TPL insider filing: small open‑market buys; holdings 1,162,542 shares

Rhea-AI Filing Summary

Texas Pacific Land Corp (TPL) reported an insider transaction on Form 4. A 10% owner made two open‑market purchases of common stock: 1 share at $887.41 on 10/10/2025 and 1 share at $898.51 on 10/13/2025.

Following these trades, the reporting person’s beneficial ownership was 1,162,542 shares, held directly. An accompanying note references a prior Schedule 13D amendment by Horizon Kinetics Asset Management LLC citing 3,578,173 shares beneficially owned by HKAM and Murray Stahl’s separate interests; it also states Mr. Stahl does not exercise investment discretion with respect to the issuer’s securities.

Insider Trade Summary

Net Buyer: 2 shares ($1,786)

Net Buy 2 txns

Insider HORIZON KINETICS ASSET MANAGEMENT LLC

Role 10% Owner

Bought 2 shs ($2K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	1	$898.51	$898.51
Purchase	Common Stock	1	$887.41	$887.41

Holdings After Transaction: Common Stock — 1,162,542 shares (Direct)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

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).

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)
10/10/2025

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	10/10/2025		P		1	A	$887.41	1,162,541(1)	D
Common Stock	10/13/2025		P		1	A	$898.51	1,162,542(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	10/14/2025
	** 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 did TPL’s Form 4 disclose?

A 10% owner reported two open‑market purchases: 1 share at $887.41 on 10/10/2025 and 1 share at $898.51 on 10/13/2025.

What is the reporting person’s ownership after the trades for TPL?

Beneficial ownership was 1,162,542 shares, held directly, following the reported transactions.

What is the relationship of the filer to Texas Pacific Land (TPL)?

The filer is identified as a 10% Owner.

Were the TPL shares acquired directly or indirectly?

The Form 4 indicates direct (D) ownership of the reported shares.

What prices were paid for the TPL shares?

The purchases were at $887.41 on 10/10/2025 and $898.51 on 10/13/2025.

What additional ownership context was noted in the filing?

A note references an HKAM Schedule 13D showing 3,578,173 shares beneficially owned by HKAM and states Mr. Stahl does not exercise investment discretion.