disclaims beneficial ownership of such securities.

The irrevocable proxy held by Carlyle Group Management L.L.C. now allows it to vote less than a majority of the shares of The Carlyle Group Inc., and therefore Carlyle Group Management L.L.C. is no longer deemed to share beneficial ownership of the securities reported here.


CUSIP No. 09225M101		Schedule 13G		Page 15 of 18

ITEM 5.

Ownership of Five Percent or Less of a Class.

Not applicable.

ITEM 6.

Ownership of More than Five Percent on Behalf of Another Person.

Not applicable.

ITEM 7.

Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company.

Not applicable.

ITEM 8.

Identification and Classification of Members of the Group.

Not applicable.

ITEM 9.

Notice of Dissolution of Group.

Not applicable.

ITEM 10.

Certification.

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §240.14a-11.


CUSIP No. 09225M101		Schedule 13G		Page 16 of 18

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Date: February 11, 2022


CARLYLE GROUP MANAGEMENT L.L.C.

By:		/s/ Anne Frederick, attorney-in-fact
Name:		Curtis L. Buser
Title:		Chief Financial Officer

THE CARLYLE GROUP INC.

By:		/s/ Anne Frederick, attorney-in-fact
Name:		Curtis L. Buser
Title:		Chief Financial Officer

CARLYLE HOLDINGS I GP INC.

By:		/s/ Anne Frederick, attorney-in-fact
Name:		Curtis L. Buser
Title:		Managing Director and Chief Financial Officer

CARLYLE HOLDINGS I GP SUB L.L.C.
By: Carlyle Holdings I GP Inc., its sole member

By:		/s/ Anne Frederick, attorney-in-fact
Name:		Curtis L. Buser
Title:		Managing Director and Chief Financial Officer

CARLYLE HOLDINGS I L.P.

By:		/s/ Anne Frederick, attorney-in-fact
Name:		Curtis L. Buser
Title:		Managing Director

CG SUBSIDIARY HOLDINGS L.L.C.

By:		/s/ Anne Frederick, attorney-in-fact
Name:		Curtis L. Buser
Title:		Managing Director


CUSIP No. 09225M101		Schedule 13G		Page 17 of 18


TC GROUP, L.L.C.

By:		/s/ Anne Frederick, attorney-in-fact
Name:		Curtis L. Buser
Title:		Managing Director

TC GROUP SUB L.P.
By: TC Group, L.L.C., its general partner

By:		/s/ Anne Frederick, attorney-in-fact
Name:		Curtis L. Buser
Title:		Managing Director

TC GROUP CEMOF II, L.L.C.

By:		/s/ David Lobe
Name:		David Lobe
Title:		Authorized Person

CEMOF II GENERAL PARTNER, L.P.

By:		/s/ David Lobe
Name:		David Lobe
Title:		Authorized Person

CEMOF II AIV, L.P.
By: CEMOF II General Partner, L.P., its general partner

By:		/s/ David Lobe
Name:		David Lobe
Title:		Authorized Person

MINERAL ROYALTIES ONE, L.L.C.

By:		/s/ David Lobe
Name:		David Lobe
Title:		Authorized Person


CUSIP No. 09225M101		Schedule 13G		Page 18 of 18

LIST OF EXHIBITS


Exhibit No.		Description

24		Power of Attorney (previously filed).

99		Joint Filing Agreement (previously filed).

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Date	Price Target	Rating	Analyst
10/24/2023		Outperform → Mkt Perform	Raymond James
3/7/2023		Overweight → Sector Weight	KeyBanc Capital Markets
2/6/2023		Strong Buy → Outperform	Raymond James
9/20/2022	$22.00	Overweight	KeyBanc Capital Markets
3/10/2022	$11.00 → $13.00	Neutral	Piper Sandler
1/26/2022	$11.00	Neutral	Piper Sandler
12/13/2021	$17.00 → $16.00	Strong Buy	Raymond James
9/3/2021	$11.00 → $13.00	Equal Weight → Overweight	Wells Fargo

Names of Reporting Persons

Carlyle Group Management L.L.C.

Check the Appropriate Box if a Member of a Group

(a) ☐ (b) ☐

SEC Use Only

Citizenship or Place of Organization

Delaware