Schedule 13G/A: GEM and Lynch Report 4.9% Stake in TXO

Rhea-AI Filing Summary

Global Endowment Management, LP (GEM) and Stephanie S. Lynch report beneficial ownership of 2,686,017 common units of TXO Partners, L.P., representing approximately 4.9% of the outstanding common units as of June 30, 2025. The filing states the calculation uses about 54,784,292 common units outstanding based on the issuer's May 2025 public offering and the underwriters' option exercise.

The reporting persons hold no sole voting or dispositive power and report shared voting and shared dispositive power over the 2,686,017 units. The units are held for accounts of GEF-DTOE, Inc. and GEF-PUE, LP; GEM controls those investment decisions and Ms. Lynch controls GEM.

Insights

Financial Analyst

TL;DR: Reporting persons disclose a non-controlling ~4.9% stake in TXO, shared voting and dispositive power only.

The Schedule 13G/A shows GEM and Stephanie Lynch may be deemed beneficial owners of 2,686,017 common units, equal to ~4.9% of TXO based on 54.78 million units outstanding. The stake is below the 5% threshold used for certain heightened disclosures, so this is a passive disclosure rather than an active control signal. Shared voting and dispositive power indicates influence is exercised collectively through accounts GEM manages rather than individual sole control. For investors, this represents a meaningful institutional holder but not a controlling or activist position based on the filing alone.

Corporate Governance Expert

TL;DR: Ownership is disclosed as shared, not sole, implying governance influence is limited and consistent with passive investor status.

The filing clarifies that the reported units are held for specific managed accounts and that GEM and Ms. Lynch have management/control relationships that create beneficial ownership attribution. However, the absence of sole voting or dispositive power and the sub-5% position suggest limited unilateral governance impact. The statement that certain GEM-managed funds have rights to dividends or sale proceeds is routine and does not by itself indicate a policy or board-change intention.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

TXO Partners, L.P.

(Name of Issuer)

Common Units

(Title of Class of Securities)

87313P103

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

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

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 87313P103

1

Names of Reporting Persons

Global Endowment Management, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,686,017.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,686,017.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,686,017.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.9 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 87313P103

1

Names of Reporting Persons

Stephanie S. Lynch

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,686,017.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,686,017.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,686,017.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.9 %

12

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: TXO Partners, L.P.
(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.
(b)	Address or principal business office or, if none, residence: The principal business office of each of the Reporting Persons is 224 West Tremont Avenue, Charlotte, NC 28203.
(c)	Citizenship: GEM is a Delaware limited partnership. Ms. Lynch is a citizen of the United States.
(d)	Title of class of securities: Common Units
(e)	CUSIP No.: 87313P103
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 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. 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 Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	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.	Certifications:
	Not Applicable

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

Signature:	/s/ Stephanie S. Lynch
Name/Title:	Stephanie S. Lynch, Managing Partner
Date:	08/14/2025

Stephanie S. Lynch

Signature:	/s/ Stephanie S. Lynch
Name/Title:	Stephanie S. Lynch
Date:	08/14/2025

FAQ

How many TXO common units do GEM and Stephanie S. Lynch beneficially own?

The filing reports 2,686,017 common units beneficially owned by each reporting person as of June 30, 2025.

What percentage of TXO does the reported stake represent?

The reported stake represents approximately 4.9% of the outstanding common units, based on ~54,784,292 units.

Do GEM or Stephanie Lynch have sole voting or dispositive power over the units?

No. The filing reports 0 sole voting power and 0 sole dispositive power; they report shared voting and shared dispositive power over the 2,686,017 units.

For which accounts are the TXO units held?

The units are held for the accounts of GEF-DTOE, Inc. and GEF-PUE, LP, for which GEM controls investment decisions.

What is the reporting persons' relationship to GEM and TXO ownership?

GEM is the investment manager that controls the accounts holding the units and Ms. Lynch has management control over GEM; thus both may be deemed beneficial owners.