[Form 4] Texas Pacific Land Corporation Insider Trading Activity

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC (HKAM) reported a purchase of Texas Pacific Land Corp common stock on 08/21/2025. The Form 4 shows a single purchase (Code P) at $888.65 for 1 share, and lists 1,163,980 shares as beneficially owned following the transaction on a direct basis.

The filing identifies the reporting person as a director. An explanatory note references an earlier Schedule 13D amendment (filed 12/18/2024) disclosing HKAM beneficial ownership of 3,578,173 shares and specifying Murray Stahl’s direct interest of 7,848 shares and indirect interest of approximately 156,083 shares; it also states Mr. Stahl does not exercise investment discretion for the issuer. The Form 4 is signed by an attorney-in-fact on 08/22/2025.

Positive

• Disclosure consistency: Form 4 links the transaction to a prior Schedule 13D, reaffirming previously disclosed beneficial ownership numbers
• Director-level reporting: The reporting person is identified as a director, providing clarity on the relationship to the issuer

Negative

• None.

Insights

Securities Analyst

TL;DR: A single-share purchase was reported; the filing mainly reconfirms prior Schedule 13D ownership disclosures and director-level reporting.

The reported transaction itself—one share purchased at $888.65—is immaterial to valuation or control metrics for Texas Pacific Land Corp given the scale of outstanding and beneficially owned shares disclosed elsewhere in the filing. The more relevant elements are the ownership figures cited from the Schedule 13D amendment: HKAM's disclosed beneficial ownership of 3,578,173 shares and the specific interests attributed to Murray Stahl. Those figures provide useful context about the reporting group's stake but are restatements rather than new large transactions in this Form 4. All observations are taken directly from the filing text.

Corporate Governance Expert

TL;DR: Director-level reporting and Schedule 13D cross-reference are the material governance signals in this Form 4, not the tiny trade.

The Form 4 documents disclosure consistency: a director-linked reporting entity filed an insider transaction and linked it to a prior Schedule 13D amendment that quantifies beneficial ownership. That linkage matters for transparency and regulatory compliance. The filing also states that Murray Stahl does not exercise investment discretion, which clarifies governance roles within the reporting group. No new governance actions or changes in control are reported here; the document primarily updates a ministerial purchase record and reiterates earlier ownership disclosures.

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)
08/21/2025

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	08/21/2025		P		1	A	$888.65	1,163,980(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	08/22/2025
	** 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.

FAQ

What transaction did Horizon Kinetics Asset Management report on Form 4 for TPL?

The Form 4 reports a purchase of 1 share of Texas Pacific Land Corp common stock on 08/21/2025 at a price of $888.65.

How many TPL shares did the reporting person beneficially own after the reported transaction?

The filing shows 1,163,980 shares beneficially owned following the reported transaction on a direct basis.

Does the Form 4 reference any prior ownership disclosures for TPL?

Yes. The filing references a Schedule 13D amendment dated 12/18/2024 disclosing HKAM beneficial ownership of 3,578,173 shares and Murray Stahl’s direct and indirect interests.

What role does Murray Stahl have according to the filing?

The explanatory note states Murray Stahl has a direct interest of 7,848 shares, an indirect interest of ~156,083 shares, and that he does not exercise investment discretion with respect to the issuer’s securities.

When was the Form 4 signed and filed?

The Form 4 is signed by an attorney-in-fact on 08/22/2025, referencing the 08/21/2025 transaction date.