Murray Stahl - Mar 28, 2022 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: Mar 28, 2022
Transactions value $: $28,038
Form type: 4
Date filed: 3/29/2022, 12:13 PM
Previous filing: Mar 28, 2022
Next filing: Mar 30, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	TPL	Common Stock	Purchase	$1.4K	+1	+0%	$1,401.90	43.1K	Mar 28, 2022	Polestar Offshore Fund Ltd	F1
transaction	TPL	Common Stock	Purchase	$1.4K	+1	+0.07%	$1,401.90	1.45K	Mar 28, 2022	Horizon Kinetics Hard Assets II LLC	F1
transaction	TPL	Common Stock	Purchase	$1.4K	+1	+0.02%	$1,401.90	5.55K	Mar 28, 2022	CDK Fund Ltd	F1
transaction	TPL	Common Stock	Purchase	$2.8K	+2	+0.15%	$1,401.90	1.29K	Mar 28, 2022	Horizon Common Inc	F1
transaction	TPL	Common Stock	Purchase	$4.21K	+3	+0.18%	$1,401.90	1.63K	Mar 28, 2022	Direct	F2
transaction	TPL	Common Stock	Purchase	$16.8K	+12	+0.01%	$1,401.90	208K	Mar 28, 2022	Horizon Kinetics Asset Management LLC	F3, F4
holding	TPL	Common Stock						104K	Mar 28, 2022	Horizon Kinetics Hard Assets LLC	F1
holding	TPL	Common Stock						2.48K	Mar 28, 2022	CDK Partners LP	F1
holding	TPL	Common Stock						1.44K	Mar 28, 2022	Horizon Credit Opportunity Fund LP	F1
holding	TPL	Common Stock						60	Mar 28, 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 1,274,576 shares as noted in Horizon's Schedule 13D filed on February 2, 2022, 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.