# EDGAR Filing Document

**Accession Number:** 0001512237
**File Stem:** 0000905148-25-002976
**Filing Date:** 2025-8
**Character Count:** 10346
**Document Hash:** a8b11703126ccfb9f445ff5dc18e337f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000905148-25-002976.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0000905148-25-002976

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13G/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TXO Partners, L.P.
- **CENTRAL INDEX KEY:** 0001559432
- **STANDARD INDUSTRIAL CLASSIFICATION:** CRUDE PETROLEUM & NATURAL GAS [1311]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 320368858
- **STATE OF INCORPORATION:** X1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-94337
- **FILM NUMBER:** 251221056

**BUSINESS ADDRESS:**
- **STREET 1:** 400 WEST 7TH STREET
- **CITY:** FORT WORTH
- **STATE:** TX
- **ZIP:** 76102
- **BUSINESS PHONE:** 817-334-7800

**MAIL ADDRESS:**
- **STREET 1:** 400 WEST 7TH STREET
- **CITY:** FORT WORTH
- **STATE:** TX
- **ZIP:** 76102

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TXO Energy Partners, L.P.
- **DATE OF NAME CHANGE:** 20230131

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MorningStar Partners, L.P.
- **DATE OF NAME CHANGE:** 20121002
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Global Endowment Management, LP
- **CENTRAL INDEX KEY:** 0001512237

**ORGANIZATION NAME:**
- **EIN:** 651297607

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A

**BUSINESS ADDRESS:**
- **STREET 1:** 224 W TREMONT AVE
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28203
- **BUSINESS PHONE:** 704-333-8282

**MAIL ADDRESS:**
- **STREET 1:** 224 W TREMONT AVE
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28203

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**(Amendment No. 2)**

**Issuer:** TXO Partners, L.P.

**Title of Class of Securities:** Common Units

**CUSIP Number:** 87313P103

**Date of Event Which Requires Filing of this Statement:** 06/30/2025

**Check the appropriate box to designate the rule pursuant to which this Schedule is filed:**

- [ ] Rule 13d-1(b)

- [ ] Rule 13d-1(c)

- [x] Rule 13d-1(d)

---

| 1. | Names of Reporting Persons<br>Global Endowment Management, LP | Names of Reporting Persons<br>Global Endowment Management, LP |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>2686017 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>2686017 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>2686017 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>2686017 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>4.9% | Percent of Class Represented by Amount in Row (9)<br>4.9% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

---

| 1. | Names of Reporting Persons<br>Stephanie S. Lynch | Names of Reporting Persons<br>Stephanie S. Lynch |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>X1 | Citizenship or Place of Organization<br>X1 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>2686017 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>2686017 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>2686017 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>2686017 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>4.9% | Percent of Class Represented by Amount in Row (9)<br>4.9% |
| 12. | Type of Reporting Person (See Instructions)<br>IN, HC | Type of Reporting Person (See Instructions)<br>IN, HC |

---

**Item 1(a). Name of Issuer:**
TXO Partners, L.P.

**Item 1(b). Address of Issuer's Principal Executive Offices:**
400 West 7th Street, Fort Worth, Texas, 76102

**Item 2(a). Name of Person Filing:**
This Statement is filed on behalf of Global Endowment Management, LP ("GEM") and Stephanie S. Lynch ("Ms. Lynch" and, together with GEM, the "Reporting Persons").

This Statement relates to Common Units held for the accounts of GEF-DTOE, Inc. and GEF-PUE, LP. GEM controls the investment decisions of each of GEF-DTOE, Inc. and GEF-PUE, LP. Ms. Lynch has management control over GEM. In such capacities, each of the Reporting Persons may therefore be deemed to beneficially own the Common Units reported herein.

**Item 2(b). Address of Principal Business Office:**
The principal business office of each of the Reporting Persons is 224 West Tremont Avenue, Charlotte, NC 28203.

**Item 2(c). Citizenship:**
GEM is a Delaware limited partnership. Ms. Lynch is a citizen of the United States.

**Item 2(d). Title of Class of Securities:**
Common Units

**Item 2(e). CUSIP Number:**
87313P103

**Item 3. If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:**

(a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).

(d) [ ] Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).

(e) [ ] An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(f) [ ] An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

(g) [ ] A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i) [ ] A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j) [ ] A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), if filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:

(k) [ ] Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).

**Item 4. Ownership:**

**(a) Amount beneficially owned:**

As of June 30, 2025, each Reporting Person may be deemed the beneficial owner of 2,686,017 Common Units.

**(b) Percent of class:**

As of June 30, 2025, each Reporting Person may be deemed the beneficial owner of approximately 4.9% of the Common Units outstanding. This percentage is based on approximately 54,784,292 Common Units outstanding as of May 19, 2025, which is calculated based on the 53,034,292 Common Units outstanding as of the closing of the Issuer's public offering on May 15, 2025, as reported in the Issuer's final prospectus on Form 424(b)(5) filed with the Securities and Exchange Commission (the "SEC") on May 14, 2025, plus the 1,750,000 Common Units issued upon the underwriters' exercise of their option to purchase additional Common Units on May 19, 2025, as reported in the Issuer's current report on Form 8-K filed with the SEC on May 20, 2025.

**(c) Number of shares as to which the person has:**

**(i) Sole power to vote or to direct the vote:**

0

**(ii) Shared power to vote or to direct the vote:**

2,686,017

**(iii) Sole power to dispose or to direct the disposition of:**

0

**(iv) Shared power to dispose or to direct the disposition of:**

2,686,017

**Item 5. Ownership of Five Percent or Less of a Class.**

[ ] If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following.

**Item 6. Ownership of More than 5 Percent on Behalf of Another Person.**

Certain funds managed by GEM are known to have the right to receive or the power to direct the receipt of dividends from, or proceeds from the sale of, the Common Units covered by this Statement that may be deemed to be beneficially owned by the Reporting Persons.

**Item 7. Identification and Classification of the Subsidiary**

Not Applicable

**Item 8. Identification and Classification of Members of the Group**

Not Applicable

**Item 9. Notice of Dissolution of Group**

Not Applicable

**Item 10. Certification:**

—

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Global Endowment Management, LP**

**Date:** 08/14/2025

**By:** /s/ Stephanie S. Lynch

**Name & Title:** Stephanie S. Lynch, Managing Partner

**Stephanie S. Lynch**

**Date:** 08/14/2025

**By:** /s/ Stephanie S. Lynch

**Name & Title:** Stephanie S. Lynch