[Form 4] Texas Pacific Land Corporation Insider Trading Activity

Rhea-AI Filing Summary

Texas Pacific Land Corp. (TPL) – Form 4 filing dated 7 July 2025

The filing discloses that Horizon Kinetics Asset Management LLC (HKAM), a greater-than-10% beneficial owner of TPL, purchased a single share of common stock on 2 July 2025 at $1,066.31 per share. Following the de-minimis purchase, HKAM’s directly held position stands at 1,163,945 shares. No derivative securities were reported. The footnote reiterates HKAM’s previously reported aggregate beneficial ownership of roughly 3.58 million shares (per its 13D/A filed 18 December 2024) and clarifies that Murray Stahl, while associated with HKAM, does not exercise investment discretion over TPL securities.

The transaction code “P” indicates an open-market purchase; however, the nominal size (one share) suggests the trade is administrative—likely satisfying Section 16 reporting thresholds rather than signaling a strategic shift. The filing does not mention any change in corporate strategy, financial performance, or governance matters. Accordingly, the event is neutral from a valuation standpoint and should not materially influence investor sentiment or fair-value estimations.

Insights

Senior Securities Analyst

TL;DR: Token insider buy (1 share) – informational only, not investment-meaningful.

Insider transactions usually warrant attention, but materiality is key. HKAM already owns more than 10 % of TPL; buying a single share at ~$1,066 has no economic impact on the fund or the company. The Form 4 merely keeps HKAM current with Section 16 obligations. The post-trade holding of 1.16 million directly held shares (and approx. 3.58 million beneficially owned) is unchanged in substance. Impact: neutral; no signal about fundamentals or future corporate actions.

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)
07/02/2025

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	07/02/2025		P		1	A	$1,066.31	1,163,945(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	07/03/2025
	** 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).
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FAQ

What did Horizon Kinetics Asset Management report in the July 2025 Form 4 for TPL?

HKAM disclosed the purchase of one TPL share at $1,066.31 on 2 July 2025.

How many Texas Pacific Land Corp. shares does HKAM own after the reported transaction?

The filing shows 1,163,945 shares held directly by HKAM after the trade.

Does the Form 4 indicate any derivative positions in TPL?

No. Table II is empty; no derivative securities were reported.

Is the insider transaction considered material to TPL investors?

Given the token size (one share), the filing is viewed as administratively necessary but not materially impactful.

Why is HKAM classified as a 10 % owner of Texas Pacific Land Corp.?

HKAM’s aggregate beneficial ownership, as disclosed in its 13D/A, exceeds the 10 % threshold, requiring Section 16 reporting.