[Form 4] Texas Pacific Land Corp Insider Trading Activity

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC reported a change in beneficial ownership of Texas Pacific Land Corp (TPL). The Form 4 discloses a transaction on 09/24/2025 involving common stock executed with code "P" and a reported price of $955.44. Following the reported transaction, the filing lists 1,164,003 shares beneficially owned by the reporting person. The explanation references an earlier Schedule 13D amendment (filed 12/18/2024) that reported HKAM's beneficial ownership of 3,578,173 shares and disclosed Murray Stahl's direct ownership of 7,848 shares and indirect ownership of approximately 156,083 shares. The Form 4 is signed by Jay Kesslen, attorney-in-fact, dated 09/25/2025.

Positive

• Transaction disclosed with specific per-share price ($955.44) and transaction date (09/24/2025)
• Post-transaction beneficial ownership is reported (1,164,003 shares), improving transparency
• Filing references prior Schedule 13D (3,578,173 shares) and details Murray Stahl's reported direct and indirect interests

Negative

• None.

Insights

Financial Analyst

TL;DR: Form 4 shows a disclosed transaction at $955.44 and updated beneficial ownership figures tied to a prior Schedule 13D.

The filing documents a non-derivative common stock transaction on 09/24/2025 reported by Horizon Kinetics Asset Management LLC with a per-share price of $955.44 and a post-transaction beneficial ownership figure of 1,164,003 shares. The explanation ties this Form 4 to a December 18, 2024 Schedule 13D amendment that reported HKAM beneficially owned 3,578,173 shares and specified Murray Stahl's direct and indirect holdings. The form is signed by an attorney-in-fact on 09/25/2025. This is a standard Section 16 disclosure updating ownership; the document itself does not provide trade size in dollar terms beyond the per-share price or context on timing relative to prior holdings.

Corporate Governance Expert

TL;DR: The Form 4 properly discloses an ownership change and references prior Schedule 13D detail on beneficial ownership.

The filing identifies Horizon Kinetics Asset Management LLC as the reporting person and indicates a change in beneficial ownership of Texas Pacific Land Corp common stock on 09/24/2025. It includes a specific transaction code and price and restates the scope of beneficial ownership disclosed in the December 18, 2024 Schedule 13D amendment, including Murray Stahl's reported direct and indirect interests. The signature by an attorney-in-fact is present with a 09/25/2025 date. The Form appears procedural and consistent with Section 16 reporting obligations; it does not contain additional governance actions or disclosures beyond ownership figures.

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)
09/24/2025

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	09/24/2025		P		1	A	$955.44	1,164,003(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	09/25/2025
	** 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 did Horizon Kinetics report on Form 4 for TPL?

The Form 4 reports a common stock transaction on 09/24/2025 with a reported price of $955.44 and a post-transaction beneficial ownership of 1,164,003 shares.

How does this Form 4 relate to the prior Schedule 13D for TPL?

The filing references a Schedule 13D amendment filed 12/18/2024 that disclosed HKAM's beneficial ownership of 3,578,173 shares and Murray Stahl's direct and indirect holdings.

Who signed the Form 4 filing for Horizon Kinetics?

The Form 4 is signed by Jay Kesslen, attorney-in-fact, dated 09/25/2025.

Does the Form 4 show derivative transactions for TPL?

No. Table II for derivative securities contains no entries; the filing discloses only a non-derivative common stock transaction.

What ownership interest does Murray Stahl have according to the filing?

The Schedule 13D referenced discloses Murray Stahl's direct interest of 7,848 shares and indirect interest of approximately 156,083 shares.