[Form 4] Texas Pacific Land Corporation Insider Trading Activity

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC filed a Form 4 reporting insider activity in Texas Pacific Land Corp (TPL). The earliest transaction date shown is 08/15/2025 and the form records a transaction line for Common Stock with code P and an indicated price of $894.93. The filing references an earlier Schedule 13D amendment dated December 18, 2024, disclosing beneficial ownership of 3,578,173 shares by HKAM, Mr. Murray Stahl’s direct interest of 7,848 shares and his indirect interest of approximately 156,083 shares. The filing clarifies that Mr. Stahl does not exercise investment discretion over the issuer’s securities.

Positive

• Clear disclosure of beneficial ownership: HKAM reported 3,578,173 shares on Schedule 13D
• Specific breakout of Murray Stahl’s interests: 7,848 direct and ~156,083 indirect shares
• Transaction dated 08/15/2025 recorded with an indicated price of $894.93, providing price transparency

Negative

• None.

Insights

Securities Analyst

TL;DR: Disclosure clarifies substantial beneficial ownership and a recent transaction, with no claim Mr. Stahl directs investment decisions.

The Form 4 identifies Horizon Kinetics Asset Management LLC as the reporting person and records a transaction dated 08/15/2025 involving Texas Pacific Land Corp common stock with a reported price of $894.93. The filing references a prior Schedule 13D amendment showing HKAM beneficial ownership of 3,578,173 shares and breaks out Murray Stahl’s direct and indirect interests. This provides transparency on ownership levels that are material for monitoring insider positions, without additional operational or financial detail.

Corporate Governance Expert

TL;DR: The disclosure improves governance transparency by reconciling Schedule 13D interests with Form 4 reporting.

The document shows HKAM’s role as a reporting person and indicates both director/10% owner relationship flags. It explicitly states the extent of HKAM’s pecuniary interest and that Murray Stahl does not exercise investment discretion, which is relevant to assessing who controls voting and investment decisions. The filing is procedural and clarifies ownership rather than announcing strategic changes.

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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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)
08/15/2025

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	08/15/2025		P		1	A	$894.93	1,163,976(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	08/18/2025
	** 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 08/15/2025 in Texas Pacific Land Corp common stock and references HKAM’s beneficial ownership disclosed on a prior Schedule 13D.

How many TPL shares does Horizon Kinetics beneficially own?

The filing references a Schedule 13D amendment showing 3,578,173 shares beneficially owned by Horizon Kinetics Asset Management LLC.

What are Murray Stahl’s reported holdings in TPL?

The disclosure shows Mr. Stahl’s direct interest of 7,848 shares and an indirect interest of approximately 156,083 shares.

When was the reported transaction executed?

The earliest transaction date listed on the Form 4 is 08/15/2025.

Does Murray Stahl control investment decisions for these shares?

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