[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 shows a transaction dated 10/01/2025 for Common Stock with code P recording 1 share acquired at a price of $944.99. Following the reported transaction, the filing lists 1,162,534 shares beneficially owned in the table entry.

The filer is identified as a Director and checked as a 10% owner. The explanatory note references a December 18, 2024 Schedule 13D amendment disclosing HKAM beneficial ownership of 3,578,173 shares and Murray Stahl's direct and indirect interests of 7,848 and approximately 156,083 shares, and states certain accounts without pecuniary interest were removed from the reported total.

Positive

• Director and 10% owner status explicitly checked for Horizon Kinetics
• Schedule 13D disclosure referenced: 3,578,173 shares beneficially owned as of the amendment
• Specific transaction detail provided: 1 share at $944.99 on 10/01/2025

Negative

• Form provides limited context for transaction code P; the filing does not explain the nature of the coded transaction beyond the code
• Discrepancy in totals across filings requires cross-reference: Table line shows 1,162,534 shares while the referenced Schedule 13D cites 3,578,173 shares (explanatory note indicates removal of certain accounts)

Insights

Corporate Governance Analyst

Form 4 confirms insider status and sizable reported holdings.

The filing identifies Horizon Kinetics as both a director-level filer and a 10% owner, which is material because it signals significant voting and ownership influence in TPL as explicitly stated. The explanatory reference to a Schedule 13D amendment provides a disclosed total beneficial ownership figure of 3,578,173 shares, and quantifies Murray Stahl's direct and indirect stakes.

Equity Transactions Specialist

The transaction row reports a single-share acquisition at a specific price but lacks descriptive detail.

The table shows a transaction on 10/01/2025 labeled code P for 1 share at $944.99 and updates beneficial ownership to 1,162,534 shares for that line. The filing also explains that some accounts were removed from the reported amount because the reporting person has no pecuniary interest in them. The document does not provide narrative beyond these explicit 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)
10/01/2025

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	10/01/2025		P		1	A	$944.99	1,162,534(1)(2)	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.

2. This amount reflects the removal of certain accounts that hold shares of the Issuer in which the Reporting Person has no pecuniary interest.

	/s/ Jay Kesslen, attorney-in-fact	10/02/2025
	** 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 the Form 4 for TPL?

The Form 4 reports a transaction dated 10/01/2025: 1 share acquired at $944.99, and lists 1,162,534 shares beneficially owned for that table entry.

Does the filing state Horizon Kinetics is an insider of TPL?

Yes. The filing checks that the reporting person is a Director and a 10% owner of Texas Pacific Land Corp.

How many shares did Horizon Kinetics disclose in its referenced Schedule 13D?

The explanatory note states the Schedule 13D amendment (filed December 18, 2024) disclosed 3,578,173 shares as beneficially owned by HKAM.

What details are given about Murray Stahl's holdings?

The explanatory note discloses Murray Stahl's direct interest of 7,848 shares and an indirect interest of approximately 156,083 shares as stated in the Schedule 13D amendment.

Does the Form 4 explain differences in reported share totals?

The filing explicitly states that the reported amount "reflects the removal of certain accounts that hold shares of the Issuer in which the Reporting Person has no pecuniary interest."