[Form 4] Texas Pacific Land Corporation Insider Trading Activity

Rhea-AI Filing Summary

Texas Pacific Land Corp. (TPL) filed a Form 4 reporting activity by Horizon Kinetics Asset Management LLC, a designated 10% owner. On 07/29/2025 the firm purchased 1 common share at $977.33. After the immaterial trade, HKAM now directly holds 1,163,963 shares of TPL. No derivative securities were involved and no shares were sold.

The filing also references HKAM’s amended Schedule 13D (12/18/2024) that cited beneficial ownership of 3,578,173 shares, plus separate interests held by Murray Stahl. The present Form 4 simply updates Section 16 records and does not alter HKAM’s economic stake in a meaningful way. Overall, the disclosure re-affirms HKAM’s status as a major shareholder without signaling a material change in ownership or strategy.

Insights

Equity Analyst

TL;DR – 1 share buy, 1.16 M shares owned; no material impact.

The reported purchase of a single share at $977.33 is administrative rather than strategic. Horizon Kinetics remains a >10 % holder with 1.164 M shares, consistent with its December 2024 13D. Because the transaction is de minimis relative to the existing position, I view the filing as neutral for valuation or sentiment. Market participants should note the continued long-term alignment of this shareholder but shouldn’t expect trading impact from today’s data.

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).

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)
07/29/2025

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	07/29/2025		P		1	A	$977.33	1,163,963(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	07/30/2025
	** 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 Texas Pacific Land (TPL) shares does Horizon Kinetics now own?

The Form 4 states Horizon Kinetics directly owns 1,163,963 TPL shares after the reported transaction.

What was the transaction reported in the 07/29/2025 Form 4?

Horizon Kinetics bought 1 common share of TPL at $977.33.

Did Horizon Kinetics sell any TPL shares in this filing?

No. The filing shows only an acquisition; no sales or derivative trades were reported.

Why is Horizon Kinetics considered a 10% owner of TPL?

Its aggregate holdings, disclosed in a 13D amendment, exceed 10 % of TPL’s outstanding shares, classifying it as an insider under SEC rules.

Is the reported purchase material to Texas Pacific Land investors?

The single-share purchase is not material; it merely updates Section 16 records and does not alter Horizon Kinetics’ overall stake.