[Form 4] Texas Pacific Land Corporation Insider Trading Activity

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC reported a Form 4 disclosing a transaction in Texas Pacific Land Corporation (TPL) common stock dated 09/02/2025. The filing lists a purchase (Code P) of 1 share at a price of $972.55 and reports 1,163,987 shares beneficially owned following the transaction as a direct interest. The form includes an explanatory footnote referencing a December 18, 2024 amendment to HKAM's Schedule 13D that stated beneficial ownership of 3,578,173 shares and disclosed Murray Stahl's direct and indirect interests; the footnote also states Mr. Stahl does not exercise investment discretion over the issuer's securities. The Form 4 is signed by Jay Kesslen as attorney-in-fact on 09/03/2025.

Insights

Securities Analyst

TL;DR: Routine insider purchase of a single share; filing clarifies holdings and references earlier Schedule 13D disclosure.

The Form 4 documents a minimal reported purchase (1 share at $972.55) by Horizon Kinetics Asset Management LLC and reports 1,163,987 shares beneficially owned after the transaction. The filing's explanatory footnote points to a prior Schedule 13D amendment noting broader beneficial ownership totals (3,578,173 shares) and clarifies that Murray Stahl does not have investment discretion. From a market-impact perspective, the transaction itself is immaterial in size; the value of the filing lies in confirming reported ownership levels and compliance with Section 16 reporting obligations.

Corporate Governance Expert

TL;DR: Compliance-focused disclosure that reconciles ownership reporting; no governance changes reported.

The Form 4 serves primarily as a regulatory disclosure reconciling recent ownership figures and documenting an attorney-in-fact signature. The filing references a Schedule 13D amendment that provided more detailed beneficial ownership information, including Murray Stahl's stated lack of investment discretion. There are no reported officer or director departures, no change in governance structure, and no derivative transactions disclosed on this Form 4, indicating routine reporting rather than a governance event.

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)
09/02/2025

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	09/02/2025		P		1	A	$972.55	1,163,987(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	09/03/2025
	** 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 Form 4 for TPL?

The Form 4 reports a purchase of 1 share of Texas Pacific Land Corporation common stock on 09/02/2025 at a price of $972.55.

How many TPL shares does Horizon Kinetics report owning after the transaction?

The Form 4 reports 1,163,987 shares beneficially owned following the reported transaction.

Does the filing reference other ownership disclosures for TPL?

Yes. The filing references a Schedule 13D amendment dated December 18, 2024 that stated beneficial ownership of 3,578,173 shares and disclosed Murray Stahl's direct and indirect interests.

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

The explanatory footnote states that Mr. Stahl does not exercise investment discretion with respect to the issuer's securities.

Who signed the Form 4 and when?

The Form 4 is signed by Jay Kesslen, attorney-in-fact on 09/03/2025.