X0306 4 2019-05-24 0 0001621434 Black Stone Minerals, L.P. BSM 0001636949 Dorn Holbrook F 1001 FANNIN STREET, SUITE 2020 HOUSTON TX 77002 0 1 0 0 SVP, Business Development Common units representing limited partner interests 2019-05-24 4 C 0 170684 A 900813 D Common units representing limited partner interests 2019-05-24 4 A 0 165780 0.00 A 1066593 D Common units representing limited partner interests 2019-05-24 4 F 0 65235 16.60 D 1001358 D Subordinated units representing limited partner interests 2019-05-24 4 C 0 170684 D Common units representing limited partner interests 170684 0 D 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. Represents settlement of performance units awarded under the Issuer's Long-Term Incentive Plan. For tax withholding purposes, the value of the common units was deemed to be equal to the closing price of BSM common units on May 24, 2019. /s/ Steve Putman, attorney-in-fact for Holbrook F. Dorn 2019-05-29