Texas Pacific Land Trust (TPL): Murray Stahl Adds More Shares to Texas-Sized Position

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Page 12 of 12 SEC Filing

Exhibit 1

AGREEMENT OF JOINT FILING

In accordance with Rule 13d-1(k) under the Securities Exchange
Act of 1934, as amended, the undersigned hereby confirm the agreement by and
among them to the joint filing on behalf of them of the Statement on Schedule
13D and any and all further amendments thereto, with respect to the securities
of the above referenced issuer, and that this Agreement be included as an
Exhibit to such filing. This Agreement may be executed in any number of
counterparts each of which shall be deemed to be an original and all of which
together shall be deemed to constitute one and the same Agreement.

IN WITNESS WHEREOF, the undersigned hereby execute this
Agreement as of March 8, 2016.

/s/ Jay Kesslen
Jay Kesslen
General Counsel & Chief Compliance Officer
Horizon Kinetics LLC
/s/ Jay Kesslen
Jay Kesslen
General Counsel & Chief Compliance Officer
Horizon Asset Management LLC
/s/ Jay Kesslen
Jay Kesslen
General Counsel & Chief Compliance Officer
Kinetics Asset Management LLC
/s/ Jay Kesslen
Jay Kesslen
General Counsel & Chief Compliance Officer
Kinetics Advisers, LLC

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