[Form 4] Texas Pacific Land Corp Insider Trading Activity

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC (a director-level reporting person) filed a Form 4 disclosing a transaction in Texas Pacific Land Corp (TPL). The reported transaction date is 09/17/2025 with the Form signed 09/18/2025. The filing references an acquisition entry and shows HKAM's total beneficial ownership of 3,578,173 shares. The filing also discloses Murray Stahl's interests: a direct interest of 7,848 shares and an indirect interest of approximately 156,083 shares. The explanation notes HKAM amended a Schedule 13D on 12/18/2024 to report these holdings. The form is limited to ownership disclosure and does not provide additional transaction pricing or context beyond the figures stated.

Positive

• Clear disclosure of aggregate beneficial ownership: 3,578,173 shares, improving transparency for investors
• Specific individual holdings reported: Murray Stahl's 7,848 direct and ~156,083 indirect share interests

Negative

• None.

Insights

Securities Analyst

TL;DR: Insider-affiliated investment manager reports a multi-million-share beneficial stake in TPL; filing is a routine Section 16 disclosure.

The Form 4 documents 09/17/2025 activity by Horizon Kinetics Asset Management LLC in Texas Pacific Land Corp and reiterates aggregate beneficial ownership of 3,578,173 shares as previously noted in an amended Schedule 13D dated 12/18/2024. The filing also quantifies Murray Stahl's direct and indirect holdings. This disclosure is material for share ownership transparency but contains no new operational or financial data about the issuer.

Corporate Governance Expert

TL;DR: The filing clarifies beneficial ownership by a director-affiliated manager; it is a governance disclosure rather than an operational development.

The report identifies Horizon Kinetics as a reporting person with director status and reaffirms its sizable stake in TPL. It documents individual interests associated with Murray Stahl. As a Section 16/Form 4 disclosure, its primary function is to provide investors transparency on insider ownership and potential influence, without indicating changes to board composition, voting agreements, or strategic actions.

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

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OMB Number:			3235-0287
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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)
09/17/2025

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	09/17/2025		P		1	A	$928.6	1,163,998(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	09/18/2025
	** 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 date is reported on the TPL Form 4?

The Form 4 lists the transaction date as 09/17/2025 and the form is signed on 09/18/2025.

How many TPL shares does Horizon Kinetics Asset Management LLC beneficially own?

The filing discloses that Horizon Kinetics beneficially owns 3,578,173 shares of Texas Pacific Land Corp.

What holdings of Murray Stahl are disclosed in the filing?

The form reports Murray Stahl's direct interest of 7,848 shares and an indirect interest of approximately 156,083 shares.

Does the Form 4 include transaction price or detailed trade sizes?

The filing text includes a transaction entry but does not provide clear, separately stated trade pricing or expanded transaction context beyond the ownership figures.

Was this filing linked to any prior Schedule 13D?

Yes, the explanation references an amended Schedule 13D filed on 12/18/2024 that reported the same beneficial ownership figures.