KRP

SEC source: 0001104659-19-023792 · a4.xml · nonDerivative · entry 1

Rhynsburger Blayne · CIK 0001761127 · Controller

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 20,334

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: 0000899243-19-003674 · doc5.xml · nonDerivative · entry 1

Yorktown X Associates LLC · CIK 0001687161 · See footnote 5

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnotes

Disclosed balance after: 770,946.0743

F1 · kind: Pursuant to a Purchase and Sale Agreement, dated as of November 20, 2018, by and among the Issuer and other parties thereto (the "Agreement"), Rivercrest Royalties Holdings II, LLC, a Delaware limited liability company ("Holdings II"), received an equal number of (i) common units representing limited liability company interests ("Opco Common Units") in Kimbell Royalty Operating, LLC (the "Operating Company"), and (ii) "Class B Units," which are common units representing limited partner interests of the Issuer, in exchange for the sale by Holdings II of all of the limited liability company interests in Rivercrest Royalties II, LLC, a Delaware limited liability company. Pursuant to the terms of the Agreement, Opco Common Units, together with an equal number of Class B Units, were exchangeable on a one-on-one basis for Common Units at the discretion of Holdings II.

F2 · kind: (Continued from Footnote 1) Also pursuant to the terms of the Agreement, Holdings II was restricted from selling any of its Opco Common Units for a period of 120 days after December 20, 2018, subject to certain limited and specified exceptions. On January 25, 2019, Holdings II exercised its right to exchange its Opco Common Units and an equivalent number of Class B Units for Common Units.

F5 · kind: Reporting shareholder does not currently beneficially own, and has not beneficially owned, directly or indirectly, 10% or more of the Common Units to which this Form 5 relates. The Form 3 initially filed by Reporting Shareholder in respect of such Common Units on December 31, 2018 was filed in error. Reporting shareholder did not have, and currently does not have, a reportable position in such Common Units for purposes of Section 16(a) of the Securities Exchange Act of 1934.

F1 · price: Pursuant to a Purchase and Sale Agreement, dated as of November 20, 2018, by and among the Issuer and other parties thereto (the "Agreement"), Rivercrest Royalties Holdings II, LLC, a Delaware limited liability company ("Holdings II"), received an equal number of (i) common units representing limited liability company interests ("Opco Common Units") in Kimbell Royalty Operating, LLC (the "Operating Company"), and (ii) "Class B Units," which are common units representing limited partner interests of the Issuer, in exchange for the sale by Holdings II of all of the limited liability company interests in Rivercrest Royalties II, LLC, a Delaware limited liability company. Pursuant to the terms of the Agreement, Opco Common Units, together with an equal number of Class B Units, were exchangeable on a one-on-one basis for Common Units at the discretion of Holdings II.

F2 · price: (Continued from Footnote 1) Also pursuant to the terms of the Agreement, Holdings II was restricted from selling any of its Opco Common Units for a period of 120 days after December 20, 2018, subject to certain limited and specified exceptions. On January 25, 2019, Holdings II exercised its right to exchange its Opco Common Units and an equivalent number of Class B Units for Common Units.

F5 · price: Reporting shareholder does not currently beneficially own, and has not beneficially owned, directly or indirectly, 10% or more of the Common Units to which this Form 5 relates. The Form 3 initially filed by Reporting Shareholder in respect of such Common Units on December 31, 2018 was filed in error. Reporting shareholder did not have, and currently does not have, a reportable position in such Common Units for purposes of Section 16(a) of the Securities Exchange Act of 1934.

F1 · ownership.nature: Pursuant to a Purchase and Sale Agreement, dated as of November 20, 2018, by and among the Issuer and other parties thereto (the "Agreement"), Rivercrest Royalties Holdings II, LLC, a Delaware limited liability company ("Holdings II"), received an equal number of (i) common units representing limited liability company interests ("Opco Common Units") in Kimbell Royalty Operating, LLC (the "Operating Company"), and (ii) "Class B Units," which are common units representing limited partner interests of the Issuer, in exchange for the sale by Holdings II of all of the limited liability company interests in Rivercrest Royalties II, LLC, a Delaware limited liability company. Pursuant to the terms of the Agreement, Opco Common Units, together with an equal number of Class B Units, were exchangeable on a one-on-one basis for Common Units at the discretion of Holdings II.

F2 · ownership.nature: (Continued from Footnote 1) Also pursuant to the terms of the Agreement, Holdings II was restricted from selling any of its Opco Common Units for a period of 120 days after December 20, 2018, subject to certain limited and specified exceptions. On January 25, 2019, Holdings II exercised its right to exchange its Opco Common Units and an equivalent number of Class B Units for Common Units.

F3 · ownership.nature: Yorktown Energy Partners X, L.P., a Delaware limited partnership ("Yorktown X") is a member of Holdings II and currently owns a majority of the outstanding units in Holdings II. Under the terms of Holdings II's governing agreements Yorktown X has the ability to elect or remove members of the Board of Managers of Holdings II for so long as Yorktown X owns a majority of the outstanding units in Holdings II. Yorktown X, therefore, could appoint a majority of the members of the Board of Managers of Holdings II, which has the power to direct the voting and disposition of shares held by Holdings II.

F4 · ownership.nature: Yorktown X Associates LLC, a Delaware limited liability company ("Yorktown X Associates"), is the sole general partner of Yorktown X Company LP, the sole general partner of Yorktown X. Yorktown X Associates disclaims beneficial ownership of these securities except to the extent of its pecuniary interest therein, and this report shall not be deemed an admission that Yorktown X Associates is the beneficial owner of the securities for Section 16 or any other purpose.

F5 · ownership.nature: Reporting shareholder does not currently beneficially own, and has not beneficially owned, directly or indirectly, 10% or more of the Common Units to which this Form 5 relates. The Form 3 initially filed by Reporting Shareholder in respect of such Common Units on December 31, 2018 was filed in error. Reporting shareholder did not have, and currently does not have, a reportable position in such Common Units for purposes of Section 16(a) of the Securities Exchange Act of 1934.

SEC source: 0000899243-19-003672 · doc5.xml · nonDerivative · entry 1

Yorktown Energy Partners X, L.P. · CIK 0001577919 · See footnote 5

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnotes

Disclosed balance after: 770,946.0743

F1 · kind: Pursuant to a Purchase and Sale Agreement, dated as of November 20, 2018, by and among the Issuer and other parties thereto (the "Agreement"), Rivercrest Royalties Holdings II, LLC, a Delaware limited liability company ("Holdings II"), received an equal number of (i) common units representing limited liability company interests ("Opco Common Units") in Kimbell Royalty Operating, LLC (the "Operating Company"), and (ii) "Class B Units," which are common units representing limited partner interests of the Issuer, in exchange for the sale by Holdings II of all of the limited liability company interests in Rivercrest Royalties II, LLC, a Delaware limited liability company. Pursuant to the terms of the Agreement, Opco Common Units, together with an equal number of Class B Units, were exchangeable on a one-on-one basis for Common Units at the discretion of Holdings II.

F2 · kind: (Continued from Footnote 1) Also pursuant to the terms of the Agreement, Holdings II was restricted from selling any of its Opco Common Units for a period of 120 days after December 20, 2018, subject to certain limited and specified exceptions. On January 25, 2019, Holdings II exercised its right to exchange its Opco Common Units and an equivalent number of Class B Units for Common Units.

F5 · kind: Reporting shareholder does not currently beneficially own, and has not beneficially owned, directly or indirectly, 10% or more of the Common Units to which this Form 5 relates. The Form 3 initially filed by Reporting Shareholder in respect of such Common Units on December 31, 2018 was filed in error. Reporting shareholder did not have, and currently does not have, a reportable position in such Common Units for purposes of Section 16(a) of the Securities Exchange Act of 1934.

F1 · price: Pursuant to a Purchase and Sale Agreement, dated as of November 20, 2018, by and among the Issuer and other parties thereto (the "Agreement"), Rivercrest Royalties Holdings II, LLC, a Delaware limited liability company ("Holdings II"), received an equal number of (i) common units representing limited liability company interests ("Opco Common Units") in Kimbell Royalty Operating, LLC (the "Operating Company"), and (ii) "Class B Units," which are common units representing limited partner interests of the Issuer, in exchange for the sale by Holdings II of all of the limited liability company interests in Rivercrest Royalties II, LLC, a Delaware limited liability company. Pursuant to the terms of the Agreement, Opco Common Units, together with an equal number of Class B Units, were exchangeable on a one-on-one basis for Common Units at the discretion of Holdings II.

F2 · price: (Continued from Footnote 1) Also pursuant to the terms of the Agreement, Holdings II was restricted from selling any of its Opco Common Units for a period of 120 days after December 20, 2018, subject to certain limited and specified exceptions. On January 25, 2019, Holdings II exercised its right to exchange its Opco Common Units and an equivalent number of Class B Units for Common Units.

F5 · price: Reporting shareholder does not currently beneficially own, and has not beneficially owned, directly or indirectly, 10% or more of the Common Units to which this Form 5 relates. The Form 3 initially filed by Reporting Shareholder in respect of such Common Units on December 31, 2018 was filed in error. Reporting shareholder did not have, and currently does not have, a reportable position in such Common Units for purposes of Section 16(a) of the Securities Exchange Act of 1934.

F1 · ownership.nature: Pursuant to a Purchase and Sale Agreement, dated as of November 20, 2018, by and among the Issuer and other parties thereto (the "Agreement"), Rivercrest Royalties Holdings II, LLC, a Delaware limited liability company ("Holdings II"), received an equal number of (i) common units representing limited liability company interests ("Opco Common Units") in Kimbell Royalty Operating, LLC (the "Operating Company"), and (ii) "Class B Units," which are common units representing limited partner interests of the Issuer, in exchange for the sale by Holdings II of all of the limited liability company interests in Rivercrest Royalties II, LLC, a Delaware limited liability company. Pursuant to the terms of the Agreement, Opco Common Units, together with an equal number of Class B Units, were exchangeable on a one-on-one basis for Common Units at the discretion of Holdings II.

F2 · ownership.nature: (Continued from Footnote 1) Also pursuant to the terms of the Agreement, Holdings II was restricted from selling any of its Opco Common Units for a period of 120 days after December 20, 2018, subject to certain limited and specified exceptions. On January 25, 2019, Holdings II exercised its right to exchange its Opco Common Units and an equivalent number of Class B Units for Common Units.

F3 · ownership.nature: Yorktown X is a member of Holdings II and currently owns a majority of the outstanding units in Holdings II. Under the terms of Holdings II's governing agreements Yorktown X has the ability to elect or remove members of the Board of Managers of Holdings II for so long as Yorktown X owns a majority of the outstanding units in Holdings II. Yorktown X, therefore, could appoint a majority of the members of the Board of Managers of Holdings II, which has the power to direct the voting and disposition of shares held by Holdings II.

F4 · ownership.nature: The reporting person disclaims beneficial ownership of these securities except to the extent of its pecuniary interest therein, and this report shall not be deemed an admission that the reporting person is the beneficial owner of the securities for Section 16 or any other purpose.

F5 · ownership.nature: Reporting shareholder does not currently beneficially own, and has not beneficially owned, directly or indirectly, 10% or more of the Common Units to which this Form 5 relates. The Form 3 initially filed by Reporting Shareholder in respect of such Common Units on December 31, 2018 was filed in error. Reporting shareholder did not have, and currently does not have, a reportable position in such Common Units for purposes of Section 16(a) of the Securities Exchange Act of 1934.

SEC source: 0001104659-18-074705 · a4.xml · derivative · entry 4

Alcorn Peter · CIK 0001695406 · Vice President-Land

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 563

Underlying: Common units representing limited partner interests · 563 shares

Expires not disclosed

F2 · derivative.exercise_price: Common units representing limited liability company interests ("OpCo Common Units") in Kimbell Royalty Operating, LLC (the "Operating Company"), together with an equal number of Class B common units representing limited partner interests ("Class B Units") in the Issuer, are exchangeable on a one-for-one basis for Common Units at the discretion of the holder thereof. The Issuer and the Operating Company have the option to deliver cash in lieu of Common Units upon the exercise of the holder's exchange right.

F3 · price: Pursuant to the terms of a Purchase and Sale Agreement, dated as of November 20, 2018, by and among the Issuer and the other parties thereto (the "Purchase Agreement"), Rivercrest Capital Partners LP acquired (i) 2,813,179 OpCo Common Units and (ii) 2,813,179 Class B Units, in exchange for certain oil and gas royalty assets of Rivercrest Capital Partners LP with an estimated market value of approximately $46.7 million as of the signing of the Purchase Agreement.

F2 · derivative.exercise_date: Common units representing limited liability company interests ("OpCo Common Units") in Kimbell Royalty Operating, LLC (the "Operating Company"), together with an equal number of Class B common units representing limited partner interests ("Class B Units") in the Issuer, are exchangeable on a one-for-one basis for Common Units at the discretion of the holder thereof. The Issuer and the Operating Company have the option to deliver cash in lieu of Common Units upon the exercise of the holder's exchange right.

F2 · derivative.expiration_date: Common units representing limited liability company interests ("OpCo Common Units") in Kimbell Royalty Operating, LLC (the "Operating Company"), together with an equal number of Class B common units representing limited partner interests ("Class B Units") in the Issuer, are exchangeable on a one-for-one basis for Common Units at the discretion of the holder thereof. The Issuer and the Operating Company have the option to deliver cash in lieu of Common Units upon the exercise of the holder's exchange right.

F4 · ownership.nature: These OpCo Common Units are owned directly by Rivercrest Capital Partners LP. The reporting person is a member of Rivercrest Capital Investors LP, a member of Rivercrest Capital Partners LP.

SEC source: 0001104659-18-074701 · a4.xml · derivative · entry 1

Kimbell Art Foundation · CIK 0001695451 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,135,020

Underlying: Common units representing limited partner interests · 2,181,762 shares

Expires not disclosed

F1 · derivative.exercise_price: Common units representing limited liability company interests ("OpCo Common Units") in Kimbell Royalty Operating, LLC (the "Operating Company"), together with an equal number of Class B common units representing limited partner interests ("Class B Units") in Kimbell Royalty Partners, LP (the "Issuer"), are exchangeable on a one-for-one basis for common units representing limited partner interests ("Common Units") in the Issuer at the discretion of the reporting person. The Issuer and the Operating Company have the option to deliver cash in lieu of Common Units upon the exercise by the reporting person of its exchange right.

F2 · price: Pursuant to the terms of a Purchase and Sale Agreement, dated as of November 20, 2018, by and among the Issuer and the other parties thereto (the "Purchase Agreement"), the reporting person acquired (i) 2,181,762 OpCo Common Units and (ii) 2,181,762 Class B Units, in exchange for certain oil and gas royalty assets of the reporting person with an estimated market value of approximately $36.2 million as of the signing of the Purchase Agreement.

F1 · derivative.exercise_date: Common units representing limited liability company interests ("OpCo Common Units") in Kimbell Royalty Operating, LLC (the "Operating Company"), together with an equal number of Class B common units representing limited partner interests ("Class B Units") in Kimbell Royalty Partners, LP (the "Issuer"), are exchangeable on a one-for-one basis for common units representing limited partner interests ("Common Units") in the Issuer at the discretion of the reporting person. The Issuer and the Operating Company have the option to deliver cash in lieu of Common Units upon the exercise by the reporting person of its exchange right.

F1 · derivative.expiration_date: Common units representing limited liability company interests ("OpCo Common Units") in Kimbell Royalty Operating, LLC (the "Operating Company"), together with an equal number of Class B common units representing limited partner interests ("Class B Units") in Kimbell Royalty Partners, LP (the "Issuer"), are exchangeable on a one-for-one basis for common units representing limited partner interests ("Common Units") in the Issuer at the discretion of the reporting person. The Issuer and the Operating Company have the option to deliver cash in lieu of Common Units upon the exercise by the reporting person of its exchange right.

SEC source: 0001104659-18-074708 · a4.xml · derivative · entry 8

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 88

Underlying: Common units representing limited partner interests · 88 shares

Expires not disclosed

F6 · derivative.exercise_price: Common units representing limited liability company interests ("OpCo Common Units") in Kimbell Royalty Operating, LLC (the "Operating Company"), together with an equal number of Class B common units representing limited partner interests in the Issuer ("Class B Units"), are exchangeable on a one-for-one basis for Common Units at the discretion of the holder thereof. The Issuer and the Operating Company have the option to deliver cash in lieu of Common Units upon the exercise of the holder's exchange right.

F9 · price: Pursuant to the terms of the Purchase Agreement, Cupola Royalty Direct, LLC acquired (i) 263,380 OpCo Common Units and (ii) 263,380 Class B Units, in exchange for certain oil and gas royalty assets of Cupola Royalty Direct, LLC with an estimated market value of approximately $4.4 million as of the signing of the Purchase Agreement.

F6 · derivative.exercise_date: Common units representing limited liability company interests ("OpCo Common Units") in Kimbell Royalty Operating, LLC (the "Operating Company"), together with an equal number of Class B common units representing limited partner interests in the Issuer ("Class B Units"), are exchangeable on a one-for-one basis for Common Units at the discretion of the holder thereof. The Issuer and the Operating Company have the option to deliver cash in lieu of Common Units upon the exercise of the holder's exchange right.

F6 · derivative.expiration_date: Common units representing limited liability company interests ("OpCo Common Units") in Kimbell Royalty Operating, LLC (the "Operating Company"), together with an equal number of Class B common units representing limited partner interests in the Issuer ("Class B Units"), are exchangeable on a one-for-one basis for Common Units at the discretion of the holder thereof. The Issuer and the Operating Company have the option to deliver cash in lieu of Common Units upon the exercise of the holder's exchange right.

F10 · ownership.nature: These OpCo Common Units are owned directly by Cupola Royalty Direct, LLC. The reporting person is a member of Rivercrest Cupola LLC, a member of Cupola Royalty Direct, LLC.

SEC source: 0001104659-18-074708 · a4.xml · derivative · entry 7

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 15,022

Underlying: Common units representing limited partner interests · 15,022 shares

Expires not disclosed

F6 · derivative.exercise_price: Common units representing limited liability company interests ("OpCo Common Units") in Kimbell Royalty Operating, LLC (the "Operating Company"), together with an equal number of Class B common units representing limited partner interests in the Issuer ("Class B Units"), are exchangeable on a one-for-one basis for Common Units at the discretion of the holder thereof. The Issuer and the Operating Company have the option to deliver cash in lieu of Common Units upon the exercise of the holder's exchange right.

F7 · price: Pursuant to the terms of a Purchase and Sale Agreement, dated as of November 20, 2018, by and among the Issuer and the other parties thereto (the "Purchase Agreement"), Rivercrest Capital Partners LP acquired (i) 2,813,179 OpCo Common Units and (ii) 2,813,179 Class B Units, in exchange for certain oil and gas royalty assets of Rivercrest Capital Partners LP with an estimated market value of approximately $46.7 million as of the signing of the Purchase Agreement.

F6 · derivative.exercise_date: Common units representing limited liability company interests ("OpCo Common Units") in Kimbell Royalty Operating, LLC (the "Operating Company"), together with an equal number of Class B common units representing limited partner interests in the Issuer ("Class B Units"), are exchangeable on a one-for-one basis for Common Units at the discretion of the holder thereof. The Issuer and the Operating Company have the option to deliver cash in lieu of Common Units upon the exercise of the holder's exchange right.

F6 · derivative.expiration_date: Common units representing limited liability company interests ("OpCo Common Units") in Kimbell Royalty Operating, LLC (the "Operating Company"), together with an equal number of Class B common units representing limited partner interests in the Issuer ("Class B Units"), are exchangeable on a one-for-one basis for Common Units at the discretion of the holder thereof. The Issuer and the Operating Company have the option to deliver cash in lieu of Common Units upon the exercise of the holder's exchange right.

F8 · ownership.nature: These OpCo Common Units are owned directly by Rivercrest Capital Partners LP. The reporting person is a member of Rivercrest Capital Investors LP, a member of Rivercrest Capital Partners LP.

SEC source: 0001104659-18-074704 · a4.xml · derivative · entry 2

Daly Matthew S. · CIK 0001695310 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 3,376

Underlying: Common units representing limited partner interests · 3,376 shares

Expires not disclosed

F1 · derivative.exercise_price: Common units representing limited liability company interests ("OpCo Common Units") in Kimbell Royalty Operating, LLC (the "Operating Company"), together with an equal number of Class B common units representing limited partner interests ("Class B Units") in Kimbell Royalty Partners, LP (the "Issuer"), are exchangeable on a one-for-one basis for common units representing limited partner interests ("Common Units") in the Issuer at the discretion of the holder thereof. The Issuer and the Operating Company have the option to deliver cash in lieu of Common Units upon the exercise of the holder's exchange right.

F2 · price: Pursuant to the terms of a Purchase and Sale Agreement, dated as of November 20, 2018, by and among the Issuer and the other parties thereto (the "Purchase Agreement"), Rivercrest Capital Partners LP acquired (i) 2,813,179 OpCo Common Units and (ii) 2,813,179 Class B Units, in exchange for certain oil and gas royalty assets of Rivercrest Capital Partners LP with an estimated market value of approximately $46.7 million as of the signing of the Purchase Agreement.

F1 · derivative.exercise_date: Common units representing limited liability company interests ("OpCo Common Units") in Kimbell Royalty Operating, LLC (the "Operating Company"), together with an equal number of Class B common units representing limited partner interests ("Class B Units") in Kimbell Royalty Partners, LP (the "Issuer"), are exchangeable on a one-for-one basis for common units representing limited partner interests ("Common Units") in the Issuer at the discretion of the holder thereof. The Issuer and the Operating Company have the option to deliver cash in lieu of Common Units upon the exercise of the holder's exchange right.

F1 · derivative.expiration_date: Common units representing limited liability company interests ("OpCo Common Units") in Kimbell Royalty Operating, LLC (the "Operating Company"), together with an equal number of Class B common units representing limited partner interests ("Class B Units") in Kimbell Royalty Partners, LP (the "Issuer"), are exchangeable on a one-for-one basis for common units representing limited partner interests ("Common Units") in the Issuer at the discretion of the holder thereof. The Issuer and the Operating Company have the option to deliver cash in lieu of Common Units upon the exercise of the holder's exchange right.

F3 · ownership.nature: These OpCo Common Units are owned directly by Rivercrest Capital Partners LP. The reporting person is a member of Rivercrest Capital Investors LP, a member of Rivercrest Capital Partners LP.

SEC source: 0001104659-18-074702 · a4.xml · derivative · entry 2

McInnis Jeff · CIK 0001695309 · Chief Commercial Officer

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 563

Underlying: Common units representing limited partner interests · 563 shares

Expires not disclosed

F1 · derivative.exercise_price: Common units representing limited liability company interests ("OpCo Common Units") in Kimbell Royalty Operating, LLC (the "Operating Company"), together with an equal number of Class B common units representing limited partner interests ("Class B Units") in Kimbell Royalty Partners, LP (the "Issuer"), are exchangeable on a one-for-one basis for common units representing limited partner interests ("Common Units") in the Issuer at the discretion of the holder thereof. The Issuer and the Operating Company have the option to deliver cash in lieu of Common Units upon the exercise of the holder's exchange right.

F2 · price: Pursuant to the terms of a Purchase and Sale Agreement, dated as of November 20, 2018, by and among the Issuer and the other parties thereto (the "Purchase Agreement"), Rivercrest Capital Partners LP acquired (i) 2,813,179 OpCo Common Units and (ii) 2,813,179 Class B Units, in exchange for certain oil and gas royalty assets of Rivercrest Capital Partners LP with an estimated market value of approximately $46.7 million as of the signing of the Purchase Agreement.

F1 · derivative.exercise_date: Common units representing limited liability company interests ("OpCo Common Units") in Kimbell Royalty Operating, LLC (the "Operating Company"), together with an equal number of Class B common units representing limited partner interests ("Class B Units") in Kimbell Royalty Partners, LP (the "Issuer"), are exchangeable on a one-for-one basis for common units representing limited partner interests ("Common Units") in the Issuer at the discretion of the holder thereof. The Issuer and the Operating Company have the option to deliver cash in lieu of Common Units upon the exercise of the holder's exchange right.

F1 · derivative.expiration_date: Common units representing limited liability company interests ("OpCo Common Units") in Kimbell Royalty Operating, LLC (the "Operating Company"), together with an equal number of Class B common units representing limited partner interests ("Class B Units") in Kimbell Royalty Partners, LP (the "Issuer"), are exchangeable on a one-for-one basis for common units representing limited partner interests ("Common Units") in the Issuer at the discretion of the holder thereof. The Issuer and the Operating Company have the option to deliver cash in lieu of Common Units upon the exercise of the holder's exchange right.

F3 · ownership.nature: These OpCo Common Units are owned directly by Rivercrest Capital Partners LP. The reporting person is a member of Rivercrest Capital Investors LP, a member of Rivercrest Capital Partners LP.

SEC source: 0001104659-18-074707 · a4.xml · derivative · entry 4

MARTIN T SCOTT · CIK 0001413469 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 88

Underlying: Common units representing limited partner interests · 88 shares

Expires not disclosed

F2 · derivative.exercise_price: Common units representing limited liability company interests ("OpCo Common Units") in Kimbell Royalty Operating, LLC (the "Operating Company"), together with an equal number of Class B common units representing limited partner interests in the Issuer ("Class B Units"), are exchangeable on a one-for-one basis for Common Units at the discretion of the holder thereof. The Issuer and the Operating Company have the option to deliver cash in lieu of Common Units upon the exercise of the holder's exchange right.

F5 · price: Pursuant to the terms of the Purchase Agreement, Cupola Royalty Direct, LLC acquired (i) 263,380 OpCo Common Units and (ii) 263,380 Class B Units, in exchange for certain oil and gas royalty assets of Cupola Royalty Direct, LLC with an estimated market value of approximately $4.4 million as of the signing of the Purchase Agreement.

F2 · derivative.exercise_date: Common units representing limited liability company interests ("OpCo Common Units") in Kimbell Royalty Operating, LLC (the "Operating Company"), together with an equal number of Class B common units representing limited partner interests in the Issuer ("Class B Units"), are exchangeable on a one-for-one basis for Common Units at the discretion of the holder thereof. The Issuer and the Operating Company have the option to deliver cash in lieu of Common Units upon the exercise of the holder's exchange right.

F2 · derivative.expiration_date: Common units representing limited liability company interests ("OpCo Common Units") in Kimbell Royalty Operating, LLC (the "Operating Company"), together with an equal number of Class B common units representing limited partner interests in the Issuer ("Class B Units"), are exchangeable on a one-for-one basis for Common Units at the discretion of the holder thereof. The Issuer and the Operating Company have the option to deliver cash in lieu of Common Units upon the exercise of the holder's exchange right.

F6 · ownership.nature: These OpCo Common Units are owned directly by Cupola Royalty Direct, LLC. The reporting person is a member of Rivercrest Cupola LLC, a member of Cupola Royalty Direct, LLC.

SEC source: 0001104659-18-074707 · a4.xml · derivative · entry 3

MARTIN T SCOTT · CIK 0001413469 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 15,022

Underlying: Common units representing limited partner interests · 15,022 shares

Expires not disclosed

F2 · derivative.exercise_price: Common units representing limited liability company interests ("OpCo Common Units") in Kimbell Royalty Operating, LLC (the "Operating Company"), together with an equal number of Class B common units representing limited partner interests in the Issuer ("Class B Units"), are exchangeable on a one-for-one basis for Common Units at the discretion of the holder thereof. The Issuer and the Operating Company have the option to deliver cash in lieu of Common Units upon the exercise of the holder's exchange right.

F3 · price: Pursuant to the terms of a Purchase and Sale Agreement, dated as of November 20, 2018, by and among the Issuer and the other parties thereto (the "Purchase Agreement"), Rivercrest Capital Partners LP acquired (i) 2,813,179 OpCo Common Units and (ii) 2,813,179 Class B Units, in exchange for certain oil and gas royalty assets of Rivercrest Capital Partners LP with an estimated market value of approximately $46.7 million as of the signing of the Purchase Agreement.

F2 · derivative.exercise_date: Common units representing limited liability company interests ("OpCo Common Units") in Kimbell Royalty Operating, LLC (the "Operating Company"), together with an equal number of Class B common units representing limited partner interests in the Issuer ("Class B Units"), are exchangeable on a one-for-one basis for Common Units at the discretion of the holder thereof. The Issuer and the Operating Company have the option to deliver cash in lieu of Common Units upon the exercise of the holder's exchange right.

F2 · derivative.expiration_date: Common units representing limited liability company interests ("OpCo Common Units") in Kimbell Royalty Operating, LLC (the "Operating Company"), together with an equal number of Class B common units representing limited partner interests in the Issuer ("Class B Units"), are exchangeable on a one-for-one basis for Common Units at the discretion of the holder thereof. The Issuer and the Operating Company have the option to deliver cash in lieu of Common Units upon the exercise of the holder's exchange right.

F4 · ownership.nature: These OpCo Common Units are owned directly by Rivercrest Capital Partners LP. The reporting person is a member of Rivercrest Capital Investors LP, a member of Rivercrest Capital Partners LP.

SEC source: 0001104659-18-074706 · a4.xml · derivative · entry 5

Ravnaas Robert Davis · CIK 0001696138 · President and CFO

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 88

Underlying: Common units representing limited partner interests · 88 shares

Expires not disclosed

F3 · derivative.exercise_price: Common units representing limited liability company interests ("OpCo Common Units") in Kimbell Royalty Operating, LLC (the "Operating Company"), together with an equal number of Class B common units representing limited partner interests in the Issuer ("Class B Units"), are exchangeable on a one-for-one basis for Common Units at the discretion of the holder thereof. The Issuer and the Operating Company have the option to deliver cash in lieu of Common Units upon the exercise of the holder's exchange right.

F6 · price: Pursuant to the terms of the Purchase Agreement, Cupola Royalty Direct, LLC acquired (i) 263,380 OpCo Common Units and (ii) 263,380 Class B Units, in exchange for certain oil and gas royalty assets of Cupola Royalty Direct, LLC with an estimated market value of approximately $4.4 million as of the signing of the Purchase Agreement.

F3 · derivative.exercise_date: Common units representing limited liability company interests ("OpCo Common Units") in Kimbell Royalty Operating, LLC (the "Operating Company"), together with an equal number of Class B common units representing limited partner interests in the Issuer ("Class B Units"), are exchangeable on a one-for-one basis for Common Units at the discretion of the holder thereof. The Issuer and the Operating Company have the option to deliver cash in lieu of Common Units upon the exercise of the holder's exchange right.

F3 · derivative.expiration_date: Common units representing limited liability company interests ("OpCo Common Units") in Kimbell Royalty Operating, LLC (the "Operating Company"), together with an equal number of Class B common units representing limited partner interests in the Issuer ("Class B Units"), are exchangeable on a one-for-one basis for Common Units at the discretion of the holder thereof. The Issuer and the Operating Company have the option to deliver cash in lieu of Common Units upon the exercise of the holder's exchange right.

F7 · ownership.nature: These OpCo Common Units are owned directly by Cupola Royalty Direct, LLC. The reporting person is a member of Rivercrest Cupola LLC, a member of Cupola Royalty Direct, LLC.

SEC source: 0001104659-18-074706 · a4.xml · derivative · entry 4

Ravnaas Robert Davis · CIK 0001696138 · President and CFO

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 15,022

Underlying: Common units representing limited partner interests · 15,022 shares

Expires not disclosed

F3 · derivative.exercise_price: Common units representing limited liability company interests ("OpCo Common Units") in Kimbell Royalty Operating, LLC (the "Operating Company"), together with an equal number of Class B common units representing limited partner interests in the Issuer ("Class B Units"), are exchangeable on a one-for-one basis for Common Units at the discretion of the holder thereof. The Issuer and the Operating Company have the option to deliver cash in lieu of Common Units upon the exercise of the holder's exchange right.

F4 · price: Pursuant to the terms of a Purchase and Sale Agreement, dated as of November 20, 2018, by and among the Issuer and the other parties thereto (the "Purchase Agreement"), Rivercrest Capital Partners LP acquired (i) 2,813,179 OpCo Common Units and (ii) 2,813,179 Class B Units, in exchange for certain oil and gas royalty assets of Rivercrest Capital Partners LP with an estimated market value of approximately $46.7 million as of the signing of the Purchase Agreement.

F3 · derivative.exercise_date: Common units representing limited liability company interests ("OpCo Common Units") in Kimbell Royalty Operating, LLC (the "Operating Company"), together with an equal number of Class B common units representing limited partner interests in the Issuer ("Class B Units"), are exchangeable on a one-for-one basis for Common Units at the discretion of the holder thereof. The Issuer and the Operating Company have the option to deliver cash in lieu of Common Units upon the exercise of the holder's exchange right.

F3 · derivative.expiration_date: Common units representing limited liability company interests ("OpCo Common Units") in Kimbell Royalty Operating, LLC (the "Operating Company"), together with an equal number of Class B common units representing limited partner interests in the Issuer ("Class B Units"), are exchangeable on a one-for-one basis for Common Units at the discretion of the holder thereof. The Issuer and the Operating Company have the option to deliver cash in lieu of Common Units upon the exercise of the holder's exchange right.

F5 · ownership.nature: These OpCo Common Units are owned directly by Rivercrest Capital Partners LP. The reporting person is a member of Rivercrest Capital Investors LP, a member of Rivercrest Capital Partners LP.

SEC source: 0001104659-18-074703 · a4.xml · derivative · entry 2

Rhynsburger Blayne · CIK 0001761127 · Controller

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 563

Underlying: Common units representing limited partner interests · 563 shares

Expires not disclosed

F1 · derivative.exercise_price: Common units representing limited liability company interests ("OpCo Common Units") in Kimbell Royalty Operating, LLC (the "Operating Company"), together with an equal number of Class B common units representing limited partner interests ("Class B Units") in Kimbell Royalty Partners, LP (the "Issuer"), are exchangeable on a one-for-one basis for common units representing limited partner interests ("Common Units") in the Issuer at the discretion of the holder thereof. The Issuer and the Operating Company have the option to deliver cash in lieu of Common Units upon the exercise of the holder's exchange right.

F2 · price: Pursuant to the terms of a Purchase and Sale Agreement, dated as of November 20, 2018, by and among the Issuer and the other parties thereto (the "Purchase Agreement"), Rivercrest Capital Partners LP acquired (i) 2,813,179 OpCo Common Units and (ii) 2,813,179 Class B Units, in exchange for certain oil and gas royalty assets of Rivercrest Capital Partners LP with an estimated market value of approximately $46.7 million as of the signing of the Purchase Agreement.

F1 · derivative.exercise_date: Common units representing limited liability company interests ("OpCo Common Units") in Kimbell Royalty Operating, LLC (the "Operating Company"), together with an equal number of Class B common units representing limited partner interests ("Class B Units") in Kimbell Royalty Partners, LP (the "Issuer"), are exchangeable on a one-for-one basis for common units representing limited partner interests ("Common Units") in the Issuer at the discretion of the holder thereof. The Issuer and the Operating Company have the option to deliver cash in lieu of Common Units upon the exercise of the holder's exchange right.

F1 · derivative.expiration_date: Common units representing limited liability company interests ("OpCo Common Units") in Kimbell Royalty Operating, LLC (the "Operating Company"), together with an equal number of Class B common units representing limited partner interests ("Class B Units") in Kimbell Royalty Partners, LP (the "Issuer"), are exchangeable on a one-for-one basis for common units representing limited partner interests ("Common Units") in the Issuer at the discretion of the holder thereof. The Issuer and the Operating Company have the option to deliver cash in lieu of Common Units upon the exercise of the holder's exchange right.

F3 · ownership.nature: These OpCo Common Units are owned directly by Rivercrest Capital Partners LP. The reporting person is a member of Rivercrest Capital Investors LP, a member of Rivercrest Capital Partners LP.

SEC source: 0001104659-18-072342 · a4.xml · nonDerivative · entry 1

Taylor Brett G. · CIK 0001695392 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 212,027

SEC source: 0001104659-18-072347 · a4.xml · nonDerivative · entry 1

Wynne Mitch S. · CIK 0001695394 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 105,005

SEC source: 0001104659-18-072348 · a4.xml · nonDerivative · entry 1

Alcorn Peter · CIK 0001695406 · Vice President-Land

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 21,314

SEC source: 0001104659-18-072350 · a4.xml · nonDerivative · entry 1

Stone Craig · CIK 0001695415 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 15,882

SEC source: 0001104659-18-072352 · a4.xml · nonDerivative · entry 1

Fortson Ben J. · CIK 0001695233 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 99,219

SEC source: 0001104659-18-072353 · a4.xml · nonDerivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 341,451

F1 · balance_after: These common units representing limited partner interests (the "Common Units") in Kimbell Royalty Partners, LP include (a) 30,333 Common Units received in a pro rata distribution from Chisholm Minerals to its general partners and (b) 63,896 Common Units received in a pro rata distribution from Trinity Minerals to its general partners. Such Common Units were previously reported as being held indirectly by the reporting person through Chisholm Minerals and Trinity Minerals but are now held directly by the reporting person.

F2 · balance_after: Of this amount, 23,588 Common Units were previously included in the reporting person's Forms 4 as indirectly beneficially owned through the reporting person's partnership interest in Trinity Minerals. This inclusion was due to an error in calculating the number of Common Units received by Trinity Minerals in connection with the closing of the initial public offering of Kimbell Royalty Partners, LP that were attributable to participation interests in certain of the assets contributed by Trinity Minerals to Kimbell Royalty Partners, LP pursuant to the Contribution, Conveyance, Assignment and Assumption Agreement, dated as of December 20, 2016. Such Common Units are not included in this Form 4.

SEC source: 0001104659-18-072343 · a4.xml · nonDerivative · entry 1

Daly Matthew S. · CIK 0001695310 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 96,829

SEC source: 0001104659-18-072344 · a4.xml · nonDerivative · entry 1

McInnis Jeff · CIK 0001695309 · Chief Commercial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 28,408

SEC source: 0001104659-18-072346 · a4.xml · nonDerivative · entry 1

MARTIN T SCOTT · CIK 0001413469 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 16,819

SEC source: 0001104659-18-072349 · a4.xml · nonDerivative · entry 1

ADAMS WILLIAM H III · CIK 0001182695 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 32,154

SEC source: 0001104659-18-072345 · a4.xml · nonDerivative · entry 1

Daugbjerg Erik B · CIK 0001596884 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 26,478

SEC source: 0001104659-18-072354 · a4.xml · nonDerivative · entry 1

Ravnaas Robert Davis · CIK 0001696138 · President and CFO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 181,116

SEC source: 0001104659-18-072351 · a4.xml · nonDerivative · entry 1

Rhynsburger Blayne · CIK 0001761127 · Controller

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 20,604

SEC source: 0001104659-18-071117 · a4.xml · nonDerivative · entry 1

McInnis Jeff · CIK 0001695309 · Chief Commercial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 16,210

SEC source: 0001104659-18-070688 · a4.xml · nonDerivative · entry 2

Daugbjerg Erik B · CIK 0001596884 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 16,978

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 $16.41 to $16.70.

SEC source: 0001104659-18-070688 · a4.xml · nonDerivative · entry 1

Daugbjerg Erik B · CIK 0001596884 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 13,478

F1 · price: The price reported in Column 4 is a weighted average price. These common units were purcahsed in multiple transactions at prices ranging from $16.65 to $16.90. 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 ranges set forth in footnotes (1) and (2) to this Form 4.

SEC source: 0001104659-18-070397 · a4.xml · nonDerivative · entry 1

Taylor Brett G. · CIK 0001695392 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 104,303

F1 · price: The price reported in Column 4 is a weighted average price. These common units representing limited partner interests (the "Common Units") in Kimbell Royalty Partners, LP were purchased in multiple transactions at prices ranging from $16.80 to $16.85. 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 this footnote (1) to this Form 4.

SEC source: 0001104659-18-070396 · a4.xml · nonDerivative · entry 1

Alcorn Peter · CIK 0001695406 · Vice President-Land

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 9,116

SEC source: 0001104659-18-070395 · a4.xml · nonDerivative · entry 1

ADAMS WILLIAM H III · CIK 0001182695 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 22,654

F1 · price: The price reported in Column 4 is a weighted average price. These common units were purchased in multiple transactions at prices ranging from $16.79 to $17.01. 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 this footnote (1) to this Form 4.

SEC source: 0000899243-18-025203 · 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: 4,000,000

Underlying: Common Units · Not disclosed shares

Expires not disclosed

F4 · derivative.exercise_price: Pursuant to an Exchange Agreement entered into in connection with the Recapitalization Agreement and the effectiveness of the Issuer's Third Amended and Restated Partnership Agreement, each Class B Common Unit and OpCo Common Unit (together, a "Unit"), collectively, are 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: In connection with the effectiveness of the Issuer's Third Amended and Restated Partnership Agreement and pursuant to a Recapitalization Agreement (the "Recapitalization Agreement"), Haymaker Minerals & Royalties, LLC ("Haymaker Minerals") delivered and assigned its 4,000,000 common units in exchange for (i) 4,000,000 newly issued Class B common units (the "Class B Common Unit") representing limited partnership interests in the Issuer and (ii) 4,000,000 newly issued common units (the "OpCo Common Units") in Kimbell Royalty Operating, LLC (the "OpCo"), a wholly owned subsidiary of the Issuer.

F4 · price: Pursuant to an Exchange Agreement entered into in connection with the Recapitalization Agreement and the effectiveness of the Issuer's Third Amended and Restated Partnership Agreement, each Class B Common Unit and OpCo Common Unit (together, a "Unit"), collectively, are 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.exercise_date: Pursuant to an Exchange Agreement entered into in connection with the Recapitalization Agreement and the effectiveness of the Issuer's Third Amended and Restated Partnership Agreement, each Class B Common Unit and OpCo Common Unit (together, a "Unit"), collectively, are 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 entered into in connection with the Recapitalization Agreement and the effectiveness of the Issuer's Third Amended and Restated Partnership Agreement, each Class B Common Unit and OpCo Common Unit (together, a "Unit"), collectively, are 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 entered into in connection with the Recapitalization Agreement and the effectiveness of the Issuer's Third Amended and Restated Partnership Agreement, each Class B Common Unit and OpCo Common Unit (together, a "Unit"), collectively, are 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: 0000899243-18-025203 · 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: 0

F1 · kind: In connection with the effectiveness of the Issuer's Third Amended and Restated Partnership Agreement and pursuant to a Recapitalization Agreement (the "Recapitalization Agreement"), Haymaker Minerals & Royalties, LLC ("Haymaker Minerals") delivered and assigned its 4,000,000 common units in exchange for (i) 4,000,000 newly issued Class B common units (the "Class B Common Unit") representing limited partnership interests in the Issuer and (ii) 4,000,000 newly issued common units (the "OpCo Common Units") in Kimbell Royalty Operating, LLC (the "OpCo"), a wholly owned subsidiary of the Issuer.

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: 0001140361-18-039055 · form4.xml · derivative · 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: 314,005

Underlying: Common units representing limited partner interests · 314,005 shares

Expires not disclosed

F1 · derivative.exercise_price: Pursuant to the terms of a Recapitalization Agreement, dated July 24, 2018, the Reporting Persons exchanged all common units representing limited partner interests ("Common Units") of Kimbell Royalty Partners, LP (the "Issuer") owned on a one-for-one basis for "OpCo Units", which represent limited liability company units of Kimbell Royalty Operating, LLC, and an equal number of Class B common units ("Class B Units") of the Issuer. Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, OpCo Units, together with an equal number of Class B Units, are exchangeable on a one-for-one basis for Common Units at the discretion of the holder.

F1 · kind: Pursuant to the terms of a Recapitalization Agreement, dated July 24, 2018, the Reporting Persons exchanged all common units representing limited partner interests ("Common Units") of Kimbell Royalty Partners, LP (the "Issuer") owned on a one-for-one basis for "OpCo Units", which represent limited liability company units of Kimbell Royalty Operating, LLC, and an equal number of Class B common units ("Class B Units") of the Issuer. Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, OpCo Units, together with an equal number of Class B Units, are exchangeable on a one-for-one basis for Common Units at the discretion of the holder.

F1 · derivative.exercise_date: Pursuant to the terms of a Recapitalization Agreement, dated July 24, 2018, the Reporting Persons exchanged all common units representing limited partner interests ("Common Units") of Kimbell Royalty Partners, LP (the "Issuer") owned on a one-for-one basis for "OpCo Units", which represent limited liability company units of Kimbell Royalty Operating, LLC, and an equal number of Class B common units ("Class B Units") of the Issuer. Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, OpCo Units, together with an equal number of Class B Units, are exchangeable on a one-for-one basis for Common Units at the discretion of the holder.

F1 · derivative.expiration_date: Pursuant to the terms of a Recapitalization Agreement, dated July 24, 2018, the Reporting Persons exchanged all common units representing limited partner interests ("Common Units") of Kimbell Royalty Partners, LP (the "Issuer") owned on a one-for-one basis for "OpCo Units", which represent limited liability company units of Kimbell Royalty Operating, LLC, and an equal number of Class B common units ("Class B Units") of the Issuer. Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, OpCo Units, together with an equal number of Class B Units, are exchangeable on a one-for-one basis for Common Units at the discretion of the holder.

F1 · ownership.nature: Pursuant to the terms of a Recapitalization Agreement, dated July 24, 2018, the Reporting Persons exchanged all common units representing limited partner interests ("Common Units") of Kimbell Royalty Partners, LP (the "Issuer") owned on a one-for-one basis for "OpCo Units", which represent limited liability company units of Kimbell Royalty Operating, LLC, and an equal number of Class B common units ("Class B Units") of the Issuer. Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, OpCo Units, together with an equal number of Class B Units, are exchangeable on a one-for-one basis for Common Units at the discretion of the holder.

F3 · ownership.nature: These securities are held by TE Drilling Aggregator LLC ("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.

F4 · 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 Fund Holdings L.P. ("KKR Fund Holdings") and KKR Upstream LLC ("KKR Upstream") are the members of KKR Upstream Associates and KKR Fund Holdings is the sole member of KKR Upstream. KKR Fund Holdings GP Limited ("KKR Fund Holdings GP") is a general partner of KKR Fund Holdings. KKR Group Holdings Corp. ("KKR Group Holdings") is the sole shareholder of KKR Fund Holdings GP and a general partner of KKR Fund Holdings. KKR & Co. Inc. ("KKR & Co.") is the sole shareholder of KKR Group Holdings. KKR Management LLC ("KKR Management") is the controlling shareholder of KKR & Co. Messrs. Kravis and Roberts are the designated members of KKR Management.

F5 · ownership.nature: 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: 0001140361-18-039055 · form4.xml · derivative · 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: 4,599,554

Underlying: Common units representing limited partner interests · 4,599,554 shares

Expires not disclosed

F1 · derivative.exercise_price: Pursuant to the terms of a Recapitalization Agreement, dated July 24, 2018, the Reporting Persons exchanged all common units representing limited partner interests ("Common Units") of Kimbell Royalty Partners, LP (the "Issuer") owned on a one-for-one basis for "OpCo Units", which represent limited liability company units of Kimbell Royalty Operating, LLC, and an equal number of Class B common units ("Class B Units") of the Issuer. Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, OpCo Units, together with an equal number of Class B Units, are exchangeable on a one-for-one basis for Common Units at the discretion of the holder.

F1 · kind: Pursuant to the terms of a Recapitalization Agreement, dated July 24, 2018, the Reporting Persons exchanged all common units representing limited partner interests ("Common Units") of Kimbell Royalty Partners, LP (the "Issuer") owned on a one-for-one basis for "OpCo Units", which represent limited liability company units of Kimbell Royalty Operating, LLC, and an equal number of Class B common units ("Class B Units") of the Issuer. Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, OpCo Units, together with an equal number of Class B Units, are exchangeable on a one-for-one basis for Common Units at the discretion of the holder.

F1 · derivative.exercise_date: Pursuant to the terms of a Recapitalization Agreement, dated July 24, 2018, the Reporting Persons exchanged all common units representing limited partner interests ("Common Units") of Kimbell Royalty Partners, LP (the "Issuer") owned on a one-for-one basis for "OpCo Units", which represent limited liability company units of Kimbell Royalty Operating, LLC, and an equal number of Class B common units ("Class B Units") of the Issuer. Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, OpCo Units, together with an equal number of Class B Units, are exchangeable on a one-for-one basis for Common Units at the discretion of the holder.

F1 · derivative.expiration_date: Pursuant to the terms of a Recapitalization Agreement, dated July 24, 2018, the Reporting Persons exchanged all common units representing limited partner interests ("Common Units") of Kimbell Royalty Partners, LP (the "Issuer") owned on a one-for-one basis for "OpCo Units", which represent limited liability company units of Kimbell Royalty Operating, LLC, and an equal number of Class B common units ("Class B Units") of the Issuer. Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, OpCo Units, together with an equal number of Class B Units, are exchangeable on a one-for-one basis for Common Units at the discretion of the holder.

F1 · ownership.nature: Pursuant to the terms of a Recapitalization Agreement, dated July 24, 2018, the Reporting Persons exchanged all common units representing limited partner interests ("Common Units") of Kimbell Royalty Partners, LP (the "Issuer") owned on a one-for-one basis for "OpCo Units", which represent limited liability company units of Kimbell Royalty Operating, LLC, and an equal number of Class B common units ("Class B Units") of the Issuer. Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, OpCo Units, together with an equal number of Class B Units, are exchangeable on a one-for-one basis for Common Units at the discretion of the holder.

F2 · ownership.nature: These securities are held by EIGF Aggregator III LLC ("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.

F4 · 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 Fund Holdings L.P. ("KKR Fund Holdings") and KKR Upstream LLC ("KKR Upstream") are the members of KKR Upstream Associates and KKR Fund Holdings is the sole member of KKR Upstream. KKR Fund Holdings GP Limited ("KKR Fund Holdings GP") is a general partner of KKR Fund Holdings. KKR Group Holdings Corp. ("KKR Group Holdings") is the sole shareholder of KKR Fund Holdings GP and a general partner of KKR Fund Holdings. KKR & Co. Inc. ("KKR & Co.") is the sole shareholder of KKR Group Holdings. KKR Management LLC ("KKR Management") is the controlling shareholder of KKR & Co. Messrs. Kravis and Roberts are the designated members of KKR Management.

F5 · ownership.nature: 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: 0001140361-18-039055 · 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: 0

F1 · kind: Pursuant to the terms of a Recapitalization Agreement, dated July 24, 2018, the Reporting Persons exchanged all common units representing limited partner interests ("Common Units") of Kimbell Royalty Partners, LP (the "Issuer") owned on a one-for-one basis for "OpCo Units", which represent limited liability company units of Kimbell Royalty Operating, LLC, and an equal number of Class B common units ("Class B Units") of the Issuer. Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, OpCo Units, together with an equal number of Class B Units, are exchangeable on a one-for-one basis for Common Units at the discretion of the holder.

F1 · price: Pursuant to the terms of a Recapitalization Agreement, dated July 24, 2018, the Reporting Persons exchanged all common units representing limited partner interests ("Common Units") of Kimbell Royalty Partners, LP (the "Issuer") owned on a one-for-one basis for "OpCo Units", which represent limited liability company units of Kimbell Royalty Operating, LLC, and an equal number of Class B common units ("Class B Units") of the Issuer. Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, OpCo Units, together with an equal number of Class B Units, are exchangeable on a one-for-one basis for Common Units at the discretion of the holder.

F1 · balance_after: Pursuant to the terms of a Recapitalization Agreement, dated July 24, 2018, the Reporting Persons exchanged all common units representing limited partner interests ("Common Units") of Kimbell Royalty Partners, LP (the "Issuer") owned on a one-for-one basis for "OpCo Units", which represent limited liability company units of Kimbell Royalty Operating, LLC, and an equal number of Class B common units ("Class B Units") of the Issuer. Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, OpCo Units, together with an equal number of Class B Units, are exchangeable on a one-for-one basis for Common Units at the discretion of the holder.

F1 · ownership.nature: Pursuant to the terms of a Recapitalization Agreement, dated July 24, 2018, the Reporting Persons exchanged all common units representing limited partner interests ("Common Units") of Kimbell Royalty Partners, LP (the "Issuer") owned on a one-for-one basis for "OpCo Units", which represent limited liability company units of Kimbell Royalty Operating, LLC, and an equal number of Class B common units ("Class B Units") of the Issuer. Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, OpCo Units, together with an equal number of Class B Units, are exchangeable on a one-for-one basis for Common Units at the discretion of the holder.

F3 · ownership.nature: These securities are held by TE Drilling Aggregator LLC ("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.

F4 · 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 Fund Holdings L.P. ("KKR Fund Holdings") and KKR Upstream LLC ("KKR Upstream") are the members of KKR Upstream Associates and KKR Fund Holdings is the sole member of KKR Upstream. KKR Fund Holdings GP Limited ("KKR Fund Holdings GP") is a general partner of KKR Fund Holdings. KKR Group Holdings Corp. ("KKR Group Holdings") is the sole shareholder of KKR Fund Holdings GP and a general partner of KKR Fund Holdings. KKR & Co. Inc. ("KKR & Co.") is the sole shareholder of KKR Group Holdings. KKR Management LLC ("KKR Management") is the controlling shareholder of KKR & Co. Messrs. Kravis and Roberts are the designated members of KKR Management.

F5 · ownership.nature: 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: 0001140361-18-039055 · 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: 0

F1 · kind: Pursuant to the terms of a Recapitalization Agreement, dated July 24, 2018, the Reporting Persons exchanged all common units representing limited partner interests ("Common Units") of Kimbell Royalty Partners, LP (the "Issuer") owned on a one-for-one basis for "OpCo Units", which represent limited liability company units of Kimbell Royalty Operating, LLC, and an equal number of Class B common units ("Class B Units") of the Issuer. Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, OpCo Units, together with an equal number of Class B Units, are exchangeable on a one-for-one basis for Common Units at the discretion of the holder.

F1 · price: Pursuant to the terms of a Recapitalization Agreement, dated July 24, 2018, the Reporting Persons exchanged all common units representing limited partner interests ("Common Units") of Kimbell Royalty Partners, LP (the "Issuer") owned on a one-for-one basis for "OpCo Units", which represent limited liability company units of Kimbell Royalty Operating, LLC, and an equal number of Class B common units ("Class B Units") of the Issuer. Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, OpCo Units, together with an equal number of Class B Units, are exchangeable on a one-for-one basis for Common Units at the discretion of the holder.

F1 · balance_after: Pursuant to the terms of a Recapitalization Agreement, dated July 24, 2018, the Reporting Persons exchanged all common units representing limited partner interests ("Common Units") of Kimbell Royalty Partners, LP (the "Issuer") owned on a one-for-one basis for "OpCo Units", which represent limited liability company units of Kimbell Royalty Operating, LLC, and an equal number of Class B common units ("Class B Units") of the Issuer. Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, OpCo Units, together with an equal number of Class B Units, are exchangeable on a one-for-one basis for Common Units at the discretion of the holder.

F1 · ownership.nature: Pursuant to the terms of a Recapitalization Agreement, dated July 24, 2018, the Reporting Persons exchanged all common units representing limited partner interests ("Common Units") of Kimbell Royalty Partners, LP (the "Issuer") owned on a one-for-one basis for "OpCo Units", which represent limited liability company units of Kimbell Royalty Operating, LLC, and an equal number of Class B common units ("Class B Units") of the Issuer. Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, OpCo Units, together with an equal number of Class B Units, are exchangeable on a one-for-one basis for Common Units at the discretion of the holder.

F2 · ownership.nature: These securities are held by EIGF Aggregator III LLC ("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.

F4 · 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 Fund Holdings L.P. ("KKR Fund Holdings") and KKR Upstream LLC ("KKR Upstream") are the members of KKR Upstream Associates and KKR Fund Holdings is the sole member of KKR Upstream. KKR Fund Holdings GP Limited ("KKR Fund Holdings GP") is a general partner of KKR Fund Holdings. KKR Group Holdings Corp. ("KKR Group Holdings") is the sole shareholder of KKR Fund Holdings GP and a general partner of KKR Fund Holdings. KKR & Co. Inc. ("KKR & Co.") is the sole shareholder of KKR Group Holdings. KKR Management LLC ("KKR Management") is the controlling shareholder of KKR & Co. Messrs. Kravis and Roberts are the designated members of KKR Management.

F5 · ownership.nature: 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: 0001104659-18-058503 · a4.xml · derivative · entry 2

Kimbell Art Foundation · CIK 0001695451 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,953,258

Underlying: Common units representing limited partner interests · 2,953,258 shares

Expires not disclosed

F1 · derivative.exercise_price: Pursuant to the terms of a Recapitalization Agreement, dated as of July 24, 2018, the reporting person exchanged all of its common units representing limited partner interests ("Common Units") of Kimbell Royalty Partners, LP (the "Issuer") for an equal number of (i) "OpCo Common Units," which represent limited liability company interests of Kimbell Royalty Operating, LLC (the "Operating Company"), and (ii) "Class B Units," which represent limited partner interests of the Issuer. Pursuant to the terms of an Exchange Agreement, dated as of September 23, 2018, OpCo Common Units, together with an equal number of Class B Units, are exchangeable on a one-on-one basis for Common Units at the discretion of the reporting person. The Issuer and the Operating Company have the option to deliver cash in lieu of Common Units upon the exercise by the reporting person of its exchange right.

F1 · kind: Pursuant to the terms of a Recapitalization Agreement, dated as of July 24, 2018, the reporting person exchanged all of its common units representing limited partner interests ("Common Units") of Kimbell Royalty Partners, LP (the "Issuer") for an equal number of (i) "OpCo Common Units," which represent limited liability company interests of Kimbell Royalty Operating, LLC (the "Operating Company"), and (ii) "Class B Units," which represent limited partner interests of the Issuer. Pursuant to the terms of an Exchange Agreement, dated as of September 23, 2018, OpCo Common Units, together with an equal number of Class B Units, are exchangeable on a one-on-one basis for Common Units at the discretion of the reporting person. The Issuer and the Operating Company have the option to deliver cash in lieu of Common Units upon the exercise by the reporting person of its exchange right.

F1 · derivative.exercise_date: Pursuant to the terms of a Recapitalization Agreement, dated as of July 24, 2018, the reporting person exchanged all of its common units representing limited partner interests ("Common Units") of Kimbell Royalty Partners, LP (the "Issuer") for an equal number of (i) "OpCo Common Units," which represent limited liability company interests of Kimbell Royalty Operating, LLC (the "Operating Company"), and (ii) "Class B Units," which represent limited partner interests of the Issuer. Pursuant to the terms of an Exchange Agreement, dated as of September 23, 2018, OpCo Common Units, together with an equal number of Class B Units, are exchangeable on a one-on-one basis for Common Units at the discretion of the reporting person. The Issuer and the Operating Company have the option to deliver cash in lieu of Common Units upon the exercise by the reporting person of its exchange right.

F1 · derivative.expiration_date: Pursuant to the terms of a Recapitalization Agreement, dated as of July 24, 2018, the reporting person exchanged all of its common units representing limited partner interests ("Common Units") of Kimbell Royalty Partners, LP (the "Issuer") for an equal number of (i) "OpCo Common Units," which represent limited liability company interests of Kimbell Royalty Operating, LLC (the "Operating Company"), and (ii) "Class B Units," which represent limited partner interests of the Issuer. Pursuant to the terms of an Exchange Agreement, dated as of September 23, 2018, OpCo Common Units, together with an equal number of Class B Units, are exchangeable on a one-on-one basis for Common Units at the discretion of the reporting person. The Issuer and the Operating Company have the option to deliver cash in lieu of Common Units upon the exercise by the reporting person of its exchange right.

SEC source: 0001104659-18-058503 · a4.xml · nonDerivative · entry 1

Kimbell Art Foundation · CIK 0001695451 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

F1 · kind: Pursuant to the terms of a Recapitalization Agreement, dated as of July 24, 2018, the reporting person exchanged all of its common units representing limited partner interests ("Common Units") of Kimbell Royalty Partners, LP (the "Issuer") for an equal number of (i) "OpCo Common Units," which represent limited liability company interests of Kimbell Royalty Operating, LLC (the "Operating Company"), and (ii) "Class B Units," which represent limited partner interests of the Issuer. Pursuant to the terms of an Exchange Agreement, dated as of September 23, 2018, OpCo Common Units, together with an equal number of Class B Units, are exchangeable on a one-on-one basis for Common Units at the discretion of the reporting person. The Issuer and the Operating Company have the option to deliver cash in lieu of Common Units upon the exercise by the reporting person of its exchange right.

F1 · price: Pursuant to the terms of a Recapitalization Agreement, dated as of July 24, 2018, the reporting person exchanged all of its common units representing limited partner interests ("Common Units") of Kimbell Royalty Partners, LP (the "Issuer") for an equal number of (i) "OpCo Common Units," which represent limited liability company interests of Kimbell Royalty Operating, LLC (the "Operating Company"), and (ii) "Class B Units," which represent limited partner interests of the Issuer. Pursuant to the terms of an Exchange Agreement, dated as of September 23, 2018, OpCo Common Units, together with an equal number of Class B Units, are exchangeable on a one-on-one basis for Common Units at the discretion of the reporting person. The Issuer and the Operating Company have the option to deliver cash in lieu of Common Units upon the exercise by the reporting person of its exchange right.

F1 · balance_after: Pursuant to the terms of a Recapitalization Agreement, dated as of July 24, 2018, the reporting person exchanged all of its common units representing limited partner interests ("Common Units") of Kimbell Royalty Partners, LP (the "Issuer") for an equal number of (i) "OpCo Common Units," which represent limited liability company interests of Kimbell Royalty Operating, LLC (the "Operating Company"), and (ii) "Class B Units," which represent limited partner interests of the Issuer. Pursuant to the terms of an Exchange Agreement, dated as of September 23, 2018, OpCo Common Units, together with an equal number of Class B Units, are exchangeable on a one-on-one basis for Common Units at the discretion of the reporting person. The Issuer and the Operating Company have the option to deliver cash in lieu of Common Units upon the exercise by the reporting person of its exchange right.

SEC source: 0001140361-18-039068 · form4.xml · derivative · entry 4

KKR Fund Holdings L.P. · CIK 0001472698 · 10% owner

KKR UPSTREAM LLC · CIK 0001746584 · 10% owner

KKR Fund Holdings GP Ltd · CIK 0001472697 · 10% owner

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

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

KKR Management LLC · CIK 0001472694 · 10% owner

KRAVIS HENRY R · CIK 0001081714 · 10% owner

ROBERTS GEORGE R · CIK 0001081715 · 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: 314,005

Underlying: Common units representing limited partner interests · 314,005 shares

Expires not disclosed

F1 · derivative.exercise_price: Pursuant to the terms of a Recapitalization Agreement, dated July 24, 2018, the Reporting Persons exchanged all common units representing limited partner interests ("Common Units") of Kimbell Royalty Partners, LP (the "Issuer") owned on a one-for-one basis for "OpCo Units", which represent limited liability company units of Kimbell Royalty Operating, LLC, and an equal number of Class B common units ("Class B Units") of the Issuer. Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, OpCo Units, together with an equal number of Class B Units, are exchangeable on a one-for-one basis for Common Units at the discretion of the holder.

F1 · kind: Pursuant to the terms of a Recapitalization Agreement, dated July 24, 2018, the Reporting Persons exchanged all common units representing limited partner interests ("Common Units") of Kimbell Royalty Partners, LP (the "Issuer") owned on a one-for-one basis for "OpCo Units", which represent limited liability company units of Kimbell Royalty Operating, LLC, and an equal number of Class B common units ("Class B Units") of the Issuer. Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, OpCo Units, together with an equal number of Class B Units, are exchangeable on a one-for-one basis for Common Units at the discretion of the holder.

F1 · derivative.exercise_date: Pursuant to the terms of a Recapitalization Agreement, dated July 24, 2018, the Reporting Persons exchanged all common units representing limited partner interests ("Common Units") of Kimbell Royalty Partners, LP (the "Issuer") owned on a one-for-one basis for "OpCo Units", which represent limited liability company units of Kimbell Royalty Operating, LLC, and an equal number of Class B common units ("Class B Units") of the Issuer. Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, OpCo Units, together with an equal number of Class B Units, are exchangeable on a one-for-one basis for Common Units at the discretion of the holder.

F1 · derivative.expiration_date: Pursuant to the terms of a Recapitalization Agreement, dated July 24, 2018, the Reporting Persons exchanged all common units representing limited partner interests ("Common Units") of Kimbell Royalty Partners, LP (the "Issuer") owned on a one-for-one basis for "OpCo Units", which represent limited liability company units of Kimbell Royalty Operating, LLC, and an equal number of Class B common units ("Class B Units") of the Issuer. Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, OpCo Units, together with an equal number of Class B Units, are exchangeable on a one-for-one basis for Common Units at the discretion of the holder.

F1 · ownership.nature: Pursuant to the terms of a Recapitalization Agreement, dated July 24, 2018, the Reporting Persons exchanged all common units representing limited partner interests ("Common Units") of Kimbell Royalty Partners, LP (the "Issuer") owned on a one-for-one basis for "OpCo Units", which represent limited liability company units of Kimbell Royalty Operating, LLC, and an equal number of Class B common units ("Class B Units") of the Issuer. Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, OpCo Units, together with an equal number of Class B Units, are exchangeable on a one-for-one basis for Common Units at the discretion of the holder.

F3 · ownership.nature: These securities are held by TE Drilling Aggregator LLC ("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.

F4 · 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 Fund Holdings L.P. ("KKR Fund Holdings") and KKR Upstream LLC ("KKR Upstream") are the members of KKR Upstream Associates and KKR Fund Holdings is the sole member of KKR Upstream. KKR Fund Holdings GP Limited ("KKR Fund Holdings GP") is a general partner of KKR Fund Holdings. KKR Group Holdings Corp. ("KKR Group Holdings") is the sole shareholder of KKR Fund Holdings GP and a general partner of KKR Fund Holdings. KKR & Co. Inc. ("KKR & Co.") is the sole shareholder of KKR Group Holdings. KKR Management LLC ("KKR Management") is the controlling shareholder of KKR & Co. Messrs. Kravis and Roberts are the designated members of KKR Management.

F5 · ownership.nature: 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: 0001140361-18-039068 · form4.xml · derivative · entry 3

KKR Fund Holdings L.P. · CIK 0001472698 · 10% owner

KKR UPSTREAM LLC · CIK 0001746584 · 10% owner

KKR Fund Holdings GP Ltd · CIK 0001472697 · 10% owner

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

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

KKR Management LLC · CIK 0001472694 · 10% owner

KRAVIS HENRY R · CIK 0001081714 · 10% owner

ROBERTS GEORGE R · CIK 0001081715 · 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: 4,599,554

Underlying: Common units representing limited partner interests · 4,599,554 shares

Expires not disclosed

F1 · derivative.exercise_price: Pursuant to the terms of a Recapitalization Agreement, dated July 24, 2018, the Reporting Persons exchanged all common units representing limited partner interests ("Common Units") of Kimbell Royalty Partners, LP (the "Issuer") owned on a one-for-one basis for "OpCo Units", which represent limited liability company units of Kimbell Royalty Operating, LLC, and an equal number of Class B common units ("Class B Units") of the Issuer. Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, OpCo Units, together with an equal number of Class B Units, are exchangeable on a one-for-one basis for Common Units at the discretion of the holder.

F1 · kind: Pursuant to the terms of a Recapitalization Agreement, dated July 24, 2018, the Reporting Persons exchanged all common units representing limited partner interests ("Common Units") of Kimbell Royalty Partners, LP (the "Issuer") owned on a one-for-one basis for "OpCo Units", which represent limited liability company units of Kimbell Royalty Operating, LLC, and an equal number of Class B common units ("Class B Units") of the Issuer. Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, OpCo Units, together with an equal number of Class B Units, are exchangeable on a one-for-one basis for Common Units at the discretion of the holder.

F1 · derivative.exercise_date: Pursuant to the terms of a Recapitalization Agreement, dated July 24, 2018, the Reporting Persons exchanged all common units representing limited partner interests ("Common Units") of Kimbell Royalty Partners, LP (the "Issuer") owned on a one-for-one basis for "OpCo Units", which represent limited liability company units of Kimbell Royalty Operating, LLC, and an equal number of Class B common units ("Class B Units") of the Issuer. Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, OpCo Units, together with an equal number of Class B Units, are exchangeable on a one-for-one basis for Common Units at the discretion of the holder.

F1 · derivative.expiration_date: Pursuant to the terms of a Recapitalization Agreement, dated July 24, 2018, the Reporting Persons exchanged all common units representing limited partner interests ("Common Units") of Kimbell Royalty Partners, LP (the "Issuer") owned on a one-for-one basis for "OpCo Units", which represent limited liability company units of Kimbell Royalty Operating, LLC, and an equal number of Class B common units ("Class B Units") of the Issuer. Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, OpCo Units, together with an equal number of Class B Units, are exchangeable on a one-for-one basis for Common Units at the discretion of the holder.

F1 · ownership.nature: Pursuant to the terms of a Recapitalization Agreement, dated July 24, 2018, the Reporting Persons exchanged all common units representing limited partner interests ("Common Units") of Kimbell Royalty Partners, LP (the "Issuer") owned on a one-for-one basis for "OpCo Units", which represent limited liability company units of Kimbell Royalty Operating, LLC, and an equal number of Class B common units ("Class B Units") of the Issuer. Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, OpCo Units, together with an equal number of Class B Units, are exchangeable on a one-for-one basis for Common Units at the discretion of the holder.

F2 · ownership.nature: These securities are held by EIGF Aggregator III LLC ("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.

F4 · 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 Fund Holdings L.P. ("KKR Fund Holdings") and KKR Upstream LLC ("KKR Upstream") are the members of KKR Upstream Associates and KKR Fund Holdings is the sole member of KKR Upstream. KKR Fund Holdings GP Limited ("KKR Fund Holdings GP") is a general partner of KKR Fund Holdings. KKR Group Holdings Corp. ("KKR Group Holdings") is the sole shareholder of KKR Fund Holdings GP and a general partner of KKR Fund Holdings. KKR & Co. Inc. ("KKR & Co.") is the sole shareholder of KKR Group Holdings. KKR Management LLC ("KKR Management") is the controlling shareholder of KKR & Co. Messrs. Kravis and Roberts are the designated members of KKR Management.

F5 · ownership.nature: 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: 0001140361-18-039068 · form4.xml · nonDerivative · entry 2

KKR Fund Holdings L.P. · CIK 0001472698 · 10% owner

KKR UPSTREAM LLC · CIK 0001746584 · 10% owner

KKR Fund Holdings GP Ltd · CIK 0001472697 · 10% owner

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

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

KKR Management LLC · CIK 0001472694 · 10% owner

KRAVIS HENRY R · CIK 0001081714 · 10% owner

ROBERTS GEORGE R · CIK 0001081715 · 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

F1 · kind: Pursuant to the terms of a Recapitalization Agreement, dated July 24, 2018, the Reporting Persons exchanged all common units representing limited partner interests ("Common Units") of Kimbell Royalty Partners, LP (the "Issuer") owned on a one-for-one basis for "OpCo Units", which represent limited liability company units of Kimbell Royalty Operating, LLC, and an equal number of Class B common units ("Class B Units") of the Issuer. Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, OpCo Units, together with an equal number of Class B Units, are exchangeable on a one-for-one basis for Common Units at the discretion of the holder.

F1 · price: Pursuant to the terms of a Recapitalization Agreement, dated July 24, 2018, the Reporting Persons exchanged all common units representing limited partner interests ("Common Units") of Kimbell Royalty Partners, LP (the "Issuer") owned on a one-for-one basis for "OpCo Units", which represent limited liability company units of Kimbell Royalty Operating, LLC, and an equal number of Class B common units ("Class B Units") of the Issuer. Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, OpCo Units, together with an equal number of Class B Units, are exchangeable on a one-for-one basis for Common Units at the discretion of the holder.

F1 · balance_after: Pursuant to the terms of a Recapitalization Agreement, dated July 24, 2018, the Reporting Persons exchanged all common units representing limited partner interests ("Common Units") of Kimbell Royalty Partners, LP (the "Issuer") owned on a one-for-one basis for "OpCo Units", which represent limited liability company units of Kimbell Royalty Operating, LLC, and an equal number of Class B common units ("Class B Units") of the Issuer. Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, OpCo Units, together with an equal number of Class B Units, are exchangeable on a one-for-one basis for Common Units at the discretion of the holder.

F1 · ownership.nature: Pursuant to the terms of a Recapitalization Agreement, dated July 24, 2018, the Reporting Persons exchanged all common units representing limited partner interests ("Common Units") of Kimbell Royalty Partners, LP (the "Issuer") owned on a one-for-one basis for "OpCo Units", which represent limited liability company units of Kimbell Royalty Operating, LLC, and an equal number of Class B common units ("Class B Units") of the Issuer. Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, OpCo Units, together with an equal number of Class B Units, are exchangeable on a one-for-one basis for Common Units at the discretion of the holder.

F3 · ownership.nature: These securities are held by TE Drilling Aggregator LLC ("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.

F4 · 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 Fund Holdings L.P. ("KKR Fund Holdings") and KKR Upstream LLC ("KKR Upstream") are the members of KKR Upstream Associates and KKR Fund Holdings is the sole member of KKR Upstream. KKR Fund Holdings GP Limited ("KKR Fund Holdings GP") is a general partner of KKR Fund Holdings. KKR Group Holdings Corp. ("KKR Group Holdings") is the sole shareholder of KKR Fund Holdings GP and a general partner of KKR Fund Holdings. KKR & Co. Inc. ("KKR & Co.") is the sole shareholder of KKR Group Holdings. KKR Management LLC ("KKR Management") is the controlling shareholder of KKR & Co. Messrs. Kravis and Roberts are the designated members of KKR Management.

F5 · ownership.nature: 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: 0001140361-18-039068 · form4.xml · nonDerivative · entry 1

KKR Fund Holdings L.P. · CIK 0001472698 · 10% owner

KKR UPSTREAM LLC · CIK 0001746584 · 10% owner

KKR Fund Holdings GP Ltd · CIK 0001472697 · 10% owner

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

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

KKR Management LLC · CIK 0001472694 · 10% owner

KRAVIS HENRY R · CIK 0001081714 · 10% owner

ROBERTS GEORGE R · CIK 0001081715 · 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

F1 · kind: Pursuant to the terms of a Recapitalization Agreement, dated July 24, 2018, the Reporting Persons exchanged all common units representing limited partner interests ("Common Units") of Kimbell Royalty Partners, LP (the "Issuer") owned on a one-for-one basis for "OpCo Units", which represent limited liability company units of Kimbell Royalty Operating, LLC, and an equal number of Class B common units ("Class B Units") of the Issuer. Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, OpCo Units, together with an equal number of Class B Units, are exchangeable on a one-for-one basis for Common Units at the discretion of the holder.

F1 · price: Pursuant to the terms of a Recapitalization Agreement, dated July 24, 2018, the Reporting Persons exchanged all common units representing limited partner interests ("Common Units") of Kimbell Royalty Partners, LP (the "Issuer") owned on a one-for-one basis for "OpCo Units", which represent limited liability company units of Kimbell Royalty Operating, LLC, and an equal number of Class B common units ("Class B Units") of the Issuer. Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, OpCo Units, together with an equal number of Class B Units, are exchangeable on a one-for-one basis for Common Units at the discretion of the holder.

F1 · balance_after: Pursuant to the terms of a Recapitalization Agreement, dated July 24, 2018, the Reporting Persons exchanged all common units representing limited partner interests ("Common Units") of Kimbell Royalty Partners, LP (the "Issuer") owned on a one-for-one basis for "OpCo Units", which represent limited liability company units of Kimbell Royalty Operating, LLC, and an equal number of Class B common units ("Class B Units") of the Issuer. Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, OpCo Units, together with an equal number of Class B Units, are exchangeable on a one-for-one basis for Common Units at the discretion of the holder.

F1 · ownership.nature: Pursuant to the terms of a Recapitalization Agreement, dated July 24, 2018, the Reporting Persons exchanged all common units representing limited partner interests ("Common Units") of Kimbell Royalty Partners, LP (the "Issuer") owned on a one-for-one basis for "OpCo Units", which represent limited liability company units of Kimbell Royalty Operating, LLC, and an equal number of Class B common units ("Class B Units") of the Issuer. Pursuant to the terms of an Exchange Agreement, dated September 23, 2018, OpCo Units, together with an equal number of Class B Units, are exchangeable on a one-for-one basis for Common Units at the discretion of the holder.

F2 · ownership.nature: These securities are held by EIGF Aggregator III LLC ("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.

F4 · 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 Fund Holdings L.P. ("KKR Fund Holdings") and KKR Upstream LLC ("KKR Upstream") are the members of KKR Upstream Associates and KKR Fund Holdings is the sole member of KKR Upstream. KKR Fund Holdings GP Limited ("KKR Fund Holdings GP") is a general partner of KKR Fund Holdings. KKR Group Holdings Corp. ("KKR Group Holdings") is the sole shareholder of KKR Fund Holdings GP and a general partner of KKR Fund Holdings. KKR & Co. Inc. ("KKR & Co.") is the sole shareholder of KKR Group Holdings. KKR Management LLC ("KKR Management") is the controlling shareholder of KKR & Co. Messrs. Kravis and Roberts are the designated members of KKR Management.

F5 · ownership.nature: 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: 0001104659-19-008854 · a5.xml · nonDerivative · entry 2

Kimbell GP Holdings, LLC · CIK 0001695485 · Director

Kimbell Royalty GP, LLC · CIK 0001695439 · Director

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 30,000

F1 · price: These common units representing limited partner interests (the "Common Units") were contributed to Kimbell GP Holdings, LLC ("Holdings") in connection with the previously announced recapitalization of Kimbell Royalty Partners, LP (the "Issuer") related to the Issuer's decision to change its U.S. federal income tax status from a pass-through partnership to an entity taxable as a corporation by means of a "check-the-box" election. Such Common Units include (i) 5,000 Common Units contributed by Ben J. Fortson, (ii) 5,000 Common Units contributed by Mitch S. Wynne and (iii) 10,000 Common Units contributed by Robert D. Ravnaas, each on September 19, 2018, and (iv) 10,000 Common Units contributed by BGT Minerals, LLC on September 21, 2018.

F1 · balance_after: These common units representing limited partner interests (the "Common Units") were contributed to Kimbell GP Holdings, LLC ("Holdings") in connection with the previously announced recapitalization of Kimbell Royalty Partners, LP (the "Issuer") related to the Issuer's decision to change its U.S. federal income tax status from a pass-through partnership to an entity taxable as a corporation by means of a "check-the-box" election. Such Common Units include (i) 5,000 Common Units contributed by Ben J. Fortson, (ii) 5,000 Common Units contributed by Mitch S. Wynne and (iii) 10,000 Common Units contributed by Robert D. Ravnaas, each on September 19, 2018, and (iv) 10,000 Common Units contributed by BGT Minerals, LLC on September 21, 2018.

F2 · balance_after: Holdings is the sole member of Kimbell Royalty GP, LLC (the "General Partner"), which is the general partner of the Issuer. Holdings has the right to appoint all of the directors of the Board of Directors of the General Partner. Therefore, Holdings may be deemed to be a director by deputization.

F3 · balance_after: The General Partner disclaims Section 16 beneficial ownership of the securities held by Holdings, except to the extent of its pecuniary interest therein, if any.

SEC source: 0001104659-19-008858 · a5.xml · nonDerivative · entry 1

BGT Investments LLC · CIK 0001695481 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 10,000

F1 · price: These common units representing limited partner interests (the "Common Units") are owned directly by Kimbell GP Holdings, LLC ("Holdings"). The reporting person holds a 33.33% membership interest in Holdings, which is the sole member of Kimbell Royalty GP, LLC (the "General Partner"), which is the general partner of Kimbell Royalty Partners, LP (the "Issuer"). As a holder of a membership interest in Holdings, the reporting person is deemed to beneficially own the Common Units reported herein. Previously, these Common Units were reported as being held directly by BGT Minerals, LLC. On September 21, 2018, the Common Units were assigned by BGT Minerals, LLC to Holdings in connection with the previously announced recapitalization of the Issuer related to the Issuer's decision to change its U.S. federal income tax status from a pass-through partnership to an entity taxable as a corporation by means of a "check-the-box" election.

F1 · ownership.nature: These common units representing limited partner interests (the "Common Units") are owned directly by Kimbell GP Holdings, LLC ("Holdings"). The reporting person holds a 33.33% membership interest in Holdings, which is the sole member of Kimbell Royalty GP, LLC (the "General Partner"), which is the general partner of Kimbell Royalty Partners, LP (the "Issuer"). As a holder of a membership interest in Holdings, the reporting person is deemed to beneficially own the Common Units reported herein. Previously, these Common Units were reported as being held directly by BGT Minerals, LLC. On September 21, 2018, the Common Units were assigned by BGT Minerals, LLC to Holdings in connection with the previously announced recapitalization of the Issuer related to the Issuer's decision to change its U.S. federal income tax status from a pass-through partnership to an entity taxable as a corporation by means of a "check-the-box" election.

F2 · ownership.nature: Holdings has the right to appoint all of the directors of the Board of Directors of the General Partner. Therefore, the reporting person may be deemed to be a director by deputization. The reporting person disclaims its possible status as a director of the Issuer by deputization.

SEC source: 0001104659-19-008854 · a5.xml · nonDerivative · entry 1

Kimbell GP Holdings, LLC · CIK 0001695485 · Director

Kimbell Royalty GP, LLC · CIK 0001695439 · Director

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 20,000

F1 · price: These common units representing limited partner interests (the "Common Units") were contributed to Kimbell GP Holdings, LLC ("Holdings") in connection with the previously announced recapitalization of Kimbell Royalty Partners, LP (the "Issuer") related to the Issuer's decision to change its U.S. federal income tax status from a pass-through partnership to an entity taxable as a corporation by means of a "check-the-box" election. Such Common Units include (i) 5,000 Common Units contributed by Ben J. Fortson, (ii) 5,000 Common Units contributed by Mitch S. Wynne and (iii) 10,000 Common Units contributed by Robert D. Ravnaas, each on September 19, 2018, and (iv) 10,000 Common Units contributed by BGT Minerals, LLC on September 21, 2018.

F1 · balance_after: These common units representing limited partner interests (the "Common Units") were contributed to Kimbell GP Holdings, LLC ("Holdings") in connection with the previously announced recapitalization of Kimbell Royalty Partners, LP (the "Issuer") related to the Issuer's decision to change its U.S. federal income tax status from a pass-through partnership to an entity taxable as a corporation by means of a "check-the-box" election. Such Common Units include (i) 5,000 Common Units contributed by Ben J. Fortson, (ii) 5,000 Common Units contributed by Mitch S. Wynne and (iii) 10,000 Common Units contributed by Robert D. Ravnaas, each on September 19, 2018, and (iv) 10,000 Common Units contributed by BGT Minerals, LLC on September 21, 2018.

F2 · balance_after: Holdings is the sole member of Kimbell Royalty GP, LLC (the "General Partner"), which is the general partner of the Issuer. Holdings has the right to appoint all of the directors of the Board of Directors of the General Partner. Therefore, Holdings may be deemed to be a director by deputization.

F3 · balance_after: The General Partner disclaims Section 16 beneficial ownership of the securities held by Holdings, except to the extent of its pecuniary interest therein, if any.

SEC source: 0001104659-19-008859 · a5.xml · nonDerivative · entry 1

Rochelle Royalties, LLC · CIK 0001695454 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 10,000

F1 · price: These common units representing limited partner interests (the "Common Units") are owned directly by Kimbell GP Holdings, LLC ("Holdings"). The reporting person holds a 33.33% membership interest in Holdings, which is the sole member of Kimbell Royalty GP, LLC (the "General Partner"), which is the general partner of Kimbell Royalty Partners, LP (the "Issuer"). As a holder of a membership interest in Holdings, the reporting person is deemed to beneficially own the Common Units reported herein. Previously, these Common Units were reported as being held directly by Robert D. Ravnaas. On September 19, 2018, the Common Units were assigned by such individual to Holdings in connection with the previously announced recapitalization of the Issuer related to the Issuer's decision to change its U.S. federal income tax status from a pass-through partnership to an entity taxable as a corporation by means of a "check-the-box" election.

F1 · ownership.nature: These common units representing limited partner interests (the "Common Units") are owned directly by Kimbell GP Holdings, LLC ("Holdings"). The reporting person holds a 33.33% membership interest in Holdings, which is the sole member of Kimbell Royalty GP, LLC (the "General Partner"), which is the general partner of Kimbell Royalty Partners, LP (the "Issuer"). As a holder of a membership interest in Holdings, the reporting person is deemed to beneficially own the Common Units reported herein. Previously, these Common Units were reported as being held directly by Robert D. Ravnaas. On September 19, 2018, the Common Units were assigned by such individual to Holdings in connection with the previously announced recapitalization of the Issuer related to the Issuer's decision to change its U.S. federal income tax status from a pass-through partnership to an entity taxable as a corporation by means of a "check-the-box" election.

F2 · ownership.nature: Holdings has the right to appoint all of the directors of the Board of Directors of the General Partner. Therefore, the reporting person may be deemed to be a director by deputization. The reporting person disclaims its possible status as a director of the Issuer by deputization.

SEC source: 0001104659-19-008857 · a5.xml · nonDerivative · entry 1

Double Eagle Interests, LLC · CIK 0001695470 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 10,000

F1 · price: These common units representing limited partner interests (the "Common Units") are owned directly by Kimbell GP Holdings, LLC ("Holdings"). The reporting person holds a 33.33% membership interest in Holdings, which is the sole member of Kimbell Royalty GP, LLC (the "General Partner"), which is the general partner of Kimbell Royalty Partners, LP (the "Issuer"). As a holder of a membership interest in Holdings, the reporting person is deemed to beneficially own the Common Units reported herein. Previously, these Common Units were reported as being held directly by Ben J. Fortson and Mitch S. Wynne. On September 19, 2018, the Common Units were assigned by such individuals to Holdings in connection with the previously announced recapitalization of the Issuer related to the Issuer's decision to change its U.S. federal income tax status from a pass-through partnership to an entity taxable as a corporation by means of a "check-the-box" election.

F1 · ownership.nature: These common units representing limited partner interests (the "Common Units") are owned directly by Kimbell GP Holdings, LLC ("Holdings"). The reporting person holds a 33.33% membership interest in Holdings, which is the sole member of Kimbell Royalty GP, LLC (the "General Partner"), which is the general partner of Kimbell Royalty Partners, LP (the "Issuer"). As a holder of a membership interest in Holdings, the reporting person is deemed to beneficially own the Common Units reported herein. Previously, these Common Units were reported as being held directly by Ben J. Fortson and Mitch S. Wynne. On September 19, 2018, the Common Units were assigned by such individuals to Holdings in connection with the previously announced recapitalization of the Issuer related to the Issuer's decision to change its U.S. federal income tax status from a pass-through partnership to an entity taxable as a corporation by means of a "check-the-box" election.

F2 · ownership.nature: Holdings has the right to appoint all of the directors of the Board of Directors of the General Partner. Therefore, the reporting person may be deemed to be a director by deputization. The reporting person disclaims its possible status as a director of the Issuer by deputization.