MURRAY STAHL - 24 Jan 2022 Form 4 Insider Report for Texas Pacific Land Corp (TPL)

Role: Director
Signature: /s/Jay Kesslen, attorney-in-fact
Issuer symbol: TPL
Transactions as of: 24 Jan 2022
Net transactions value: +$20,785
Form type: 4
Filing time: 25 Jan 2022, 10:33:59 UTC
Previous filing: 24 Jan 2022
Next filing: 26 Jan 2022
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	TPL	Common Stock	Purchase	$1,039	+1	+0%	$1039.27	43,017	24 Jan 2022	Polestar Offshore Fund Ltd.	F1
transaction	TPL	Common Stock	Purchase	$2,079	+2	+0%	$1039.27	103,250	24 Jan 2022	Horizon Kinetics Hard Assets LLC	F1
transaction	TPL	Common Stock	Purchase	$2,079	+2	+0.16%	$1039.27	1,241	24 Jan 2022	Horizon Common Inc	F1
transaction	TPL	Common Stock	Purchase	$3,118	+3	+0.19%	$1039.27	1,555	24 Jan 2022	Direct	F2
transaction	TPL	Common Stock	Purchase	$12,471	+12	+0.01%	$1039.27	217,157	25 Jan 2022	Horizon Kinetics Asset Management LLC	F3, F4
holding	TPL	Common Stock						1,444	24 Jan 2022	Bermuda Liquidators II LLC	F1
holding	TPL	Common Stock						5,417	24 Jan 2022	CDK Fund Ltd	F1
holding	TPL	Common Stock						2,469	24 Jan 2022	CDK Partners LP	F1
holding	TPL	Common Stock						1,441	24 Jan 2022	Horizon Credit Opportunity Fund LP	F1
holding	TPL	Common Stock						60	24 Jan 2022	Spouse	F1

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The amount of common shares of the Issuer reported excludes other accounts in which Mr. Stahl has a non-controlling interest and does not exercise investment discretion. These accounts are managed by Horizon Kinetics Asset Management LLC ("Horizon"), 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 in any account managed by Horizon except to the extent of his pecuniary interest, if any.
F2	Mr. Stahl does not exercise investment discretion with respect to the securities of the Issuer. These accounts are managed by Horizon Kinetics Asset Management LLC ("Horizon"), 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.
F3	The amount reported as held following the transaction excludes approximately 1,343,167 shares as noted in Horizon's Schedule 13D filed on January 12, 2021, for which Horizon does not have a pecuniary interest and also excludes shares purchased by portfolio managers and other employees of the firm for their personal accounts.
F4	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 Horizon, in which Mr. Stahl serves as Chairman, Chief Executive Officer and Chief Investment Manager but does not participate in investment decisions with respect to the securities of the Issuer. Mr. Stahl disclaims beneficial ownership in any of the accounts managed by Horizon except to the extent of his pecuniary interest, if any.