John Annis

Timothy Rezvan

Tim Rezvan

- Black Stone Minerals, L.P. (BSM) entered into a Unitholder Agreement with **AP Basileia SPV, LLC**, the holder of **14,711,219 preferred units**, on **August 22, 2025**.  **[1621434_0001621434-25-000119_bsm-unitholderagreementxex.htm:0]** **[1621434_0001621434-25-000119_bsm-20250822.htm:1]** 
- Under the agreement, AP Basileia SPV, LLC will **vote its preferred units in line with the Board of Directors' recommendations** on ordinary course matters, and the Partnership has agreed **not to redeem these preferred units**.  **[1621434_0001621434-25-000119_bsm-20250822.htm:1]** **[1621434_0001621434-25-000119_bsm-unitholderagreementxex.htm:1]** 
- The agreement, including a **standstill provision** for AP Basileia SPV, LLC, is effective until **November 27, 2027**, restricting the unitholder from increasing its stake above 11% (as-converted) or engaging in certain activist behaviors.  **[1621434_0001621434-25-000119_bsm-20250822.htm:1]** **[1621434_0001621434-25-000119_bsm-unitholderagreementxex.htm:2]**

Black Stone Minerals (BSM)