X0306 4 2022-01-07 0 0001621434 Black Stone Minerals, L.P. BSM 0001639921 Stuart Alexander D. 1001 FANNIN STREET, SUITE 2020 HOUSTON TX 77002 1 0 0 0 Common units representing limited partner interests 2022-01-07 4 A 0 2500 10.35 A 13800 D Common units representing limited partner interests 2022-01-11 4 A 0 14115 0.00 A 27915 D Common units representing limited partner interests 4786664 I By North Star Oil & Gas Common units representing limited partner interests 2112711 I By Topsfield Energy Ltd. Common units representing limited partner interests 1251634 I By RDS Investments, L.P. Common units representing limited partner interests 6687 I By Barbara E Stuart GST Exempt Trust fbo Alexander D Stuart Common units representing limited partner interests 551912 I By GRAT Common units representing limited partner interests 180775 I By Robert D. Stuart, Jr. 1996 Marital Trust Common units representing limited partner interests 173316 I By GRAT 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. Prior to the date of this report, the Reporting Person contributed 173,316 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. Prior to the date of this report, the GRAT granted by the Reporting Person paid an annual annuity of 149,480 Issuer common units to the Reporting Person. The payment of the annuity is reflected in the Column 5 totals. /s/ Steve Putman, attorney-in-fact for Alexander D. Stuart 2022-01-11