[Form 4] Texas Pacific Land Corporation Insider Trading Activity

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC reported a Form 4 disclosing a purchase of Common Stock of Texas Pacific Land Corp (TPL) on 08/18/2025. The transaction is coded P (purchase) for 1 share at a price of $893.14. Following the reported transaction, the filing shows 1,163,977 shares beneficially owned by the reporting person as a direct holding. The form also references a Schedule 13D amendment filed 12/18/2024 disclosing HKAM beneficial ownership of 3,578,173 shares and disclosures regarding Murray Stahl's direct and indirect interests. The filing is signed by Jay Kesslen as attorney-in-fact on 08/19/2025.

Positive

• Insider purchase disclosed for Texas Pacific Land Corp (one share at $893.14) showing ongoing reporting compliance
• Schedule 13D cross-reference reiterates substantial beneficial ownership previously disclosed (3,578,173 shares)

Negative

• None.

Insights

Securities Analyst

TL;DR Insider issuer-affiliated asset manager reported a high-price single-share purchase and clarified broader beneficial ownership disclosed earlier.

The Form 4 shows a purchase-coded transaction on 08/18/2025: one share of TPL at $893.14, leaving the reporting person with 1,163,977 shares beneficially owned directly. The filing cross-references a Schedule 13D amendment dated 12/18/2024 indicating HKAM beneficial ownership of 3,578,173 shares and details on Murray Stahl's holdings. The form is signed by an attorney-in-fact, consistent with authorized filing practice. This disclosure documents an insider acquisition event and reiterates prior beneficial ownership levels; it does not provide performance, timing rationale, or changes to voting arrangements.

Corporate Governance Expert

TL;DR Filing documents an insider purchase and reiterates Schedule 13D ownership details; no governance changes disclosed.

The Form 4 identifies Horizon Kinetics Asset Management LLC as a reporting person and indicates a relationship label consistent with director and 10% owner checks in the form. It reports a purchase-coded transaction for one share at $893.14 and confirms broader beneficial ownership previously reported on Schedule 13D. There is an explicit statement that Mr. Murray Stahl does not exercise investment discretion over the issuer's securities. No amendments to governance, voting agreements, or changes in control are stated in this filing.

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)
08/18/2025

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	08/18/2025		P		1	A	$893.14	1,163,977(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	08/19/2025
	** 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 one share of Texas Pacific Land Corp on 08/18/2025 at a price of $893.14.

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

The filing shows the reporting person beneficially owns 1,163,977 shares following the reported transaction.

Does the filing reference prior disclosures about ownership of TPL?

Yes. The Form 4 references a Schedule 13D amendment filed on 12/18/2024 disclosing HKAM beneficial ownership of 3,578,173 shares and Murray Stahl's reported interests.

Who signed the Form 4 and when?

The Form 4 is signed by /s/ Jay Kesslen, attorney-in-fact with a signature date of 08/19/2025.

Does Murray Stahl exercise investment discretion over the issuer's securities according to this filing?

The filing states that Mr. Stahl does not exercise investment discretion with respect to the securities of the issuer.