Murray Stahl - Jun 30, 2023 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
Jun 30, 2023
Transactions value $
$22,424
Form type
4
Date filed
7/3/2023, 11:00 AM
Previous filing
Jun 30, 2023
Next filing
Jul 5, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction TPL Common Stock Purchase $2.63K +2 +0% $1,316.50 105K Jun 30, 2023 Horizon Kinetics Hard Assets LLC F1, F2
transaction TPL Common Stock Purchase $1.32K +1 +0.06% $1,316.50 1.7K Jun 30, 2023 Horizon Credit Opportunity Fund LP F1, F2
transaction TPL Common Stock Purchase $3.95K +3 +0.14% $1,316.50 2.09K Jun 30, 2023 Direct F2, F3
transaction TPL Common Stock Purchase $2.63K +2 +0.13% $1,316.50 1.56K Jun 30, 2023 Horizon Common Inc F1, F2
transaction TPL Common Stock Purchase $1.32K +1 +0% $1,322.78 43.3K Jun 30, 2023 Polestar Offshore Fund Ltd F1, F2
transaction TPL Common Stock Purchase $10.6K +8 +0% $1,321.21 198K Jun 30, 2023 Horizon Kinetics Asset Management LLC F4, F5
holding TPL Common Stock 1.47K Jun 30, 2023 Horizon Kinetics Hard Assets II LLC F1
holding TPL Common Stock 2.48K Jun 30, 2023 CDK Partners LP F1
holding TPL Common Stock 5.55K Jun 30, 2023 CDK Fund Ltd F1
holding TPL Common Stock 60 Jun 30, 2023 Spouse 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 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 except to the extent of his pecuniary interest, if any.
F2 Purchased pursuant to a Rule 10b5-1 plan adopted on March 15, 2023.
F3 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.
F4 The amount reported as held following the transaction excludes approximately 1,206,558 shares as noted in Horizon's Schedule 13D filed on January 26, 2023, 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.
F5 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 except to the extent of his pecuniary interest, if any.