Murray Stahl - Dec 28, 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: Dec 28, 2023
Transactions value $: $19,177
Form type: 4
Date filed: 12/29/2023, 11:42 AM
Previous filing: Dec 28, 2023
Next filing: Jan 2, 2024

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	TPL	Common Stock	Purchase	$3.2K	+2	+0.12%	$1,598.12	1.68K	Dec 28, 2023	Horizon Common Inc	F1, F2
transaction	TPL	Common Stock	Purchase	$1.6K	+1	+0.06%	$1,598.12	1.76K	Dec 28, 2023	Horizon Credit Opportunity Fund LP	F1, F2
transaction	TPL	Common Stock	Purchase	$3.2K	+2	+0%	$1,598.12	105K	Dec 28, 2023	Horizon Kinetics Hard Assets LLC	F1, F2
transaction	TPL	Common Stock	Purchase	$4.79K	+3	+0.13%	$1,598.12	2.28K	Dec 28, 2023	Direct	F1, F2
transaction	TPL	Common Stock	Purchase	$1.6K	+1	+0%	$1,598.12	43.4K	Dec 28, 2023	Polestar Offshore Fund Ltd	F1, F2
transaction	TPL	Common Stock	Purchase	$4.79K	+3	+0%	$1,598.12	198K	Dec 28, 2023	Horizon Kinetics Asset Management LLC	F1, F3
holding	TPL	Common Stock						1.47K	Dec 28, 2023	Horizon Kinetics Hard Assets II LLC	F1
holding	TPL	Common Stock						2.48K	Dec 28, 2023	CDK Partners LP	F1
holding	TPL	Common Stock						5.55K	Dec 28, 2023	CDK Fund Ltd	F1
holding	TPL	Common Stock						60	Dec 28, 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	On December 5, 2023, Horizon Kinetics Asset Management LLC ("HKAM") filed an amendment to its Schedule 13D, in which it noted beneficial ownership of 1,362,211 shares and Murray Stahl's direct interest in 2,250 shares and his indirect interest in approximately 50,554 shares. The extent of HKAM's pecuniary interest in the shares beneficially owned is disclosed herein, and the accounts in which Mr. Stahl has a controlling interest are reported as separate line items. 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 September 14, 2023.
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 Manager but does not participate in investment decisions with respect to the securities of the Issuer.