TXO Partners, L.P. — Director's Dealing 2023

Feb 2, 2023

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TXO Energy Partners, L.P. (TXO)
CIK: 0001559432
Period of Report: 2023-01-31

Reporting Person: KING LUTHER CAPITAL MANAGEMENT CORP (10% Owner)
Reporting Person: LKCM Private Discipline Master Fund, SPC (10% Owner)
Reporting Person: LKCM Investment Partnership, L.P. (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2023-01-31	Common Units	C	1065798	—	Acquired	2561530	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2023-01-31	Series 5 Preferred Units	$	C	207.6316	Disposed	2024-10-15	Common Units (1065798)	Indirect

Footnotes

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 common units beneficially owned 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 (1) 507,909 common units underlying Series 5 preferred units held by LKCM Investment Partnership, L.P. and (ii) 557,889 common units underlying Series 5 preferred units held by PDLP Morningstar, LLC.

F5: LKCM Investment Partnership GP, LLC (LIP GP) is the general partner of LKCM Investment Partnership, L.P. (LIP). LKCM Private Discipline Management, L.P. (PDP GP) is the sole holder of management shares of LKCM Private Discipline Master Fund, SPC (PDP). PDLP Morningstar, LLC (PDLP Morningstar) is a wholly owned subsidiary of PDP. Luther King Capital Management Corporation (LKCM) serves as the investment adviser to each of LIP and PDP. J. Luther King, Jr. serves as the President of LKCM.

F6: LKCM has voting and investment power over the securities beneficially owned by each of LIP and PDP. Accordingly, each of J. Luther King, Jr. and LKCM may be deemed to be the beneficial owners of the Series 5 preferred units held by each of LIP and PDP, but each disclaim beneficial ownership of such securities except to the extent of their pecuniary interest therein.