[Form 4] Texas Pacific Land Corporation Insider Trading Activity

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC (HKAM), a greater-than-10% shareholder of Texas Pacific Land Corp. (TPL), filed a Form 4 disclosing a single open-market purchase on 18 Jul 2025.

• Security: TPL common stock
• Volume: 1 share
• Price: $1,004.61
• Post-transaction direct holding: 1,163,956 shares
• Ownership form: Direct

HKAM remains a reporting 10% owner. The footnote reiterates that on 18 Dec 2024 HKAM reported beneficial ownership of 3,578,173 shares in an amended Schedule 13D, while founder Murray Stahl held 7,848 shares directly and approximately 156,083 shares indirectly; Stahl does not exercise investment discretion over TPL securities.

No derivative transactions were reported, and there are no changes to insider roles or existing arrangements. Given the de-minimis size of the trade relative to HKAM’s total position and TPL’s market capitalization, the filing is viewed as administrative with limited market impact.

Insights

Portfolio Manager

TL;DR: One-share insider buy; negligible size, neutral signal.

This Form 4 indicates HKAM’s continued reporting compliance rather than a strategic move. Buying 1 share at ~$1,005 marginally raises direct ownership to 1.164 million shares, keeping HKAM above the 10% threshold. The transaction neither alters float materially nor conveys meaningful valuation insight. Investors should focus instead on HKAM’s previously disclosed 3.58 million total beneficial shares in the 13D, which anchors its influence over TPL. Overall impact to near-term share price or corporate governance is immaterial.

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).

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)
07/18/2025

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	07/18/2025		P		1	A	$1,004.61	1,163,956(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	07/21/2025
	** 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 did Horizon Kinetics buy in the latest TPL Form 4?

HKAM bought 1 share of Texas Pacific Land Corp. common stock on 18 Jul 2025 at $1,004.61.

How many Texas Pacific Land shares does HKAM now own directly?

After the reported trade, HKAM directly holds 1,163,956 shares.

Does HKAM remain a 10% owner of TPL after this filing?

Yes. HKAM’s holding exceeds 10% of outstanding shares, so it continues to be classified as a 10% owner.

Were any derivative securities involved in this Form 4?

No. Table II shows no derivative acquisitions or dispositions.

Is the transaction likely to affect TPL’s share price?

Given the purchase size of one share, the market impact is expected to be negligible.