TPL Form 4: 10% owner reports small purchases; 1,162,563 shares held

Rhea-AI Filing Summary

A 10% owner of Texas Pacific Land Corp (TPL) reported small open‑market purchases. The filer bought 1 share on 11/10/2025 at $967.12 and 1 share on 11/11/2025 at $1,000.82. Following these trades, the reported beneficial ownership was 1,162,562 and then 1,162,563 shares, held directly.

An earlier Schedule 13D amendment dated December 18, 2024 noted Horizon Kinetics Asset Management LLC with beneficial ownership of 3,578,173 shares and referenced Murray Stahl’s direct 7,848 and indirect ~156,083 shares.

Insider Trade Summary

Net Buyer: 2 shares ($1,968)

Net Buy 2 txns

Insider HORIZON KINETICS ASSET MANAGEMENT LLC

Role 10% Owner

Bought 2 shs ($2K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	1	$1,000.82	$1K
Purchase	Common Stock	1	$967.12	$967.12

Holdings After Transaction: Common Stock — 1,162,563 shares (Direct)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

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)
11/10/2025

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	11/10/2025		P		1	A	$967.12	1,162,562(1)	D
Common Stock	11/11/2025		P		1	A	$1,000.82	1,162,563(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	11/12/2025
	** 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 did TPL’s 10% owner report on Form 4?

Two open‑market purchases: 1 share at $967.12 on 11/10/2025 and 1 share at $1,000.82 on 11/11/2025.

How many TPL shares are beneficially owned after the trades?

Reported beneficial ownership increased to 1,162,563 shares held directly after the second purchase.

Were these direct or indirect holdings?

The holdings listed in Table I are marked Direct (D) ownership.

What additional ownership context was disclosed for TPL (TPL)?

A 12/18/2024 Schedule 13D amendment noted 3,578,173 shares for HKAM, with Murray Stahl’s direct 7,848 and indirect ~156,083 shares.

Did the filing indicate use of a Rule 10b5-1 plan?

The form displays the 10b5‑1 checkbox, but the excerpt does not indicate that it was checked.