Horizon Kinetics Form 4: TPL Acquisition at $909.74 (08/28/2025)

Horizon Kinetics Asset Management LLC reported a Section 16 Form 4 disclosing a transaction in Texas Pacific Land Corp (TPL).

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC reported a Section 16 Form 4 disclosing a transaction in Texas Pacific Land Corp (TPL). The filing reports a transaction dated 08/28/2025 coded “P” showing an acquisition at a price of $909.74 and indicates beneficial ownership of 1,163,985 shares following the reported transaction. The explanatory note cites a prior Schedule 13D amendment showing HKAM's beneficial ownership of 3,578,173 shares and discloses that Murray Stahl has a direct interest in 7,848 shares and an indirect interest in approximately 156,083 shares; it states Mr. Stahl does not exercise investment discretion. The form is signed by an attorney-in-fact on 08/29/2025.

Positive

• Clear disclosure of HKAM's beneficial ownership (3,578,173 shares) and Mr. Stahl's direct (7,848) and indirect (~156,083) interests
• Transaction details provided: date (08/28/2025), execution code (P), and price ($909.74), improving transparency

Negative

• None.

Insights

Securities/Financial Analyst

TL;DR: Routine insider acquisition filing clarifies HKAM and Murray Stahl ownership levels without indicating a change in control or voting discretion.

The Form 4 documents a purchase-style transaction on 08/28/2025 with an execution code "P" and a reported price of $909.74, resulting in 1,163,985 shares held by the reporting entity following the trade. The filing references a Schedule 13D amendment showing total HKAM beneficial ownership of 3,578,173 shares and discloses Mr. Murray Stahl's small direct and indirect holdings, while explicitly stating he does not exercise investment discretion. This is a disclosure and does not itself provide operational or financial results for the issuer.

Corporate Governance Expert

TL;DR: Disclosure strengthens transparency on beneficial ownership and clarifies delegation of investment discretion.

The submission reinforces public record on ownership concentrations by HKAM and separately documents Murray Stahl's limited direct and indirect interests plus his lack of investment control. From a governance standpoint, the filing improves clarity about who holds voting/investment authority, which is relevant for shareholder engagement and proxy considerations, but it does not indicate any change in board composition, control or material corporate actions.

Insider Trade Summary

Net Buyer: 1 shares

Net Buy 1 txn

Insider HORIZON KINETICS ASSET MANAGEMENT LLC

Role 10% Owner

Bought 1 shs ($909.74)

Type	Security	Shares	Price	Value
Purchase	Common Stock	1	$909.74	$909.74

Holdings After Transaction: Common Stock — 1,163,985 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

What transaction did Horizon Kinetics report on the Form 4 for TPL?

The Form 4 reports a transaction dated 08/28/2025 coded “P” showing an acquisition at a price of $909.74.

How many Texas Pacific Land (TPL) shares does Horizon Kinetics beneficially own according to the filing?

The explanatory note cites HKAM's beneficial ownership as 3,578,173 shares.

What holdings does the filing attribute to Murray Stahl?

The filing 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.

When was the Form 4 signed and by whom?

The Form 4 is signed by Jay Kesslen, attorney-in-fact with a signature date of 08/29/2025.

Does the Form 4 indicate any change in control or board representation at TPL?

No. The filing discloses ownership levels and notes about investment discretion but does not state any change in control or board composition.

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Accepted by SEC EDGAR 08/29/2025 - 11:30 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)
08/28/2025

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	08/28/2025		P		1	A	$909.74	1,163,985(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	08/29/2025
	** 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.