[Form 4] Texas Pacific Land Corp Insider Trading Activity

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC reported on Form 4 that it acquired 1,164,000 shares of Texas Pacific Land Corp (TPL) on 09/19/2025 under transaction code P at a reported price of $896.6. The filing also discloses that HKAM is a director and a 10% owner of the issuer. An explanatory note states HKAM previously reported beneficial ownership of 3,578,173 shares on its Schedule 13D and that Murray Stahl holds a direct interest of 7,848 shares and an indirect interest of approximately 156,083 shares. The filing clarifies that the extent of HKAM’s pecuniary interest is disclosed and that Mr. Stahl does not exercise investment discretion over the issuer’s securities.

Insights

Securities Analyst

TL;DR: A large purchase by a 10% owner and director suggests meaningful insider accumulation.

The Form 4 documents a purchase of 1,164,000 TPL shares at a reported price of $896.6 on 09/19/2025 by Horizon Kinetics Asset Management LLC, which is identified as both a director and a 10% owner. The filing references prior Schedule 13D disclosure of 3,578,173 beneficial shares, indicating HKAM’s sizable position. This transaction increases the manager’s disclosed holdings and updates the record of pecuniary interest. For investors, the change updates ownership concentration metrics and should be reflected in any cap table or shareholder-ownership analysis.

Corporate Governance Expert

TL;DR: Director-level acquisition by a 10% holder raises governance and oversight interest but contains a note on limited individual discretion.

The filing shows HKAM holds both governance (director) and large economic stakes. The disclosure that Murray Stahl does not exercise investment discretion clarifies decision-making responsibilities, while the Schedule 13D reference provides context on aggregate holdings (3,578,173 shares plus Mr. Stahl’s direct and indirect interests). This combination of board representation and substantial ownership is material to governance assessments, shareholder voting dynamics, and potential influence on strategic decisions.

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

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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)
09/19/2025

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	09/19/2025		P		1	A	$896.6	1,164,000(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	09/22/2025
	** 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 Form 4 for TPL?

The Form 4 reports a purchase of 1,164,000 shares of Texas Pacific Land Corp on 09/19/2025 under transaction code P at a reported price of $896.6.

How many TPL shares did Horizon Kinetics previously report owning?

The filing references an amendment to Schedule 13D disclosing beneficial ownership of 3,578,173 shares.

Does the filing indicate any insider role for Horizon Kinetics or its principals?

Yes, the reporting person is identified as a Director and a 10% Owner; the filing also notes Murray Stahl’s direct and indirect interests of 7,848 and ~156,083 shares respectively.

Did Murray Stahl retain investment discretion over TPL securities according to the filing?

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

When was the Form 4 signed and filed?

The Form 4 bears a signature dated 09/22/2025.