[Form 4] Texas Pacific Land Corp Insider Trading Activity

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC reported a small insider purchase of Texas Pacific Land Corp (TPL) common stock. The Form 4 shows a 09/12/2025 transaction coded P for 1 share acquired at $943.08. After the reported transaction HKAM is recorded as directly beneficially owning 1,163,995 shares. The filing references an earlier Schedule 13D amendment dated 12/18/2024 stating HKAM beneficial ownership of 3,578,173 shares and disclosures of Murray Stahl’s direct and indirect interests (7,848 and ~156,083 shares respectively). The filing notes Mr. Stahl does not exercise investment discretion and is signed by an attorney-in-fact on 09/15/2025.

Positive

• Form filed by one reporting person, indicating clear assignment of reporting responsibility
• Transaction reported under code P, consistent with an executed written plan disclosure
• Filing references Schedule 13D amendment providing broader context on beneficial ownership
• Explicit statement that Murray Stahl does not exercise investment discretion, clarifying governance role

Negative

• None.

Insights

Financial Analyst

TL;DR: Reported acquisition is immaterial in size vs disclosed beneficial holdings; confirms filing compliance and a Rule 10b5-1 style transaction code.

The Form 4 documents a single-share acquisition on 09/12/2025 at $943.08, recorded under transaction code "P." That code is commonly used to indicate transactions executed pursuant to a written plan; the filing materials reference the plan checkbox language. The post-transaction direct beneficial ownership figure is 1,163,995 shares for HKAM, and the Schedule 13D amendment cited discloses broader beneficial holdings of 3,578,173 shares along with Murray Stahl’s reported direct and indirect interests. From a financial-materiality perspective, the one-share purchase itself is de minimis and does not meaningfully change ownership stakes or control metrics. The filing, however, provides clarity on ownership reporting and the role of Mr. Stahl, who is stated not to exercise investment discretion.

Corporate Governance Expert

TL;DR: Filing reflects standard Section 16 reporting and clarifies fiduciary/decision-making roles; the transaction size is negligible.

The Form 4 is properly executed and signed by an attorney-in-fact, indicating procedural compliance. The inclusion of the Schedule 13D amendment language links this Form 4 to prior disclosures about HKAM’s overall beneficial ownership and Murray Stahl’s separate direct and indirect interests. The filing explicitly states that Mr. Stahl does not exercise investment discretion over the issuer’s securities, which is a governance-relevant disclosure. No material governance changes or departures are reported in this filing.

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).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

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)
09/12/2025

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	09/12/2025		P		1	A	$943.08	1,163,995(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	09/15/2025
	** 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 Horizon Kinetics report on Form 4 for TPL?

The Form 4 reports a 09/12/2025 acquisition of 1 share of Texas Pacific Land Corp at $943.08, filed by Horizon Kinetics Asset Management LLC.

How many TPL shares does HKAM report beneficially owning after the reported transaction?

The filing records HKAM as directly beneficially owning 1,163,995 shares following the reported transaction.

What additional ownership details are referenced in the Form 4?

The Form 4 cites a 12/18/2024 Schedule 13D amendment showing HKAM beneficial ownership of 3,578,173 shares and Murray Stahl’s direct and indirect interests of 7,848 and ~156,083 shares respectively.

Does Murray Stahl control investment decisions for these securities?

The filing explicitly states that Mr. Stahl does not exercise investment discretion with respect to the issuer’s securities.

Who signed the Form 4 and when?

The Form 4 is signed by /s/ Jay Kesslen, attorney-in-fact on 09/15/2025.