[Form 4] Texas Pacific Land Corporation Insider Trading Activity

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC reported a purchase of Texas Pacific Land Corp common stock on 08/25/2025 at a reported price of $908.19 per share. After the reported transaction the filing shows 1,163,982 shares beneficially owned directly by the reporting person. The Form 4 references a prior Schedule 13D amendment (filed 12/18/2024) disclosing Horizon Kinetics' beneficial ownership of 3,578,173 shares and Murray Stahl's direct and indirect interests of 7,848 and ~156,083 shares respectively. The filing states Mr. Stahl does not exercise investment discretion over the issuer's securities.

Positive

• Purchase disclosed at $908.19 per share on 08/25/2025, indicating a clear, documented insider-affiliated acquisition
• Detailed ownership disclosure referencing a Schedule 13D amendment showing 3,578,173 shares beneficially owned, improving transparency

Negative

• None.

Insights

Financial Analyst

TL;DR: Insider-affiliated manager reported a purchase; disclosed holdings are material in size but the filing shows mixed direct/indirect positions.

The Form 4 documents a purchase transaction by Horizon Kinetics Asset Management LLC on 08/25/2025 at a price of $908.19 per share and reports 1,163,982 shares held directly after the trade. The filing explicitly references a Schedule 13D amendment noting total beneficial ownership of 3,578,173 shares. From an investor-materiality perspective, the filing confirms substantial positions by an institutional manager but does not indicate a change in control or a specific strategic transaction. The data are factual disclosures of ownership and a purchase event; market impact will depend on context such as average daily volume and broader ownership changes not provided here.

Corporate Governance Expert

TL;DR: Disclosure clarifies ownership stakes and limits on an individual's investment discretion; governance implications appear routine.

The Form 4 clarifies beneficial ownership levels and confirms that Murray Stahl does not exercise investment discretion over the issuer's securities, which is relevant for assessing who controls voting and investment decisions. The filing also records Horizon Kinetics as having director-level relationship checkbox marked. These are standard Section 16 disclosures that improve transparency but do not by themselves indicate governance changes or conflicts of interest beyond the ownership figures disclosed.

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)
08/25/2025

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	08/25/2025		P		1	A	$908.19	1,163,982(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	08/26/2025
	** 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 the Form 4 filed for TPL on 08/25/2025 disclose?

The Form 4 disclosed a purchase on 08/25/2025 at $908.19 per share and reported 1,163,982 shares beneficially owned directly after the transaction.

How many TPL shares did Horizon Kinetics report beneficial ownership of previously?

The filing references a Schedule 13D amendment (12/18/2024) showing Horizon Kinetics beneficially owned 3,578,173 shares.

Does Murray Stahl have investment discretion over TPL shares?

The Form 4 states that Mr. Stahl does not exercise investment discretion with respect to the issuer's securities.

What relationship to the issuer is indicated by the reporting person?

The Form 4 marks the reporting person as a Director (checkbox) in relation to the issuer.

Who signed the Form 4 and when?

The filing is signed by /s/ Jay Kesslen, attorney-in-fact on 08/26/2025.