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

May 2, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Black Stone Minerals, L.P. (BSM)
CIK: 0001621434
Period of Report: 2017-03-31

Reporting Person: Mathis William N. (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-03-31	Preferred units representing limited partner interests	$	X	8000	Disposed		Common and subordinated units representing LP interests ()	Indirect

Footnotes

F1: 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, each year from 2016 to 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).

F2: Conti Street Minerals, L.P. required the Partnership to redeem a portion of its preferred units in accordance with the terms of the Partnership's Limited Partnership Agreement. The redemption price of $1,024.38 per preferred unit represents the $1,000 par value of each preferred unit plus $24.38 in interest equal to the unpaid accrued yield.