J. Luther King Jr - Jan 26, 2023 Form 3 Insider Report for MorningStar Partners, L.P. (TXO)

Role: Director, Other*, 10%+ Owner
Signature: /s/ Brent W. Clum, Attorney-in-fact
Stock symbol: TXO
Transactions as of: Jan 26, 2023
Transactions value $: $0
Form type: 3
Date filed: 1/26/2023, 06:00 PM
Next filing: Feb 2, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	TXO	Common Units						11.7M	Jan 26, 2023	Direct
holding	TXO	Common Units						37.9M	Jan 26, 2023	See footnotes	F1, F2, F3

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
holding	TXO	Series 5 Preferred Units							Jan 26, 2023	Common Units	6.93M		Direct	F4
holding	TXO	Series 5 Preferred Units							Jan 26, 2023	Common Units	27M		See footnotes	F1, F2, F3, F4

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The securities reported includes (i) 17,259,241 common units and 12,863,158 common units underlying series 5 preferred units held by LKCM Investment Partnership, L.P. and (ii) 20,621,256 common units and 14,128,947 common units underlying series 5 preferred units held by PDLP Morningstar, LLC.
F2	LKCM Investment Partnership GP, LLC is the general partner of LKCM Investment Partnership, L.P. LKCM Private Discipline Management, L.P. is the sole holder of management shares of LKCM Private Discipline Master Fund, SPC. PDLP Morningstar, LLC is a wholly owned subsidiary of LKCM Private Discipline Master Fund, SPC. Luther King Capital Management Corporation serves as the investment adviser to each of LKCM Investment Partnership, L.P. and LKCM Private Discipline Master Fund, SPC. J. Luther King, Jr. serves as the President of Luther King Capital Management Corporation.
F3	Luther King Capital Management Corportion has voting and investment power over the securities beneficially owned by each of LKCM Investment Partnership GP, LLC and LKCM Private Discipline Management L.P. Accordingly, each of J. Luther King and Luther King Capital Management Corporation may be deemed to share beneficial ownership of the common units held by each of LKCM Investment Partnership, L.P. and PDLP Morningstar, LLC, but each disclaims beneficial ownership of such common units except to the extent of their pecuniary interest therein.
F4	Immediately prior to the closing of the Issuer's initial public offering, the Issuer's series 5 preferred units will automatically convert into common units of the Issuer.

Remarks:

The Reporting Person is a Director of TXO Energy GP, LLC, the general partner of the Issuer (the "General Partner"). The Issuer is managed by the directors and executive officers of the General Partner. Exhibit 24 - Power of Attorney.