[Form 4] Texas Pacific Land Corp Insider Trading Activity

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC reported a purchase of Texas Pacific Land Corp (TPL) common stock on 09/11/2025. The filing shows a single purchase transaction (code P) of 1 share at a price of $927.23. After the reported transaction, the reporting person is shown as beneficially owning 1,163,994 shares (direct). The filing includes an explanatory note referencing a prior Schedule 13D amendment disclosing Horizon Kinetics' beneficial ownership of 3,578,173 shares and Murray Stahl's reported direct and indirect interests, and clarifies that Mr. Stahl does not exercise investment discretion over the issuer's securities. The form is signed by Jay Kesslen, attorney-in-fact, dated 09/12/2025.

Positive

• Clear disclosure of transaction date, share count (1 share), and exact price ($927.23).
• Post-transaction ownership is reported explicitly as 1,163,994 shares (direct).

Negative

• Transaction size is immaterial (only 1 share purchased), providing limited economic signal.
• Form references a Schedule 13D for broader ownership details rather than including full context within this filing.

Insights

Securities/Equity Analyst

TL;DR: Small documented purchase; filing updates direct beneficial ownership totals and references a larger Schedule 13D position.

The Form 4 documents a single open-market purchase of 1 share of TPL at $927.23 on 09/11/2025 by Horizon Kinetics Asset Management LLC with post-transaction direct beneficial ownership reported as 1,163,994 shares. The filing also references a Schedule 13D amendment disclosing Horizon Kinetics' broader beneficial ownership of 3,578,173 shares and details regarding Murray Stahl's holdings. For investors, the immediate trade size is immaterial, but the cross-reference to the Schedule 13D highlights an existing sizable position by the reporting group that is already publicly disclosed.

Corporate Governance Expert

TL;DR: Disclosure aligns with Section 16 reporting; clarifies roles and lack of investment discretion by an individual referenced.

The Form 4 appears procedurally complete: it identifies the reporting entity, the nature of the transaction (purchase), the exact share count and price, and provides an explanatory note linking to a Schedule 13D. The filing explicitly states that Murray Stahl does not exercise investment discretion, which is a governance-relevant clarification. The single-share purchase is not material by itself, but the document improves transparency about the reporting group's ownership profile.

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)
09/11/2025

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	09/11/2025		P		1	A	$927.23	1,163,994(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	09/12/2025
	** 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 Horizon Kinetics report on TPL Form 4?

The Form 4 reports a purchase of 1 share of Texas Pacific Land Corp (TPL) on 09/11/2025 at a price of $927.23.

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

The filing shows 1,163,994 shares (direct) beneficially owned following the reported transaction.

Does the Form 4 reference other disclosures about Horizon Kinetics' TPL holdings?

Yes. The filing references a Schedule 13D amendment disclosing Horizon Kinetics' beneficial ownership of 3,578,173 shares and notes Murray Stahl's direct and indirect interests.

Who signed the Form 4 and when?

The Form 4 is signed by Jay Kesslen, attorney-in-fact, dated 09/12/2025.

Does Murray Stahl exercise investment discretion for the issuer's securities?

The filing states that Murray Stahl does not exercise investment discretion with respect to the issuer's securities.