[Form 4] Texas Pacific Land Corp Insider Trading Activity

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC reported a Form 4 disclosing a purchase of common stock of Texas Pacific Land Corp (TPL) executed on 09/15/2025. The report shows a single purchase transaction (code P) of 1 share at a price of $950.26, after which the reporting person is shown as beneficially owning 1,163,996 shares. The filer is identified as a director and 10% owner, and an explanatory note references a prior Schedule 13D amendment dated 12/18/2024 that reported Horizon Kinetics' beneficial ownership of 3,578,173 shares and discloses Murray Stahl's direct and indirect interests. The Form 4 was signed by an attorney-in-fact on 09/16/2025.

Positive

• Reported purchase executed on 09/15/2025 showing continued insider/institutional activity
• Disclosure links to a prior Schedule 13D showing substantial beneficial ownership (3,578,173 shares)
• Reporting person identified as a director and 10% owner, clarifying governance relationship

Negative

• None.

Insights

Financial Analyst

TL;DR: Small reported purchase; large institutional beneficial ownership previously disclosed.

The Form 4 records a purchase of a single share at $950.26, an immaterial transaction in isolation. More material is the filing context: Horizon Kinetics is a significant holder with 3,578,173 shares disclosed in a prior Schedule 13D, and the Form 4 shows 1,163,996 shares beneficially owned by the reporting entity after the reported transaction. For investors, the report confirms continuing ownership and the reporting relationship (director and 10% owner), but the one-share purchase itself is not financially material.

Corporate Governance Expert

TL;DR: Disclosure confirms director-affiliated holder activity and updates beneficial ownership counts.

The submission properly documents a Section 16 filing by an entity identified as a director and 10% owner. The explanatory note ties the Form 4 to an earlier Schedule 13D amendment that quantified larger holdings and clarified individual interests. The filing also states that Mr. Stahl does not exercise investment discretion, which is relevant to control/agency assessments. Procedurally, the Form 4 appears complete with signature and explanatory disclosure.

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
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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)
09/15/2025

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	09/15/2025		P		1	A	$950.26	1,163,996(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	09/16/2025
	** 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 (code P) of 1 share of Texas Pacific Land Corp on 09/15/2025 at a price of $950.26.

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

The Form 4 shows 1,163,996 shares beneficially owned following the reported transaction.

Does the filing reference any prior disclosures about Horizon Kinetics' ownership in TPL?

Yes. The filing references a Schedule 13D amendment dated 12/18/2024 that disclosed Horizon Kinetics' beneficial ownership of 3,578,173 shares.

What is the reporting person's relationship to Texas Pacific Land Corp?

The Form 4 identifies the reporting person as a Director and a 10% owner of the issuer.

Who signed the Form 4 and when was it signed?

The Form 4 was signed by /s/ Jay Kesslen, attorney-in-fact on 09/16/2025.