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: Kyle Jerry V. Jr. (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2019-05-24	Common units representing limited partner interests	C	68798	—	Acquired	182922	Direct
2019-05-24	Common units representing limited partner interests	C	141815	—	Acquired	250088	Indirect
2019-05-24	Common units representing limited partner interests	C	198574	—	Acquired	350182	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2019-05-24	Subordinated units representing limited partner interests	$	C	68798	Disposed		Common units representing limited partner interests (68798)	Direct
2019-05-24	Subordinated units representing limited partner interests	$	C	141815	Disposed		Common units representing limited partner interests (141815)	Indirect
2019-05-24	Subordinated units representing limited partner interests	$	C	198574	Disposed		Common units representing limited partner interests (198574)	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common units representing limited partner interests	1000	Indirect
Common units representing limited partner interests	1000	Indirect
Common units representing limited partner interests	1000	Indirect
Common units representing limited partner interests	1000	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.