[Form 4] Texas Pacific Land Corporation Insider Trading Activity

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC reported a Form 4 disclosing a purchase of common stock of Texas Pacific Land Corp (TPL) on 08/14/2025. The filing shows a transaction coded P (purchase) for 1 share at a price of $889.04, increasing the reporting person’s direct beneficial ownership to 1,163,975 shares. The Form 4 references a prior Schedule 13D amendment (filed 12/18/2024) that noted beneficial ownership of 3,578,173 shares for Horizon Kinetics and disclosed Murray Stahl’s direct interest of 7,848 shares and indirect interest of approximately 156,083 shares. The filing also indicates the reporting relationship to the issuer as a Director and a 10% owner, and is signed by an attorney-in-fact.

Positive

• Disclosure of beneficial ownership consistent with Schedule 13D, including aggregate figure of 3,578,173 shares
• Accurate reporting of a purchase transaction (1 share at $889.04) and updated direct beneficial ownership of 1,163,975 shares

Negative

• None.

Insights

Securities Analyst

TL;DR: A negligible single-share purchase was reported, while Schedule 13D shows materially larger beneficial holdings.

The Form 4 records a purchase of one common share at $889.04, which by itself is immaterial to TPL’s capitalization. More meaningful is the cross-reference to the Schedule 13D amendment showing Horizon Kinetics' total beneficial ownership of 3,578,173 shares and Murray Stahl's disclosed direct and indirect interests. The Form 4 also reports 1,163,975 shares as directly beneficially owned following the reported transaction. For investors, the Form 4 is primarily a confirmatory filing aligning the latest small transaction with previously disclosed larger holdings under Schedule 13D.

Corporate Governance Expert

TL;DR: Filing accurately discloses insider status and beneficial ownership details; the single-share trade is routine.

The filing identifies Horizon Kinetics as a reporting person with director and 10% owner attributes and documents the acquisition of one share at $889.04. It reiterates prior Schedule 13D disclosures of aggregate beneficial ownership and specifies Murray Stahl's direct and indirect interests. The signature by an attorney-in-fact is standard. This Form 4 appears to serve compliance and transparency purposes rather than signaling a change in control or strategy.

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)
08/14/2025

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	08/14/2025		P		1	A	$889.04	1,163,975(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	08/15/2025
	** 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 Form 4 for TPL?

The Form 4 reports a purchase (code P) of 1 common share of Texas Pacific Land Corp on 08/14/2025 at a price of $889.04.

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

The filing shows 1,163,975 shares beneficially owned following the reported transaction and references a Schedule 13D reporting 3,578,173 shares as beneficially owned by Horizon Kinetics.

Does the Form 4 disclose any interest held by Murray Stahl in TPL?

Yes. The referenced Schedule 13D discloses Murray Stahl's direct interest of 7,848 shares and an indirect interest of approximately 156,083 shares.

What is the reporting person’s relationship to Texas Pacific Land Corp?

The Form 4 indicates the reporting person is identified as a Director and a 10% owner of the issuer.

Who signed the Form 4 and when?

The Form 4 is signed by /s/ Jay Kesslen, attorney-in-fact with a signature date of 08/15/2025.