CKX Lands, Inc. filed soliciting material under Schedule 14A on November 9, 2026, consisting of a transcript of a conference call in which Brad Jacobs announced a $1 billion investment in CKX Lands and outlined progress at QXO.

Key Highlights

  • $1 billion investment: Brad Jacobs announced he is leading a $1 billion cash investment in CKX Lands, Inc., listed on NYSE American under the ticker CKX.
  • Split funding: According to the filing, the investment is expected to consist of $900 million from Jacobs and $100 million from co-investors led by Heritage Partners, formerly Sequoia Heritage.
  • Existing stockholder payment: The proposed transaction is intended to give CKX's existing stockholders the opportunity to receive an upfront cash payment of $20.8 million, according to the transcript.
  • Leadership role: Upon closing, Jacobs disclosed he will own a majority stake in CKX and become its chairman and CEO, while continuing to serve as chairman and CEO of QXO.
  • Stockholder approval required: Completion of the investment remains subject to applicable closing conditions, including CKX stockholder approval, the filing states.
  • Future direction undetermined: The filing notes that the industry for the new venture "is still to be determined," and CKX will operate as a standalone public company under a new name after closing.
  • QXO pre-released Q3 results: The transcript references QXO's pre-released third-quarter adjusted EBITDA of $557 million on revenue of $4.9 billion, with an adjusted EBITDA margin of 11.4%.

CKX Lands Investment Details and QXO Update from Jacobs Conference Call

CKX Lands, Inc. (NYSE American:CKX) filed soliciting material pursuant to Rule 14a-12 containing a transcript of a conference call held on November 9, 2026 and conducted by Brad Jacobs. The filing states that the transcript was prepared by a third party and "has not been independently verified and may contain errors." Jacobs was joined on the call by QXO's Chief Strategy Officer Matt Fassler and Chief Investment Officer Mark Manduca.

According to the transcript, Jacobs disclosed that his family office, Jacobs Private Equity, together with minority co-investors, has agreed to invest in CKX Lands. The $900 million portion from Jacobs and $100 million from co-investors led by Heritage Partners, formerly Sequoia Heritage, would bring the total investment to $1 billion. CKX is currently described in the filing as "a land management company" that "earns its revenue from royalty interests and mineral leases related to oil and gas production on its land, as well as timber sales and surface rents." Jacobs stated the new venture's industry is "still to be determined" and that CKX will become "a platform for growth, operating as a standalone public company under a new name" following closing.

The filing also includes Jacobs's discussion of QXO's operational performance. He referenced pre-released third-quarter adjusted EBITDA of $557 million on revenue of $4.9 billion, and noted that companywide year-over-year pricing improved by 400 basis points from negative 1.7% in April to positive 2.3% in September. He also cited October daily sales increasing 5.4% year-over-year across the company. These disclosures contain forward-looking statements which, as noted in the filing's operator introduction, "are not guaranteed, and actual results may differ materially."

What Was Disclosed

CKX Lands filed a transcript of a November 9, 2026 conference call in which Brad Jacobs announced a $1 billion investment in CKX Lands through his family office and co-investors, subject to stockholder approval, while also providing an update on QXO's third-quarter performance.