Company: BSM
Filing Date: 2025-04-30
Form Type: DEF 14A
Source: 0001193125-25-107202
Chunk: 63

Company: Black Stone Minerals, L.P.
Filing Date: 2025-04-30
Form: DEF 14A
Chunk 63
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 to which he disclaims beneficial ownership, except to the extent of his pecuniary interest. |

| (15) | Mr. Stuart has sole voting and investment power over an aggregate of 3,364,345 common units owned by Topsfield Energy, Ltd. and RDS Investments, L.P. He has sole voting power over 697,398 common units held by six trusts of which he serves as sole trustee, and he also has sole voting power over 286,976 common units held by a trustee of which he is sole trustee and beneficiary. He also shares voting and investment power over 187,462 common units held by two trusts, of which he serves as co-trustee. |

| (16) | Mr. Whitehead has shared voting and investment power over an aggregate of 6,153,656 common units owned by Crain Energy Ltd., Lacy Properties Ltd., Eagle Gathering System, Ltd., R. Lacy Services Ltd. Retirement Plan, and Crain Resources Ltd.. He also has sole voting power over 26,153 common units held by a trust, of which he serves as sole trustee. |

| Name of Beneficial Owner |     | Preferred Units 
 Beneficially    
 Owned(1)        |     |            |     | Percentage of   
 Preferred Units 
 Beneficially    
 Owned(2)        |     |       |   |
| AP Basileia SPV, LLC(3)  |     |                 |     | 14,711,219 |     |                 |     | 100.0 | % |

| (1) | The preferred units vote on an as-converted basis with our common units and have certain other class voting rights with respect to, among other things, any amendment to the Partnership Agreement or our certificate of limited partnership that would be materially adverse to any of the rights, preferences, or privileges of the preferred units. Each holder may elect to convert all or any portion of its preferred units into common units on a one-for-one basis, subject to customary anti-dilution adjustments and an adjustment for any distributions that have accrued but not been paid when due. Under certain conditions, we may elect to convert all or any portion of the preferred units into common units. We may also may elect to redeem the preferred units at any time during the 90-day period beginning on each Readjustment Date (as defined in the Partnership Agreement) at a redemption price payable wholly in cash equal to the Issue Price plus accrued and unpaid distributions on the applicable preferred