[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 shows a purchase on 09/29/2025 of common stock at $926.54 per share. Following the reported transaction, the reporting person is shown as beneficially owning 1,164,006 shares (directly). The form also references an earlier Schedule 13D amendment dated December 18, 2024 disclosing HKAM's beneficial ownership of 3,578,173 shares and Murray Stahl's direct and indirect holdings of 7,848 and approximately 156,083 shares, respectively. The Form 4 was signed by Jay Kesslen, attorney-in-fact, on 09/30/2025.

Positive

• Insider purchase reported on 09/29/2025 at a disclosed price of $926.54 per share, indicating buying activity by the reporting person.
• Clear beneficial ownership disclosure referencing a Schedule 13D amendment that states HKAM beneficially owns 3,578,173 shares and discloses Murray Stahl's direct and indirect holdings.

Negative

• None.

Insights

Securities Analyst

TL;DR: Insider purchase reported; HKAM discloses large beneficial stake via Schedule 13D amendment.

The filing documents a purchase transaction on 09/29/2025 at a reported price of $926.54 per share and records 1,164,006 shares beneficially owned following that transaction. The Form 4 cross-references a prior Schedule 13D amendment reporting HKAM's beneficial ownership of 3,578,173 shares and Murray Stahl's direct and indirect holdings. For investors, the filing clarifies ownership levels and confirms HKAM's pecuniary interest; no additional operational or financial metrics are provided in this Form 4.

Corporate Governance Expert

TL;DR: Reporting person is a director and filing documents ownership disclosure; no governance changes reported.

The Form 4 indicates the reporting person is identified as a director and shows an acquisition transaction dated 09/29/2025. The filing does not disclose any changes in board composition, control transactions beyond the purchase, or amendments to governance arrangements. It references a Schedule 13D amendment that quantifies aggregate beneficial ownership. The disclosure fulfills Section 16 reporting requirements but contains no broader governance actions.

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)
09/29/2025

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	09/29/2025		P		1	A	$926.54	1,164,006(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	09/30/2025
	** 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 common stock on 09/29/2025 at a reported price of $926.54 per share.

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

The filing shows 1,164,006 shares beneficially owned following the reported transaction.

What other ownership disclosures are referenced in the Form 4?

The Form 4 references a Schedule 13D amendment dated December 18, 2024 disclosing HKAM's beneficial ownership of 3,578,173 shares and Murray Stahl's direct and indirect holdings of 7,848 and ~156,083 shares.

Who signed the Form 4 and when was it filed?

The Form 4 was signed by Jay Kesslen, attorney-in-fact on 09/30/2025.

Does the Form 4 report any derivative transactions or governance changes?

No. The provided Form 4 text shows a non-derivative common stock purchase and does not disclose derivative transactions or changes in governance.