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[Form 4] Texas Pacific Land Corporation Insider Trading Activity

Filing Impact
(Low)
Filing Sentiment
(Neutral)
Form Type
4
Rhea-AI Filing Summary

Texas Pacific Land Corp. (TPL) � Form 4 insider filing

On 07/07/2025, 10 % owner Horizon Kinetics Asset Management LLC disclosed the open-market purchase (transaction code “P�) of 1 share of TPL common stock at $1,042.95 per share. After this transaction, the filer directly holds 1,163,947 shares. No derivative positions or additional transactions were reported, and there is no accompanying narrative indicating strategic intent. Given the de-minimis size of the purchase relative to existing holdings, the filing appears routine and is unlikely to affect the investment thesis for TPL.

Texas Pacific Land Corp. (TPL) � Comunicazione interna Form 4

Il 07/07/2025, il detentore del 10% Horizon Kinetics Asset Management LLC ha dichiarato l'acquisto sul mercato aperto (codice transazione “P�) di 1 azione ordinaria di TPL al prezzo di $1.042,95 per azione. Dopo questa operazione, il dichiarante detiene direttamente 1.163.947 azioni. Non sono state segnalate posizioni derivate o altre transazioni, né è stata fornita una narrazione che indichi un intento strategico. Considerando la dimensione minima dell'acquisto rispetto alle partecipazioni esistenti, la comunicazione sembra di routine e probabilmente non influenzerà la tesi di investimento su TPL.

Texas Pacific Land Corp. (TPL) � Presentación interna Formulario 4

El 07/07/2025, el propietario del 10 % Horizon Kinetics Asset Management LLC reveló la compra en mercado abierto (código de transacción “P�) de 1 acción ordinaria de TPL a $1,042.95 por acción. Tras esta operación, el declarante posee directamente 1,163,947 acciones. No se reportaron posiciones derivadas ni transacciones adicionales, y no hay una narrativa acompañante que indique una intención estratégica. Dada la magnitud mínima de la compra en relación con las tenencias existentes, la presentación parece rutinaria y es poco probable que afecte la tesis de inversión para TPL.

Texas Pacific Land Corp. (TPL) � 내부� 신고� Form 4

2025� 7� 7�, 10% 지� 보유� Horizon Kinetics Asset Management LLC가 TPL 보통� 1�� 주당 $1,042.95� 공개 시장에서 매수� 사실(거래 코드 “P�)� 신고했습니다. � 거래 � 신고자는 직접 1,163,947�� 보유하고 있습니다. 파생상품 포지션이� 추가 거래� 보고되지 않았으며, 전략� 의도� 나타내는 설명� 없습니다. 기존 보유량에 비해 매우 적은 규모� 매수이므�, 이번 신고� 일상적인 것으� 보이� TPL 투자 논리� � 영향� 미치지 않을 것으� 판단됩니�.

Texas Pacific Land Corp. (TPL) � Déclaration d'initié Formulaire 4

Le 07/07/2025, le détenteur de 10 % Horizon Kinetics Asset Management LLC a déclaré l'achat sur le marché libre (code de transaction « P ») de 1 action ordinaire de TPL au prix de 1 042,95 $ par action. Après cette transaction, le déclarant détient directement 1 163 947 actions. Aucune position dérivée ni transaction supplémentaire n’a été signalée, et aucun commentaire n’indique une intention stratégique. Compte tenu de la taille négligeable de cet achat par rapport aux avoirs existants, cette déclaration semble être une formalité et est peu susceptible d’affecter la thèse d’investissement pour TPL.

Texas Pacific Land Corp. (TPL) � Insider-Meldung Form 4

Am 07.07.2025 meldete der 10-%-Eigentümer Horizon Kinetics Asset Management LLC den Kauf von 1 Aktie der TPL-Stammaktien zum Preis von 1.042,95 $ pro Aktie im offenen Markt (Transaktionscode „P�). Nach dieser Transaktion hält der Melder direkt 1.163.947 Aktien. Es wurden keine Derivatepositionen oder weitere Transaktionen gemeldet, und es gibt keinen begleitenden Kommentar, der eine strategische Absicht erkennen lässt. Angesichts der vernachlässigbar kleinen Kaufgröße im Verhältnis zum bestehenden Bestand erscheint die Meldung routinemäßig und wird die Investmentthese für TPL wahrscheinlich nicht beeinflussen.

Positive
  • None.
Negative
  • None.

Insights

TL;DR: Negligible 1-share insider purchase; ownership now 1.164 M shares—informational, not market-moving.

The Form 4 reveals a token acquisition by Horizon Kinetics Asset Management, maintaining its >10 % stake in Texas Pacific Land. The incremental increase is statistically immaterial (<0.0001 % of shares outstanding) and conveys no clear signal about the firm’s outlook. With no derivative activity or additional context, this filing is best interpreted as a compliance update rather than an indicator of substantive insider sentiment. Impact on valuation, liquidity, or governance is effectively nil.

Texas Pacific Land Corp. (TPL) � Comunicazione interna Form 4

Il 07/07/2025, il detentore del 10% Horizon Kinetics Asset Management LLC ha dichiarato l'acquisto sul mercato aperto (codice transazione “P�) di 1 azione ordinaria di TPL al prezzo di $1.042,95 per azione. Dopo questa operazione, il dichiarante detiene direttamente 1.163.947 azioni. Non sono state segnalate posizioni derivate o altre transazioni, né è stata fornita una narrazione che indichi un intento strategico. Considerando la dimensione minima dell'acquisto rispetto alle partecipazioni esistenti, la comunicazione sembra di routine e probabilmente non influenzerà la tesi di investimento su TPL.

Texas Pacific Land Corp. (TPL) � Presentación interna Formulario 4

El 07/07/2025, el propietario del 10 % Horizon Kinetics Asset Management LLC reveló la compra en mercado abierto (código de transacción “P�) de 1 acción ordinaria de TPL a $1,042.95 por acción. Tras esta operación, el declarante posee directamente 1,163,947 acciones. No se reportaron posiciones derivadas ni transacciones adicionales, y no hay una narrativa acompañante que indique una intención estratégica. Dada la magnitud mínima de la compra en relación con las tenencias existentes, la presentación parece rutinaria y es poco probable que afecte la tesis de inversión para TPL.

Texas Pacific Land Corp. (TPL) � 내부� 신고� Form 4

2025� 7� 7�, 10% 지� 보유� Horizon Kinetics Asset Management LLC가 TPL 보통� 1�� 주당 $1,042.95� 공개 시장에서 매수� 사실(거래 코드 “P�)� 신고했습니다. � 거래 � 신고자는 직접 1,163,947�� 보유하고 있습니다. 파생상품 포지션이� 추가 거래� 보고되지 않았으며, 전략� 의도� 나타내는 설명� 없습니다. 기존 보유량에 비해 매우 적은 규모� 매수이므�, 이번 신고� 일상적인 것으� 보이� TPL 투자 논리� � 영향� 미치지 않을 것으� 판단됩니�.

Texas Pacific Land Corp. (TPL) � Déclaration d'initié Formulaire 4

Le 07/07/2025, le détenteur de 10 % Horizon Kinetics Asset Management LLC a déclaré l'achat sur le marché libre (code de transaction « P ») de 1 action ordinaire de TPL au prix de 1 042,95 $ par action. Après cette transaction, le déclarant détient directement 1 163 947 actions. Aucune position dérivée ni transaction supplémentaire n’a été signalée, et aucun commentaire n’indique une intention stratégique. Compte tenu de la taille négligeable de cet achat par rapport aux avoirs existants, cette déclaration semble être une formalité et est peu susceptible d’affecter la thèse d’investissement pour TPL.

Texas Pacific Land Corp. (TPL) � Insider-Meldung Form 4

Am 07.07.2025 meldete der 10-%-Eigentümer Horizon Kinetics Asset Management LLC den Kauf von 1 Aktie der TPL-Stammaktien zum Preis von 1.042,95 $ pro Aktie im offenen Markt (Transaktionscode „P�). Nach dieser Transaktion hält der Melder direkt 1.163.947 Aktien. Es wurden keine Derivatepositionen oder weitere Transaktionen gemeldet, und es gibt keinen begleitenden Kommentar, der eine strategische Absicht erkennen lässt. Angesichts der vernachlässigbar kleinen Kaufgröße im Verhältnis zum bestehenden Bestand erscheint die Meldung routinemäßig und wird die Investmentthese für TPL wahrscheinlich nicht beeinflussen.

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)
07/07/2025
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 07/07/2025 P 1 A $1,042.95 1,163,947(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 07/08/2025
** 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 Asset Management LLC report in the latest TPL Form 4?

A purchase of 1 TPL common share at $1,042.95 on 07/07/2025.

How many Texas Pacific Land (TPL) shares does Horizon Kinetics now own?

The filing shows direct ownership of 1,163,947 shares after the transaction.

What does transaction code "P" signify in this Form 4?

"P" stands for an open-market purchase of the issuer’s securities.

Were any derivative securities reported in this Form 4?

No. No derivative positions were listed in Table II.

Is the insider transaction considered material for TPL investors?

Given the purchase was only 1 share, it is not material to TPL’s valuation or ownership structure.
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