Texas Pacific Land (TPL) Form 4 shows purchase at $935.09 and 3.58M stake

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC filed a Form 4 reporting a transaction in Texas Pacific Land Corp (TPL) on 10/08/2025. The filing lists a common stock transaction with code P at a price of $935.09. Following the reported transaction the filing shows 1,162,539 shares beneficially owned (direct).

An explanatory note refers to a 12/18/2024 Schedule 13D amendment disclosing 3,578,173 shares beneficially owned by Horizon Kinetics, plus Murray Stahl's direct interest of 7,848 shares and indirect interest of approximately 156,083 shares. The filing states Mr. Stahl does not exercise investment discretion over the issuer's securities.

Positive

• Clear price disclosure at $935.09 for the reported transaction
• Schedule 13D linkage clarifies total beneficial ownership of 3,578,173 shares

Negative

• Post-transaction ownership reporting is ambiguous: Form 4 lists 1,162,539 shares beneficially owned while the Schedule 13D shows 3,578,173, creating an inconsistency for immediate position-size interpretation
• No detail on number of shares exchanged in the 10/08/2025 transaction beyond a unit and price marker, limiting trade-size clarity

Insights

Equity Trading Expert

Insider purchase at a high notional price; ownership disclosures clarify stake sizes.

The report records a purchase-coded transaction on 10/08/2025 of Common Stock at $935.09, with the post-transaction direct holding shown as 1,162,539 shares. The disclosure also links to a prior Schedule 13D showing Horizon Kinetics' aggregate beneficial ownership of 3,578,173 shares, which is the clearest statement of the manager's economic stake.

This filing provides concrete trade price and share counts that can be used to update position-size estimates; watch for further Form 4 or Schedule 13D updates within 30 days for additional purchases or sales.

Corporate Governance Analyst

Disclosure separates managerial control from pecuniary interest; director designation noted.

The reporting person is identified as a Director and a 10% Owner, while the note clarifies that Murray Stahl holds small direct and indirect interests but "does not exercise investment discretion." This distinction matters for voting and control analysis.

Investors may use these disclosures to assess whether voting influence aligns with economic exposure; monitor any Schedule 13D amendments that change the reported beneficial ownership or describe voting arrangements.

Insider Trade Summary

Net Buyer: 1 shares ($935)

Net Buy 1 txn

Insider HORIZON KINETICS ASSET MANAGEMENT LLC

Role 10% Owner

Bought 1 shs ($935.09)

Type	Security	Shares	Price	Value
Purchase	Common Stock	1	$935.09	$935.09

Holdings After Transaction: Common Stock — 1,162,539 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)
10/08/2025

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	10/08/2025		P		1	A	$935.09	1,162,539(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	10/09/2025
	** 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 TPL in the Form 4?

The Form 4 reports a transaction on 10/08/2025 in TPL common stock at $935.09 and shows 1,162,539 shares beneficially owned following the transaction.

How many TPL shares does Horizon Kinetics beneficially own?

The filing references a 12/18/2024 Schedule 13D amendment disclosing 3,578,173 shares beneficially owned by Horizon Kinetics.

What stake does Murray Stahl have in TPL per the filing?

The explanatory note shows Murray Stahl's direct interest of 7,848 shares and an indirect interest of approximately 156,083 shares, and states he does not exercise investment discretion over the issuer's securities.

Is the Form 4 filing definitive about the number of shares traded on 10/08/2025?

No. The Form 4 shows a transaction code P and a price of $935.09, but does not clearly state the exact number of shares exchanged in that line, reducing immediate clarity on trade size.