Black Stone Minerals, L.P. — Director's Dealing 2016

Jan 15, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Black Stone Minerals, L.P. (BSM)
CIK: 0001621434
Period of Report: 2016-01-12

Reporting Person: Stuart Alexander D. (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-12-22	Common units representing limited partner interests	G	28863	$0.00	Disposed	266285	Direct
2016-01-12	Common units representing limited partner interests	A	12368	$0.00	Acquired	278653	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-12-22	Subordinated units representing limited partner interests	$	G	37804	Disposed		Common units representing limited partner interests (37804)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common units representing limited partner interests	2072350	Indirect
Common units representing limited partner interests	914682	Indirect
Common units representing limited partner interests	541885	Indirect
Common units representing limited partner interests	78265	Indirect
Common units representing limited partner interests	6687	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Subordinated units representing limited partner interests	$		Common units representing limited partner interests (2714314)	2714314	Indirect
Subordinated units representing limited partner interests	$		Common units representing limited partner interests (1198029)	1198029	Indirect
Subordinated units representing limited partner interests	$		Common units representing limited partner interests (709749)	709749	Indirect
Subordinated units representing limited partner interests	$		Common units representing limited partner interests (102510)	102510	Indirect

Footnotes

F1: Each subordinated unit will convert into one common unit representing a limited partner interest in the Issuer at the end of the subordination period described in the Issuer's Registration Statement on Form S-1 (File No. 333-202875).