[Form 4] Texas Pacific Land Corp Insider Trading Activity

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC reported a transaction on 09/26/2025 in Texas Pacific Land Corp (TPL) common stock on SEC Form 4. The filing lists a transaction code P with quantity shown as 1 and a price of $947.88. After the reported transaction the filing shows 1,164,005 shares beneficially owned by the reporting person in the position reported on this Form 4. The explanatory note references an earlier Schedule 13D amendment (filed 12/18/2024) disclosing HKAM beneficial ownership of 3,578,173 shares, Murray Stahl’s direct interest of 7,848 shares and his indirect interest of approximately 156,083 shares. The Form 4 was signed by Jay Kesslen on 09/29/2025.

Positive

• Transaction disclosed publicly in accordance with Section 16 reporting requirements
• Cross-reference to Schedule 13D clarifies broader beneficial ownership positions
• Signed filing (Jay Kesslen) with a dated signature confirming submission

Negative

• None.

Insights

Securities Analyst

TL;DR: A reported purchase on 09/26/2025 was disclosed, with prior Schedule 13D holdings reiterated; the filing is a routine insider transaction disclosure.

The Form 4 shows a transaction coded P on 09/26/2025 with an entry of 1 at a price of $947.88, and reports 1,164,005 shares beneficially owned following the transaction for the position reported on this Form 4. The explanatory note points readers to a Schedule 13D amendment dated 12/18/2024 that reports HKAM’s broader beneficial ownership of 3,578,173 shares and details Murray Stahl’s direct and indirect interests. From a disclosure perspective, the filing satisfies Section 16 reporting by documenting a change in beneficial ownership and linking to the larger Schedule 13D holdings.

Corporate Governance Expert

TL;DR: The document is a standard insider disclosure reaffirming ownership levels and a specific transaction; governance transparency is preserved.

The filing provides required public notice of a securities transaction by an entity with Director status relative to the issuer. It also cross-references an earlier Schedule 13D amendment that discloses aggregate beneficial ownership figures and the reported individual's direct and indirect stakes. The signature and date are present, completing the formal disclosure. No additional governance actions or changes are described within this Form 4.

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

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

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)
09/26/2025

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	09/26/2025		P		1	A	$947.88	1,164,005(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	09/29/2025
	** 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

What transaction did Horizon Kinetics Asset Management LLC report on Form 4 for TPL?

The Form 4 reports a transaction on 09/26/2025 with transaction code P, quantity shown as 1 and a price of $947.88 in Texas Pacific Land Corp common stock.

How many TPL shares does the filing show as beneficially owned following the reported transaction?

The filing shows 1,164,005 shares beneficially owned following the reported transaction for the position reported on this Form 4.

What prior Schedule 13D holdings are referenced in the Form 4?

The explanatory note references a Schedule 13D amendment (12/18/2024) disclosing HKAM beneficial ownership of 3,578,173 shares, Murray Stahl’s direct interest of 7,848 shares, and his indirect interest of approximately 156,083 shares.

Who signed the Form 4 and when was it signed?

The Form 4 was signed by /s/ Jay Kesslen, attorney-in-fact on 09/29/2025.

Does the Form 4 indicate any change in management or control of TPL?

No. The Form 4 documents a securities transaction and references beneficial ownership levels; it does not state any change in management or control.