TPL Form 4: Director and 10% owner reports small stock purchase

Rhea-AI Filing Summary

Texas Pacific Land Corp (TPL) reported an insider transaction by a director and 10% owner on a Form 4 filed for one reporting person. On 11/20/2025, the insider purchased 1 share of common stock at a price of $918.95. Following this transaction, the insider directly beneficially owned 1,162,570 shares of Texas Pacific Land common stock.

An explanation notes that Horizon Kinetics Asset Management LLC had previously reported beneficial ownership of 3,578,173 shares on an amended Schedule 13D, along with Murray Stahl's separate direct and indirect interests, and clarifies that Mr. Stahl does not exercise investment discretion over the issuer’s securities.

Insider Trade Summary

Net Buyer: 1 shares ($919)

Net Buy 1 txn

Insider HORIZON KINETICS ASSET MANAGEMENT LLC

Role 10% Owner

Bought 1 shs ($918.95)

Type	Security	Shares	Price	Value
Purchase	Common Stock	1	$918.95	$918.95

Holdings After Transaction: Common Stock — 1,162,570 shares (Direct)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

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)
11/20/2025

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	11/20/2025		P		1	A	$918.95	1,162,570(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	11/21/2025
	** 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 insider transaction was reported for TPL on this Form 4?

The filing reports that a director and 10% owner of Texas Pacific Land Corp (TPL) purchased 1 share of common stock on 11/20/2025.

At what price was the Texas Pacific Land (TPL) share bought in this Form 4?

The reported insider purchase of 1 share of Texas Pacific Land common stock was made at a price of $918.95 per share.

How many Texas Pacific Land (TPL) shares does the insider own after this transaction?

After the reported transaction, the insider directly beneficially owned 1,162,570 shares of Texas Pacific Land common stock.

Who is mentioned in connection with TPL ownership in the explanation of responses?

The explanation mentions Horizon Kinetics Asset Management LLC (HKAM) and notes a prior Schedule 13D amendment that reported beneficial ownership of 3,578,173 shares, as well as Murray Stahl's direct and indirect interests.

Does Murray Stahl exercise investment discretion over Texas Pacific Land (TPL) securities?

The explanation states that Murray Stahl does not exercise investment discretion with respect to the securities of Texas Pacific Land Corp.

Is this Texas Pacific Land (TPL) Form 4 filed by one or multiple reporting persons?

The Form 4 is indicated as being filed by one reporting person, as shown by the checked box in the filing.