[Form 4] Texas Pacific Land Corp Insider Trading Activity

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC filed a Form 4 disclosing a transaction in Texas Pacific Land Corp (TPL) on 09/25/2025. The filing reports a transaction coded P with a price shown as $929.38 and indicates 1,164,004 shares beneficially owned following the reported transaction. The reporting person is identified as Horizon Kinetics Asset Management LLC with an address in New York and is marked as a Director. An explanatory note refers to a December 18, 2024 amendment to a Schedule 13D reporting prior beneficial ownership of 3,578,173 shares and Murray Stahl’s direct and indirect interests of 7,848 and ~156,083 shares respectively. The signature block shows the form was signed by Jay Kesslen, attorney-in-fact, on 09/26/2025.

Positive

• Disclosure of substantial beneficial ownership in TPL, aiding market transparency
• Form filed and signed promptly (signature dated 09/26/2025), indicating regulatory compliance

Negative

• Transaction mechanics are unclear: the Form does not fully explain the nature of the coded transaction P
• Inconsistency or lack of clarity between the Schedule 13D figures cited and the post-transaction beneficial ownership reported in this Form 4

Insights

Securities Analyst

TL;DR: Insider filing shows a sizable beneficial position disclosed; transaction details are sparse but overall disclosure increases transparency.

The Form 4 documents an insider-related transaction in TPL by Horizon Kinetics Asset Management LLC dated 09/25/2025 and reports 1,164,004 shares owned after the reported activity. The filing includes a price of $929.38 and transaction code P, and it references a prior Schedule 13D amendment showing larger aggregate positions and Mr. Murray Stahl’s direct and indirect holdings. For investors, the material fact here is the sizable disclosed beneficial ownership and continued reporting compliance. The form itself lacks granular breakdown of the reported change and the precise mechanics of the transaction are not described within this filing.

Corporate Governance Expert

TL;DR: The disclosure affirms reporting obligations and board-related involvement but does not reveal motive or change in control.

The filing identifies the reporting entity as a director-affiliated asset manager and confirms a post-transaction beneficial ownership figure of 1,164,004 shares. The explanatory note cites a Schedule 13D amendment disclosing larger historical holdings and Mr. Stahl’s specified direct and indirect interests. This Form 4 fulfills Section 16 reporting requirements and provides continuity with prior 13D disclosures, supporting regulatory transparency. The document does not indicate any resignation, appointment, or change in governance roles.

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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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)
09/25/2025

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	09/25/2025		P		1	A	$929.38	1,164,004(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	09/26/2025
	** 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 on 09/25/2025 in Texas Pacific Land Corp (TPL), shows a price of $929.38, and reports 1,164,004 shares beneficially owned following the transaction.

Who is the reporting person on the TPL Form 4?

The reporting person is Horizon Kinetics Asset Management LLC, listed with a New York address and marked as a Director on the form.

Does the filing reference prior disclosures about TPL holdings?

Yes. The explanatory note refers to a December 18, 2024 Schedule 13D amendment disclosing 3,578,173 shares beneficially owned and Murray Stahl’s direct and indirect interests of 7,848 and ~156,083 shares.

When was the Form 4 signed?

The signature block shows the form was signed by Jay Kesslen, attorney-in-fact on 09/26/2025.

What does transaction code 'P' indicate on this Form 4?

The Form shows transaction code P but the filing text does not explain the specific mechanics of the transaction; no further detail is provided in this document.