AG˹ٷ

STOCK TITAN

[Form 4] Texas Pacific Land Corporation Insider Trading Activity

Filing Impact
(Low)
Filing Sentiment
(Neutral)
Form Type
4
Rhea-AI Filing Summary

Upbound Group, Inc. (UPBD) director Jeffrey J. Brown reported new insider purchases and equity accruals dated 8 July 2025. Through a dividend-reinvestment program, Brown bought 1,653 common shares at $25.90, split between the Jeffrey J Brown Living Trust (327 shares) and Brown Equity Partners, LLC (1,326 shares). His indirect ownership now totals 22,057 and 89,400 shares, respectively.

Table II shows an automatic grant of 1,351 fully-vested Director Deferred Stock Units (DSUs) at a reference price of $25.66, increasing Brown’s direct DSU balance to 135,625 units. Each DSU converts 1-for-1 into common stock once he leaves the board. No shares were sold, and all acquisitions were coded "P" or "A", indicating purchases and awards rather than dispositions. In dollar terms, the common-stock purchases amount to roughly $42,800, a modest but positive vote of confidence from a long-tenured insider.

Il direttore di Upbound Group, Inc. (UPBD), Jeffrey J. Brown, ha segnalato nuovi acquisti interni e accumuli di azioni datati 8 luglio 2025. Attraverso un programma di reinvestimento dei dividendi, Brown ha acquistato 1.653 azioni ordinarie a $25,90, suddivise tra il Jeffrey J Brown Living Trust (327 azioni) e Brown Equity Partners, LLC (1.326 azioni). La sua proprietà indiretta ora ammonta rispettivamente a 22.057 e 89.400 azioni.

La Tabella II mostra una concessione automatica di 1.351 Director Deferred Stock Units (DSU) completamente maturate a un prezzo di riferimento di $25,66, aumentando il saldo diretto di DSU di Brown a 135.625 unità. Ogni DSU si converte 1 a 1 in azioni ordinarie una volta che lascia il consiglio. Non sono state vendute azioni e tutte le acquisizioni sono state codificate come "P" o "A", indicando acquisti e premi piuttosto che cessioni. In termini di valore, gli acquisti di azioni ordinarie ammontano a circa $42.800, un segnale modesto ma positivo di fiducia da parte di un dirigente di lunga data.

El director de Upbound Group, Inc. (UPBD), Jeffrey J. Brown, informó nuevas compras internas y acumulaciones de acciones con fecha 8 de julio de 2025. A través de un programa de reinversión de dividendos, Brown compró 1,653 acciones comunes a $25.90, distribuidas entre el Jeffrey J Brown Living Trust (327 acciones) y Brown Equity Partners, LLC (1,326 acciones). Su propiedad indirecta ahora totaliza 22,057 y 89,400 acciones, respectivamente.

La Tabla II muestra una concesión automática de 1,351 Unidades Diferidas de Acciones para Directores (DSU) totalmente adquiridas a un precio de referencia de $25.66, aumentando el saldo directo de DSU de Brown a 135,625 unidades. Cada DSU se convierte 1 a 1 en acciones comunes una vez que deja la junta. No se vendieron acciones, y todas las adquisiciones se codificaron como "P" o "A", indicando compras y premios en lugar de disposiciones. En términos monetarios, las compras de acciones comunes ascienden a aproximadamente $42,800, un voto modesto pero positivo de confianza por parte de un insider con larga trayectoria.

Upbound Group, Inc.(UPBD) 이사 제프� J. 브라운이 2025� 7� 8일자 새로� 내부� 주식 매입 � 지� 축적� 보고했습니다. 배당� 재투� 프로그램� 통해 브라운은 1,653� 보통주를 주당 $25.90� 매입했으�, 이는 Jeffrey J Brown Living Trust(327�)왶 Brown Equity Partners, LLC(1,326�)� 나뉩니다. 그의 간접 소유 지분은 각각 22,057�89,400�� 달합니다.

� II� 기준 가� $25.66� 자동으로 부여된 1,351 완전 취득� 이사 지� 주식 단위(DSU)� 보여주며, 브라운의 직접 DSU 잔액� 135,625 단위� 증가했습니다. � DSU� 이사회에� 물러� � 1대1� 보통주로 전환됩니�. 주식은 매도되지 않았으며, 모든 취득은 "P" 또는 "A" 코드� 표시되어 매도보다� 매입 � 수여� 나타냅니�. 금액으로 환산하면 보통� 매입액은 � $42,800으로, 오래� 내부자의 겸손하지� 긍정적인 신뢰� 표시입니�.

Jeffrey J. Brown, administrateur de Upbound Group, Inc. (UPBD), a déclaré de nouveaux achats d’initiés et accumulations d’actions datés du 8 juillet 2025. Par un programme de réinvestissement des dividendes, Brown a acquis 1 653 actions ordinaires à 25,90 $, réparties entre le Jeffrey J Brown Living Trust (327 actions) et Brown Equity Partners, LLC (1 326 actions). Sa détention indirecte s’élève désormais respectivement à 22 057 et 89 400 actions.

Le tableau II montre une attribution automatique de 1 351 unités d’actions différées pour administrateurs (DSU) entièrement acquises à un prix de référence de 25,66 $, portant le solde direct de DSU de Brown à 135 625 unités. Chaque DSU se convertit en actions ordinaires à raison de 1 pour 1 dès son départ du conseil. Aucune action n’a été vendue et toutes les acquisitions ont été codées « P » ou « A », indiquant des achats et des attributions plutôt que des cessions. En termes monétaires, les achats d’actions ordinaires s’élèvent à environ 42 800 $, un signe modeste mais positif de confiance de la part d’un initié de longue date.

Jeffrey J. Brown, Direktor von Upbound Group, Inc. (UPBD), meldete neue Insider-Käufe und Aktienakkumulationen vom 8. Juli 2025. Im Rahmen eines Dividenden-Reinvestitionsprogramms kaufte Brown 1.653 Stammaktien zu je 25,90 USD, aufgeteilt auf den Jeffrey J Brown Living Trust (327 Aktien) und Brown Equity Partners, LLC (1.326 Aktien). Sein indirekter Besitz beläuft sich nun auf 22.057 bzw. 89.400 Aktien.

Tabelle II zeigt eine automatische Zuteilung von 1.351 voll unverfallbaren Director Deferred Stock Units (DSUs) zum Referenzpreis von 25,66 USD, wodurch Browns direkter DSU-Bestand auf 135.625 Einheiten anstieg. Jede DSU wandelt sich 1:1 in Stammaktien um, sobald er das Board verlässt. Es wurden keine Aktien verkauft, und alle Erwerbe wurden mit "P" oder "A" codiert, was Käufe und Zuteilungen und keine Verkäufe bedeutet. In Dollar ausgedrückt belaufen sich die Käufe von Stammaktien auf etwa 42.800 USD, ein bescheidenes, aber positives Vertrauenssignal eines langjährigen Insiders.

Positive
  • Net insider accumulation: 1,653 common shares purchased and 1,351 DSUs awarded, with no dispositions.
  • Aligned incentives: DSUs are fully vested and convert to stock upon board exit, tightening director–shareholder alignment.
Negative
  • None.

Insights

TL;DR: Small but clear insider buying; signals confidence but low dollar value—positive yet limited impact.

The Form 4 shows director Jeffrey J. Brown increasing his economic exposure to UPBD via both common-stock DRIP purchases and automatic DSU accruals. Although the added 1,653 shares represent less than 0.1 % of shares outstanding, the absence of sales and steady accumulation support a constructive view on insider sentiment. The DSUs, already fully vested, further align Brown’s incentives with shareholders. However, the transaction size (~$43k) is not large enough to materially alter ownership structure or valuation models, so overall market impact should be modest.

Il direttore di Upbound Group, Inc. (UPBD), Jeffrey J. Brown, ha segnalato nuovi acquisti interni e accumuli di azioni datati 8 luglio 2025. Attraverso un programma di reinvestimento dei dividendi, Brown ha acquistato 1.653 azioni ordinarie a $25,90, suddivise tra il Jeffrey J Brown Living Trust (327 azioni) e Brown Equity Partners, LLC (1.326 azioni). La sua proprietà indiretta ora ammonta rispettivamente a 22.057 e 89.400 azioni.

La Tabella II mostra una concessione automatica di 1.351 Director Deferred Stock Units (DSU) completamente maturate a un prezzo di riferimento di $25,66, aumentando il saldo diretto di DSU di Brown a 135.625 unità. Ogni DSU si converte 1 a 1 in azioni ordinarie una volta che lascia il consiglio. Non sono state vendute azioni e tutte le acquisizioni sono state codificate come "P" o "A", indicando acquisti e premi piuttosto che cessioni. In termini di valore, gli acquisti di azioni ordinarie ammontano a circa $42.800, un segnale modesto ma positivo di fiducia da parte di un dirigente di lunga data.

El director de Upbound Group, Inc. (UPBD), Jeffrey J. Brown, informó nuevas compras internas y acumulaciones de acciones con fecha 8 de julio de 2025. A través de un programa de reinversión de dividendos, Brown compró 1,653 acciones comunes a $25.90, distribuidas entre el Jeffrey J Brown Living Trust (327 acciones) y Brown Equity Partners, LLC (1,326 acciones). Su propiedad indirecta ahora totaliza 22,057 y 89,400 acciones, respectivamente.

La Tabla II muestra una concesión automática de 1,351 Unidades Diferidas de Acciones para Directores (DSU) totalmente adquiridas a un precio de referencia de $25.66, aumentando el saldo directo de DSU de Brown a 135,625 unidades. Cada DSU se convierte 1 a 1 en acciones comunes una vez que deja la junta. No se vendieron acciones, y todas las adquisiciones se codificaron como "P" o "A", indicando compras y premios en lugar de disposiciones. En términos monetarios, las compras de acciones comunes ascienden a aproximadamente $42,800, un voto modesto pero positivo de confianza por parte de un insider con larga trayectoria.

Upbound Group, Inc.(UPBD) 이사 제프� J. 브라운이 2025� 7� 8일자 새로� 내부� 주식 매입 � 지� 축적� 보고했습니다. 배당� 재투� 프로그램� 통해 브라운은 1,653� 보통주를 주당 $25.90� 매입했으�, 이는 Jeffrey J Brown Living Trust(327�)왶 Brown Equity Partners, LLC(1,326�)� 나뉩니다. 그의 간접 소유 지분은 각각 22,057�89,400�� 달합니다.

� II� 기준 가� $25.66� 자동으로 부여된 1,351 완전 취득� 이사 지� 주식 단위(DSU)� 보여주며, 브라운의 직접 DSU 잔액� 135,625 단위� 증가했습니다. � DSU� 이사회에� 물러� � 1대1� 보통주로 전환됩니�. 주식은 매도되지 않았으며, 모든 취득은 "P" 또는 "A" 코드� 표시되어 매도보다� 매입 � 수여� 나타냅니�. 금액으로 환산하면 보통� 매입액은 � $42,800으로, 오래� 내부자의 겸손하지� 긍정적인 신뢰� 표시입니�.

Jeffrey J. Brown, administrateur de Upbound Group, Inc. (UPBD), a déclaré de nouveaux achats d’initiés et accumulations d’actions datés du 8 juillet 2025. Par un programme de réinvestissement des dividendes, Brown a acquis 1 653 actions ordinaires à 25,90 $, réparties entre le Jeffrey J Brown Living Trust (327 actions) et Brown Equity Partners, LLC (1 326 actions). Sa détention indirecte s’élève désormais respectivement à 22 057 et 89 400 actions.

Le tableau II montre une attribution automatique de 1 351 unités d’actions différées pour administrateurs (DSU) entièrement acquises à un prix de référence de 25,66 $, portant le solde direct de DSU de Brown à 135 625 unités. Chaque DSU se convertit en actions ordinaires à raison de 1 pour 1 dès son départ du conseil. Aucune action n’a été vendue et toutes les acquisitions ont été codées « P » ou « A », indiquant des achats et des attributions plutôt que des cessions. En termes monétaires, les achats d’actions ordinaires s’élèvent à environ 42 800 $, un signe modeste mais positif de confiance de la part d’un initié de longue date.

Jeffrey J. Brown, Direktor von Upbound Group, Inc. (UPBD), meldete neue Insider-Käufe und Aktienakkumulationen vom 8. Juli 2025. Im Rahmen eines Dividenden-Reinvestitionsprogramms kaufte Brown 1.653 Stammaktien zu je 25,90 USD, aufgeteilt auf den Jeffrey J Brown Living Trust (327 Aktien) und Brown Equity Partners, LLC (1.326 Aktien). Sein indirekter Besitz beläuft sich nun auf 22.057 bzw. 89.400 Aktien.

Tabelle II zeigt eine automatische Zuteilung von 1.351 voll unverfallbaren Director Deferred Stock Units (DSUs) zum Referenzpreis von 25,66 USD, wodurch Browns direkter DSU-Bestand auf 135.625 Einheiten anstieg. Jede DSU wandelt sich 1:1 in Stammaktien um, sobald er das Board verlässt. Es wurden keine Aktien verkauft, und alle Erwerbe wurden mit "P" oder "A" codiert, was Käufe und Zuteilungen und keine Verkäufe bedeutet. In Dollar ausgedrückt belaufen sich die Käufe von Stammaktien auf etwa 42.800 USD, ein bescheidenes, aber positives Vertrauenssignal eines langjährigen Insiders.

SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a 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). See Instruction 10.
1. Name and Address of Reporting Person*
HORIZON KINETICS ASSET MANAGEMENT LLC

(Last) (First) (Middle)
470 PARK AVENUE SOUTH
4TH FLOOR SOUTH

(Street)
NEW YORK NY 10016

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
Texas Pacific Land Corp [ TPL ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director X 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
07/08/2025
4. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 07/08/2025 P 1 A $1,048.14 1,163,948(1) D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Explanation of Responses:
1. Mr. Stahl's most recent 10b5-1 plan was adopted on November 21, 2024, began trading on February 24, 2025, and ended trading on June 26, 2025. As such, partnerships and other accounts totaling 528,487 shares in which Mr. Stahl has a controlling interest and that were reported as separate line items are now included in the total shares. All 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.
/s/ Jay Kesslen, attorney-in-fact 07/09/2025
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many UPBD shares did Jeffrey J. Brown buy on 8 July 2025?

He purchased 1,653 common shares at $25.90 through dividend-reinvestment accounts.

What is Jeffrey J. Brown’s total indirect UPBD shareholding after the transaction?

Post-purchase, he indirectly owns 22,057 shares via his living trust and 89,400 shares through Brown Equity Partners, LLC.

What are Director Deferred Stock Units (DSUs) reported in the Form 4?

Each DSU represents the right to receive one UPBD common share; 1,351 new units were granted and are fully vested.

Did the Form 4 disclose any share sales by the insider?

No. All reported transactions were purchases or equity grants; there were no dispositions.

Does this filing materially impact UPBD investors?

The insider buying is a modestly positive sentiment signal but is small relative to UPBD’s market capitalisation.
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