[Form 4] Texas Pacific Land Corp Insider Trading Activity

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC reported a purchase of Texas Pacific Land Corp common stock on 09/16/2025. The Form 4 shows a purchase (Code P) executed at $929.46 for 1 share, resulting in reported beneficial ownership of 1,163,997 shares following the transaction. The filing identifies the reporting person as a Director and a 10% owner of the issuer. An explanatory note references a prior Schedule 13D amendment (filed 12/18/2024) that disclosed HKAM beneficial ownership of 3,578,173 shares and Murray Stahl’s direct and indirect interests. The form is signed by an attorney-in-fact on 09/17/2025.

Positive

• Ownership transparency: The filing reconfirms HKAM’s beneficial ownership and references a Schedule 13D amendment with explicit share counts.
• Director and 10% owner disclosed: Reporting person is identified as a Director and a 10% owner, which is material for governance disclosure.
• Timely reporting: Transaction dated 09/16/2025 and signed 09/17/2025 indicates prompt Section 16 reporting compliance.

Negative

• None.

Insights

Securities Analyst

TL;DR Insider ownership and a small purchased share are disclosed; the filing reconfirms existing material holdings without indicating a change in control.

The Form 4 documents a nominal purchase (one share at $929.46) by Horizon Kinetics Asset Management LLC and reconfirms HKAM’s substantial beneficial position via reference to its Schedule 13D. For investors, the filing primarily serves as an update to ownership records rather than a material transaction that would alter valuations or control. The combination of director status and 10% ownership remains relevant for governance and vote-sensitive events, but the transaction itself is immaterial in size.

Corporate Governance Expert

TL;DR The filing confirms director-level ownership and Schedule 13D disclosure; the single-share purchase is procedural and not governance-changing.

The report clarifies that HKAM is a director and 10% owner and cites a Schedule 13D amendment that quantifies broader beneficial ownership. This transparency is important for compliance and for stakeholders tracking concentrated ownership. The one-share purchase at market price is negligible from a governance perspective and does not alter voting power or control dynamics disclosed in prior filings.

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).

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)
09/16/2025

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	09/16/2025		P		1	A	$929.46	1,163,997(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	09/17/2025
	** 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 (Code P) of 1 share of Texas Pacific Land Corp on 09/16/2025 at a price of $929.46.

How many TPL shares does Horizon Kinetics beneficially own after this filing?

The filing lists 1,163,997 shares as beneficially owned following the reported transaction.

Does the Form 4 disclose other ownership information for HKAM or its principals?

Yes. The explanatory note references a Schedule 13D amendment stating HKAM beneficial ownership of 3,578,173 shares and Murray Stahl’s direct and indirect interests.

Is the reporting person a company insider for TPL?

Yes. The Form 4 marks the reporting person as a Director and as a 10% owner of the issuer.

When was the Form 4 signed and filed?

The signature block shows the form was signed by an attorney-in-fact on 09/17/2025.