[Form 4] Texas Pacific Land Corporation Insider Trading Activity

Rhea-AI Filing Summary

ADTRAN Holdings (ADTN) reported Q2 2025 revenue of $265.1 million, up 17% YoY, driven by a 22% jump in Network Solutions. Services & Support slipped 3%. Gross profit rose 22% to $98.9 million, lifting gross margin to 37.3% (vs. 36.0%). Operating loss narrowed to $13.3 million from $38.5 million, and net loss attributable to shareholders improved to $20.5 million, or $0.24 per share (vs. $0.63).

For 1H 2025, revenue increased 13% to $512.8 million and operating loss shrank to $17.3 million from $384.7 million (prior year included a $297 million goodwill impairment). Operating cash flow turned in at $75.3 million (1H 2024: $57.8 million), boosting cash to $106.3 million. Inventory fell 8% to $240.1 million.

Balance-sheet highlights: revolver borrowings $190.2 million; equity rose to $169.6 million, aided by $66.7 million FX translation gain. Liquidity headroom under the Wells Fargo facility is limited to $66.8 million due to leverage covenants.

Key overhangs remain: continuing net losses, $402.1 million redeemable non-controlling interest tied to the DPLTA (potential €326.8 million exit payout), material weaknesses that required restatement of 2024 results, and an SEC fact-finding inquiry opened 4 Aug 2025.

Positive

• Revenue up 17% YoY to $265 million, reversing 2024 declines
• Gross margin increased 130 bps to 37.3%
• Operating loss cut by 65% YoY; EPS improved to −$0.24
• $75 million operating cash inflow lifted cash balance to $106 million
• Inventory reduced $21 million, signaling better demand-supply alignment

Negative

• Still unprofitable: net loss of $20.5 million in Q2 and $31.8 million YTD
• Material weaknesses & 2024 restatement; SEC inquiry initiated 4 Aug 2025
• Large DPLTA obligation: potential €326.8 million exit payout; $10 million annual compensation payments continue
• High leverage: $190 million revolver with headroom limited to $66.8 million by covenants
• Services & Support revenue down 2.6% YoY, pressuring recurring mix

Insights

Senior Equity Analyst

TL;DR: Revenue growth and cost controls cut losses, cash flow positive, but profitability still elusive.

Top-line acceleration (17% YoY) signals inventory digestion at carriers is easing, particularly in fiber access. Gross margin expansion and flat SG&A helped slice the operating loss by two-thirds. Positive $75 million operating cash flow and a $30 million sequential cash build strengthen near-term liquidity. However, Services revenue softness and lingering R&D cuts suggest ongoing pressure on recurring income streams. With annual run-rate revenue >$1 billion yet still sub-scale for telecom hardware peers, management must sustain mid-teens growth to reach breakeven. Overall impact: cautiously constructive but not yet catalyst-level.

Credit & Risk Analyst

TL;DR: Improved metrics overshadowed by sizeable DPLTA liability, covenant limits and SEC inquiry.

The €326 million potential exit compensation dwarfs current cash and would breach leverage covenants if accelerated. While management argues payout timing is remote (post-2027), rising rates inflate guaranteed interest. Revolver capacity is effectively capped at $66.8 million; leverage tests tighten again next year. Restated 2024 statements and material-weakness disclosures triggered an SEC fact-finding request, elevating compliance costs and litigation risk. Any demand slowdown could quickly compress cushion under the fixed-charge ratio. Impact: negative for credit profile and risk-adjusted valuation.

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)
08/04/2025

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	08/04/2025		P		1	A	$946.12	1,163,967(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. On December 18, 2024, Horizon Kinetics Asset Management LLC (HKAM) filed an amendment to its Schedule 13D, in which it noted beneficial ownership of 3,578,173 shares and Murray Stahl's direct interest in 7,848 shares and his indirect interest in approximately 156,083 shares. The extent of HKAM's pecuniary interest in the shares beneficially owned is disclosed herein. Mr. Stahl does not exercise investment discretion with respect to the securities of the Issuer.

	/s/ Jay Kesslen, attorney-in-fact	08/05/2025
	** 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 much did ADTRAN (ADTN) revenue grow in Q2 2025?

Revenue rose 17% year-over-year to $265.1 million, mainly from Network Solutions.

What is ADTRAN’s Q2 2025 earnings per share?

The company posted a loss of $0.24 per share versus $0.63 loss in Q2 2024.

Did ADTRAN generate positive cash flow in the first half of 2025?

Yes. Operating cash flow was $75.3 million, compared with $57.8 million in the prior-year period.

How much liquidity remains under the Wells Fargo credit facility?

Based on leverage covenants, ADTRAN has about $66.8 million available for additional borrowing.

What is the potential financial impact of the DPLTA on ADTRAN?

If all minority holders tender, ADTRAN would owe about €326.8 million ($385 million) plus annual recurring payments of roughly €8.5 million.

Why did ADTRAN restate prior financials?

Errors in inventory accounting, RNCI measurement and other items led to material weaknesses; the 2024 statements were restated and are under SEC review.