Black Stone Minerals, L.P. — Director's Dealing 2018

Apr 10, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Black Stone Minerals, L.P. (BSM)
CIK: 0001621434
Period of Report: 2018-04-05

Reporting Person: DeWalch D Mark (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-04-05	Common units representing limited partner interests	C	152	—	Acquired	2922	Indirect
2018-04-05	Common units representing limited partner interests	C	91	—	Acquired	4824	Indirect
2018-04-05	Common units representing limited partner interests	C	91	—	Acquired	4809	Indirect
2018-04-05	Common units representing limited partner interests	C	273	—	Acquired	15351	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-04-05	Subordinated units representing limited partner interests	$	C	199	Acquired		Common units representing limited partner interests (199)	Indirect
2018-04-05	Subordinated units representing limited partner interests	$	C	119	Acquired		Common units representing limited partner interests (119)	Indirect
2018-04-05	Subordinated units representing limited partner interests	$	C	119	Acquired		Common units representing limited partner interests (119)	Indirect
2018-04-05	Subordinated units representing limited partner interests	$	C	358	Acquired		Common units representing limited partner interests (358)	Indirect
2018-04-05	Preferred units representing limited partner interests	$	C	5	Disposed		Common and subordinated units representing LP interests ()	Indirect
2018-04-05	Preferred units representing limited partner interests	$	C	3	Disposed		Common and subordinated units representing LP interests ()	Indirect
2018-04-05	Preferred units representing limited partner interests	$	C	3	Disposed		Common and subordinated units representing LP interests ()	Indirect
2018-04-05	Preferred units representing limited partner interests	$	C	9	Disposed		Common and subordinated units representing LP interests ()	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common units representing limited partner interests	92565	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Subordinated units representing limited partner interests	$		Common units representing limited partner interests (70865)	70865	Direct

Footnotes

F1: A portion of the Series A Preferred Units automatically converted into Common Units and Subordinated Units under the terms of the Limited Partnership Agreement. Each Series A Preferred Unit converted into 30.3431 Common Units and 39.7427 Subordinated Units.

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: 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).