[Form 4] Texas Pacific Land Corporation Insider Trading Activity

Rhea-AI Filing Summary

Form 4 filing overview: Horizon Kinetics Asset Management LLC (HKAM), already a 10% owner of Texas Pacific Land Corp. (TPL), reported a minor open-market purchase executed on 07/10/2025. The transaction code “P” indicates a direct purchase of 1 share of TPL common stock at $1,039.87 per share. Following the trade, HKAM’s directly held position stands at 1,163,950 shares.

Context from explanatory note: A prior Schedule 13D amendment dated 12/18/2024 had cited aggregate beneficial ownership of 3,578,173 shares (including positions attributable to Murray Stahl). The current Form 4 clarifies HKAM’s pecuniary interest and reiterates that Mr. Stahl does not exercise investment discretion over the issuer’s securities.

Take-away for investors: The incremental purchase is de minimis relative to HKAM’s large stake and does not materially change its ownership percentage. However, the filing confirms that the asset manager continues to accumulate—or at least maintain—its exposure to TPL, which can be interpreted as a mild vote of confidence in the company’s prospects.

Positive

• Continued 10% ownership: HKAM remains a significant long-term holder with 1,163,950 directly held shares, indicating ongoing commitment.

Negative

• Immaterial transaction size: Purchase of a single share at $1,039.87 provides no meaningful signal on future insider activity.

Insights

Securities Analyst

TL;DR: Large holder buys 1 share—symbolic, not material.

The Form 4 shows HKAM still classified as a 10% owner and modestly increasing its stake. While the purchase of a single share has no valuation impact, it reaffirms HKAM’s long-term positioning. The maintained ownership of 1.16 million shares—worth roughly $1.2 billion at the trade price—keeps HKAM among TPL’s dominant shareholders. Because the quantity is immaterial, I regard the disclosure as neutral for the stock’s near-term trading dynamics.

Portfolio Manager

TL;DR: Filing signals status quo; no portfolio action warranted.

This is routine insider reporting. The symbolic one-share buy neither alters float nor signals aggressive accumulation. What matters is HKAM’s continued 10%+ holding, reinforcing alignment with minority shareholders. Absent larger transactions or strategic commentary, I deem the event not impactful on fundamental valuation or market perception.

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)
07/10/2025

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	07/10/2025		P		1	A	$1,039.87	1,163,950(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	07/11/2025
	** 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

How many TPL shares does Horizon Kinetics now own?

The Form 4 reports 1,163,950 shares held directly by HKAM after the transaction.

What was the price paid for the recently purchased TPL share?

HKAM paid $1,039.87 for the single share acquired on 07/10/2025.

Does the filing change HKAM’s 10% owner status?

No. HKAM continues to be classified as a 10% owner of Texas Pacific Land Corp.

Is this purchase part of a Rule 10b5-1 trading plan?

The check box for a Rule 10b5-1 plan was not marked, so no such plan is indicated in the filing.

Why is a 1-share transaction reported?

SEC rules require disclosure of any insider trades, regardless of size, to ensure full transparency for market participants.