Black Stone Minerals, L.P. — Director's Dealing 2019

May 30, 2019

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Black Stone Minerals, L.P. (BSM)
CIK: 0001621434
Period of Report: 2019-05-24

Reporting Person: Stuart Alexander D. (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2019-05-24	Common units representing limited partner interests	C	332713	—	Acquired	684362	Direct
2019-05-24	Common units representing limited partner interests	C	2714314	—	Acquired	4786664	Indirect
2019-05-24	Common units representing limited partner interests	C	1198029	—	Acquired	2112711	Indirect
2019-05-24	Common units representing limited partner interests	C	709749	—	Acquired	1251634	Indirect
2019-05-24	Common units representing limited partner interests	C	102510	—	Acquired	180775	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2019-05-24	Subordinated units representing limited partner interests	$	C	332713	Disposed		Common units representing limited partner interests (332713)	Direct
2019-05-24	Subordinated units representing limited partner interests	$	C	2714314	Disposed		Common units representing limited partner interests (2714314)	Indirect
2019-05-24	Subordinated units representing limited partner interests	$	C	1198029	Disposed		Common units representing limited partner interests (1198029)	Indirect
2019-05-24	Subordinated units representing limited partner interests	$	C	709749	Disposed		Common units representing limited partner interests (709749)	Indirect
2019-05-24	Subordinated units representing limited partner interests	$	C	102510	Disposed		Common units representing limited partner interests (102510)	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common units representing limited partner interests	6687	Indirect

Footnotes

F1: On May 24, 2019, each subordinated unit representing limited partner interests in the Issuer converted into one common unit representing limited partner interests in the Issuer pursuant to the terms of the Issuer's First Amended and Restated Agreement of Limited Partnership, as amended.