[Form 4] Texas Pacific Land Corporation Insider Trading Activity

Rhea-AI Filing Summary

On 31 July 2025, Horizon Kinetics Asset Management LLC (HKAM) – listed as both a Director and 10% owner of Texas Pacific Land Corp (TPL) – filed a Form 4 reporting the purchase of 1 share of TPL common stock at $979.33. Following the transaction, HKAM now shows 1,163,965 shares held directly.

A footnote reminds investors that HKAM’s last Schedule 13D amendment (18 Dec 2024) cited beneficial ownership of 3,578,173 shares; the current Form 4 discloses only the portion in which HKAM has a direct pecuniary interest. It also clarifies that Murray Stahl, though associated with HKAM, does not exercise investment discretion over these securities.

The single-share purchase is immaterial to HKAM’s overall position and to TPL’s float, yet it keeps the insider-ownership record current. Such filings can nonetheless be monitored for trend shifts in insider sentiment.

Insights

Securities Analyst

TL;DR: Tiny buy; ownership still large; market impact negligible.

The filing confirms HKAM’s status as a major (>10%) holder, now at 1.16 M shares directly. The acquisition of a single share at ~$979 is bookkeeping rather than an active accumulation. Still, the absence of selling and the reaffirmation of a multi-million-share stake supports a neutral-to-slightly positive outlook on insider sentiment. Given the minuscule size, I rate the impact as neutral for valuation or liquidity purposes.

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)
07/31/2025

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	07/31/2025		P		1	A	$979.33	1,163,965(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	08/01/2025
	** 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 did Horizon Kinetics buy on 31-Jul-2025?

HKAM purchased 1 share of Texas Pacific Land Corp at $979.33.

What is Horizon Kinetics’ direct TPL holding after the transaction?

After the purchase, HKAM directly holds 1,163,965 shares of TPL common stock.

Why does the filing reference 3.58 M shares in a prior Schedule 13D?

The 13D showed beneficial ownership; this Form 4 reports only shares in which HKAM has a pecuniary interest.

Does the one-share purchase meaningfully impact TPL stock?

No. The transaction is immaterial relative to HKAM’s stake and TPL’s float; it mainly updates compliance records.

Is Murray Stahl involved in managing these TPL shares?

The footnote states that Murray Stahl does not exercise investment discretion over the issuer’s securities.