[Form 4] Texas Pacific Land Corporation Insider Trading Activity

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC reported a purchase of Texas Pacific Land Corp (TPL) common stock on 09/08/2025. The Form 4 shows a transaction coded "P" acquiring 1,163,991 shares, resulting in 1,163,991 shares beneficially owned following the transaction reported on this form. The filing also references an earlier Schedule 13D amendment (filed 12/18/2024) disclosing HKAM beneficial ownership of 3,578,173 shares and noting Murray Stahl's direct ownership of 7,848 shares plus an indirect interest of approximately 156,083 shares. The filing is signed by Jay Kesslen, attorney-in-fact, on 09/09/2025.

Positive

• Large institutional acquisition disclosed: HKAM reported acquisition of 1,163,991 shares of TPL on 09/08/2025.
• Prior ownership transparency: The Form references a Schedule 13D amendment disclosing 3,578,173 shares beneficially owned by HKAM, providing continuity of disclosure.
• Clarification on decision-making: The filing explicitly states Murray Stahl does not exercise investment discretion for the issuer's securities.

Negative

• Limited transaction context: The Form 4 does not explain the purpose, funding source, or broader intent behind the acquisition.
• Price detail ambiguous: A price figure of $908.9 appears in the line but the filing does not provide clear explanation or currency/units context within the Form 4 text provided.

Insights

Securities Analyst

TL;DR: A large purchase by an institutional reporting person increased reported beneficial holdings in TPL, per Form 4.

The Form 4 documents an acquisition (transaction code "P") of 1,163,991 shares of Texas Pacific Land Corp on 09/08/2025 by Horizon Kinetics Asset Management LLC, resulting in 1,163,991 shares reported as beneficially owned on this Form 4. The filing explicitly references a prior Schedule 13D amendment (12/18/2024) showing HKAM beneficial ownership of 3,578,173 shares and discloses Murray Stahl's separate direct and indirect interests. The form is a standard Section 16 disclosure and is signed by an attorney-in-fact. This is a material disclosure of insider/institutional activity but the Form 4 does not provide context such as purchase price per share beyond the raw figure listed or intent behind the transaction.

Corporate Governance Expert

TL;DR: The filing clarifies beneficial ownership figures and flags that a named individual does not exercise investment discretion.

The explanatory note states HKAM's pecuniary interest in the disclosed shares and explicitly says Murray Stahl does not exercise investment discretion with respect to the issuer's securities. The Form 4 identifies the reporting person as a director and indicates the form was filed by one reporting person. Signature and filing dates are provided. The document contains routine compliance disclosures and an explicit link to the earlier Schedule 13D for fuller beneficial ownership detail.

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
Estimated average burden
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)
09/08/2025

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	09/08/2025		P		1	A	$908.9	1,163,991(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	09/09/2025
	** 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 Asset Management LLC report for TPL on 09/08/2025?

The Form 4 reports a transaction coded "P" on 09/08/2025 in which Horizon Kinetics Asset Management LLC acquired 1,163,991 shares of Texas Pacific Land Corp.

How many TPL shares did HKAM disclose they beneficially own previously?

The explanatory note references a Schedule 13D amendment filed 12/18/2024 disclosing HKAM's beneficial ownership of 3,578,173 shares.

Does Murray Stahl exercise investment discretion over HKAM's TPL holdings?

The filing explicitly states that Murray Stahl does not exercise investment discretion with respect to the issuer's securities.

Who signed the Form 4 and when was it signed?

The Form 4 is signed by /s/ Jay Kesslen, attorney-in-fact on 09/09/2025.

Is the reporting person identified as a director or officer of the issuer?

The form indicates the reporting person is a Director (the Director box is checked).