[Form 4] Texas Pacific Land Corporation Insider Trading Activity

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC reported a Form 4 showing a purchase of 1 share of Texas Pacific Land Corp (TPL) on 08/22/2025 at a price of $901.92. The filing lists the reporting entity's relationship to the issuer as a Director. After the reported transaction, the Form 4 shows 1,163,981 shares beneficially owned by the reporting person as of the transaction date. The filing references a prior Schedule 13D amendment disclosing HKAM beneficial ownership of 3,578,173 shares and noting Murray Stahl's direct and indirect interests. The form was signed by an attorney-in-fact on 08/25/2025.

Positive

• Timely disclosure of insider activity by Horizon Kinetics Asset Management LLC on Form 4
• Clear linkage to a Schedule 13D amendment that discloses larger beneficial ownership (3,578,173 shares)
• Identification of related parties (Murray Stahl's direct and indirect interests are described)

Negative

• None.

Insights

Securities Analyst

TL;DR: Insider filing reports a single-share purchase; overall disclosed beneficial ownership is substantial per Schedule 13D.

The Form 4 documents a single open-market purchase of 1 share of TPL at $901.92 on 08/22/2025 by Horizon Kinetics Asset Management LLC, reported as a director-related filing. While the reported transaction size is de minimis, the filing explicitly references a Schedule 13D amendment showing HKAM beneficial ownership of 3,578,173 shares and additional interests attributed to Murray Stahl. The report is routine disclosure of insider activity and updates beneficial ownership figures consistent with prior Schedule 13D reporting.

Corporate Governance Expert

TL;DR: Form 4 complies with Section 16 reporting; it ties a minor purchase to an existing substantial Schedule 13D position.

The disclosure includes the reporting person’s role (director) and confirms ongoing transparency by linking the Form 4 to a Schedule 13D amendment that details larger beneficial holdings. The signature by an attorney-in-fact and the explanatory note about Murray Stahl’s interests provide clarity on ownership attribution. This filing appears procedural and compliant, updating insider holdings without indicating a material change to governance or control.

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)
08/22/2025

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	08/22/2025		P		1	A	$901.92	1,163,981(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	08/25/2025
	** 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 TPL Form 4?

The Form 4 reports a purchase of 1 share of Texas Pacific Land Corp on 08/22/2025 at a price of $901.92.

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

The Form 4 shows 1,163,981 shares beneficially owned following the reported transaction.

Does the filing reference any other disclosures about ownership?

Yes, the filing references a Schedule 13D amendment reporting HKAM beneficial ownership of 3,578,173 shares and notes Murray Stahl's direct and indirect interests.

Who signed the Form 4 and when?

The form was signed by /s/ Jay Kesslen, attorney-in-fact on 08/25/2025.

What is the reporting person's relationship to the issuer?

The Form 4 indicates the reporting person is related to the issuer as a Director (as shown on the form).