Global Endowment Management, LP - Jan 31, 2023 Form 4 Insider Report for TXO Energy Partners, L.P. (TXO)

Role: 10%+ Owner
Signature: Global Endowment Management, LP, By: /s/ J. Porter Durham, Jr., Authorized Person
Stock symbol: TXO
Transactions as of: Jan 31, 2023
Transactions value $: $0
Form type: 4
Date filed: 2/2/2023, 05:24 PM
Previous filing: Feb 2, 2023
Next filing: Nov 14, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	TXO	Common Units	Conversion of derivative security		+1.44M	+43.79%		4.71M	Jan 31, 2023	By MorningStar Partners II, L.P	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
transaction	TXO	Series 5 Preferred Units	Conversion of derivative security	$0	-280	-100%	$0.00^*	0	Jan 31, 2023	Common Units	1.44M		See footnotes	F1, F4, F5

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

Explanation of Responses:

Id	Content
F1	Immediately prior to the closing of the Issuer's initial public offering, the Issuer's series 5 preferred units automatically converted into common units of the Issuer.
F2	Reflects securities acquired in a transaction exempt from reporting pursuant to Rule 16a-13.
F3	Reflects the number of units beneficially held following a 1-for-25.33 reverse unit split effected by the Issuer on January 31, 2023, which was exempt from reporting pursuant to Rule 16a-9.
F4	The securities reported include (i) 853,773 common units underlying series 5 preferred units held by GEF-PUE, LP and (ii) 581,901 common units underlying series 5 preferred units held by GEF-DTOE, Inc.
F5	Global Endowment Management, LP controls the investment decisions of each of GEF-DTOE, Inc. and GEF-PUE, LP, and J. Porter Durham, Jr. has management control over Global Endowment Management, LP and accordingly may be deemed to share beneficial ownership of the common units held by each of GEF-DTOE, Inc. and GEF-PUE, LP. J. Porter Durham, Jr. disclaims beneficial ownership of such common units except to the extent of his pecuniary interest therein, if any.