Horizon Kinetics reports TPL ownership totaling 1.16M; 13D shows 3.58M

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC reported a change in beneficial ownership of Texas Pacific Land Corp (TPL) on 10/07/2025. The Form 4 shows a reported acquisition (code P) of 1 share of common stock at a price of $964.32, and lists 1,162,538 shares as beneficially owned by Horizon Kinetics following the reported transaction, held directly. An explanatory note references a 12/18/2024 Schedule 13D amendment disclosing Horizon Kinetics' beneficial ownership of 3,578,173 shares and Murray Stahl's direct and indirect interests of 7,848 and ~156,083 shares, and states Mr. Stahl does not exercise investment discretion over the issuer's securities.

Positive

• Direct beneficial ownership reported at 1,162,538 shares after the transaction
• Prior Schedule 13D disclosure shows significant aggregate holdings of 3,578,173 shares, indicating meaningful stake

Negative

• None.

Insights

Corporate Governance Analyst

Small reported purchase but large aggregate holdings remain relevant to governance.

The filing records a reported acquisition on 10/07/2025 and shows Horizon Kinetics with 1,162,538 shares directly after the transaction, while a prior Schedule 13D amendment noted 3,578,173 shares beneficially owned. These figures indicate the reporting entity is a significant shareholder at the issuer level.

This ownership scale can affect board and vote dynamics; monitor any future amendments or aggregated changes in the next 12 months for shifts in control or public proposals.

Insider Trading & Compliance Specialist

Form 4 documents a small purchase at a high per-share price and clarifies reporting relationships.

The report records an acquisition coded P of 1 share at $964.32 and specifies the post-transaction direct ownership of 1,162,538 shares. The signature is by an attorney-in-fact dated 10/08/2025.

For compliance, confirm the transaction code interpretation and that the Schedule 13D holdings disclosed on 12/18/2024 remain consistent with ongoing Section 16 obligations over the next reporting cycle.

Insider Trade Summary

Net Buyer: 1 shares ($964)

Net Buy 1 txn

Insider HORIZON KINETICS ASSET MANAGEMENT LLC

Role 10% Owner

Bought 1 shs ($964.32)

Type	Security	Shares	Price	Value
Purchase	Common Stock	1	$964.32	$964.32

Holdings After Transaction: Common Stock — 1,162,538 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)
10/07/2025

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	10/07/2025		P		1	A	$964.32	1,162,538(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	10/08/2025
	** 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 change did Horizon Kinetics report for TPL on 10/07/2025?

The Form 4 shows an acquisition coded P of 1 share at $964.32 and lists 1,162,538 shares beneficially owned following the transaction.

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

The explanatory note cites a Schedule 13D amendment on 12/18/2024 reporting beneficial ownership of 3,578,173 shares.

Does Murray Stahl have an ownership interest in TPL according to the filing?

Yes. The note discloses Mr. 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.

Who signed the Form 4 for Horizon Kinetics and when?

The Form 4 is signed by /s/ Jay Kesslen, attorney-in-fact with a signature date of 10/08/2025.

What should investors look for next after this Form 4 for TPL?

Watch for any further Section 16 filings or Schedule 13D amendments that change the disclosed ownership totals or reveal changes in control over the next reporting periods.