[Form 4] Texas Pacific Land Corporation Insider Trading Activity

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC reported a small open-market purchase of Texas Pacific Land Corporation common stock on 08/26/2025: one share was acquired at $897.55. The Form 4 shows 1,163,983 shares beneficially owned by the reporting entity following the transaction. The filing also 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 approximately 156,083 shares, respectively. The form is signed by an attorney-in-fact on behalf of Horizon Kinetics.

Positive

• Transaction disclosed in compliance with Section 16 reporting requirements
• Beneficial ownership totals provided, including cross-reference to a Schedule 13D amendment showing 3,578,173 shares

Negative

• None.

Insights

Financial Analyst

TL;DR Insider-related entity reported a nominal open-market purchase and reiterated prior substantial Schedule 13D holdings.

The Form 4 documents a single-share acquisition at $897.55 and reports 1,163,983 shares beneficially owned post-transaction. The filing cross-references a December 18, 2024 Schedule 13D amendment that disclosed a larger beneficial position of 3,578,173 shares, plus specific direct and indirect holdings for Murray Stahl. For investors, this filing is largely administrative: the executed purchase quantity is immaterial, while the Schedule 13D disclosure provides the more consequential ownership context.

Corporate Governance Expert

TL;DR Routine Section 16 disclosure showing a token purchase and reiteration of previously reported beneficial ownership.

The reporting person is identified as a director-level entity and a 10% owner. The Form 4 properly records the transaction date, price, and the beneficial ownership total after the trade. The explanatory note cites a Schedule 13D amendment identifying broader ownership details and clarifies that Murray Stahl does not exercise investment discretion. This filing appears compliant and informational rather than signaling a governance change.

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)
08/27/2025

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	08/26/2025		P		1	A	$897.55	1,163,983(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	08/27/2025
	** 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 report on the Form 4 for TPL?

The Form 4 reports the purchase of 1 share of Texas Pacific Land Corporation on 08/26/2025 at a price of $897.55.

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

The Form 4 states the reporting person beneficially owned 1,163,983 shares following the reported transaction.

Does the filing reference any prior disclosure about Horizon Kinetics' holdings in TPL?

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

What is Murray Stahl's involvement as disclosed in the document?

The explanatory note states Murray Stahl had a direct interest of 7,848 shares and an indirect interest of approximately 156,083 shares, and that he does not exercise investment discretion for the issuer's securities.

Who signed the Form 4 submission?

The Form 4 is signed by /s/ Jay Kesslen, attorney-in-fact on behalf of Horizon Kinetics Asset Management LLC, dated 08/27/2025.