[Form 4] Texas Pacific Land Corp Insider Trading Activity

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC filed a Form 4 reporting an insider purchase of Texas Pacific Land Corp (TPL) stock. The filing shows a transaction on 09/18/2025 coded P (purchase) for 1 share at a price of $915.55. After the reported transaction the filing lists 1,163,999 shares beneficially owned (direct). The reporting person is identified as a Director and marked as a 10% owner. An explanatory note references a prior Schedule 13D amendment stating Horizon Kinetics had beneficial ownership of 3,578,173 shares and discloses Murray Stahl’s direct and indirect interests of 7,848 and approximately 156,083 shares, respectively. The Form 4 is signed by an attorney-in-fact on 09/19/2025.

Positive

• Insider purchase reported, indicating alignment between the reporting person and issuer interests
• Filing references prior Schedule 13D, providing context on aggregate beneficial ownership and improving transparency
• Form signed by authorized representative, meeting procedural and regulatory requirements

Negative

• None.

Insights

Securities Analyst

TL;DR: A nominal insider purchase was reported; ownership disclosures align with prior Schedule 13D but transaction size is immaterial.

The Form 4 documents a single-share purchase at $915.55 on 09/18/2025 by Horizon Kinetics Asset Management LLC, a reporting person listed as a director and 10% owner. The filing also references prior Schedule 13D figures showing larger beneficial ownership positions. From an investor-impact perspective the one-share purchase is negligible and does not change control or materially alter outstanding ownership percentages. The disclosure does provide transparency about aggregate holdings consistent with Section 16 reporting requirements.

Corporate Governance Expert

TL;DR: Filing meets disclosure obligations and references prior Schedule 13D; transaction itself is immaterial to governance.

The report is procedurally sound: it records a purchase transaction, specifies post-transaction beneficial ownership, and cites an earlier Schedule 13D amendment for fuller context on aggregate holdings. The reporting person is marked as a director and 10% owner which are governance-relevant classifications. Nevertheless, the single-share acquisition will not affect board control or voting outcomes. The filing enhances transparency without indicating any governance change.

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)
09/18/2025

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	09/18/2025		P		1	A	$915.55	1,163,999(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	09/19/2025
	** 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 the Form 4 for TPL?

The Form 4 reports a purchase of 1 share of Texas Pacific Land Corp (TPL) on 09/18/2025 at a price of $915.55.

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

The filing lists 1,163,999 shares beneficially owned following the reported transaction (direct ownership).

Who is the reporting person on this Form 4 and what is their relationship to TPL?

The reporting person is Horizon Kinetics Asset Management LLC, identified on the form as a Director and marked as a 10% owner.

Does the Form 4 reference other ownership disclosures?

Yes. The explanatory note references a Schedule 13D amendment stating Horizon Kinetics beneficially owned 3,578,173 shares and discloses Murray Stahl’s direct and indirect interests of 7,848 and approximately 156,083 shares, respectively.

When was the Form 4 signed?

The Form 4 was signed by an attorney-in-fact on 09/19/2025.