[Form 4] Texas Pacific Land Corp Insider Trading Activity

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC filed a Form 4 reporting a transaction in Texas Pacific Land Corp (TPL). The filing records a Common Stock transaction dated 09/30/2025 with transaction code P showing acquisition of 1 share at a price of $914.14. Following the reported transaction, the filing lists 1,164,007 shares beneficially owned by the reporting person in a direct capacity. The document also references an earlier Schedule 13D amendment (12/18/2024) disclosing Horizon Kinetics' beneficial ownership of 3,578,173 shares and notes Murray Stahl's direct interest of 7,848 shares and indirect interest of approximately 156,083 shares. The filing explicitly states that Mr. Stahl does not exercise investment discretion with respect to the issuer's securities.

Positive

• Clear disclosure of the transaction date, price, and resulting beneficial ownership enhances transparency for investors
• Cross-reference to a Schedule 13D amendment provides additional context on total beneficial ownership (3,578,173 shares attributed to Horizon Kinetics)

Negative

• None.

Insights

Securities Analyst

TL;DR Routine insider purchase disclosure showing a single-share acquisition and existing significant beneficial holdings by the reporting entity.

The Form 4 documents a small, specific acquisition (one share at $914.14) on 09/30/2025 and reports 1,164,007 shares held directly by the reporting person after the trade. The filing cross-references a Schedule 13D amendment that attributes 3,578,173 shares to Horizon Kinetics and discloses Murray Stahl's separate direct and indirect holdings. This record enhances transparency about ownership stakes but provides no new operational or financial information about the issuer.

Corporate Governance Expert

TL;DR Disclosure is compliant and clarifies ownership structure; it does not indicate a change in control or voting authority by the named individual.

The report shows the reporting person as a director and provides granular ownership figures tying the Form 4 to a prior Schedule 13D amendment. It explicitly states that Murray Stahl does not exercise investment discretion, delineating roles between the asset manager and the individual. The filing is informational and procedural, consistent with Section 16 reporting requirements.

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).

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)
09/30/2025

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	09/30/2025		P		1	A	$914.14	1,164,007(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	10/01/2025
	** 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 the Form 4 report for Texas Pacific Land Corp (TPL)?

The Form 4 reports a Common Stock transaction on 09/30/2025 coded P showing the acquisition of 1 share at a price of $914.14.

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

The filing shows 1,164,007 shares beneficially owned following the reported transaction, held in a direct capacity.

What additional ownership information does the filing reference?

The filing references a Schedule 13D amendment dated 12/18/2024 disclosing Horizon Kinetics' beneficial ownership of 3,578,173 shares and Murray Stahl's 7,848 direct and approximately 156,083 indirect shares.

Does Murray Stahl exercise investment discretion over the issuer's securities?

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

Who signed the Form 4 and when was it signed?

The Form 4 was signed by /s/ Jay Kesslen, attorney-in-fact on 10/01/2025.