[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 Corp (TPL). The filing lists a transaction date of 09/05/2025 with a reported transaction code of P and a single non-derivative share acquired at a price of $920.69. The report states that following the transaction the reporting person beneficially owns 1,163,990 shares. An explanatory note references a Schedule 13D amendment filed on 12/18/2024 showing HKAM beneficial ownership of 3,578,173 shares and disclosing Murray Stahl's direct and indirect interests. The Form 4 is signed by an attorney-in-fact on 09/08/2025.

Positive

• Compliance: The Form 4 is signed and references the Schedule 13D amendment, demonstrating regulatory disclosure compliance
• Clarity on ownership: The filing explicitly states beneficial ownership figures, including 1,163,990 shares following the transaction and previously reported 3,578,173 shares in the Schedule 13D amendment

Negative

• Limited new economic information: The report documents a single-share acquisition, which is not material to overall ownership levels as presented
• Transaction code ambiguity: The filing shows a transaction code of 'P' but does not include additional context within the Form 4 text to explain the nature of the execution beyond the code

Insights

Securities Analyst

TL;DR: Routine insider transaction disclosure showing a single-share acquisition and referencing prior Schedule 13D holdings.

The Form 4 documents a reported acquisition of one share at $920.69 on 09/05/2025 and indicates 1,163,990 shares beneficially owned by the reporting person after the transaction. The filing references a December 18, 2024 Schedule 13D amendment that separately discloses HKAM's larger beneficial position of 3,578,173 shares and Murray Stahl's direct and indirect interests. This appears to be an informational update consistent with Section 16 reporting requirements rather than a substantive change to ownership scale.

Corporate Governance Expert

TL;DR: Disclosure is compliant and cites prior Schedule 13D but provides limited new economic detail.

The submission satisfies Form 4 signature and explanatory requirements and ties the Form 4 to an earlier Schedule 13D amendment that quantifies broader beneficial interests. The filing shows the attorney-in-fact executed the submission on 09/08/2025. Aside from the one-share reported acquisition and the cross-reference to the 13D filing, the document offers no additional governance actions, director changes, or plan-based trading disclosures.

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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hours per response:			0.5

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)
09/05/2025

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	09/05/2025		P		1	A	$920.69	1,163,990(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	09/08/2025
	** 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 the Form 4?

The Form 4 reports a non-derivative transaction on 09/05/2025 showing acquisition of 1 share at a price of $920.69.

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

The filing states the reporting person beneficially owns 1,163,990 shares following the reported transaction.

Does the Form 4 reference any prior disclosures for TPL?

Yes. The Form 4 references a Schedule 13D amendment filed on 12/18/2024 disclosing HKAM beneficial ownership of 3,578,173 shares and Murray Stahl's direct and indirect interests.

Who signed the Form 4 and when was it signed?

The Form 4 is signed by Jay Kesslen, attorney-in-fact with the signature date of 09/08/2025.

Does the filing indicate Murray Stahl exercises investment discretion over TPL securities?

The explanatory note states that Mr. Stahl does not exercise investment discretion with respect to the securities of the issuer.