[Form 4] Texas Pacific Land Corporation Insider Trading Activity

Rhea-AI Filing Summary

Schedule 13G/A (Amendment 1) reports that First Trust Portfolios L.P. (broker-dealer), First Trust Advisors L.P. (investment adviser) and their parent The Charger Corporation jointly own 703,228 common shares of Western Asset Intermediate Muni Fund Inc. (symbol SBI, CUSIP 958435109), representing 4.99 % of the class as of 30 June 2025.

The group has shared dispositive power over all 703,228 shares and shared voting power over 7,107 shares; it holds no sole voting or dispositive authority. As the stake remains below the 5 % threshold, Item 5 confirms “ownership of 5 percent or less.” The position is held largely in unit investment trusts sponsored by First Trust; trustees, not the filers, vote those shares. Each entity disclaims beneficial ownership except as noted.

The filing is made under Rule 13d-1(b) on a passive basis, with certifications that the securities were acquired in the ordinary course and not to influence control. Signed by CFO James M. Dykas on 28 July 2025.

Insights

Portfolio Manager

TL;DR: Passive 4.99 % stake; no control intent—neutral ownership disclosure.

The First Trust complex discloses a sub-5 % holding in SBI via unit investment trusts, with full shared dispositive power but almost no voting power. Because the position stays just below the 5 % threshold, no Schedule 13D obligations arise, and the passive 13G suggests no activist agenda. Investors gain incremental transparency on institutional ownership but there is no immediate governance or valuation impact. Overall, the filing is routine and non-dilutive, keeping float largely unchanged.

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)
07/25/2025

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	07/25/2025		P		1	A	$966.55	1,163,961(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	07/28/2025
	** 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 much of SBI does First Trust currently own?

703,228 shares, equal to 4.99 % of Western Asset Intermediate Muni Fund’s outstanding common stock.

Does First Trust have sole voting control over its SBI shares?

No. It reports 0 shares with sole voting power and 7,107 shares with shared voting power; trustees of the unit investment trusts vote the majority.

Is the filing an activist Schedule 13D?

No. It is a passive Schedule 13G/A filed under Rule 13d-1(b), indicating no intent to influence control.

Why did the firms file even though ownership is below 5 %?

Rule 13d-1(b) still requires institutional investors to disclose certain positions; Item 5 acknowledges ownership of "5 percent or less" of the class.

Who signed the Schedule 13G/A on behalf of the reporting persons?

James M. Dykas, Chief Financial Officer and Treasurer, signed for all three entities on 28 Jul 2025.