[Form 4] Texas Pacific Land Corporation Insider Trading Activity

Rhea-AI Filing Summary

Texas Pacific Land (NYSE:TPL) filed a Form 4 reflecting insider activity by Director and 10% owner Murray Stahl and several Horizon Kinetics–affiliated entities on 26 June 2025.

The Rule 10b5-1 transactions comprise 10 common shares purchased at prices ranging from $1,045.81 – $1,064.53, allocated across multiple funds and accounts (Horizon Kinetics Hard Assets, Horizon Credit Opportunity Fund, Horizon Common, Polestar Offshore Fund and Horizon Kinetics Asset Management). After the purchases, the filing reports total direct and indirect beneficial ownership of roughly 1.16 million shares spread among the listed entities.

The incremental share additions are de minimis relative to the existing stake and do not affect the filer’s control percentage or governance position.

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).

X

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^*

STAHL MURRAY

(Last) (First) (Middle)

C/O HORIZON KINETICS LLC

470 PARK AVE S 8TH FL S

(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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/26/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	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	06/26/2025		P		2	A	$1,045.81	325,817(1)(2)	I	Horizon Kinetics Hard Assets
Common Stock	06/26/2025		P		1	A	$1,045.81	5,616(1)(2)	I	HORIZON CREDIT OPPORTUNITY FUND LP
Common Stock	06/26/2025		P		3	A	$1,045.81	8,238(1)(2)	D
Common Stock	06/26/2025		P		2	A	$1,045.81	5,742(1)(2)	I	HORIZON COMMON INC
Common Stock	06/26/2025		P		1	A	$1,045.81	129,281(1)(2)	I	POLESTAR OFFSHORE FUND LTD
Common Stock	06/26/2025		P		1	A	$1,064.53	637,764(1)(3)	I	Horizon Kinetics Asset Management LLC
Common Stock								7,452(1)	I	CDK PARTNERS LP
Common Stock								16,647(1)	I	CDK FUND LTD
Common Stock								180(1)	I	Spouse
Common Stock								5,490(1)	I	FROMEX Equity Corp
Common Stock								24,024(1)	I	FRMO Corp

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

1. Name and Address of Reporting Person^*

STAHL MURRAY

(Last) (First) (Middle)

C/O HORIZON KINETICS LLC

470 PARK AVE S 8TH FL S

(Street)

NEW YORK NY 10016

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

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)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

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.

2. Purchased pursuant to a Rule 10b5-1 plan adopted on November 21, 2024.

3. The amount of common shares of the Issuer reported excludes partnerships and other accounts in which Mr. Stahl has a controlling interest and are reported separately. These accounts are managed by HKAM, in which Mr. Stahl serves as Chairman, Chief Executive Officer and Chief Investment Officer but does not participate in investment decisions with respect to the securities of the Issuer. Mr. Stahl disclaims beneficial ownership over the shares reported except to the extent of his pecuniary interest, if any.

	/s/ Jay Kesslen, attorney-in-fact	06/27/2025
	** 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).
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FAQ

How many Texas Pacific Land shares did Murray Stahl purchase on 26 June 2025?

The Form 4 discloses open-market purchases totaling 10 shares at prices between $1,045.81 and $1,064.53.

What is Murray Stahl’s total beneficial ownership in TPL after the reported transactions?

The filing lists approximately 1.16 million shares of direct and indirect ownership across various Horizon Kinetics–managed accounts.