[Form 4] Texas Pacific Land Corp Insider Trading Activity

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC filed a Form 4 showing a reported purchase on 10/02/2025 of 1 share of Texas Pacific Land Corp (TPL) at a reported price of $967.13. The filing reports 1,162,535 shares beneficially owned following the transaction, held in a direct capacity. The explanatory note references an earlier Schedule 13D amendment (filed 12/18/2024) disclosing beneficial ownership of 3,578,173 shares and that Murray Stahl has a direct interest of 7,848 shares and an indirect interest of ~156,083 shares. The filing states that the extent of HKAM’s pecuniary interest is disclosed and that Mr. Stahl does not exercise investment discretion over the issuer’s securities.

Positive

• Reported direct beneficial ownership of 1,162,535 shares following the transaction
• Explanatory note references a 12/18/2024 Schedule 13D disclosing 3,578,173 shares, improving transparency on total holdings
• Statement that Mr. Murray Stahl does not exercise investment discretion, clarifying internal roles

Negative

• Transaction involved only 1 share purchased, which is immaterial in size relative to disclosed holdings
• Form 4 does not reconcile the difference between the 1,162,535 shares reported here and the 3,578,173 Schedule 13D total within this filing

Insights

Corporate Governance Analyst

Form shows HKAM maintains a sizable disclosed stake and reports a token purchase.

The Form 4 documents a 1-share purchase at $967.13 and reports 1,162,535 shares held directly after the trade, confirming substantial recorded ownership stake by the reporting entity.

The explanatory reference to the 12/18/2024 Schedule 13D indicates additional disclosed beneficial ownership totaling 3,578,173 shares and separates Murray Stahl’s 7,848 direct and ~156,083 indirect interests, clarifying beneficial vs. discretionary roles.

Securities Compliance Attorney

Filing meets Section 16 disclosure requirements and clarifies investment discretion.

The Form 4 itemizes a purchase on 10/02/2025 and includes a signature by an attorney‑in‑fact, satisfying signature and reporting format norms for Section 16 reporting.

The explanatory note explicitly states that Mr. Stahl "does not exercise investment discretion," which is relevant to beneficial-ownership attribution and fiduciary/insider-role disclosure under SEC rules.

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)
10/02/2025

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	10/02/2025		P		1	A	$967.13	1,162,535(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	10/03/2025
	** 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 the Form 4 for TPL?

The Form 4 reports a purchase on 10/02/2025 of 1 share of TPL at $967.13 and a post-transaction direct beneficial ownership of 1,162,535 shares.

Does the filing disclose other holdings or a Schedule 13D?

Yes; the explanatory note references a 12/18/2024 Schedule 13D disclosing total beneficial ownership of 3,578,173 shares and specific interests for Murray Stahl.

What interest does Murray Stahl have according to the filing?

The Schedule 13D cited reports Mr. Stahl’s direct interest of 7,848 shares and an indirect interest of approximately 156,083 shares.

Does Murray Stahl control investment decisions for TPL shares held by HKAM?

The filing 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 with the signature date of 10/03/2025.