[Form 4] Texas Pacific Land Corporation Insider Trading Activity

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC filed a Form 4 reporting activity in Texas Pacific Land Corp (TPL). The filing records a transaction dated 08/11/2025 in Common Stock with transaction code P at a price of $876.27 per share and shows 1,163,972 shares beneficially owned following the reported transaction.

An explanatory note states that on December 18, 2024 HKAM amended a Schedule 13D disclosing beneficial ownership of 3,578,173 shares and that Murray Stahl had a direct interest of 7,848 shares and an indirect interest of approximately 156,083 shares; the filing specifies Mr. Stahl does not exercise investment discretion. The Form 4 is signed by Jay Kesslen, attorney-in-fact dated 08/12/2025.

Positive

• Transaction details disclosed: the Form 4 lists the transaction date (08/11/2025), the per-share price ($876.27), and post-transaction beneficial ownership (1,163,972 shares).
• Schedule 13D linkage: the explanatory note cites a Schedule 13D amendment disclosing 3,578,173 shares and specifies Murray Stahl's direct and indirect interests, increasing transparency.

Negative

• None.

Insights

Financial Analyst

Form 4 reports a large-position transaction: 1,163,972 TPL shares at $876.27 on 08/11/2025.

The filing provides a clear record of a reported transaction in Texas Pacific Land common stock including the execution date, the per-share price and the post-transaction beneficiary count of 1,163,972 shares. The explanatory note links this Form 4 to a prior Schedule 13D amendment disclosing 3,578,173 shares beneficially owned as of December 18, 2024, and identifies specific direct and indirect interests attributed to Murray Stahl. The filing supplies factual ownership and price data but contains no operating results, valuation context or market-cap comparisons that would permit assessment of economic impact.

Corporate Governance Expert

Filing updates ownership disclosure and clarifies that Murray Stahl does not exercise investment discretion.

The Form 4, signed by an attorney-in-fact, documents insider-level disclosure practices by Horizon Kinetics and references a Schedule 13D amendment that quantifies beneficial ownership and pecuniary interest. The statement that Mr. Stahl does not exercise investment discretion is explicit in the filing. These facts improve transparency about who holds and controls reported TPL shares but do not, by themselves, indicate any governance action or change in control.

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)
08/11/2025

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	08/11/2025		P		1	A	$876.27	1,163,972(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	08/12/2025
	** 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 the TPL Form 4?

The Form 4 reports a Common Stock transaction dated 08/11/2025 with transaction code P at a price of $876.27 per share and shows 1,163,972 shares beneficially owned following the reported transaction.

How many Texas Pacific Land (TPL) shares does Horizon Kinetics report as beneficially owned?

The Form 4 shows 1,163,972 shares beneficially owned following the reported transaction and the filing references a Schedule 13D amendment disclosing 3,578,173 shares as of December 18, 2024.

Who is noted in the filing as having a direct or indirect interest in TPL shares?

The explanatory note states Murray Stahl has a direct interest of 7,848 shares and an indirect interest of approximately 156,083 shares, and that he does not exercise investment discretion.

When was the Form 4 signed and by whom?

The Form 4 is signed by Jay Kesslen, attorney-in-fact and dated 08/12/2025.

Does the filing provide company earnings or financial performance data?

No. The Form 4 only discloses insider transaction and ownership information and references a Schedule 13D; it contains no earnings or operational metrics.