[Form 4] Texas Pacific Land Corporation Insider Trading Activity

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC reported a purchase of 1 share of Texas Pacific Land Corp (TPL) on 09/03/2025 at a price of $928.87. After the transaction the reporting person states it directly owns 1,163,988 shares. The filing identifies the reporting person as a director and indicates the form was filed by one reporting person. An explanatory note references a Schedule 13D amendment dated December 18, 2024, showing HKAM beneficial ownership of 3,578,173 shares and disclosing Murray Stahl's direct and indirect interests; it also states Mr. Stahl does not exercise investment discretion over the issuer's securities.

Positive

• Regulatory compliance: Timely disclosure of insider transaction and cross-reference to Schedule 13D amendment
• Transparency on control: Filing clarifies that Murray Stahl does not exercise investment discretion over the issuer's securities

Negative

• None.

Insights

Securities Analyst

TL;DR: A routine disclosure of a single-share purchase by an institutional reporting person, with large prior beneficial ownership noted.

This Form 4 records a minor non-derivative acquisition: one share purchased at $928.87 on 09/03/2025, resulting in 1,163,988 shares held directly by the reporting entity. The filing also cross-references a Schedule 13D amendment showing broader beneficial ownership (3,578,173 shares). From a trading-impact perspective, the reported transaction size is immaterial relative to the disclosed beneficial position; the filing primarily serves regulatory transparency.

Corporate Governance Expert

TL;DR: Compliance-focused disclosure by a director/registrant showing ownership and clarifying another individual's non-discretionary role.

The report identifies Horizon Kinetics Asset Management LLC as a director-level reporting person and documents ownership levels and an amendment to Schedule 13D that clarifies pecuniary interests and Murray Stahl's lack of investment discretion. This filing reinforces transparency about ownership and control relationships but does not disclose any change in governance or control structure.

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)
09/03/2025

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	09/03/2025		P		1	A	$928.87	1,163,988(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	09/04/2025
	** 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 (TPL) on 09/03/2025 at $928.87.

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

The reporting person states they directly own 1,163,988 shares following the transaction.

Does the filing reference other disclosures about beneficial ownership?

Yes; it references a Schedule 13D amendment dated 12/18/2024 showing HKAM beneficial ownership of 3,578,173 shares and disclosing Murray Stahl's interests.

What role does the reporting person have with the issuer?

The filing identifies the reporting person, Horizon Kinetics Asset Management LLC, as a director and indicates the form was filed by one reporting person.

Does Murray Stahl exercise investment discretion over the issuer's securities according to the filing?

No. The filing states Mr. Stahl does not exercise investment discretion with respect to the issuer's securities.