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Filing Details

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
1621434	Black Stone Minerals L.p.	BSM	Crude Petroleum & Natural Gas (1311)	471846692

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1636955	W. E. Robert Sinclair	1001 Fannin Street, Suite 2020 Houston TX 77002		Yes	No	No	No

Reported Non-Derivative Transactions

Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Units Representing Limited Partner Interests	Acquisiton	2015-05-06	5,263	$0.00	5,263	No	4	A	Direct
Common Units Representing Limited Partner Interests	Acquisiton	2015-05-06	23,907	$0.00	29,170	No	4	J	Direct
Common Units Representing Limited Partner Interests	Acquisiton	2015-05-06	1,127,929	$0.00	1,157,099	No	4	J	Indirect	By Caddis Minerals, Ltd.
Common Units Representing Limited Partner Interests	Acquisiton	2015-05-06	111,054	$0.00	1,268,153	No	4	J	Indirect	By Castleton Energy Fund I, Ltd.
Common Units Representing Limited Partner Interests	Acquisiton	2015-05-06	160,728	$0.00	1,428,881	No	4	J	Indirect	By Leone, Ltd.
Common Units Representing Limited Partner Interests	Acquisiton	2015-05-06	106,739	$0.00	1,535,620	No	4	J	Indirect	By San Miguel River Partners
Common Units Representing Limited Partner Interests	Acquisiton	2015-05-06	97,742	$0.00	1,633,362	No	4	J	Indirect	By Shiprock Minerals, Ltd.
Common Units Representing Limited Partner Interests	Acquisiton	2015-05-06	23,000	$19.00	1,656,362	No	4	P	Indirect	By Caddis Minerals, Ltd.
Common Units Representing Limited Partner Interests	Acquisiton	2015-05-06	8,500	$19.00	1,664,862	No	4	P	Indirect	By Castleton Energy Fund I, Ltd.
Common Units Representing Limited Partner Interests	Acquisiton	2015-05-06	42,000	$19.00	1,706,862	No	4	P	Indirect	By Leone, Ltd.
Common Units Representing Limited Partner Interests	Acquisiton	2015-05-06	177,000	$19.00	1,883,862	No	4	P	Indirect	By Shiprock Minerals, Ltd.

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	A	Direct
No	4	J	Direct
No	4	J	Indirect	By Caddis Minerals, Ltd.
No	4	J	Indirect	By Castleton Energy Fund I, Ltd.
No	4	J	Indirect	By Leone, Ltd.
No	4	J	Indirect	By San Miguel River Partners
No	4	J	Indirect	By Shiprock Minerals, Ltd.
No	4	P	Indirect	By Caddis Minerals, Ltd.
No	4	P	Indirect	By Castleton Energy Fund I, Ltd.
No	4	P	Indirect	By Leone, Ltd.
No	4	P	Indirect	By Shiprock Minerals, Ltd.

Reported Derivative Transactions

Sec. Name	Sec. Type	Acquisiton - Disposition	Date	Amount	Price	Amount - 2	Price - 2
Common Units Representing Limited Partner Interests	Subordinated units representing limited partner interests	Acquisiton	2015-05-06	31,314	$0.00	31,314	$0.00
Common Units Representing Limited Partner Interests	Subordinated units representing limited partner interests	Acquisiton	2015-05-06	1,477,334	$0.00	1,477,334	$0.00
Common Units Representing Limited Partner Interests	Subordinated units representing limited partner interests	Acquisiton	2015-05-06	145,456	$0.00	145,456	$0.00
Common Units Representing Limited Partner Interests	Subordinated units representing limited partner interests	Acquisiton	2015-05-06	210,519	$0.00	210,519	$0.00
Common Units Representing Limited Partner Interests	Subordinated units representing limited partner interests	Acquisiton	2015-05-06	139,805	$0.00	139,805	$0.00
Common Units Representing Limited Partner Interests	Subordinated units representing limited partner interests	Acquisiton	2015-05-06	128,021	$0.00	128,021	$0.00
Common And Subordinated Units Representing Lp Interests	Preferred units representing limited partner interests	Acquisiton	2015-05-06	1,860	$0.00	0	$0.00
Common And Subordinated Units Representing Lp Interests	Preferred units representing limited partner interests	Acquisiton	2015-05-06	563	$0.00	0	$0.00

Remaning Holdings	Equity Swap Involved	Transaction Form Type	Transaction Code	Nature of Ownership
31,314	No	4	J	Direct
1,508,648	No	4	J	Indirect
1,654,104	No	4	J	Indirect
1,864,623	No	4	J	Indirect
2,004,428	No	4	J	Indirect
2,132,449	No	4	J	Indirect
2,134,309	No	4	J	Indirect
2,134,872	No	4	J	Indirect

Footnotes

Acquired pursuant to the Merger and Contribution Agreement, dated May 6, 2015, by and among Black Stone Minerals Merger Sub LLC, Black Stone Minerals Company, L.P., and Black Stone Minerals, L.P.
Each subordinated unit will convert into one common unit representing a limited partner interest in the Issuer at the end of the subordination period described in the Issuer's Registration Statement on Form S-1 (File No. 333-202875).
The reporting person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein, and the inclusion of these shares in this report shall not be deemed an admission of beneficial ownership of all of the reported shares for purposes of Section 16 or for any other purpose.
The reporting person purchased the securities through the Directed Unit Program conducted in connection with the initial public offering of Black Stone Minerals, L.P.
Each preferred unit may be converted at any time at the option of the holder thereof into common units at the then-effective conversion rate. In addition, on January 1 of each year from 2016 to 2018 a number of preferred units will automatically convert into common units and subordinated units at the then-effective conversion rate, as described in the Issuer's Registration Statement on Form S-1, as amended (File No. 333-202875).