[Form 4] Texas Pacific Land Corp Insider Trading Activity

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC reported an insider purchase of Texas Pacific Land Corp (TPL) common stock on 09/23/2025. The Form 4 shows a transaction coded "P" (purchase) for a single share at a price of $896.91, and reports 1,164,002 shares beneficially owned by the reporting person following the transaction. An explanatory footnote states HKAM previously disclosed beneficial ownership of 3,578,173 shares on an amended Schedule 13D filed 12/18/2024, and discloses Murray Stahl’s direct and indirect interests separately. The filing is signed by Jay Kesslen as attorney-in-fact on 09/24/2025.

Positive

• Insider purchase disclosed showing transparency and compliance with Section 16 reporting
• Footnote references amended Schedule 13D providing additional context on total beneficial ownership

Negative

• Single-share transaction is immaterial to ownership and provides limited new information
• Discrepancy in reported totals between Form 4 post-transaction holdings (1,164,002) and Schedule 13D total (3,578,173) without reconciliation within this form

Insights

Securities Analyst

TL;DR: A reported purchase of 1 share increases reported HKAM beneficial ownership to 1,164,002 shares; additional holdings are disclosed via a Schedule 13D.

The Form 4 documents a purchase-coded transaction on 09/23/2025 for one share at $896.91, with beneficial ownership reported at 1,164,002 shares following the trade. The filing includes a footnote referencing an amended Schedule 13D filed 12/18/2024, which reported HKAM beneficial ownership of 3,578,173 shares and separate direct and indirect interests for Murray Stahl. For investors, this Form 4 is a routine insider filing that confirms ownership levels and a nominal open-market purchase; it does not by itself indicate a change in control or material shift in HKAM’s disclosed position.

Corporate Governance Expert

TL;DR: Disclosure clarifies beneficial ownership and shows a director-affiliated filer executed a small purchase, with prior Schedule 13D holdings referenced.

The reporting entity is identified as a director and is filing individually. The submission complies with Section 16 reporting by noting a purchase transaction and clarifying the extent of HKAM’s pecuniary interest via a Schedule 13D footnote. The document is signed by an attorney-in-fact, indicating authorized filing. The filing is procedural and informational; material governance implications would depend on the broader context of the Schedule 13D disclosures rather than this single-share purchase.

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)
09/23/2025

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	09/23/2025		P		1	A	$896.91	1,164,002(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	09/24/2025
	** 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 the Form 4 report for TPL?

The Form 4 reports a purchase (code P) on 09/23/2025 for 1 share of Texas Pacific Land Corp at a price of $896.91.

How many TPL shares does the reporting person beneficially own after the transaction?

The Form 4 reports 1,164,002 shares beneficially owned following the reported transaction.

Does this Form 4 reference other ownership disclosures?

Yes. A footnote states HKAM filed an amended Schedule 13D on 12/18/2024 reporting beneficial ownership of 3,578,173 shares and disclosing Murray Stahl’s direct and indirect interests.

Who signed the Form 4 and when?

The Form 4 was signed by /s/ Jay Kesslen, attorney-in-fact on 09/24/2025.

Is the reported transaction material to HKAM’s disclosed position?

No. The filing shows a purchase of a single share, which is immaterial relative to the larger beneficial ownership figures disclosed.