Black Stone Minerals, L.P. — Director's Dealing 2017

Jun 19, 2017

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: Black Stone Minerals, L.P. (BSM)
CIK: 0001621434
Period of Report: 2017-06-08

Reporting Person: Randall William E. (Director)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common units representing limited partner interests	30000	Direct
Common units representing limited partner interests	1769057	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Subordinated units representing limited partner interests	$		Common units representing limited partner interests (2082501)		Indirect
Preferred units representing limited partner interests	$		Common and subordinated units representing LP interests ()		Indirect

Footnotes

F1: The reporting person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein, and the inclusion of these units in this report
shall not be deemed an admission of beneficial ownership of all of the reported units for purposes of Section 16 or for any other purpose.

F2: 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).

F3: RFI Partnership currently holds 300 preferred units. Each preferred unit may be converted at any time at the option of the holder thereof into common units at the then-effective conversion rate. In addition, in 2018, a number of preferred units will automatically convert into common units and subordinated units at the then-effective conversion rate unless redeemed, as described in the Issuer's Registration Statement on Form S-1 (File No. 333-202875).