TPL: Horizon Kinetics Files Form 4, Adds 1 Share to 1.16 m Stake

Form 4 Overview – Texas Pacific Land Corp. (TPL) Reporting person: Horizon Kinetics Asset Management LLC (HKAM), classified as a 10%+ owner.

Rhea-AI Filing Summary

Form 4 Overview – Texas Pacific Land Corp. (TPL)

• Reporting person: Horizon Kinetics Asset Management LLC (HKAM), classified as a 10%+ owner.
• Transaction: On 07/30/2025 HKAM purchased 1 share of TPL common stock at $984.37 (transaction code “P”).
• Post-trade beneficial ownership: 1,163,964 shares held directly.
• Context: HKAM’s last Schedule 13D amendment (18 Dec 2024) disclosed total beneficial ownership of 3,578,173 shares (some held by related parties). This Form 4 clarifies HKAM’s pecuniary interest and notes Murray Stahl does not exercise investment discretion over issuer securities.

Materiality assessment: The incremental acquisition of a single share is immaterial to HKAM’s large existing stake and does not meaningfully change ownership percentage or corporate control dynamics. The filing primarily refreshes Section 16 records rather than signaling a strategic shift.

Positive

• HKAM maintains a sizable 1,163,964-share stake, underscoring continued long-term exposure to TPL.

Negative

• None.

Insights

Equity Portfolio Manager

TL;DR: Immaterial 1-share purchase; ownership remains ~1.16 m shares.

The filing shows HKAM’s ownership essentially unchanged. Buying one share at ~$984 appears administrative—likely to keep Section 16 records current or round lot counts. Beneficial ownership of 1.16 m shares (≈15% float) remains significant, but this specific transaction does not alter governance leverage or signal bullish conviction beyond existing position. Investors should monitor future 13D updates for meaningful size changes.

Insider Trade Summary

Net Buyer: 1 shares

Net Buy 1 txn

Insider HORIZON KINETICS ASSET MANAGEMENT LLC

Role 10% Owner

Bought 1 shs ($984.37)

Type	Security	Shares	Price	Value
Purchase	Common Stock	1	$984.37	$984.37

Holdings After Transaction: Common Stock — 1,163,964 shares (Direct)

Footnotes (1)

1. F1. 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.

FAQ

How many TPL shares did Horizon Kinetics buy on 07/30/2025?

The Form 4 shows one (1) share purchased at $984.37.

What is Horizon Kinetics’ total direct ownership in TPL after this filing?

Post-transaction, HKAM directly owns 1,163,964 shares of TPL common stock.

Does this Form 4 materially change HKAM’s ownership percentage in TPL?

No. Acquiring a single share is immaterial relative to its existing 1.16 m-share position.

Why is Murray Stahl mentioned in the explanation section?

The note clarifies that although he has indirect interests, Mr. Stahl does not exercise investment discretion over the issuer’s securities.

Should investors view the 07/30/2025 purchase as a bullish signal?

Given the negligible size, the trade appears administrative rather than a substantive strategic move.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 07/31/2025 - 10:23 AM Learn about SEC filing dates

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)
07/30/2025

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	07/30/2025		P		1	A	$984.37	1,163,964(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	07/31/2025
	** 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.
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