[Form 4] Texas Pacific Land Corporation Insider Trading Activity

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC reported a Form 4 filing showing a transaction in Texas Pacific Land Corp (TPL) on 09/10/2025. The filing lists a purchase (code P) of common stock at a price of $923.41 for an amount recorded as 1 (A). After the reported transaction the filing shows 1,163,993 shares beneficially owned by the reporting person. A footnote cites an earlier amendment to a Schedule 13D dated 12/18/2024 that reported HKAM beneficial ownership of 3,578,173 shares and disclosed Murray Stahl’s direct interest of 7,848 shares and indirect interest of approximately 156,083 shares. The filing identifies the reporting person as a Director and indicates the form was filed by one reporting person.

Insights

Securities Analyst

TL;DR: A small reported purchase is recorded, while prior Schedule 13D shows substantial beneficial ownership by HKAM.

The Form 4 records a purchase transaction on 09/10/2025 coded P with a listed price of $923.41 and an amount entry of 1 (A). The post-transaction beneficial ownership reported on this form is 1,163,993 shares. The footnote references a Schedule 13D amendment from 12/18/2024 that discloses a larger beneficial position of 3,578,173 shares, plus Murray Stahl’s direct and indirect interests. From a reporting perspective, the filing documents both the specific transaction and prior disclosure of material holdings; however, the Form 4 itself does not provide additional details on intent or timing beyond the listed transaction.

Corporate Governance Expert

TL;DR: Reporting is compliant and identifies HKAM as a director-related reporting person with significant previously disclosed holdings.

The filing names Horizon Kinetics Asset Management LLC as the reporting person and marks the relationship as Director. The signature block shows the filing was signed by an attorney-in-fact. The attached explanatory footnote links this Form 4 to an earlier Schedule 13D amendment that quantified beneficial ownership and specified Murray Stahl’s interests. For governance and disclosure review, the form presents the necessary identification and cross-references prior disclosures, but it does not add new substantive changes to ownership beyond the single recorded transaction.

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

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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)
09/10/2025

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	09/10/2025		P		1	A	$923.41	1,163,993(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	09/11/2025
	** 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).
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