KRP

SEC source: 0001104659-20-028662 · a4.xml · nonDerivative · entry 1

Daly Matthew S. · CIK 0001695310 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 213,704

SEC source: 0001104659-20-028669 · a4.xml · nonDerivative · entry 1

ADAMS WILLIAM H III · CIK 0001182695 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 46,654

SEC source: 0001104659-20-028667 · a4.xml · nonDerivative · entry 1

MARTIN T SCOTT · CIK 0001413469 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 27,152

SEC source: 0001104659-20-028661 · a4.xml · nonDerivative · entry 1

Daugbjerg Erik B · CIK 0001596884 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 35,978

SEC source: 0001104659-20-028660 · a4.xml · nonDerivative · entry 1

Rhynsburger Blayne · CIK 0001761127 · Controller

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 32,994

SEC source: 0001104659-20-028663 · a4.xml · nonDerivative · entry 1

Ravnaas Robert Davis · CIK 0001696138 · President and CFO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 349,616

SEC source: 0001140361-20-001760 · form4.xml · derivative · entry 10

KKR UPSTREAM ASSOCIATES LLC · CIK 0001746582 · 10% owner

EIGF AGGREGATOR III LLC · CIK 0001747006 · 10% owner

TE DRILLING AGGREGATOR LLC · CIK 0001747005 · 10% owner

EIGF AGGREGATOR LLC · CIK 0001747007 · 10% owner

KKR Energy Income & Growth Fund I L.P. · CIK 0001586530 · 10% owner

KKR Energy Income & Growth Fund I-TE L.P. · CIK 0001586531 · 10% owner

KKR ASSOCIATES EIGF L.P. · CIK 0001746580 · 10% owner

KKR ASSOCIATES EIGF TE L.P. · CIK 0001746581 · 10% owner

KKR EIGF LLC · CIK 0001594071 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 0

Underlying: Common units representing limited partner interests · 266,076 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, at the request of the holder, each limited liability company unit (an "OpCo Unit") of Kimbell Royalty Operating, LLC ("OpCo"), together with a Class B common unit (a "Class B Unit") of Kimbell Royalty Partners, LP (the "Issuer"), may be redeemed for, at OpCo's election, a newly-issued common unit representing a limited partner interest of the Issuer (a "Common Unit") or the Cash Amount (as defined therein). The OpCo Units do not expire.

F4 · kind: On January 27, 2020, TE Drilling Aggregator LLC ("TE Drilling Aggregator") requested that 47,929 OpCo Units and 47,929 Class B Units be redeemed, and OpCo elected to redeem such securities for an aggregate of 47,929 Common Units. On January 28, 2020, TE Drilling Aggregator requested that 266,076 OpCo Units and 266,076 Class B Units be redeemed, and OpCo elected to redeem such securities for an aggregate of 266,076 Common Units.

F1 · derivative.exercise_date: Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, at the request of the holder, each limited liability company unit (an "OpCo Unit") of Kimbell Royalty Operating, LLC ("OpCo"), together with a Class B common unit (a "Class B Unit") of Kimbell Royalty Partners, LP (the "Issuer"), may be redeemed for, at OpCo's election, a newly-issued common unit representing a limited partner interest of the Issuer (a "Common Unit") or the Cash Amount (as defined therein). The OpCo Units do not expire.

F1 · derivative.expiration_date: Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, at the request of the holder, each limited liability company unit (an "OpCo Unit") of Kimbell Royalty Operating, LLC ("OpCo"), together with a Class B common unit (a "Class B Unit") of Kimbell Royalty Partners, LP (the "Issuer"), may be redeemed for, at OpCo's election, a newly-issued common unit representing a limited partner interest of the Issuer (a "Common Unit") or the Cash Amount (as defined therein). The OpCo Units do not expire.

F5 · ownership.nature: These securities are held by TE Drilling Aggregator. KKR Energy Income and Growth Fund I-TE L.P. ("KKR Energy Income TE") is the sole member of TE Drilling Aggregator, and KKR Associates EIGF TE L.P. ("KKR Associates TE") is the general partner of KKR Energy Income TE.

F6 · ownership.nature: KKR EIGF LLC ("KKR EIGF") is the general partner of KKR Associates and the general partner of KKR Associates TE. KKR Upstream Associates LLC ("KKR Upstream Associates") is the sole member of KKR EIGF. KKR Group Partnership L.P. ("KKR Group Partnership") and KKR Upstream LLC ("KKR Upstream") are the members of KKR Upstream Associates. KKR Group Partnership is the sole member of KKR Upstream. KKR Group Holdings Corp. ("KKR Group Holdings") is the general partner of KKR Group Partnership. KKR & Co. Inc. ("KKR & Co.") is the sole shareholder of KKR Group Holdings. KKR Management LLP ("KKR Management") is the Class B shareholder of KKR & Co. Messrs. Kravis and Roberts are the founding partners of KKR Management.

F7 · ownership.nature: Each of the persons referred to in the above footnotes are collectively referred to herein as the "Reporting Persons." Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's pecuniary interest therein. The filing of this statement shall not be deemed to be an admission that, for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise, the Reporting Persons are the beneficial owners of any securities reported herein.

SEC source: 0001140361-20-001760 · form4.xml · derivative · entry 9

KKR UPSTREAM ASSOCIATES LLC · CIK 0001746582 · 10% owner

EIGF AGGREGATOR III LLC · CIK 0001747006 · 10% owner

TE DRILLING AGGREGATOR LLC · CIK 0001747005 · 10% owner

EIGF AGGREGATOR LLC · CIK 0001747007 · 10% owner

KKR Energy Income & Growth Fund I L.P. · CIK 0001586530 · 10% owner

KKR Energy Income & Growth Fund I-TE L.P. · CIK 0001586531 · 10% owner

KKR ASSOCIATES EIGF L.P. · CIK 0001746580 · 10% owner

KKR ASSOCIATES EIGF TE L.P. · CIK 0001746581 · 10% owner

KKR EIGF LLC · CIK 0001594071 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 0

Underlying: Common units representing limited partner interests · 3,897,483 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, at the request of the holder, each limited liability company unit (an "OpCo Unit") of Kimbell Royalty Operating, LLC ("OpCo"), together with a Class B common unit (a "Class B Unit") of Kimbell Royalty Partners, LP (the "Issuer"), may be redeemed for, at OpCo's election, a newly-issued common unit representing a limited partner interest of the Issuer (a "Common Unit") or the Cash Amount (as defined therein). The OpCo Units do not expire.

F2 · kind: On January 27, 2020, EIGF Aggregator III LLC ("EIGF Aggregator III") requested that 702,071 OpCo Units and 702,071 Class B Units be redeemed, and OpCo elected to redeem such securities for an aggregate of 702,071 Common Units. On January 28, 2020, EIGF Aggregator III requested that 3,897,483 OpCo Units and 3,897,483 Class B Units be redeemed, and OpCo elected to redeem such securities for an aggregate of 3,897,483 Common Units.

F1 · derivative.exercise_date: Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, at the request of the holder, each limited liability company unit (an "OpCo Unit") of Kimbell Royalty Operating, LLC ("OpCo"), together with a Class B common unit (a "Class B Unit") of Kimbell Royalty Partners, LP (the "Issuer"), may be redeemed for, at OpCo's election, a newly-issued common unit representing a limited partner interest of the Issuer (a "Common Unit") or the Cash Amount (as defined therein). The OpCo Units do not expire.

F1 · derivative.expiration_date: Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, at the request of the holder, each limited liability company unit (an "OpCo Unit") of Kimbell Royalty Operating, LLC ("OpCo"), together with a Class B common unit (a "Class B Unit") of Kimbell Royalty Partners, LP (the "Issuer"), may be redeemed for, at OpCo's election, a newly-issued common unit representing a limited partner interest of the Issuer (a "Common Unit") or the Cash Amount (as defined therein). The OpCo Units do not expire.

F3 · ownership.nature: These securities are held by EIGF Aggregator III. EIGF Aggregator LLC ("EIGF Aggregator") is the managing member of EIGF Aggregator III. KKR Energy Income and Growth Fund I L.P. ("KKR Energy Income") is the managing member of EIGF Aggregator. KKR Associates EIGF L.P. ("KKR Associates") is the general partner of KKR Energy Income.

F6 · ownership.nature: KKR EIGF LLC ("KKR EIGF") is the general partner of KKR Associates and the general partner of KKR Associates TE. KKR Upstream Associates LLC ("KKR Upstream Associates") is the sole member of KKR EIGF. KKR Group Partnership L.P. ("KKR Group Partnership") and KKR Upstream LLC ("KKR Upstream") are the members of KKR Upstream Associates. KKR Group Partnership is the sole member of KKR Upstream. KKR Group Holdings Corp. ("KKR Group Holdings") is the general partner of KKR Group Partnership. KKR & Co. Inc. ("KKR & Co.") is the sole shareholder of KKR Group Holdings. KKR Management LLP ("KKR Management") is the Class B shareholder of KKR & Co. Messrs. Kravis and Roberts are the founding partners of KKR Management.

F7 · ownership.nature: Each of the persons referred to in the above footnotes are collectively referred to herein as the "Reporting Persons." Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's pecuniary interest therein. The filing of this statement shall not be deemed to be an admission that, for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise, the Reporting Persons are the beneficial owners of any securities reported herein.

SEC source: 0001140361-20-001760 · form4.xml · nonDerivative · entry 6

KKR UPSTREAM ASSOCIATES LLC · CIK 0001746582 · 10% owner

EIGF AGGREGATOR III LLC · CIK 0001747006 · 10% owner

TE DRILLING AGGREGATOR LLC · CIK 0001747005 · 10% owner

EIGF AGGREGATOR LLC · CIK 0001747007 · 10% owner

KKR Energy Income & Growth Fund I L.P. · CIK 0001586530 · 10% owner

KKR Energy Income & Growth Fund I-TE L.P. · CIK 0001586531 · 10% owner

KKR ASSOCIATES EIGF L.P. · CIK 0001746580 · 10% owner

KKR ASSOCIATES EIGF TE L.P. · CIK 0001746581 · 10% owner

KKR EIGF LLC · CIK 0001594071 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 266,076

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, at the request of the holder, each limited liability company unit (an "OpCo Unit") of Kimbell Royalty Operating, LLC ("OpCo"), together with a Class B common unit (a "Class B Unit") of Kimbell Royalty Partners, LP (the "Issuer"), may be redeemed for, at OpCo's election, a newly-issued common unit representing a limited partner interest of the Issuer (a "Common Unit") or the Cash Amount (as defined therein). The OpCo Units do not expire.

F4 · kind: On January 27, 2020, TE Drilling Aggregator LLC ("TE Drilling Aggregator") requested that 47,929 OpCo Units and 47,929 Class B Units be redeemed, and OpCo elected to redeem such securities for an aggregate of 47,929 Common Units. On January 28, 2020, TE Drilling Aggregator requested that 266,076 OpCo Units and 266,076 Class B Units be redeemed, and OpCo elected to redeem such securities for an aggregate of 266,076 Common Units.

F1 · price: Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, at the request of the holder, each limited liability company unit (an "OpCo Unit") of Kimbell Royalty Operating, LLC ("OpCo"), together with a Class B common unit (a "Class B Unit") of Kimbell Royalty Partners, LP (the "Issuer"), may be redeemed for, at OpCo's election, a newly-issued common unit representing a limited partner interest of the Issuer (a "Common Unit") or the Cash Amount (as defined therein). The OpCo Units do not expire.

F5 · ownership.nature: These securities are held by TE Drilling Aggregator. KKR Energy Income and Growth Fund I-TE L.P. ("KKR Energy Income TE") is the sole member of TE Drilling Aggregator, and KKR Associates EIGF TE L.P. ("KKR Associates TE") is the general partner of KKR Energy Income TE.

F6 · ownership.nature: KKR EIGF LLC ("KKR EIGF") is the general partner of KKR Associates and the general partner of KKR Associates TE. KKR Upstream Associates LLC ("KKR Upstream Associates") is the sole member of KKR EIGF. KKR Group Partnership L.P. ("KKR Group Partnership") and KKR Upstream LLC ("KKR Upstream") are the members of KKR Upstream Associates. KKR Group Partnership is the sole member of KKR Upstream. KKR Group Holdings Corp. ("KKR Group Holdings") is the general partner of KKR Group Partnership. KKR & Co. Inc. ("KKR & Co.") is the sole shareholder of KKR Group Holdings. KKR Management LLP ("KKR Management") is the Class B shareholder of KKR & Co. Messrs. Kravis and Roberts are the founding partners of KKR Management.

F7 · ownership.nature: Each of the persons referred to in the above footnotes are collectively referred to herein as the "Reporting Persons." Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's pecuniary interest therein. The filing of this statement shall not be deemed to be an admission that, for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise, the Reporting Persons are the beneficial owners of any securities reported herein.

SEC source: 0001140361-20-001760 · form4.xml · nonDerivative · entry 5

KKR UPSTREAM ASSOCIATES LLC · CIK 0001746582 · 10% owner

EIGF AGGREGATOR III LLC · CIK 0001747006 · 10% owner

TE DRILLING AGGREGATOR LLC · CIK 0001747005 · 10% owner

EIGF AGGREGATOR LLC · CIK 0001747007 · 10% owner

KKR Energy Income & Growth Fund I L.P. · CIK 0001586530 · 10% owner

KKR Energy Income & Growth Fund I-TE L.P. · CIK 0001586531 · 10% owner

KKR ASSOCIATES EIGF L.P. · CIK 0001746580 · 10% owner

KKR ASSOCIATES EIGF TE L.P. · CIK 0001746581 · 10% owner

KKR EIGF LLC · CIK 0001594071 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 3,897,483

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, at the request of the holder, each limited liability company unit (an "OpCo Unit") of Kimbell Royalty Operating, LLC ("OpCo"), together with a Class B common unit (a "Class B Unit") of Kimbell Royalty Partners, LP (the "Issuer"), may be redeemed for, at OpCo's election, a newly-issued common unit representing a limited partner interest of the Issuer (a "Common Unit") or the Cash Amount (as defined therein). The OpCo Units do not expire.

F2 · kind: On January 27, 2020, EIGF Aggregator III LLC ("EIGF Aggregator III") requested that 702,071 OpCo Units and 702,071 Class B Units be redeemed, and OpCo elected to redeem such securities for an aggregate of 702,071 Common Units. On January 28, 2020, EIGF Aggregator III requested that 3,897,483 OpCo Units and 3,897,483 Class B Units be redeemed, and OpCo elected to redeem such securities for an aggregate of 3,897,483 Common Units.

F1 · price: Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, at the request of the holder, each limited liability company unit (an "OpCo Unit") of Kimbell Royalty Operating, LLC ("OpCo"), together with a Class B common unit (a "Class B Unit") of Kimbell Royalty Partners, LP (the "Issuer"), may be redeemed for, at OpCo's election, a newly-issued common unit representing a limited partner interest of the Issuer (a "Common Unit") or the Cash Amount (as defined therein). The OpCo Units do not expire.

F3 · ownership.nature: These securities are held by EIGF Aggregator III. EIGF Aggregator LLC ("EIGF Aggregator") is the managing member of EIGF Aggregator III. KKR Energy Income and Growth Fund I L.P. ("KKR Energy Income") is the managing member of EIGF Aggregator. KKR Associates EIGF L.P. ("KKR Associates") is the general partner of KKR Energy Income.

F6 · ownership.nature: KKR EIGF LLC ("KKR EIGF") is the general partner of KKR Associates and the general partner of KKR Associates TE. KKR Upstream Associates LLC ("KKR Upstream Associates") is the sole member of KKR EIGF. KKR Group Partnership L.P. ("KKR Group Partnership") and KKR Upstream LLC ("KKR Upstream") are the members of KKR Upstream Associates. KKR Group Partnership is the sole member of KKR Upstream. KKR Group Holdings Corp. ("KKR Group Holdings") is the general partner of KKR Group Partnership. KKR & Co. Inc. ("KKR & Co.") is the sole shareholder of KKR Group Holdings. KKR Management LLP ("KKR Management") is the Class B shareholder of KKR & Co. Messrs. Kravis and Roberts are the founding partners of KKR Management.

F7 · ownership.nature: Each of the persons referred to in the above footnotes are collectively referred to herein as the "Reporting Persons." Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's pecuniary interest therein. The filing of this statement shall not be deemed to be an admission that, for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise, the Reporting Persons are the beneficial owners of any securities reported herein.

SEC source: 0001140361-20-001760 · form4.xml · nonDerivative · entry 4

KKR UPSTREAM ASSOCIATES LLC · CIK 0001746582 · 10% owner

EIGF AGGREGATOR III LLC · CIK 0001747006 · 10% owner

TE DRILLING AGGREGATOR LLC · CIK 0001747005 · 10% owner

EIGF AGGREGATOR LLC · CIK 0001747007 · 10% owner

KKR Energy Income & Growth Fund I L.P. · CIK 0001586530 · 10% owner

KKR Energy Income & Growth Fund I-TE L.P. · CIK 0001586531 · 10% owner

KKR ASSOCIATES EIGF L.P. · CIK 0001746580 · 10% owner

KKR ASSOCIATES EIGF TE L.P. · CIK 0001746581 · 10% owner

KKR EIGF LLC · CIK 0001594071 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 0

F5 · ownership.nature: These securities are held by TE Drilling Aggregator. KKR Energy Income and Growth Fund I-TE L.P. ("KKR Energy Income TE") is the sole member of TE Drilling Aggregator, and KKR Associates EIGF TE L.P. ("KKR Associates TE") is the general partner of KKR Energy Income TE.

F6 · ownership.nature: KKR EIGF LLC ("KKR EIGF") is the general partner of KKR Associates and the general partner of KKR Associates TE. KKR Upstream Associates LLC ("KKR Upstream Associates") is the sole member of KKR EIGF. KKR Group Partnership L.P. ("KKR Group Partnership") and KKR Upstream LLC ("KKR Upstream") are the members of KKR Upstream Associates. KKR Group Partnership is the sole member of KKR Upstream. KKR Group Holdings Corp. ("KKR Group Holdings") is the general partner of KKR Group Partnership. KKR & Co. Inc. ("KKR & Co.") is the sole shareholder of KKR Group Holdings. KKR Management LLP ("KKR Management") is the Class B shareholder of KKR & Co. Messrs. Kravis and Roberts are the founding partners of KKR Management.

F7 · ownership.nature: Each of the persons referred to in the above footnotes are collectively referred to herein as the "Reporting Persons." Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's pecuniary interest therein. The filing of this statement shall not be deemed to be an admission that, for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise, the Reporting Persons are the beneficial owners of any securities reported herein.

SEC source: 0001140361-20-001760 · form4.xml · nonDerivative · entry 3

KKR UPSTREAM ASSOCIATES LLC · CIK 0001746582 · 10% owner

EIGF AGGREGATOR III LLC · CIK 0001747006 · 10% owner

TE DRILLING AGGREGATOR LLC · CIK 0001747005 · 10% owner

EIGF AGGREGATOR LLC · CIK 0001747007 · 10% owner

KKR Energy Income & Growth Fund I L.P. · CIK 0001586530 · 10% owner

KKR Energy Income & Growth Fund I-TE L.P. · CIK 0001586531 · 10% owner

KKR ASSOCIATES EIGF L.P. · CIK 0001746580 · 10% owner

KKR ASSOCIATES EIGF TE L.P. · CIK 0001746581 · 10% owner

KKR EIGF LLC · CIK 0001594071 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 0

F3 · ownership.nature: These securities are held by EIGF Aggregator III. EIGF Aggregator LLC ("EIGF Aggregator") is the managing member of EIGF Aggregator III. KKR Energy Income and Growth Fund I L.P. ("KKR Energy Income") is the managing member of EIGF Aggregator. KKR Associates EIGF L.P. ("KKR Associates") is the general partner of KKR Energy Income.

F6 · ownership.nature: KKR EIGF LLC ("KKR EIGF") is the general partner of KKR Associates and the general partner of KKR Associates TE. KKR Upstream Associates LLC ("KKR Upstream Associates") is the sole member of KKR EIGF. KKR Group Partnership L.P. ("KKR Group Partnership") and KKR Upstream LLC ("KKR Upstream") are the members of KKR Upstream Associates. KKR Group Partnership is the sole member of KKR Upstream. KKR Group Holdings Corp. ("KKR Group Holdings") is the general partner of KKR Group Partnership. KKR & Co. Inc. ("KKR & Co.") is the sole shareholder of KKR Group Holdings. KKR Management LLP ("KKR Management") is the Class B shareholder of KKR & Co. Messrs. Kravis and Roberts are the founding partners of KKR Management.

F7 · ownership.nature: Each of the persons referred to in the above footnotes are collectively referred to herein as the "Reporting Persons." Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's pecuniary interest therein. The filing of this statement shall not be deemed to be an admission that, for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise, the Reporting Persons are the beneficial owners of any securities reported herein.

SEC source: 0001140361-20-001758 · form4.xml · derivative · entry 10

KKR Group Partnership L.P. · CIK 0001472698 · 10% owner

KKR Group Holdings Corp. · CIK 0001743754 · 10% owner

KKR & Co. Inc. · CIK 0001404912 · 10% owner

KKR Management LLP · CIK 0001472694 · 10% owner

KRAVIS HENRY R · CIK 0001081714 · 10% owner

ROBERTS GEORGE R · CIK 0001081715 · 10% owner

KKR UPSTREAM LLC · CIK 0001746584 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 0

Underlying: Common units representing limited partner interests · 266,076 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, at the request of the holder, each limited liability company unit (an "OpCo Unit") of Kimbell Royalty Operating, LLC ("OpCo"), together with a Class B common unit (a "Class B Unit") of Kimbell Royalty Partners, LP (the "Issuer"), may be redeemed for, at OpCo's election, a newly-issued common unit representing a limited partner interest of the Issuer (a "Common Unit") or the Cash Amount (as defined therein). The OpCo Units do not expire.

F4 · kind: On January 27, 2020, TE Drilling Aggregator LLC ("TE Drilling Aggregator") requested that 47,929 OpCo Units and 47,929 Class B Units be redeemed, and OpCo elected to redeem such securities for an aggregate of 47,929 Common Units. On January 28, 2020, TE Drilling Aggregator requested that 266,076 OpCo Units and 266,076 Class B Units be redeemed, and OpCo elected to redeem such securities for an aggregate of 266,076 Common Units.

F1 · derivative.exercise_date: Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, at the request of the holder, each limited liability company unit (an "OpCo Unit") of Kimbell Royalty Operating, LLC ("OpCo"), together with a Class B common unit (a "Class B Unit") of Kimbell Royalty Partners, LP (the "Issuer"), may be redeemed for, at OpCo's election, a newly-issued common unit representing a limited partner interest of the Issuer (a "Common Unit") or the Cash Amount (as defined therein). The OpCo Units do not expire.

F1 · derivative.expiration_date: Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, at the request of the holder, each limited liability company unit (an "OpCo Unit") of Kimbell Royalty Operating, LLC ("OpCo"), together with a Class B common unit (a "Class B Unit") of Kimbell Royalty Partners, LP (the "Issuer"), may be redeemed for, at OpCo's election, a newly-issued common unit representing a limited partner interest of the Issuer (a "Common Unit") or the Cash Amount (as defined therein). The OpCo Units do not expire.

F5 · ownership.nature: These securities are held by TE Drilling Aggregator. KKR Energy Income and Growth Fund I-TE L.P. ("KKR Energy Income TE") is the sole member of TE Drilling Aggregator, and KKR Associates EIGF TE L.P. ("KKR Associates TE") is the general partner of KKR Energy Income TE.

F6 · ownership.nature: KKR EIGF LLC ("KKR EIGF") is the general partner of KKR Associates and the general partner of KKR Associates TE. KKR Upstream Associates LLC ("KKR Upstream Associates") is the sole member of KKR EIGF. KKR Group Partnership L.P. ("KKR Group Partnership") and KKR Upstream LLC ("KKR Upstream") are the members of KKR Upstream Associates. KKR Group Partnership is the sole member of KKR Upstream. KKR Group Holdings Corp. ("KKR Group Holdings") is the general partner of KKR Group Partnership. KKR & Co. Inc. ("KKR & Co.") is the sole shareholder of KKR Group Holdings. KKR Management LLP ("KKR Management") is the Class B shareholder of KKR & Co. Messrs. Kravis and Roberts are the founding partners of KKR Management.

F7 · ownership.nature: Each of the persons referred to in the above footnotes are collectively referred to herein as the "Reporting Persons." Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's pecuniary interest therein. The filing of this statement shall not be deemed to be an admission that, for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise, the Reporting Persons are the beneficial owners of any securities reported herein.

SEC source: 0001140361-20-001758 · form4.xml · derivative · entry 9

KKR Group Partnership L.P. · CIK 0001472698 · 10% owner

KKR Group Holdings Corp. · CIK 0001743754 · 10% owner

KKR & Co. Inc. · CIK 0001404912 · 10% owner

KKR Management LLP · CIK 0001472694 · 10% owner

KRAVIS HENRY R · CIK 0001081714 · 10% owner

ROBERTS GEORGE R · CIK 0001081715 · 10% owner

KKR UPSTREAM LLC · CIK 0001746584 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 0

Underlying: Common units representing limited partner interests · 3,897,483 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, at the request of the holder, each limited liability company unit (an "OpCo Unit") of Kimbell Royalty Operating, LLC ("OpCo"), together with a Class B common unit (a "Class B Unit") of Kimbell Royalty Partners, LP (the "Issuer"), may be redeemed for, at OpCo's election, a newly-issued common unit representing a limited partner interest of the Issuer (a "Common Unit") or the Cash Amount (as defined therein). The OpCo Units do not expire.

F2 · kind: On January 27, 2020, EIGF Aggregator III LLC ("EIGF Aggregator III") requested that 702,071 OpCo Units and 702,071 Class B Units be redeemed, and OpCo elected to redeem such securities for an aggregate of 702,071 Common Units. On January 28, 2020, EIGF Aggregator III requested that 3,897,483 OpCo Units and 3,897,483 Class B Units be redeemed, and OpCo elected to redeem such securities for an aggregate of 3,897,483 Common Units.

F1 · derivative.exercise_date: Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, at the request of the holder, each limited liability company unit (an "OpCo Unit") of Kimbell Royalty Operating, LLC ("OpCo"), together with a Class B common unit (a "Class B Unit") of Kimbell Royalty Partners, LP (the "Issuer"), may be redeemed for, at OpCo's election, a newly-issued common unit representing a limited partner interest of the Issuer (a "Common Unit") or the Cash Amount (as defined therein). The OpCo Units do not expire.

F1 · derivative.expiration_date: Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, at the request of the holder, each limited liability company unit (an "OpCo Unit") of Kimbell Royalty Operating, LLC ("OpCo"), together with a Class B common unit (a "Class B Unit") of Kimbell Royalty Partners, LP (the "Issuer"), may be redeemed for, at OpCo's election, a newly-issued common unit representing a limited partner interest of the Issuer (a "Common Unit") or the Cash Amount (as defined therein). The OpCo Units do not expire.

F3 · ownership.nature: These securities are held by EIGF Aggregator III. EIGF Aggregator LLC ("EIGF Aggregator") is the managing member of EIGF Aggregator III. KKR Energy Income and Growth Fund I L.P. ("KKR Energy Income") is the managing member of EIGF Aggregator. KKR Associates EIGF L.P. ("KKR Associates") is the general partner of KKR Energy Income.

F6 · ownership.nature: KKR EIGF LLC ("KKR EIGF") is the general partner of KKR Associates and the general partner of KKR Associates TE. KKR Upstream Associates LLC ("KKR Upstream Associates") is the sole member of KKR EIGF. KKR Group Partnership L.P. ("KKR Group Partnership") and KKR Upstream LLC ("KKR Upstream") are the members of KKR Upstream Associates. KKR Group Partnership is the sole member of KKR Upstream. KKR Group Holdings Corp. ("KKR Group Holdings") is the general partner of KKR Group Partnership. KKR & Co. Inc. ("KKR & Co.") is the sole shareholder of KKR Group Holdings. KKR Management LLP ("KKR Management") is the Class B shareholder of KKR & Co. Messrs. Kravis and Roberts are the founding partners of KKR Management.

F7 · ownership.nature: Each of the persons referred to in the above footnotes are collectively referred to herein as the "Reporting Persons." Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's pecuniary interest therein. The filing of this statement shall not be deemed to be an admission that, for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise, the Reporting Persons are the beneficial owners of any securities reported herein.

SEC source: 0001140361-20-001758 · form4.xml · nonDerivative · entry 6

KKR Group Partnership L.P. · CIK 0001472698 · 10% owner

KKR Group Holdings Corp. · CIK 0001743754 · 10% owner

KKR & Co. Inc. · CIK 0001404912 · 10% owner

KKR Management LLP · CIK 0001472694 · 10% owner

KRAVIS HENRY R · CIK 0001081714 · 10% owner

ROBERTS GEORGE R · CIK 0001081715 · 10% owner

KKR UPSTREAM LLC · CIK 0001746584 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 266,076

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, at the request of the holder, each limited liability company unit (an "OpCo Unit") of Kimbell Royalty Operating, LLC ("OpCo"), together with a Class B common unit (a "Class B Unit") of Kimbell Royalty Partners, LP (the "Issuer"), may be redeemed for, at OpCo's election, a newly-issued common unit representing a limited partner interest of the Issuer (a "Common Unit") or the Cash Amount (as defined therein). The OpCo Units do not expire.

F4 · kind: On January 27, 2020, TE Drilling Aggregator LLC ("TE Drilling Aggregator") requested that 47,929 OpCo Units and 47,929 Class B Units be redeemed, and OpCo elected to redeem such securities for an aggregate of 47,929 Common Units. On January 28, 2020, TE Drilling Aggregator requested that 266,076 OpCo Units and 266,076 Class B Units be redeemed, and OpCo elected to redeem such securities for an aggregate of 266,076 Common Units.

F1 · price: Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, at the request of the holder, each limited liability company unit (an "OpCo Unit") of Kimbell Royalty Operating, LLC ("OpCo"), together with a Class B common unit (a "Class B Unit") of Kimbell Royalty Partners, LP (the "Issuer"), may be redeemed for, at OpCo's election, a newly-issued common unit representing a limited partner interest of the Issuer (a "Common Unit") or the Cash Amount (as defined therein). The OpCo Units do not expire.

F5 · ownership.nature: These securities are held by TE Drilling Aggregator. KKR Energy Income and Growth Fund I-TE L.P. ("KKR Energy Income TE") is the sole member of TE Drilling Aggregator, and KKR Associates EIGF TE L.P. ("KKR Associates TE") is the general partner of KKR Energy Income TE.

F6 · ownership.nature: KKR EIGF LLC ("KKR EIGF") is the general partner of KKR Associates and the general partner of KKR Associates TE. KKR Upstream Associates LLC ("KKR Upstream Associates") is the sole member of KKR EIGF. KKR Group Partnership L.P. ("KKR Group Partnership") and KKR Upstream LLC ("KKR Upstream") are the members of KKR Upstream Associates. KKR Group Partnership is the sole member of KKR Upstream. KKR Group Holdings Corp. ("KKR Group Holdings") is the general partner of KKR Group Partnership. KKR & Co. Inc. ("KKR & Co.") is the sole shareholder of KKR Group Holdings. KKR Management LLP ("KKR Management") is the Class B shareholder of KKR & Co. Messrs. Kravis and Roberts are the founding partners of KKR Management.

F7 · ownership.nature: Each of the persons referred to in the above footnotes are collectively referred to herein as the "Reporting Persons." Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's pecuniary interest therein. The filing of this statement shall not be deemed to be an admission that, for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise, the Reporting Persons are the beneficial owners of any securities reported herein.

SEC source: 0001140361-20-001758 · form4.xml · nonDerivative · entry 5

KKR Group Partnership L.P. · CIK 0001472698 · 10% owner

KKR Group Holdings Corp. · CIK 0001743754 · 10% owner

KKR & Co. Inc. · CIK 0001404912 · 10% owner

KKR Management LLP · CIK 0001472694 · 10% owner

KRAVIS HENRY R · CIK 0001081714 · 10% owner

ROBERTS GEORGE R · CIK 0001081715 · 10% owner

KKR UPSTREAM LLC · CIK 0001746584 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 3,897,483

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, at the request of the holder, each limited liability company unit (an "OpCo Unit") of Kimbell Royalty Operating, LLC ("OpCo"), together with a Class B common unit (a "Class B Unit") of Kimbell Royalty Partners, LP (the "Issuer"), may be redeemed for, at OpCo's election, a newly-issued common unit representing a limited partner interest of the Issuer (a "Common Unit") or the Cash Amount (as defined therein). The OpCo Units do not expire.

F2 · kind: On January 27, 2020, EIGF Aggregator III LLC ("EIGF Aggregator III") requested that 702,071 OpCo Units and 702,071 Class B Units be redeemed, and OpCo elected to redeem such securities for an aggregate of 702,071 Common Units. On January 28, 2020, EIGF Aggregator III requested that 3,897,483 OpCo Units and 3,897,483 Class B Units be redeemed, and OpCo elected to redeem such securities for an aggregate of 3,897,483 Common Units.

F1 · price: Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, at the request of the holder, each limited liability company unit (an "OpCo Unit") of Kimbell Royalty Operating, LLC ("OpCo"), together with a Class B common unit (a "Class B Unit") of Kimbell Royalty Partners, LP (the "Issuer"), may be redeemed for, at OpCo's election, a newly-issued common unit representing a limited partner interest of the Issuer (a "Common Unit") or the Cash Amount (as defined therein). The OpCo Units do not expire.

F3 · ownership.nature: These securities are held by EIGF Aggregator III. EIGF Aggregator LLC ("EIGF Aggregator") is the managing member of EIGF Aggregator III. KKR Energy Income and Growth Fund I L.P. ("KKR Energy Income") is the managing member of EIGF Aggregator. KKR Associates EIGF L.P. ("KKR Associates") is the general partner of KKR Energy Income.

F6 · ownership.nature: KKR EIGF LLC ("KKR EIGF") is the general partner of KKR Associates and the general partner of KKR Associates TE. KKR Upstream Associates LLC ("KKR Upstream Associates") is the sole member of KKR EIGF. KKR Group Partnership L.P. ("KKR Group Partnership") and KKR Upstream LLC ("KKR Upstream") are the members of KKR Upstream Associates. KKR Group Partnership is the sole member of KKR Upstream. KKR Group Holdings Corp. ("KKR Group Holdings") is the general partner of KKR Group Partnership. KKR & Co. Inc. ("KKR & Co.") is the sole shareholder of KKR Group Holdings. KKR Management LLP ("KKR Management") is the Class B shareholder of KKR & Co. Messrs. Kravis and Roberts are the founding partners of KKR Management.

F7 · ownership.nature: Each of the persons referred to in the above footnotes are collectively referred to herein as the "Reporting Persons." Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's pecuniary interest therein. The filing of this statement shall not be deemed to be an admission that, for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise, the Reporting Persons are the beneficial owners of any securities reported herein.

SEC source: 0001140361-20-001758 · form4.xml · nonDerivative · entry 4

KKR Group Partnership L.P. · CIK 0001472698 · 10% owner

KKR Group Holdings Corp. · CIK 0001743754 · 10% owner

KKR & Co. Inc. · CIK 0001404912 · 10% owner

KKR Management LLP · CIK 0001472694 · 10% owner

KRAVIS HENRY R · CIK 0001081714 · 10% owner

ROBERTS GEORGE R · CIK 0001081715 · 10% owner

KKR UPSTREAM LLC · CIK 0001746584 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 0

F5 · ownership.nature: These securities are held by TE Drilling Aggregator. KKR Energy Income and Growth Fund I-TE L.P. ("KKR Energy Income TE") is the sole member of TE Drilling Aggregator, and KKR Associates EIGF TE L.P. ("KKR Associates TE") is the general partner of KKR Energy Income TE.

F6 · ownership.nature: KKR EIGF LLC ("KKR EIGF") is the general partner of KKR Associates and the general partner of KKR Associates TE. KKR Upstream Associates LLC ("KKR Upstream Associates") is the sole member of KKR EIGF. KKR Group Partnership L.P. ("KKR Group Partnership") and KKR Upstream LLC ("KKR Upstream") are the members of KKR Upstream Associates. KKR Group Partnership is the sole member of KKR Upstream. KKR Group Holdings Corp. ("KKR Group Holdings") is the general partner of KKR Group Partnership. KKR & Co. Inc. ("KKR & Co.") is the sole shareholder of KKR Group Holdings. KKR Management LLP ("KKR Management") is the Class B shareholder of KKR & Co. Messrs. Kravis and Roberts are the founding partners of KKR Management.

F7 · ownership.nature: Each of the persons referred to in the above footnotes are collectively referred to herein as the "Reporting Persons." Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's pecuniary interest therein. The filing of this statement shall not be deemed to be an admission that, for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise, the Reporting Persons are the beneficial owners of any securities reported herein.

SEC source: 0001140361-20-001758 · form4.xml · nonDerivative · entry 3

KKR Group Partnership L.P. · CIK 0001472698 · 10% owner

KKR Group Holdings Corp. · CIK 0001743754 · 10% owner

KKR & Co. Inc. · CIK 0001404912 · 10% owner

KKR Management LLP · CIK 0001472694 · 10% owner

KRAVIS HENRY R · CIK 0001081714 · 10% owner

ROBERTS GEORGE R · CIK 0001081715 · 10% owner

KKR UPSTREAM LLC · CIK 0001746584 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 0

F3 · ownership.nature: These securities are held by EIGF Aggregator III. EIGF Aggregator LLC ("EIGF Aggregator") is the managing member of EIGF Aggregator III. KKR Energy Income and Growth Fund I L.P. ("KKR Energy Income") is the managing member of EIGF Aggregator. KKR Associates EIGF L.P. ("KKR Associates") is the general partner of KKR Energy Income.

F6 · ownership.nature: KKR EIGF LLC ("KKR EIGF") is the general partner of KKR Associates and the general partner of KKR Associates TE. KKR Upstream Associates LLC ("KKR Upstream Associates") is the sole member of KKR EIGF. KKR Group Partnership L.P. ("KKR Group Partnership") and KKR Upstream LLC ("KKR Upstream") are the members of KKR Upstream Associates. KKR Group Partnership is the sole member of KKR Upstream. KKR Group Holdings Corp. ("KKR Group Holdings") is the general partner of KKR Group Partnership. KKR & Co. Inc. ("KKR & Co.") is the sole shareholder of KKR Group Holdings. KKR Management LLP ("KKR Management") is the Class B shareholder of KKR & Co. Messrs. Kravis and Roberts are the founding partners of KKR Management.

F7 · ownership.nature: Each of the persons referred to in the above footnotes are collectively referred to herein as the "Reporting Persons." Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's pecuniary interest therein. The filing of this statement shall not be deemed to be an admission that, for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise, the Reporting Persons are the beneficial owners of any securities reported herein.

SEC source: 0001140361-20-001760 · form4.xml · derivative · entry 8

KKR UPSTREAM ASSOCIATES LLC · CIK 0001746582 · 10% owner

EIGF AGGREGATOR III LLC · CIK 0001747006 · 10% owner

TE DRILLING AGGREGATOR LLC · CIK 0001747005 · 10% owner

EIGF AGGREGATOR LLC · CIK 0001747007 · 10% owner

KKR Energy Income & Growth Fund I L.P. · CIK 0001586530 · 10% owner

KKR Energy Income & Growth Fund I-TE L.P. · CIK 0001586531 · 10% owner

KKR ASSOCIATES EIGF L.P. · CIK 0001746580 · 10% owner

KKR ASSOCIATES EIGF TE L.P. · CIK 0001746581 · 10% owner

KKR EIGF LLC · CIK 0001594071 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 266,076

Underlying: Common units representing limited partner interests · 47,929 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, at the request of the holder, each limited liability company unit (an "OpCo Unit") of Kimbell Royalty Operating, LLC ("OpCo"), together with a Class B common unit (a "Class B Unit") of Kimbell Royalty Partners, LP (the "Issuer"), may be redeemed for, at OpCo's election, a newly-issued common unit representing a limited partner interest of the Issuer (a "Common Unit") or the Cash Amount (as defined therein). The OpCo Units do not expire.

F4 · kind: On January 27, 2020, TE Drilling Aggregator LLC ("TE Drilling Aggregator") requested that 47,929 OpCo Units and 47,929 Class B Units be redeemed, and OpCo elected to redeem such securities for an aggregate of 47,929 Common Units. On January 28, 2020, TE Drilling Aggregator requested that 266,076 OpCo Units and 266,076 Class B Units be redeemed, and OpCo elected to redeem such securities for an aggregate of 266,076 Common Units.

F1 · derivative.exercise_date: Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, at the request of the holder, each limited liability company unit (an "OpCo Unit") of Kimbell Royalty Operating, LLC ("OpCo"), together with a Class B common unit (a "Class B Unit") of Kimbell Royalty Partners, LP (the "Issuer"), may be redeemed for, at OpCo's election, a newly-issued common unit representing a limited partner interest of the Issuer (a "Common Unit") or the Cash Amount (as defined therein). The OpCo Units do not expire.

F1 · derivative.expiration_date: Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, at the request of the holder, each limited liability company unit (an "OpCo Unit") of Kimbell Royalty Operating, LLC ("OpCo"), together with a Class B common unit (a "Class B Unit") of Kimbell Royalty Partners, LP (the "Issuer"), may be redeemed for, at OpCo's election, a newly-issued common unit representing a limited partner interest of the Issuer (a "Common Unit") or the Cash Amount (as defined therein). The OpCo Units do not expire.

F5 · ownership.nature: These securities are held by TE Drilling Aggregator. KKR Energy Income and Growth Fund I-TE L.P. ("KKR Energy Income TE") is the sole member of TE Drilling Aggregator, and KKR Associates EIGF TE L.P. ("KKR Associates TE") is the general partner of KKR Energy Income TE.

F6 · ownership.nature: KKR EIGF LLC ("KKR EIGF") is the general partner of KKR Associates and the general partner of KKR Associates TE. KKR Upstream Associates LLC ("KKR Upstream Associates") is the sole member of KKR EIGF. KKR Group Partnership L.P. ("KKR Group Partnership") and KKR Upstream LLC ("KKR Upstream") are the members of KKR Upstream Associates. KKR Group Partnership is the sole member of KKR Upstream. KKR Group Holdings Corp. ("KKR Group Holdings") is the general partner of KKR Group Partnership. KKR & Co. Inc. ("KKR & Co.") is the sole shareholder of KKR Group Holdings. KKR Management LLP ("KKR Management") is the Class B shareholder of KKR & Co. Messrs. Kravis and Roberts are the founding partners of KKR Management.

F7 · ownership.nature: Each of the persons referred to in the above footnotes are collectively referred to herein as the "Reporting Persons." Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's pecuniary interest therein. The filing of this statement shall not be deemed to be an admission that, for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise, the Reporting Persons are the beneficial owners of any securities reported herein.

SEC source: 0001140361-20-001760 · form4.xml · derivative · entry 7

KKR UPSTREAM ASSOCIATES LLC · CIK 0001746582 · 10% owner

EIGF AGGREGATOR III LLC · CIK 0001747006 · 10% owner

TE DRILLING AGGREGATOR LLC · CIK 0001747005 · 10% owner

EIGF AGGREGATOR LLC · CIK 0001747007 · 10% owner

KKR Energy Income & Growth Fund I L.P. · CIK 0001586530 · 10% owner

KKR Energy Income & Growth Fund I-TE L.P. · CIK 0001586531 · 10% owner

KKR ASSOCIATES EIGF L.P. · CIK 0001746580 · 10% owner

KKR ASSOCIATES EIGF TE L.P. · CIK 0001746581 · 10% owner

KKR EIGF LLC · CIK 0001594071 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 3,897,483

Underlying: Common units representing limited partner interests · 702,071 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, at the request of the holder, each limited liability company unit (an "OpCo Unit") of Kimbell Royalty Operating, LLC ("OpCo"), together with a Class B common unit (a "Class B Unit") of Kimbell Royalty Partners, LP (the "Issuer"), may be redeemed for, at OpCo's election, a newly-issued common unit representing a limited partner interest of the Issuer (a "Common Unit") or the Cash Amount (as defined therein). The OpCo Units do not expire.

F2 · kind: On January 27, 2020, EIGF Aggregator III LLC ("EIGF Aggregator III") requested that 702,071 OpCo Units and 702,071 Class B Units be redeemed, and OpCo elected to redeem such securities for an aggregate of 702,071 Common Units. On January 28, 2020, EIGF Aggregator III requested that 3,897,483 OpCo Units and 3,897,483 Class B Units be redeemed, and OpCo elected to redeem such securities for an aggregate of 3,897,483 Common Units.

F1 · derivative.exercise_date: Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, at the request of the holder, each limited liability company unit (an "OpCo Unit") of Kimbell Royalty Operating, LLC ("OpCo"), together with a Class B common unit (a "Class B Unit") of Kimbell Royalty Partners, LP (the "Issuer"), may be redeemed for, at OpCo's election, a newly-issued common unit representing a limited partner interest of the Issuer (a "Common Unit") or the Cash Amount (as defined therein). The OpCo Units do not expire.

F1 · derivative.expiration_date: Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, at the request of the holder, each limited liability company unit (an "OpCo Unit") of Kimbell Royalty Operating, LLC ("OpCo"), together with a Class B common unit (a "Class B Unit") of Kimbell Royalty Partners, LP (the "Issuer"), may be redeemed for, at OpCo's election, a newly-issued common unit representing a limited partner interest of the Issuer (a "Common Unit") or the Cash Amount (as defined therein). The OpCo Units do not expire.

F3 · ownership.nature: These securities are held by EIGF Aggregator III. EIGF Aggregator LLC ("EIGF Aggregator") is the managing member of EIGF Aggregator III. KKR Energy Income and Growth Fund I L.P. ("KKR Energy Income") is the managing member of EIGF Aggregator. KKR Associates EIGF L.P. ("KKR Associates") is the general partner of KKR Energy Income.

F6 · ownership.nature: KKR EIGF LLC ("KKR EIGF") is the general partner of KKR Associates and the general partner of KKR Associates TE. KKR Upstream Associates LLC ("KKR Upstream Associates") is the sole member of KKR EIGF. KKR Group Partnership L.P. ("KKR Group Partnership") and KKR Upstream LLC ("KKR Upstream") are the members of KKR Upstream Associates. KKR Group Partnership is the sole member of KKR Upstream. KKR Group Holdings Corp. ("KKR Group Holdings") is the general partner of KKR Group Partnership. KKR & Co. Inc. ("KKR & Co.") is the sole shareholder of KKR Group Holdings. KKR Management LLP ("KKR Management") is the Class B shareholder of KKR & Co. Messrs. Kravis and Roberts are the founding partners of KKR Management.

F7 · ownership.nature: Each of the persons referred to in the above footnotes are collectively referred to herein as the "Reporting Persons." Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's pecuniary interest therein. The filing of this statement shall not be deemed to be an admission that, for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise, the Reporting Persons are the beneficial owners of any securities reported herein.

SEC source: 0001140361-20-001760 · form4.xml · nonDerivative · entry 2

KKR UPSTREAM ASSOCIATES LLC · CIK 0001746582 · 10% owner

EIGF AGGREGATOR III LLC · CIK 0001747006 · 10% owner

TE DRILLING AGGREGATOR LLC · CIK 0001747005 · 10% owner

EIGF AGGREGATOR LLC · CIK 0001747007 · 10% owner

KKR Energy Income & Growth Fund I L.P. · CIK 0001586530 · 10% owner

KKR Energy Income & Growth Fund I-TE L.P. · CIK 0001586531 · 10% owner

KKR ASSOCIATES EIGF L.P. · CIK 0001746580 · 10% owner

KKR ASSOCIATES EIGF TE L.P. · CIK 0001746581 · 10% owner

KKR EIGF LLC · CIK 0001594071 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 47,929

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, at the request of the holder, each limited liability company unit (an "OpCo Unit") of Kimbell Royalty Operating, LLC ("OpCo"), together with a Class B common unit (a "Class B Unit") of Kimbell Royalty Partners, LP (the "Issuer"), may be redeemed for, at OpCo's election, a newly-issued common unit representing a limited partner interest of the Issuer (a "Common Unit") or the Cash Amount (as defined therein). The OpCo Units do not expire.

F4 · kind: On January 27, 2020, TE Drilling Aggregator LLC ("TE Drilling Aggregator") requested that 47,929 OpCo Units and 47,929 Class B Units be redeemed, and OpCo elected to redeem such securities for an aggregate of 47,929 Common Units. On January 28, 2020, TE Drilling Aggregator requested that 266,076 OpCo Units and 266,076 Class B Units be redeemed, and OpCo elected to redeem such securities for an aggregate of 266,076 Common Units.

F1 · price: Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, at the request of the holder, each limited liability company unit (an "OpCo Unit") of Kimbell Royalty Operating, LLC ("OpCo"), together with a Class B common unit (a "Class B Unit") of Kimbell Royalty Partners, LP (the "Issuer"), may be redeemed for, at OpCo's election, a newly-issued common unit representing a limited partner interest of the Issuer (a "Common Unit") or the Cash Amount (as defined therein). The OpCo Units do not expire.

F5 · ownership.nature: These securities are held by TE Drilling Aggregator. KKR Energy Income and Growth Fund I-TE L.P. ("KKR Energy Income TE") is the sole member of TE Drilling Aggregator, and KKR Associates EIGF TE L.P. ("KKR Associates TE") is the general partner of KKR Energy Income TE.

F6 · ownership.nature: KKR EIGF LLC ("KKR EIGF") is the general partner of KKR Associates and the general partner of KKR Associates TE. KKR Upstream Associates LLC ("KKR Upstream Associates") is the sole member of KKR EIGF. KKR Group Partnership L.P. ("KKR Group Partnership") and KKR Upstream LLC ("KKR Upstream") are the members of KKR Upstream Associates. KKR Group Partnership is the sole member of KKR Upstream. KKR Group Holdings Corp. ("KKR Group Holdings") is the general partner of KKR Group Partnership. KKR & Co. Inc. ("KKR & Co.") is the sole shareholder of KKR Group Holdings. KKR Management LLP ("KKR Management") is the Class B shareholder of KKR & Co. Messrs. Kravis and Roberts are the founding partners of KKR Management.

F7 · ownership.nature: Each of the persons referred to in the above footnotes are collectively referred to herein as the "Reporting Persons." Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's pecuniary interest therein. The filing of this statement shall not be deemed to be an admission that, for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise, the Reporting Persons are the beneficial owners of any securities reported herein.

SEC source: 0001140361-20-001760 · form4.xml · nonDerivative · entry 1

KKR UPSTREAM ASSOCIATES LLC · CIK 0001746582 · 10% owner

EIGF AGGREGATOR III LLC · CIK 0001747006 · 10% owner

TE DRILLING AGGREGATOR LLC · CIK 0001747005 · 10% owner

EIGF AGGREGATOR LLC · CIK 0001747007 · 10% owner

KKR Energy Income & Growth Fund I L.P. · CIK 0001586530 · 10% owner

KKR Energy Income & Growth Fund I-TE L.P. · CIK 0001586531 · 10% owner

KKR ASSOCIATES EIGF L.P. · CIK 0001746580 · 10% owner

KKR ASSOCIATES EIGF TE L.P. · CIK 0001746581 · 10% owner

KKR EIGF LLC · CIK 0001594071 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 702,071

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, at the request of the holder, each limited liability company unit (an "OpCo Unit") of Kimbell Royalty Operating, LLC ("OpCo"), together with a Class B common unit (a "Class B Unit") of Kimbell Royalty Partners, LP (the "Issuer"), may be redeemed for, at OpCo's election, a newly-issued common unit representing a limited partner interest of the Issuer (a "Common Unit") or the Cash Amount (as defined therein). The OpCo Units do not expire.

F2 · kind: On January 27, 2020, EIGF Aggregator III LLC ("EIGF Aggregator III") requested that 702,071 OpCo Units and 702,071 Class B Units be redeemed, and OpCo elected to redeem such securities for an aggregate of 702,071 Common Units. On January 28, 2020, EIGF Aggregator III requested that 3,897,483 OpCo Units and 3,897,483 Class B Units be redeemed, and OpCo elected to redeem such securities for an aggregate of 3,897,483 Common Units.

F1 · price: Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, at the request of the holder, each limited liability company unit (an "OpCo Unit") of Kimbell Royalty Operating, LLC ("OpCo"), together with a Class B common unit (a "Class B Unit") of Kimbell Royalty Partners, LP (the "Issuer"), may be redeemed for, at OpCo's election, a newly-issued common unit representing a limited partner interest of the Issuer (a "Common Unit") or the Cash Amount (as defined therein). The OpCo Units do not expire.

F3 · ownership.nature: These securities are held by EIGF Aggregator III. EIGF Aggregator LLC ("EIGF Aggregator") is the managing member of EIGF Aggregator III. KKR Energy Income and Growth Fund I L.P. ("KKR Energy Income") is the managing member of EIGF Aggregator. KKR Associates EIGF L.P. ("KKR Associates") is the general partner of KKR Energy Income.

F6 · ownership.nature: KKR EIGF LLC ("KKR EIGF") is the general partner of KKR Associates and the general partner of KKR Associates TE. KKR Upstream Associates LLC ("KKR Upstream Associates") is the sole member of KKR EIGF. KKR Group Partnership L.P. ("KKR Group Partnership") and KKR Upstream LLC ("KKR Upstream") are the members of KKR Upstream Associates. KKR Group Partnership is the sole member of KKR Upstream. KKR Group Holdings Corp. ("KKR Group Holdings") is the general partner of KKR Group Partnership. KKR & Co. Inc. ("KKR & Co.") is the sole shareholder of KKR Group Holdings. KKR Management LLP ("KKR Management") is the Class B shareholder of KKR & Co. Messrs. Kravis and Roberts are the founding partners of KKR Management.

F7 · ownership.nature: Each of the persons referred to in the above footnotes are collectively referred to herein as the "Reporting Persons." Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's pecuniary interest therein. The filing of this statement shall not be deemed to be an admission that, for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise, the Reporting Persons are the beneficial owners of any securities reported herein.

SEC source: 0001140361-20-001758 · form4.xml · derivative · entry 8

KKR Group Partnership L.P. · CIK 0001472698 · 10% owner

KKR Group Holdings Corp. · CIK 0001743754 · 10% owner

KKR & Co. Inc. · CIK 0001404912 · 10% owner

KKR Management LLP · CIK 0001472694 · 10% owner

KRAVIS HENRY R · CIK 0001081714 · 10% owner

ROBERTS GEORGE R · CIK 0001081715 · 10% owner

KKR UPSTREAM LLC · CIK 0001746584 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 266,076

Underlying: Common units representing limited partner interests · 47,929 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, at the request of the holder, each limited liability company unit (an "OpCo Unit") of Kimbell Royalty Operating, LLC ("OpCo"), together with a Class B common unit (a "Class B Unit") of Kimbell Royalty Partners, LP (the "Issuer"), may be redeemed for, at OpCo's election, a newly-issued common unit representing a limited partner interest of the Issuer (a "Common Unit") or the Cash Amount (as defined therein). The OpCo Units do not expire.

F4 · kind: On January 27, 2020, TE Drilling Aggregator LLC ("TE Drilling Aggregator") requested that 47,929 OpCo Units and 47,929 Class B Units be redeemed, and OpCo elected to redeem such securities for an aggregate of 47,929 Common Units. On January 28, 2020, TE Drilling Aggregator requested that 266,076 OpCo Units and 266,076 Class B Units be redeemed, and OpCo elected to redeem such securities for an aggregate of 266,076 Common Units.

F1 · derivative.exercise_date: Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, at the request of the holder, each limited liability company unit (an "OpCo Unit") of Kimbell Royalty Operating, LLC ("OpCo"), together with a Class B common unit (a "Class B Unit") of Kimbell Royalty Partners, LP (the "Issuer"), may be redeemed for, at OpCo's election, a newly-issued common unit representing a limited partner interest of the Issuer (a "Common Unit") or the Cash Amount (as defined therein). The OpCo Units do not expire.

F1 · derivative.expiration_date: Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, at the request of the holder, each limited liability company unit (an "OpCo Unit") of Kimbell Royalty Operating, LLC ("OpCo"), together with a Class B common unit (a "Class B Unit") of Kimbell Royalty Partners, LP (the "Issuer"), may be redeemed for, at OpCo's election, a newly-issued common unit representing a limited partner interest of the Issuer (a "Common Unit") or the Cash Amount (as defined therein). The OpCo Units do not expire.

F5 · ownership.nature: These securities are held by TE Drilling Aggregator. KKR Energy Income and Growth Fund I-TE L.P. ("KKR Energy Income TE") is the sole member of TE Drilling Aggregator, and KKR Associates EIGF TE L.P. ("KKR Associates TE") is the general partner of KKR Energy Income TE.

F6 · ownership.nature: KKR EIGF LLC ("KKR EIGF") is the general partner of KKR Associates and the general partner of KKR Associates TE. KKR Upstream Associates LLC ("KKR Upstream Associates") is the sole member of KKR EIGF. KKR Group Partnership L.P. ("KKR Group Partnership") and KKR Upstream LLC ("KKR Upstream") are the members of KKR Upstream Associates. KKR Group Partnership is the sole member of KKR Upstream. KKR Group Holdings Corp. ("KKR Group Holdings") is the general partner of KKR Group Partnership. KKR & Co. Inc. ("KKR & Co.") is the sole shareholder of KKR Group Holdings. KKR Management LLP ("KKR Management") is the Class B shareholder of KKR & Co. Messrs. Kravis and Roberts are the founding partners of KKR Management.

F7 · ownership.nature: Each of the persons referred to in the above footnotes are collectively referred to herein as the "Reporting Persons." Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's pecuniary interest therein. The filing of this statement shall not be deemed to be an admission that, for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise, the Reporting Persons are the beneficial owners of any securities reported herein.

SEC source: 0001140361-20-001758 · form4.xml · derivative · entry 7

KKR Group Partnership L.P. · CIK 0001472698 · 10% owner

KKR Group Holdings Corp. · CIK 0001743754 · 10% owner

KKR & Co. Inc. · CIK 0001404912 · 10% owner

KKR Management LLP · CIK 0001472694 · 10% owner

KRAVIS HENRY R · CIK 0001081714 · 10% owner

ROBERTS GEORGE R · CIK 0001081715 · 10% owner

KKR UPSTREAM LLC · CIK 0001746584 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 3,897,483

Underlying: Common units representing limited partner interests · 702,071 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, at the request of the holder, each limited liability company unit (an "OpCo Unit") of Kimbell Royalty Operating, LLC ("OpCo"), together with a Class B common unit (a "Class B Unit") of Kimbell Royalty Partners, LP (the "Issuer"), may be redeemed for, at OpCo's election, a newly-issued common unit representing a limited partner interest of the Issuer (a "Common Unit") or the Cash Amount (as defined therein). The OpCo Units do not expire.

F2 · kind: On January 27, 2020, EIGF Aggregator III LLC ("EIGF Aggregator III") requested that 702,071 OpCo Units and 702,071 Class B Units be redeemed, and OpCo elected to redeem such securities for an aggregate of 702,071 Common Units. On January 28, 2020, EIGF Aggregator III requested that 3,897,483 OpCo Units and 3,897,483 Class B Units be redeemed, and OpCo elected to redeem such securities for an aggregate of 3,897,483 Common Units.

F1 · derivative.exercise_date: Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, at the request of the holder, each limited liability company unit (an "OpCo Unit") of Kimbell Royalty Operating, LLC ("OpCo"), together with a Class B common unit (a "Class B Unit") of Kimbell Royalty Partners, LP (the "Issuer"), may be redeemed for, at OpCo's election, a newly-issued common unit representing a limited partner interest of the Issuer (a "Common Unit") or the Cash Amount (as defined therein). The OpCo Units do not expire.

F1 · derivative.expiration_date: Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, at the request of the holder, each limited liability company unit (an "OpCo Unit") of Kimbell Royalty Operating, LLC ("OpCo"), together with a Class B common unit (a "Class B Unit") of Kimbell Royalty Partners, LP (the "Issuer"), may be redeemed for, at OpCo's election, a newly-issued common unit representing a limited partner interest of the Issuer (a "Common Unit") or the Cash Amount (as defined therein). The OpCo Units do not expire.

F3 · ownership.nature: These securities are held by EIGF Aggregator III. EIGF Aggregator LLC ("EIGF Aggregator") is the managing member of EIGF Aggregator III. KKR Energy Income and Growth Fund I L.P. ("KKR Energy Income") is the managing member of EIGF Aggregator. KKR Associates EIGF L.P. ("KKR Associates") is the general partner of KKR Energy Income.

F6 · ownership.nature: KKR EIGF LLC ("KKR EIGF") is the general partner of KKR Associates and the general partner of KKR Associates TE. KKR Upstream Associates LLC ("KKR Upstream Associates") is the sole member of KKR EIGF. KKR Group Partnership L.P. ("KKR Group Partnership") and KKR Upstream LLC ("KKR Upstream") are the members of KKR Upstream Associates. KKR Group Partnership is the sole member of KKR Upstream. KKR Group Holdings Corp. ("KKR Group Holdings") is the general partner of KKR Group Partnership. KKR & Co. Inc. ("KKR & Co.") is the sole shareholder of KKR Group Holdings. KKR Management LLP ("KKR Management") is the Class B shareholder of KKR & Co. Messrs. Kravis and Roberts are the founding partners of KKR Management.

F7 · ownership.nature: Each of the persons referred to in the above footnotes are collectively referred to herein as the "Reporting Persons." Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's pecuniary interest therein. The filing of this statement shall not be deemed to be an admission that, for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise, the Reporting Persons are the beneficial owners of any securities reported herein.

SEC source: 0001140361-20-001758 · form4.xml · nonDerivative · entry 2

KKR Group Partnership L.P. · CIK 0001472698 · 10% owner

KKR Group Holdings Corp. · CIK 0001743754 · 10% owner

KKR & Co. Inc. · CIK 0001404912 · 10% owner

KKR Management LLP · CIK 0001472694 · 10% owner

KRAVIS HENRY R · CIK 0001081714 · 10% owner

ROBERTS GEORGE R · CIK 0001081715 · 10% owner

KKR UPSTREAM LLC · CIK 0001746584 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 47,929

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, at the request of the holder, each limited liability company unit (an "OpCo Unit") of Kimbell Royalty Operating, LLC ("OpCo"), together with a Class B common unit (a "Class B Unit") of Kimbell Royalty Partners, LP (the "Issuer"), may be redeemed for, at OpCo's election, a newly-issued common unit representing a limited partner interest of the Issuer (a "Common Unit") or the Cash Amount (as defined therein). The OpCo Units do not expire.

F4 · kind: On January 27, 2020, TE Drilling Aggregator LLC ("TE Drilling Aggregator") requested that 47,929 OpCo Units and 47,929 Class B Units be redeemed, and OpCo elected to redeem such securities for an aggregate of 47,929 Common Units. On January 28, 2020, TE Drilling Aggregator requested that 266,076 OpCo Units and 266,076 Class B Units be redeemed, and OpCo elected to redeem such securities for an aggregate of 266,076 Common Units.

F1 · price: Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, at the request of the holder, each limited liability company unit (an "OpCo Unit") of Kimbell Royalty Operating, LLC ("OpCo"), together with a Class B common unit (a "Class B Unit") of Kimbell Royalty Partners, LP (the "Issuer"), may be redeemed for, at OpCo's election, a newly-issued common unit representing a limited partner interest of the Issuer (a "Common Unit") or the Cash Amount (as defined therein). The OpCo Units do not expire.

F5 · ownership.nature: These securities are held by TE Drilling Aggregator. KKR Energy Income and Growth Fund I-TE L.P. ("KKR Energy Income TE") is the sole member of TE Drilling Aggregator, and KKR Associates EIGF TE L.P. ("KKR Associates TE") is the general partner of KKR Energy Income TE.

F6 · ownership.nature: KKR EIGF LLC ("KKR EIGF") is the general partner of KKR Associates and the general partner of KKR Associates TE. KKR Upstream Associates LLC ("KKR Upstream Associates") is the sole member of KKR EIGF. KKR Group Partnership L.P. ("KKR Group Partnership") and KKR Upstream LLC ("KKR Upstream") are the members of KKR Upstream Associates. KKR Group Partnership is the sole member of KKR Upstream. KKR Group Holdings Corp. ("KKR Group Holdings") is the general partner of KKR Group Partnership. KKR & Co. Inc. ("KKR & Co.") is the sole shareholder of KKR Group Holdings. KKR Management LLP ("KKR Management") is the Class B shareholder of KKR & Co. Messrs. Kravis and Roberts are the founding partners of KKR Management.

F7 · ownership.nature: Each of the persons referred to in the above footnotes are collectively referred to herein as the "Reporting Persons." Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's pecuniary interest therein. The filing of this statement shall not be deemed to be an admission that, for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise, the Reporting Persons are the beneficial owners of any securities reported herein.

SEC source: 0001140361-20-001758 · form4.xml · nonDerivative · entry 1

KKR Group Partnership L.P. · CIK 0001472698 · 10% owner

KKR Group Holdings Corp. · CIK 0001743754 · 10% owner

KKR & Co. Inc. · CIK 0001404912 · 10% owner

KKR Management LLP · CIK 0001472694 · 10% owner

KRAVIS HENRY R · CIK 0001081714 · 10% owner

ROBERTS GEORGE R · CIK 0001081715 · 10% owner

KKR UPSTREAM LLC · CIK 0001746584 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 702,071

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, at the request of the holder, each limited liability company unit (an "OpCo Unit") of Kimbell Royalty Operating, LLC ("OpCo"), together with a Class B common unit (a "Class B Unit") of Kimbell Royalty Partners, LP (the "Issuer"), may be redeemed for, at OpCo's election, a newly-issued common unit representing a limited partner interest of the Issuer (a "Common Unit") or the Cash Amount (as defined therein). The OpCo Units do not expire.

F2 · kind: On January 27, 2020, EIGF Aggregator III LLC ("EIGF Aggregator III") requested that 702,071 OpCo Units and 702,071 Class B Units be redeemed, and OpCo elected to redeem such securities for an aggregate of 702,071 Common Units. On January 28, 2020, EIGF Aggregator III requested that 3,897,483 OpCo Units and 3,897,483 Class B Units be redeemed, and OpCo elected to redeem such securities for an aggregate of 3,897,483 Common Units.

F1 · price: Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, at the request of the holder, each limited liability company unit (an "OpCo Unit") of Kimbell Royalty Operating, LLC ("OpCo"), together with a Class B common unit (a "Class B Unit") of Kimbell Royalty Partners, LP (the "Issuer"), may be redeemed for, at OpCo's election, a newly-issued common unit representing a limited partner interest of the Issuer (a "Common Unit") or the Cash Amount (as defined therein). The OpCo Units do not expire.

F3 · ownership.nature: These securities are held by EIGF Aggregator III. EIGF Aggregator LLC ("EIGF Aggregator") is the managing member of EIGF Aggregator III. KKR Energy Income and Growth Fund I L.P. ("KKR Energy Income") is the managing member of EIGF Aggregator. KKR Associates EIGF L.P. ("KKR Associates") is the general partner of KKR Energy Income.

F6 · ownership.nature: KKR EIGF LLC ("KKR EIGF") is the general partner of KKR Associates and the general partner of KKR Associates TE. KKR Upstream Associates LLC ("KKR Upstream Associates") is the sole member of KKR EIGF. KKR Group Partnership L.P. ("KKR Group Partnership") and KKR Upstream LLC ("KKR Upstream") are the members of KKR Upstream Associates. KKR Group Partnership is the sole member of KKR Upstream. KKR Group Holdings Corp. ("KKR Group Holdings") is the general partner of KKR Group Partnership. KKR & Co. Inc. ("KKR & Co.") is the sole shareholder of KKR Group Holdings. KKR Management LLP ("KKR Management") is the Class B shareholder of KKR & Co. Messrs. Kravis and Roberts are the founding partners of KKR Management.

F7 · ownership.nature: Each of the persons referred to in the above footnotes are collectively referred to herein as the "Reporting Persons." Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's pecuniary interest therein. The filing of this statement shall not be deemed to be an admission that, for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise, the Reporting Persons are the beneficial owners of any securities reported herein.

SEC source: 0001104659-19-071590 · a4.xml · nonDerivative · entry 1

Rhynsburger Blayne · CIK 0001761127 · Controller

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 18,726

SEC source: 0001104659-19-050432 · a4.xml · nonDerivative · entry 8

Taylor Brett G. · CIK 0001695392 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 219,699

F4 · price: The price reported in Column 4 is a weighted average price. These Common Units were purchased in multiple transactions at prices ranging from $14.20 to $14.25. The reporting person undertakes to provide to Kimbell Royalty Partners, LP, any security holder thereof, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of Common Units purchased at each separate price within the range set forth in footnote (4) to this Form 4.

SEC source: 0001104659-19-050432 · a4.xml · nonDerivative · entry 7

Taylor Brett G. · CIK 0001695392 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 215,027

SEC source: 0001104659-19-049986 · a4.xml · nonDerivative · entry 2

Ravnaas Robert Davis · CIK 0001696138 · President and CFO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 184,616

F1 · price: The price reported in Column 4 is a weighted average price. These common units representing limited parnter interests in Kimbell Royalty Partners, LP ("Common Units") were purchased in multiple transactions at prices ranging from $14.63 to $14.75. The reporting person undertakes to provide to Kimbell Royalty Partners, LP, any security holder thereof, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of Common Units purchased at each separate price within the range set forth in footnote (1) to this Form 4.

SEC source: 0001104659-19-049986 · a4.xml · nonDerivative · entry 1

Ravnaas Robert Davis · CIK 0001696138 · President and CFO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 181,216

SEC source: 0001104659-19-050432 · a4.xml · nonDerivative · entry 6

Taylor Brett G. · CIK 0001695392 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 9,100

F3 · price: The price reported in Column 4 is a weighted average price. These Common Units were purchased in multiple transactions at prices ranging from $14.38 to $14.40. The reporting person undertakes to provide to Kimbell Royalty Partners, LP, any security holder thereof, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of Common Units purchased at each separate price within the range set forth in footnote (3) to this Form 4.

F1 · ownership.nature: These common units representing limited parnter interests in Kimbell Royalty Partners, LP ("Common Units") are owned directly by the Billy R. Joyce C. Taylor Trust. The reporting person is a co-trustee of the Billy R. Joyce C. Taylor Trust.

SEC source: 0001104659-19-050432 · a4.xml · nonDerivative · entry 5

Taylor Brett G. · CIK 0001695392 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 7,060

F2 · price: The price reported in Column 4 is a weighted average price. These Common Units were purchased in multiple transactions at prices ranging from $14.71 to $14.75. The reporting person undertakes to provide to Kimbell Royalty Partners, LP, any security holder thereof, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of Common Units purchased at each separate price within the range set forth in footnote (2) to this Form 4.

F1 · ownership.nature: These common units representing limited parnter interests in Kimbell Royalty Partners, LP ("Common Units") are owned directly by the Billy R. Joyce C. Taylor Trust. The reporting person is a co-trustee of the Billy R. Joyce C. Taylor Trust.

SEC source: 0001104659-19-050432 · a4.xml · nonDerivative · entry 4

Taylor Brett G. · CIK 0001695392 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 5,560

F1 · ownership.nature: These common units representing limited parnter interests in Kimbell Royalty Partners, LP ("Common Units") are owned directly by the Billy R. Joyce C. Taylor Trust. The reporting person is a co-trustee of the Billy R. Joyce C. Taylor Trust.

SEC source: 0001104659-19-050432 · a4.xml · nonDerivative · entry 3

Taylor Brett G. · CIK 0001695392 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 5,060

F1 · ownership.nature: These common units representing limited parnter interests in Kimbell Royalty Partners, LP ("Common Units") are owned directly by the Billy R. Joyce C. Taylor Trust. The reporting person is a co-trustee of the Billy R. Joyce C. Taylor Trust.

SEC source: 0001104659-19-050432 · a4.xml · nonDerivative · entry 2

Taylor Brett G. · CIK 0001695392 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 3,860

F1 · ownership.nature: These common units representing limited parnter interests in Kimbell Royalty Partners, LP ("Common Units") are owned directly by the Billy R. Joyce C. Taylor Trust. The reporting person is a co-trustee of the Billy R. Joyce C. Taylor Trust.

SEC source: 0001104659-19-050432 · a4.xml · nonDerivative · entry 1

Taylor Brett G. · CIK 0001695392 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 2,860

F1 · ownership.nature: These common units representing limited parnter interests in Kimbell Royalty Partners, LP ("Common Units") are owned directly by the Billy R. Joyce C. Taylor Trust. The reporting person is a co-trustee of the Billy R. Joyce C. Taylor Trust.

SEC source: 0001104659-19-045989 · a4.xml · nonDerivative · entry 1

MARTIN T SCOTT · CIK 0001413469 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 20,152

F1 · price: The price reported in Column 4 is a weighted average price. These common units representing limited parnter interests in Kimbell Royalty Partners, LP ("Common Units") were purchased in multiple transactions at prices ranging from $14.75 to $14.90. The reporting person undertakes to provide to Kimbell Royalty Partners, LP, any security holder thereof, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of Common Units purchased at each separate price within the range set forth in footnote (1) to this Form 4.

SEC source: 0001104659-19-045988 · a4.xml · nonDerivative · entry 1

Wynne Mitch S. · CIK 0001695394 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 108,005

F1 · price: The price reported in Column 4 is a weighted average price. These common units representing limited parnter interests in Kimbell Royalty Partners, LP ("Common Units") were purchased in multiple transactions at prices ranging from $14.77 to $14.80. The reporting person undertakes to provide to Kimbell Royalty Partners, LP, any security holder thereof, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of Common Units purchased at each separate price within the range set forth in footnote (1) to this Form 4.

SEC source: 0001104659-19-045990 · a4.xml · nonDerivative · entry 1

ADAMS WILLIAM H III · CIK 0001182695 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 37,154

SEC source: 0001104659-19-029406 · a4.xml · nonDerivative · entry 1

Alcorn Peter · CIK 0001695406 · Vice President-Land

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 20,479

F1 · price: The reporting person relinquished to Kimbell Royalty Partners, LP (the "Issuer") common units representing limited partner interests ("Common Units") in the Issuer out of, and to cover estimated tax withholding for, restricted units that vested on May 12, 2019. The unit price shown in Column 4 of Table I represents the market value of the Common Units at the time such Common Units were relinquished.

SEC source: 0001104659-19-029405 · a4.xml · nonDerivative · entry 1

Rhynsburger Blayne · CIK 0001761127 · Controller

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 19,769

F1 · price: The reporting person relinquished to Kimbell Royalty Partners, LP (the "Issuer") common units representing limited partner interests ("Common Units") in the Issuer out of, and to cover estimated tax withholding for, restricted units that vested on May 12, 2019. The unit price shown in Column 4 of Table I represents the market value of the Common Units at the time such Common Units were relinquished.

SEC source: 0000899243-19-012096 · doc4.xml · nonDerivative · entry 1

Haymaker Minerals & Royalties, LLC · CIK 0001747787 · 10% owner

KAYNE ANDERSON CAPITAL ADVISORS LP · CIK 0000949615 · 10% owner

KAYNE RICHARD A · CIK 0000884413 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 800,000

F1 · security: As reported on Form 3 filed 7/23/2019 the reporting persons on 7/12/2019 became the beneficial owners of the Common Units as a result of the closing of the transactions contemplated by the May 28, 2018 asset purchase agreement with the Kimbell Royalty Partners, LP ("KRP").

F2 · balance_after: Includes 400,000 Class B Units and related OpCo Common Units that remain subject to an Escrow Agreement and will be released on July 12, 2019 assuming Haymaker Minerals & Royalties, LLC will have no indemnification obligations under the May 28, 2018 purchase agreement with KRP. Pursuant to an Exchange Agreement, each Class B Common Unit and OpCo Common Unit (together, a "Unit"), collectively, is exchangeable, on a one-for-one basis, for common units of the Issuer or, at the Issuer's election, for cash. Upon exchange of a Unit, the corresponding unit of Class B Common Unit and OpCo Common Unit will be redeemed at par value and cancelled.

F3 · ownership.direct: These shares are owned directly by Haymaker Minerals. Kayne Anderson Capital Advisors, L.P. ("KACALP") is the managing member of the general partner of Kayne Anderson Energy Fund VI LP ("KAEF VI"), a member of Haymaker Minerals holding the right to appoint four of the seven representatives to the board of managers of Haymaker Minerals. The four representatives to the board of managers of Haymaker Minerals appointed by KAEF VI possess the majority vote of the board of managers of Haymaker Minerals. As a result, KACALP may be deemed to have the power to vote or direct the vote or to dispose or direct the disposition of the Common Units owned by Haymaker Minerals. Richard A. Kayne ("Mr. Kayne") is the controlling shareholder of Kayne Anderson Investment Management, Inc., the general partner of KACALP.

F4 · ownership.direct: (Continued from footnote 3) Mr. Kayne is also a limited partner of KAEF VI. KACALP disclaims beneficial ownership of the securities owned by Haymaker Minerals in excess of its pecuniary interest therein and this statement shall not be deemed an admission that KACALP is the beneficial owner of the reported Common Units for the purposes of Section 13(d) of the Exchange Act or any other purpose. Mr. Kayne disclaims beneficial ownership of the Common Units reported, except those Common Units held by him or attributable to him by virtue of his limited partner interest in KAEF VI and his indirect interest in the interest of KACALP in KAEF VI.

SEC source: 0001104659-19-023795 · a4.xml · nonDerivative · entry 1

Ravnaas Robert D. · CIK 0001695242 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 67,121

F1 · kind: Rivercrest Royalties Holdings II, LLC made a pro rata distribution of common units representing limited partner interests ("Common Units") in Kimbell Royalty Partners, LP to its members, including Westside Energy, LLC, which the reporting person has an interest in.

F2 · ownership.nature: These Common Units are owned directly by Westside Energy, LLC. The reporting person is the manager and a member of Westside Energy, LLC.

SEC source: 0001104659-19-023797 · a4.xml · nonDerivative · entry 1

MARTIN T SCOTT · CIK 0001413469 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 12,100

F1 · kind: Rivercrest Royalties Holdings II, LLC made a pro rata distribution of common units representing limited partner interests ("Common Units") in Kimbell Royalty Partners, LP to its members, including T. Scott Martin Oil & Gas, LLC, which the reporting person has an interest in.

F2 · ownership.nature: These Common Units are owned directly by T. Scott Martin Oil & Gas, LLC. The reporting person is the sole member of T. Scott Martin Oil & Gas, LLC.

SEC source: 0001104659-19-023796 · a4.xml · nonDerivative · entry 1

Ravnaas Robert Davis · CIK 0001696138 · President and CFO

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 33,559

F1 · kind: Rivercrest Royalties Holdings II, LLC made a pro rata distribution of common units representing limited partner interests ("Common Units") in Kimbell Royalty Partners, LP to its members, including Westside Energy, LLC, which the reporting person has an interest in.

F2 · ownership.nature: These Common Units are owned directly by Westside Energy, LLC. The reporting person is a member of Westside Energy, LLC.

SEC source: 0000899243-19-010601 · doc4.xml · derivative · entry 2

Haymaker Minerals & Royalties, LLC · CIK 0001747787 · 10% owner

KAYNE ANDERSON CAPITAL ADVISORS LP · CIK 0000949615 · 10% owner

KAYNE RICHARD A · CIK 0000884413 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 400,000

Underlying: Common Units representing limited partner interests · Not disclosed shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F4 · derivative.exercise_price: Pursuant to an Exchange Agreement, each Class B Common Unit and OpCo Common Unit (together, a "Unit"), collectively, is exchangeable, on a one-for-one basis, for common units of the Issuer or, at the OpCo's election, for cash. Upon exchange of a Unit, the corresponding unit of Class B Common Unit and OpCo Common Unit will be redeemed at par value and cancelled. The Class B Common Units and the OpCo Common Units do not have an expiration date.

F1 · kind: On April 10, 2019, 3,600,000 units ("OpCo Units") in Kimbell Royalty Operating, LLC (the "OpCo") and the corresponding KRP Class B units were exchanged, on a one-for-one basis, for KRP common units representing limited partner interests. Upon receipt of the notice of redemption, the Issuer elected to issue KRP common units rather than paying in cash. 400,000 OpCo Units remain subject to an Escrow Agreement and will be released on July 12, 2019 assuming Haymaker Minerals & Royalties, LLC will have no indemnification obligations under its May 28, 2018 purchase agreement with KRP.

F4 · derivative.exercise_date: Pursuant to an Exchange Agreement, each Class B Common Unit and OpCo Common Unit (together, a "Unit"), collectively, is exchangeable, on a one-for-one basis, for common units of the Issuer or, at the OpCo's election, for cash. Upon exchange of a Unit, the corresponding unit of Class B Common Unit and OpCo Common Unit will be redeemed at par value and cancelled. The Class B Common Units and the OpCo Common Units do not have an expiration date.

F4 · derivative.expiration_date: Pursuant to an Exchange Agreement, each Class B Common Unit and OpCo Common Unit (together, a "Unit"), collectively, is exchangeable, on a one-for-one basis, for common units of the Issuer or, at the OpCo's election, for cash. Upon exchange of a Unit, the corresponding unit of Class B Common Unit and OpCo Common Unit will be redeemed at par value and cancelled. The Class B Common Units and the OpCo Common Units do not have an expiration date.

F4 · derivative.underlying_shares: Pursuant to an Exchange Agreement, each Class B Common Unit and OpCo Common Unit (together, a "Unit"), collectively, is exchangeable, on a one-for-one basis, for common units of the Issuer or, at the OpCo's election, for cash. Upon exchange of a Unit, the corresponding unit of Class B Common Unit and OpCo Common Unit will be redeemed at par value and cancelled. The Class B Common Units and the OpCo Common Units do not have an expiration date.

F4 · balance_after: Pursuant to an Exchange Agreement, each Class B Common Unit and OpCo Common Unit (together, a "Unit"), collectively, is exchangeable, on a one-for-one basis, for common units of the Issuer or, at the OpCo's election, for cash. Upon exchange of a Unit, the corresponding unit of Class B Common Unit and OpCo Common Unit will be redeemed at par value and cancelled. The Class B Common Units and the OpCo Common Units do not have an expiration date.

F2 · ownership.direct: These shares are owned directly by Haymaker Minerals. Kayne Anderson Capital Advisors, L.P. ("KACALP") is the managing member of the general partner of Kayne Anderson Energy Fund VI LP ("KAEF VI"), a member of Haymaker Minerals holding the right to appoint four of the seven representatives to the board of managers of Haymaker Minerals. The four representatives to the board of managers of Haymaker Minerals appointed by KAEF VI possess the majority vote of the board of managers of Haymaker Minerals. As a result, KACALP may be deemed to have the power to vote or direct the vote or to dispose or direct the disposition of the Common Units owned by Haymaker Minerals. Richard A. Kayne ("Mr. Kayne") is the controlling shareholder of Kayne Anderson Investment Management, Inc., the general partner of KACALP.

F3 · ownership.direct: (Continued from footnote 2) Mr. Kayne is also a limited partner of KAEF VI. KACALP disclaims beneficial ownership of the securities owned by Haymaker Minerals in excess of its pecuniary interest therein and this statement shall not be deemed an admission that KACALP is the beneficial owner of the reported Common Units for the purposes of Section 13(d) of the Exchange Act or any other purpose. Mr. Kayne disclaims beneficial ownership of the Common Units reported, except those Common Units held by him or attributable to him by virtue of his limited partner interest in KAEF VI and his indirect interest in the interest of KACALP in KAEF VI.

SEC source: 0000899243-19-010601 · doc4.xml · nonDerivative · entry 1

Haymaker Minerals & Royalties, LLC · CIK 0001747787 · 10% owner

KAYNE ANDERSON CAPITAL ADVISORS LP · CIK 0000949615 · 10% owner

KAYNE RICHARD A · CIK 0000884413 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,600,000

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: On April 10, 2019, 3,600,000 units ("OpCo Units") in Kimbell Royalty Operating, LLC (the "OpCo") and the corresponding KRP Class B units were exchanged, on a one-for-one basis, for KRP common units representing limited partner interests. Upon receipt of the notice of redemption, the Issuer elected to issue KRP common units rather than paying in cash. 400,000 OpCo Units remain subject to an Escrow Agreement and will be released on July 12, 2019 assuming Haymaker Minerals & Royalties, LLC will have no indemnification obligations under its May 28, 2018 purchase agreement with KRP.

F1 · price: On April 10, 2019, 3,600,000 units ("OpCo Units") in Kimbell Royalty Operating, LLC (the "OpCo") and the corresponding KRP Class B units were exchanged, on a one-for-one basis, for KRP common units representing limited partner interests. Upon receipt of the notice of redemption, the Issuer elected to issue KRP common units rather than paying in cash. 400,000 OpCo Units remain subject to an Escrow Agreement and will be released on July 12, 2019 assuming Haymaker Minerals & Royalties, LLC will have no indemnification obligations under its May 28, 2018 purchase agreement with KRP.

F2 · ownership.direct: These shares are owned directly by Haymaker Minerals. Kayne Anderson Capital Advisors, L.P. ("KACALP") is the managing member of the general partner of Kayne Anderson Energy Fund VI LP ("KAEF VI"), a member of Haymaker Minerals holding the right to appoint four of the seven representatives to the board of managers of Haymaker Minerals. The four representatives to the board of managers of Haymaker Minerals appointed by KAEF VI possess the majority vote of the board of managers of Haymaker Minerals. As a result, KACALP may be deemed to have the power to vote or direct the vote or to dispose or direct the disposition of the Common Units owned by Haymaker Minerals. Richard A. Kayne ("Mr. Kayne") is the controlling shareholder of Kayne Anderson Investment Management, Inc., the general partner of KACALP.

F3 · ownership.direct: (Continued from footnote 2) Mr. Kayne is also a limited partner of KAEF VI. KACALP disclaims beneficial ownership of the securities owned by Haymaker Minerals in excess of its pecuniary interest therein and this statement shall not be deemed an admission that KACALP is the beneficial owner of the reported Common Units for the purposes of Section 13(d) of the Exchange Act or any other purpose. Mr. Kayne disclaims beneficial ownership of the Common Units reported, except those Common Units held by him or attributable to him by virtue of his limited partner interest in KAEF VI and his indirect interest in the interest of KACALP in KAEF VI.

SEC source: 0001104659-19-023794 · a4.xml · nonDerivative · entry 1

Alcorn Peter · CIK 0001695406 · Vice President-Land

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 21,044

F1 · date: The reporting person sold common units representing limited partner interests ("Common Units") in Kimbell Royalty Partners, LP out of, and to cover estimated tax withholding for, restricted units that vested on April 2, 2019. The unit price shown in Column 4 of Table I represents the sales price of the Common Units at the time such Common Units were sold.

SEC source: 0001104659-19-023793 · a4.xml · nonDerivative · entry 1

McInnis Jeff · CIK 0001695309 · Chief Commercial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 27,950

F1 · date: The reporting person sold common units representing limited partner interests ("Common Units") in Kimbell Royalty Partners, LP out of, and to cover estimated tax withholding for, restricted units that vested on April 2, 2019. The unit price shown in Column 4 of Table I represents the sales price of the Common Units at the time such Common Units were sold.