[Form 4] Texas Pacific Land Corporation Insider Trading Activity

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC filed a Form 4 disclosing an August 27, 2025 purchase (Transaction Code P) related to Texas Pacific Land Corporation (TPL). The filing reports a reported acquisition at a price of $914.32 and shows 1,163,984 shares noted in the non-derivative table following the transaction. An explanatory note references an earlier Schedule 13D amendment dated December 18, 2024 in which HKAM disclosed beneficial ownership of 3,578,173 shares and provided Murray Stahl's direct interest of 7,848 shares and indirect interest of approximately 156,083 shares. The form is signed by Jay Kesslen as attorney-in-fact on 08/28/2025.

Positive

• HKAM's previously disclosed large beneficial position is confirmed: 3,578,173 shares noted in the Schedule 13D amendment referenced in the Form 4.
• Transaction disclosed with price, specifying a purchase at $914.32, supporting transparency of insider activity.

Negative

• None.

Insights

Financial Analyst

TL;DR: Routine insider purchase disclosure showing HKAM's sizable beneficial stake already reported on Schedule 13D.

The Form 4 records a purchase transaction on 08/27/2025 (code P) at $914.32 and reports 1,163,984 shares following the transaction in the non-derivative section. The filing cross-references a December 18, 2024 Schedule 13D amendment that discloses HKAM's beneficial ownership of 3,578,173 shares and Murray Stahl's separate direct and indirect holdings. This filing appears to document a small incremental purchase or an administrative reporting update rather than a material change to the established ownership disclosed in the Schedule 13D. Investors should view this as a continuation of previously reported significant ownership rather than new control information.

Corporate Governance Expert

TL;DR: Compliance filing affirms previously reported significant stake; no new governance actions disclosed.

The submission is a Form 4 reporting changes in beneficial ownership for Horizon Kinetics Asset Management LLC with an executed purchase reported on 08/27/2025 and signed on 08/28/2025. The explanatory note explicitly ties this Form 4 to the firm’s December 18, 2024 Schedule 13D, which already documented a beneficial position of 3,578,173 shares and Mr. Murray Stahl’s specific holdings. The filing contains no indications of new board actions, nominee changes, or revised voting agreements. From a governance standpoint, the disclosure is procedural and maintains transparency about significant ownership already in the public record.

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)
08/27/2025

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	08/27/2025		P		1	A	$914.32	1,163,984(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	08/28/2025
	** 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 the Form 4 for TPL filed by Horizon Kinetics disclose?

The Form 4 disclosed a purchase on 08/27/2025 (code P) at a price of $914.32 and reports 1,163,984 shares following the transaction; it references a Schedule 13D showing HKAM beneficially owned 3,578,173 shares.

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

The referenced Schedule 13D amendment discloses that Horizon Kinetics Asset Management LLC beneficially owned 3,578,173 shares.

What holdings of Murray Stahl are disclosed in the filing?

The explanatory note states Murray Stahl's direct interest of 7,848 shares and his indirect interest of approximately 156,083 shares as disclosed in the December 18, 2024 Schedule 13D amendment.

When was the Form 4 signed and who signed it?

The Form 4 was signed by Jay Kesslen, attorney-in-fact on 08/28/2025.

Does the Form 4 indicate any changes to governance or control at TPL?

No. The filing documents ownership changes and references prior Schedule 13D disclosure; it does not state any board changes or new governance actions.