[Form 4] Texas Pacific Land Corporation Insider Trading Activity

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC reported a change in beneficial ownership of Texas Pacific Land Corporation (TPL) on a Form 4. The filing records a transaction dated 08/13/2025 with transaction code P and a listed price of $854.06. The filing references an amended Schedule 13D disclosing Horizon Kinetics's beneficial ownership of 3,578,173 shares and states Murray Stahl's direct interest of 7,848 shares and indirect interest of approximately 156,083 shares.

The form also shows 1,163,974 shares reported as beneficially owned following the transaction (as stated in the table). The filing notes that Mr. Stahl does not exercise investment discretion over the issuer's securities and that the Form was filed by a single reporting person.

Positive

• Disclosure of substantial holdings: Horizon Kinetics' beneficial ownership of 3,578,173 TPL shares is clearly disclosed, improving transparency for investors.
• Clear statement on discretion: The filing explicitly states that Murray Stahl does not exercise investment discretion over the issuer's securities.

Negative

• None.

Insights

Financial Analyst

TL;DR: Form 4 discloses Horizon Kinetics's sizable TPL stake and a transaction (code P) with no further transactional detail; impact appears neutral.

The filing provides explicit ownership figures that matter to investors: a Schedule 13D amendment lists Horizon Kinetics' beneficial ownership at 3,578,173 shares, while the Form 4's table lists 1,163,974 shares following the reported transaction and a transaction price of $854.06 dated 08/13/2025. Murray Stahl's direct and indirect holdings are clearly stated as 7,848 and ~156,083 shares respectively, and the filing specifies that Mr. Stahl does not exercise investment discretion. Without additional context on the transaction type or intent, this disclosure is primarily informative rather than transformational for valuation.

Corporate Governance Expert

TL;DR: The filing improves transparency on insider and advisory ownership but does not indicate governance control changes.

The document clarifies beneficial ownership positions and attributes pecuniary interest to Horizon Kinetics. Key figures are the Schedule 13D disclosure of 3,578,173 shares and Murray Stahl's stated direct and indirect interests (7,848 and ~156,083). The Form also records a reported post-transaction holding of 1,163,974 shares. The filing explicitly states Mr. Stahl does not exercise investment discretion, which is relevant to assessing who controls voting or investment decisions. There is no explicit indication of any change in control or governance that would materially alter shareholder rights based on the information provided.

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)
08/13/2025

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	08/13/2025		P		1	A	$854.06	1,163,974(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	08/14/2025
	** 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 report on the Form 4 for TPL?

The Form 4 reports a transaction dated 08/13/2025 with transaction code P, a listed price of $854.06, and post-transaction beneficial ownership of 1,163,974 shares (as shown in the table).

How many TPL shares does Horizon Kinetics beneficially own?

An amended Schedule 13D referenced in the filing discloses Horizon Kinetics' beneficial ownership of 3,578,173 shares.

What are Murray Stahl's reported holdings in TPL?

The filing states Murray Stahl has a direct interest of 7,848 shares and an indirect interest of approximately 156,083 shares.

Does Murray Stahl control investment decisions for the reported TPL securities?

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

Was this Form 4 filed by one reporting person or multiple?

The filing indicates the Form was filed by one reporting person.