[Form 4] Texas Pacific Land Corp Insider Trading Activity

Rhea-AI Filing Summary

Texas Pacific Land Corp (TPL)11/19/2025, the reporting person purchased 1 share of Texas Pacific Land common stock at $899.24. Following this small purchase, the reporting person beneficially owned 1,162,569 shares of the company’s common stock in direct form.

The footnotes reference a prior Schedule 13D amendment filed on December 18, 2024 by Horizon Kinetics Asset Management LLC (HKAM), which noted HKAM’s beneficial ownership of 3,578,173 shares and described Murray Stahl’s direct interest in 7,848 shares and indirect interest in approximately 156,083 shares. The note also states that Mr. Stahl does not exercise investment discretion with respect to Texas Pacific Land securities.

11/20/2025 - 12:58 PM

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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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)
11/19/2025

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	11/19/2025		P		1	A	$899.24	1,162,569(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	11/20/2025
	** 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 insider transaction was reported for Texas Pacific Land Corp (TPL)?

The Form 4 reports that on 11/19/2025 the reporting person purchased 1 share of Texas Pacific Land common stock at a price of $899.24.

How many Texas Pacific Land (TPL) shares are beneficially owned after the transaction?

After the reported transaction, the reporting person beneficially owned 1,162,569 shares of Texas Pacific Land common stock in direct form.

What was the purchase price of the Texas Pacific Land share in this Form 4?

The single share of Texas Pacific Land common stock reported in this Form 4 was purchased at $899.24.

Which entities and individuals are mentioned in relation to Texas Pacific Land (TPL) ownership?

The notes mention Horizon Kinetics Asset Management LLC (HKAM) and Murray Stahl, describing their previously reported beneficial interests in Texas Pacific Land shares.

What beneficial ownership did Horizon Kinetics report in its prior Schedule 13D for TPL?

HKAM’s Schedule 13D amendment filed on December 18, 2024 noted beneficial ownership of 3,578,173 shares, and described Murray Stahl’s direct interest in 7,848 shares and indirect interest in approximately 156,083 shares.

Does Murray Stahl exercise investment discretion over Texas Pacific Land securities?

The explanatory note states that Murray Stahl does not exercise investment discretion with respect to the securities of Texas Pacific Land Corp.