[Form 4] Texas Pacific Land Corporation Insider Trading Activity

Rhea-AI Filing Summary

Texas Pacific Land Corp (TPL) – Form 4 Insider Transaction

Horizon Kinetics Asset Management LLC (HKAM), a 10 % beneficial owner of TPL, filed a Form 4 for a transaction dated 11 July 2025. The filing shows a purchase (Code P) of 1 share of TPL common stock at a reported price of $1,062.60. Following this immaterial acquisition, HKAM’s direct ownership stands at 1,163,951 shares.

The explanatory note reiterates HKAM’s earlier Schedule 13D (18 Dec 2024) that disclosed overall beneficial ownership of 3,578,173 shares, plus Murray Stahl’s separate direct and indirect interests. The Form 4 clarifies HKAM’s pecuniary interest; Mr. Stahl himself does not exercise investment discretion over the issuer’s securities.

No derivative transactions were reported. The filing was signed by attorney-in-fact Jay Kesslen on 14 July 2025.

Materiality assessment: the incremental purchase of a single share is de minimis; it neither meaningfully changes HKAM’s stake nor signals a decisive shift in insider sentiment. The filing primarily updates administrative ownership records.

Insights

Securities Analyst

TL;DR — One-share buy; stake unchanged, impact negligible.

The Form 4 records Horizon Kinetics’ purchase of just one TPL share at $1,062.60, lifting its direct holding to 1.164 million shares. Because the absolute and relative change in ownership is trivial, market impact should be neutral. Investors may view the filing as routine upkeep of Section 16 reporting obligations rather than a purposeful signal. No derivatives, no disposal, and no change in control features appear. Overall, I classify this as “not impactful” for valuation or trading 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)
07/11/2025

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	07/11/2025		P		1	A	$1,062.6	1,163,951(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	07/14/2025
	** 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

How many Texas Pacific Land (TPL) shares does Horizon Kinetics now hold?

After the reported transaction, Horizon Kinetics Asset Management directly owns 1,163,951 TPL shares.

What was the insider transaction date disclosed in the Form 4 for TPL?

The transaction occurred on July 11, 2025.

Was the insider activity a purchase or a sale of TPL stock?

It was a purchase (Transaction Code P) of one share.

At what price was the TPL share bought by Horizon Kinetics?

The share was purchased at $1,062.60.

Does the Form 4 include any derivative securities transactions?

No; Table II shows no derivative securities acquired or disposed of.

Why is Murray Stahl mentioned in the Form 4 filing?

The explanatory note references his direct and indirect interests from a prior Schedule 13D, clarifying that he does not exercise investment discretion over TPL shares.