[Form 4] Texas Pacific Land Corporation Insider Trading Activity

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC (HKAM) reported a purchase of Texas Pacific Land Corporation (TPL) common stock on 08/08/2025 at a reported price of $868.97 per share. The reported transaction is coded as a purchase and the Form 4 shows HKAM's beneficial ownership following the reported transaction as 1,163,971 shares (direct).

The filing references an earlier Schedule 13D amendment that disclosed HKAM's beneficial ownership of 3,578,173 shares and shows Murray Stahl's direct interest of 7,848 shares and indirect interest of approximately 156,083 shares. The filing states Mr. Stahl does not exercise investment discretion over the issuer's securities.

Positive

• Reported purchase of TPL common stock at $868.97 per share is disclosed
• Form shows HKAM's post-transaction direct beneficial ownership of 1,163,971 shares
• Filing references an earlier Schedule 13D with 3,578,173 shares and details on Murray Stahl's direct and indirect interests, improving transparency
• The filing states Murray Stahl does not exercise investment discretion, clarifying decision-making authority

Negative

• None.

Insights

Financial Analyst

TL;DR: HKAM increased its direct stake in TPL via a reported purchase; ownership figures are disclosed but transaction quantity is not explicitly clear.

The Form 4 records a purchase at $868.97 and shows HKAM holding 1,163,971 shares directly after the reported trade. The form also references a Schedule 13D amendment showing total beneficial ownership of 3,578,173 shares, which provides important context on the firm's broader position. The filing is factual and transparent on ownership levels and the role of Murray Stahl, but the table presentation makes the exact number of shares acquired in the single reported transaction difficult to parse.

Corporate Governance Expert

TL;DR: The disclosure improves transparency on insider/affiliate holdings; it clarifies investment discretion status for a named individual.

The Form 4 links the reported purchase to HKAM and reiterates prior Schedule 13D figures, including Murray Stahl's direct and indirect interests and the statement that Mr. Stahl does not exercise investment discretion. That clarity on decision-making authority and consolidated beneficial ownership is useful for governance assessments. The filing is procedural and informative but does not on its face reveal control changes or shifts in board-level voting arrangements.

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)
08/08/2025

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	08/08/2025		P		1	A	$868.97	1,163,971(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	08/11/2025
	** 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 did Horizon Kinetics report on Form 4 for TPL?

HKAM reported a purchase of Texas Pacific Land (TPL) common stock, recorded at a price of $868.97 per share.

When was the TPL transaction reported?

The transaction date shown on the Form 4 is 08/08/2025.

How many TPL shares does HKAM beneficially own after the reported transaction?

The Form 4 lists HKAM's beneficial ownership following the reported transaction as 1,163,971 shares (direct).

What prior ownership disclosures are referenced in the Form 4?

The filing references a Schedule 13D amendment disclosing HKAM's beneficial ownership of 3,578,173 shares and Murray Stahl's direct and indirect interests (7,848 and ~156,083 shares respectively).

Does Murray Stahl exercise investment discretion over TPL securities?

The Form 4 states that Mr. Stahl does not exercise investment discretion with respect to the issuer's securities.