Murray Stahl - May 1, 2025 Form 4 Insider Report for Texas Pacific Land Corp (TPL)

Role
Director
Signature
/s/ Jay Kesslen, attorney-in-fact
Stock symbol
TPL
Transactions as of
May 1, 2025
Transactions value $
$12,819
Form type
4
Date filed
5/2/2025, 01:40 PM
Previous filing
May 1, 2025
Next filing
May 5, 2025
SEC
View on sec.gov

Reporting Owners (2)

Name Relationship Address Signature Signature date CIK
STAHL MURRAY Director C/O HORIZON KINETICS LLC, 470 PARK AVE S 8TH FL S, NEW YORK /s/ Jay Kesslen, attorney-in-fact 2025-05-02 0001207097
HORIZON KINETICS ASSET MANAGEMENT LLC 10%+ Owner 470 PARK AVENUE SOUTH, 4TH FLOOR SOUTH, NEW YORK /s/ Jay Kesslen, attorney-in-fact 2025-05-02 0001056823

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction TPL Common Stock Purchase $2.56K +2 +0% $1,278.00 326K May 1, 2025 Horizon Kinetics Hard Assets F1, F2
transaction TPL Common Stock Purchase $1.28K +1 +0.02% $1,278.00 5.58K May 1, 2025 HORIZON CREDIT OPPORTUNITY FUND LP F1, F2
transaction TPL Common Stock Purchase $3.83K +3 +0.04% $1,278.00 8.12K May 1, 2025 Direct F1, F2
transaction TPL Common Stock Purchase $2.56K +2 +0.04% $1,278.00 5.67K May 1, 2025 HORIZON COMMON INC F1, F2
transaction TPL Common Stock Purchase $1.28K +1 +0% $1,278.00 129K May 1, 2025 POLESTAR OFFSHORE FUND LTD F1, F2
transaction TPL Common Stock Purchase $1.32K +1 +0% $1,317.48 633K May 1, 2025 Horizon Kinetics Asset Management LLC F1, F3
holding TPL Common Stock 4.42K May 1, 2025 HORIZON KINETICS HARD ASSETS II LLC F1
holding TPL Common Stock 7.45K May 1, 2025 CDK PARTNERS LP F1
holding TPL Common Stock 16.6K May 1, 2025 CDK FUND LTD F1
holding TPL Common Stock 180 May 1, 2025 Spouse F1
holding TPL Common Stock 5.49K May 1, 2025 FROMEX Equity Corp F1
holding TPL Common Stock 24K May 1, 2025 FRMO Corp F1
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Buy Plan / Sale Plan: These are also open market purchases/sales of shares, but in this case the transaction is part of a trading plan. Rule 10b5-1 allows insiders to setup a trading plan to buy/sell stocks over a certain period of time. Since the purchases/sales are predetermined, this protects the insiders from violating insider trading law.

Transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Explanation of Responses:

Id Content
F1 On December 18, 2024, Horizon Kinetics Asset Management LLC (HKAM) filed an amendment to its Schedule 13D, in which it noted beneficial ownership of 3,578,173 shares and Murray Stahl's direct interest in 7,848 shares and his indirect interest in approximately 156,083 shares. The extent of HKAM's pecuniary interest in the shares beneficially owned is disclosed herein. Mr. Stahl does not exercise investment discretion with respect to the securities of the Issuer.
F2 Purchased pursuant to a Rule 10b5-1 plan adopted on November 21, 2024.
F3 The amount of common shares of the Issuer reported excludes partnerships and other accounts in which Mr. Stahl has a controlling interest and are reported separately. These accounts are managed by HKAM, in which Mr. Stahl serves as Chairman, Chief Executive Officer and Chief Investment Officer but does not participate in investment decisions with respect to the securities of the Issuer. Mr. Stahl disclaims beneficial ownership over the shares reported except to the extent of his pecuniary interest, if any.