[Form 4] Texas Pacific Land Corporation Insider Trading Activity

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC filed a Form 4 reporting a transaction in Texas Pacific Land Corporation (TPL). The filing records a purchase on 08/20/2025 coded P for 1 share of Common Stock at a price of $903.18. The form shows 1,163,979 shares beneficially owned following the reported transaction, with ownership reported as indirect. The reporting entity is identified as a Director and a 10% owner of the issuer. An explanatory footnote references a prior Schedule 13D amendment filed 12/18/2024 that disclosed Horizon Kinetics beneficial ownership of 3,578,173 shares and specific direct and indirect interests of Murray Stahl. The form is signed by an attorney-in-fact on 08/21/2025.

Insights

Securities Analyst

TL;DR: Small reported purchase with detailed beneficial ownership disclosure; confirms director and large-holder status.

The Form 4 records a single-share purchase at a per-share price of $903.18 reported by Horizon Kinetics Asset Management LLC on 08/20/2025 and signed 08/21/2025. The filing explicitly marks the reporting person as a Director and a 10% owner and cites a December 18, 2024 Schedule 13D amendment that discloses broader beneficial ownership figures totaling 3,578,173 shares for Horizon Kinetics and specified direct and indirect interests for Murray Stahl. This filing serves to update short-form insider activity and tie the single reported transaction to previously disclosed larger holdings.

Corporate Governance Expert

TL;DR: Disclosure aligns with Section 16 obligations and references prior Schedule 13D detail.

The Form 4 provides a compliant disclosure of a transaction by an insider entity identified as both a director and 10% owner. The explanatory note links the Form 4 to earlier Schedule 13D information, clarifying reported beneficial ownership totals and the interests of an individual associated with the reporting entity. The signature by an attorney-in-fact is included consistent with procedural requirements.

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

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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)
08/20/2025

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	08/20/2025		P		1	A	$903.18	1,163,979(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	08/21/2025
	** 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 for TPL on Form 4?

The Form 4 reports a purchase of 1 share of Texas Pacific Land Corporation common stock on 08/20/2025 at a price of $903.18.

How many TPL shares does Horizon Kinetics beneficially own according to this filing?

The filing shows 1,163,979 shares beneficially owned following the reported transaction and references a Schedule 13D amendment that disclosed 3,578,173 shares for Horizon Kinetics as of 12/18/2024.

What is the relationship of the reporting person to TPL?

The Form 4 identifies the reporting person, Horizon Kinetics Asset Management LLC, as a Director and a 10% owner of TPL.

Does the filing disclose individual interests of executives related to Horizon Kinetics?

Yes. The explanatory note cites that the Schedule 13D amendment disclosed Murray Stahl's direct interest of 7,848 shares and an indirect interest of approximately 156,083 shares.

When was the Form 4 signed?

The Form 4 was signed by an attorney-in-fact on 08/21/2025.