[Form 4] Texas Pacific Land Corporation Insider Trading Activity

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC filed a Form 4 disclosing a purchase of Texas Pacific Land Corp (TPL) common stock on 09/04/2025. The filing reports a transaction coded “P” showing a single acquisition at a price of $912.22, and indicates 1,163,989 shares beneficially owned by the reporting person following the reported transaction.

The explanatory note references a prior Schedule 13D amendment (filed 12/18/2024) reporting HKAM's beneficial ownership of 3,578,173 shares and disclosures regarding Murray Stahl’s direct and indirect interests of 7,848 and approximately 156,083 shares respectively. The filing states Mr. Stahl does not exercise investment discretion for the issuer.

Insights

Securities Analyst

TL;DR: Routine insider purchase reported; transaction size and context are small relative to disclosed holdings.

The Form 4 documents a purchase on 09/04/2025 at $912.22 and shows 1,163,989 shares held by the reporting entity after the trade. The filing cross-references a Schedule 13D amendment that reports HKAM beneficial ownership of 3,578,173 shares and details concerning Murray Stahl’s direct and indirect stakes. This appears to be a routine disclosure of insider activity and an update to previously reported aggregate holdings rather than a material shift in control or strategy.

Corporate Governance Expert

TL;DR: Disclosure is compliant and informational; no governance red flags or new material changes shown.

The report identifies Horizon Kinetics Asset Management LLC as a reporting person and checks roles that include director and 10% owner. It includes an explanatory note linking to a Schedule 13D amendment for fuller ownership context and clarifies that Murray Stahl lacks investment discretion. The signature by attorney-in-fact completes required attestations, indicating a standard, properly executed Section 16 disclosure.

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)
09/04/2025

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	09/04/2025		P		1	A	$912.22	1,163,989(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	09/05/2025
	** 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 transaction did Horizon Kinetics report on Form 4 for TPL?

The Form 4 reports a purchase (code P) of TPL common stock on 09/04/2025 at a price of $912.22.

How many TPL shares did the reporting person own after the reported transaction?

The filing shows 1,163,989 shares beneficially owned by the reporting person following the reported transaction.

What prior disclosure does this Form 4 reference regarding HKAM ownership of TPL?

The Form 4 references a Schedule 13D amendment dated 12/18/2024 reporting HKAM beneficial ownership of 3,578,173 shares and Murray Stahl’s stated direct and indirect interests.

Does Murray Stahl have investment discretion over TPL securities according to the filing?

No. The filing explicitly states Mr. Stahl does not exercise investment discretion with respect to the issuer's securities.

Who signed the Form 4 and when was it signed?

The Form 4 was signed by /s/ Jay Kesslen, attorney-in-fact on 09/05/2025.