[Form 4] Texas Pacific Land Corporation Insider Trading Activity

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC filed a Form 4 reporting a purchase and updated beneficial ownership in Texas Pacific Land Corp (TPL). The filing reports a single-share purchase on 08/19/2025 at a price of $893.05. Following the reported transaction, the form shows 1,163,978 shares beneficially owned by the reporting person. The filing includes an explanatory note referencing a December 18, 2024 amendment to a Schedule 13D that disclosed HKAM's beneficial ownership of 3,578,173 shares and Murray Stahl's direct and indirect interests of 7,848 and approximately 156,083 shares, respectively. The report is signed by an attorney-in-fact on 08/20/2025.

Positive

• Purchase disclosed: Form 4 reports an 08/19/2025 purchase of 1 share at $893.05.
• Schedule 13D ownership cited: Filing references HKAM's beneficial ownership of 3,578,173 shares and Murray Stahl's direct and indirect interests of 7,848 and ~156,083 shares.

Negative

• None.

Insights

Financial Analyst

TL;DR: A token purchase of 1 share was reported; large disclosed beneficial positions in a Schedule 13D remain the material point for investors.

The Form 4 documents a purchase of 1 share of TPL at $893.05 on 08/19/2025, which is immaterial by itself but confirms ongoing activity by Horizon Kinetics Asset Management LLC. More consequential is the reference to the Schedule 13D amendment showing HKAM's beneficial ownership of 3,578,173 shares, which is the substantive disclosure about stake size. For valuation or control implications, investors should rely on the Schedule 13D figures rather than this isolated nominal trade.

Corporate Governance Expert

TL;DR: The filing records a minor insider purchase and reiterates previously disclosed large beneficial ownership; governance impact appears limited here.

The single-share purchase reported under Transaction Code P indicates a purchase event but is not material to ownership percentages. The explanatory note explicitly ties this Form 4 to a prior Schedule 13D amendment that quantifies HKAM's and Murray Stahl's holdings, which is the governance-relevant disclosure for assessing influence or coordination. The Form 4 itself does not report any derivative positions or changes in control.

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)
08/19/2025

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	08/19/2025		P		1	A	$893.05	1,163,978(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	08/20/2025
	** 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 transaction did Horizon Kinetics report on the Form 4 for TPL?

The Form 4 reports a purchase of 1 share of Texas Pacific Land Corp on 08/19/2025 at a price of $893.05.

How many TPL shares does the reporting person beneficially own after the reported transaction?

The filing shows 1,163,978 shares beneficially owned following the reported transaction.

Does the Form 4 reference any other filings with additional ownership details?

Yes. The Form 4 references a Schedule 13D amendment dated December 18, 2024 disclosing HKAM's beneficial ownership of 3,578,173 shares and Murray Stahl's direct and indirect interests of 7,848 and ~156,083 shares.

Were any derivative securities reported on this Form 4 for TPL?

No derivative securities are reported in Table II; the filing only shows a non-derivative common stock transaction.

Who signed the Form 4 and when?

The Form 4 was signed by /s/ Jay Kesslen, attorney-in-fact on 08/20/2025.