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Black Stone Minerals, L.P. Director's Dealing 2021

Jan 6, 2021

31432_dirs_2021-01-06_edb705bd-2f6d-4859-9e44-eeacbb12e08a.zip

Director's Dealing

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SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Black Stone Minerals, L.P. (BSM)
CIK: 0001621434
Period of Report: 2021-01-04

Reporting Person: Stuart Alexander D. (Director)

Non-Derivative Transactions

Date Security Code Shares Price A/D Holdings After Ownership
2021-01-04 Common units representing limited partner interests A 2863 $6.68 Acquired 14163 Direct

Holdings (Non-Derivative)

Security Shares Ownership
Common units representing limited partner interests 4786664 Indirect
Common units representing limited partner interests 2112711 Indirect
Common units representing limited partner interests 1251634 Indirect
Common units representing limited partner interests 6687 Indirect
Common units representing limited partner interests 701392 Indirect
Common units representing limited partner interests 180775 Indirect

Footnotes

F1: Pursuant to a previous arrangement, the Reporting Person elected to receive common units in lieu of a cash retainer for service on the Board of Directors of the Partnership's General Partner.

F2: Prior to the date of this report, the Reporting Person contributed 701,392 common units representing limited partnership interests to a grantor
retained annuity trust ("GRAT"), of which the Reporting Person is the trustee. Because the contribution to the GRAT is not a reportable
transaction, the amount of securities beneficially owned with respect to the direct holdings reported by the Reporting Person has been reduced to
reflect the contribution to the GRAT, which has been added as a new indirect holding.

F3: Prior to the date of this report, 180,775 units previously held by the R D Stuart Jr 1996 Trust were transferred to the Robert D. Stuart Jr. 1996 Marital Trust, of which the Reporting Person serves as a co-trustee, as part of an estate settlement. Because the change in form of ownership of the units was not a reportable transaction, the transferring trust no longer holds any common units and is no longer reflected on the report, and the transferee trust has been added as a new indirect holding.