TPL Form 4: 1 share bought at $938.73; 1,162,548 owned

Texas Pacific Land (TPL) — Form 4 filing: A 10% owner reported buying 1 share of common stock on 10/21/2025 at $938.73.

Rhea-AI Filing Summary

Texas Pacific Land (TPL) — Form 4 filing: A 10% owner reported buying 1 share of common stock on 10/21/2025 at $938.73. Following this transaction, the filer reports 1,162,548 shares beneficially owned, held directly.

The footnote references prior disclosures: a 12/18/2024 Schedule 13D amendment by Horizon Kinetics Asset Management LLC noting 3,578,173 shares beneficially owned and Murray Stahl’s 7,848 shares directly and approximately 156,083 shares indirectly. It also states Mr. Stahl does not exercise investment discretion over the issuer’s securities.

Insights

Equity ownership analyst

Routine Form 4 with de minimis purchase; ownership updated.

The filing records a small open-market buy of $938.73 for 1 share on 10/21/2025, bringing reported beneficial ownership to 1,162,548 shares held directly. This is an administrative update to insider holdings.

The footnote ties back to a 12/18/2024 Schedule 13D amendment by HKAM, citing 3,578,173 shares beneficially owned and Murray Stahl’s direct (7,848) and indirect (~156,083) interests. It also clarifies that Mr. Stahl does not exercise investment discretion. Actual market impact depends on future ownership disclosures.

Insider Trade Summary

Net Buyer: 1 shares

Net Buy 1 txn

Insider HORIZON KINETICS ASSET MANAGEMENT LLC

Role 10% Owner

Bought 1 shs ($938.73)

Type	Security	Shares	Price	Value
Purchase	Common Stock	1	$938.73	$938.73

Holdings After Transaction: Common Stock — 1,162,548 shares (Direct)

Footnotes (1)

1. F1. 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.

FAQ

What did TPL’s insider report in this Form 4?

A 10% owner bought 1 share of TPL common stock on 10/21/2025 at $938.73.

What is the insider’s total beneficial ownership after the transaction for TPL?

Reported beneficial ownership is 1,162,548 shares, held directly.

Was this TPL trade part of a Rule 10b5-1 plan?

The filing provides a checkbox description, but it does not indicate a selection in the provided excerpt.

What prior ownership information is referenced for TPL?

A 12/18/2024 Schedule 13D amendment noted HKAM’s 3,578,173 shares, and Murray Stahl’s 7,848 direct and approximately 156,083 indirect shares.

Does the filer exercise investment discretion over TPL securities?

The footnote states that Mr. Stahl does not exercise investment discretion with respect to the issuer’s securities.

What is the ownership form reported in this Form 4?

Ownership is reported as Direct (D).

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Accepted by SEC EDGAR 10/22/2025 - 12:58 PM Learn about SEC filing dates

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).

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)
10/21/2025

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	10/21/2025		P		1	A	$938.73	1,162,548(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	10/22/2025
	** 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.