[Form 4] Texas Pacific Land Corporation Insider Trading Activity

Rhea-AI Filing Summary

Texas Pacific Land Corp. (TPL) – Form 4, filed 07 Aug 2025: Horizon Kinetics Asset Management LLC (HKAM), a 10% owner, reported buying 1 share of TPL common stock on 06 Aug 2025 at $955.47 per share. Following this de-minimis purchase, HKAM now directly holds 1,163,969 shares. No derivative securities were involved.

The filing references HKAM’s 18 Dec 2024 Schedule 13D amendment, which disclosed beneficial ownership of 3,578,173 shares, plus Murray Stahl’s 7,848 directly held shares and an indirect interest in ~156,083 shares. The Form 4 clarifies that Mr. Stahl exercises no investment discretion over the issuer’s securities. The report is signed by Jay Kesslen as attorney-in-fact. No other insider activity, option grants, or sales were disclosed.

Positive

• Continued insider ownership: HKAM maintains a substantial position (≈1.16 million directly held shares), signaling ongoing alignment with shareholders.

Negative

• Immaterial transaction size: Purchase of only 1 share at ~$955 has negligible financial or signaling value.

Insights

Securities Analyst

TL;DR: One-share purchase; ownership steady; immaterial to valuation—neutral impact.

The reported acquisition of a single share at $955.47 marginally increases HKAM’s stake to just over 1.16 million shares. Given HKAM’s previously disclosed 3.58 million beneficial shares, the incremental cost (<$1k) is economically insignificant and does not meaningfully change ownership concentration, voting power, or market sentiment. No derivatives, pledges, or dispositions were reported, implying no change in risk posture. Overall, the filing provides routine compliance disclosure with no material impact on TPL’s investment thesis.

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)
08/06/2025

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	08/06/2025		P		1	A	$955.47	1,163,969(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	08/07/2025
	** 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

How many Texas Pacific Land (TPL) shares did Horizon Kinetics buy on 06 Aug 2025?

HKAM purchased 1 share of TPL common stock at $955.47.

What is Horizon Kinetics’ total direct ownership in TPL after the transaction?

HKAM now directly owns 1,163,969 shares of TPL.

Were any derivative securities involved in this Form 4 filing for TPL?

No. No options, warrants, or other derivatives were reported.

Does the filing change Murray Stahl’s control over TPL securities?

No. The filing reiterates that Mr. Stahl does not exercise investment discretion over these securities.

Is the Form 4 transaction material to TPL investors?

Given the one-share size, the transaction is considered immaterial to TPL’s valuation or governance dynamics.