Horizon Kinetics updates TPL stake to 1,162,537 after 10/06/2025 purchase

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC reported an insider change for Texas Pacific Land Corp (TPL) showing a transaction on 10/06/2025. The filing records an acquisition at a price of $950.35 and lists 1,162,537 shares beneficially owned by the reporting person following the reported transaction. The explanation references a prior Schedule 13D amendment dated 12/18/2024 that disclosed total beneficial ownership of 3,578,173 shares by Horizon Kinetics and specified Murray Stahl's direct interest of 7,848 shares and indirect interest of approximately 156,083 shares. The signature line shows the form was signed on 10/07/2025.

Positive

• Acquisition disclosed on 10/06/2025 showing active position management
• Detailed ownership breakdown provided referencing a Schedule 13D with 3,578,173 shares

Negative

• None.

Insights

Insider Transactions Analyst

TL;DR: A reported acquisition increases reported beneficial holdings and updates Schedule 13D disclosure.

The filing documents a reported acquisition on 10/06/2025 at $950.35 and shows 1,162,537 shares held following the transaction. That change is presented alongside a referenced 12/18/2024 Schedule 13D amendment stating Horizon Kinetics beneficially owned 3,578,173 shares.

This filing updates public ownership lines and clarifies the breakdown of interests: a small direct holding for Murray Stahl (7,848 shares) and an indirect interest (~156,083 shares) as disclosed in the Schedule 13D. Monitor subsequent Forms 4/13D amendments for any reconciliations or additional purchases within the next reporting cycle.

Asset Management / Compliance Specialist

TL;DR: The manager disclosed pecuniary interest and delegated signature; compliance disclosure appears routine.

The explanation states that Horizon Kinetics disclosed the extent of its pecuniary interest and that Mr. Stahl "does not exercise investment discretion" for the issuer's securities. The form is signed by an attorney-in-fact, indicating authorized filing procedures were used.

From a compliance perspective, the key items to watch are consistency across the Schedule 13D and subsequent Form 4 filings and whether future filings change the reported 3,578,173 or the post-transaction 1,162,537 counts within the next reporting period.

Insider Trade Summary

Net Buyer: 1 shares ($950)

Net Buy 1 txn

Insider HORIZON KINETICS ASSET MANAGEMENT LLC

Role 10% Owner

Bought 1 shs ($950.35)

Type	Security	Shares	Price	Value
Purchase	Common Stock	1	$950.35	$950.35

Holdings After Transaction: Common Stock — 1,162,537 shares (Direct)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

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)
10/06/2025

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	10/06/2025		P		1	A	$950.35	1,162,537(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	10/07/2025
	** 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 for TPL on 10/06/2025?

They reported an acquisition on 10/06/2025 at a price of $950.35 and a post-transaction beneficial ownership figure of 1,162,537 shares.

How many TPL shares did Horizon Kinetics disclose owning in the Schedule 13D?

The Schedule 13D amendment dated 12/18/2024 disclosed beneficial ownership of 3,578,173 shares.

What stakes does Murray Stahl have in TPL according to the filing?

The explanation states Murray Stahl has a direct interest of 7,848 shares and an indirect interest of approximately 156,083 shares.

Who signed the Form 4 for Horizon Kinetics?

The Form 4 is signed by /s/ Jay Kesslen, attorney-in-fact on 10/07/2025.

Does the filing state who controls investment decisions for the TPL holdings?

Yes, it states that Mr. Stahl does not exercise investment discretion with respect to the issuer's securities.