Horizon Kinetics reports TPL insider purchase at $917.21 — ownership update

Horizon Kinetics Asset Management LLC reported an purchase of Texas Pacific Land Corp (TPL) common stock on 09/09/2025.

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC reported an purchase of Texas Pacific Land Corp (TPL) common stock on 09/09/2025. The Form 4 shows a purchase transaction recorded at a price of $917.21 for a quantity listed as 1 share, and reports 1,163,992 shares as beneficially owned following the transaction in a direct capacity. The filing references an earlier Schedule 13D amendment (filed 12/18/2024) in which HKAM disclosed beneficial ownership of 3,578,173 shares, and disclosed Murray Stahl's direct and indirect interests of 7,848 and approximately 156,083 shares respectively. The filing also states Mr. Stahl does not exercise investment discretion for the issuer.

Positive

• Transaction disclosed in compliance with Section 16, providing transparency on insider activity
• Cross-reference to Schedule 13D clarifies larger beneficial ownership totals (3,578,173 shares) previously reported

Negative

• None.

Insights

Securities Analyst

TL;DR: Routine insider disclosure showing a small purchase and larger beneficial ownership previously reported on Schedule 13D.

The Form 4 documents a single reported purchase on 09/09/2025 at $917.21, and shows 1,163,992 shares beneficially owned directly after the reported transaction. The filing cross-references a Schedule 13D amendment that reports HKAM's total beneficial ownership of 3,578,173 shares, which is materially larger than the single-share trade recorded here. For investors, this Form 4 functions primarily as a compliance disclosure clarifying share counts and pecuniary interest; it does not by itself provide new operational or financial information about the issuer.

Corporate Governance Expert

TL;DR: Disclosure appears consistent with Section 16 rules and clarifies ownership relationships; no governance action or change reported.

The filing identifies Horizon Kinetics Asset Management LLC as a reporting person with a director relationship to the issuer and confirms the extent of pecuniary interest. It also clarifies that Murray Stahl does not exercise investment discretion. This Form 4 serves to reconcile direct ownership figures with the previously filed Schedule 13D; it does not indicate any change in board composition, control, or governance arrangements disclosed in this document.

Insider Trade Summary

Net Buyer: 1 shares

Net Buy 1 txn

Insider HORIZON KINETICS ASSET MANAGEMENT LLC

Role 10% Owner

Bought 1 shs ($917.21)

Type	Security	Shares	Price	Value
Purchase	Common Stock	1	$917.21	$917.21

Holdings After Transaction: Common Stock — 1,163,992 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 Asset Management LLC report on the Form 4 for TPL?

The Form 4 reports a purchase on 09/09/2025 of a quantity listed as 1 share at a price of $917.21 in Texas Pacific Land Corp (TPL).

How many TPL shares does Horizon Kinetics report beneficially owning after the reported transaction?

The Form 4 shows 1,163,992 shares beneficially owned following the reported transaction in a direct capacity.

What larger ownership does the filing reference from Schedule 13D?

The filing references a Schedule 13D amendment (12/18/2024) in which HKAM disclosed beneficial ownership of 3,578,173 shares.

Does Murray Stahl exercise investment discretion over the reported TPL securities?

The filing explicitly states that Mr. Stahl does not exercise investment discretion with respect to the issuer's securities.

What is the reporting person's relationship to Texas Pacific Land Corp (TPL)?

Horizon Kinetics Asset Management LLC is identified as a Director and the Form is filed by one reporting person.

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Accepted by SEC EDGAR 09/10/2025 - 11:04 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)
09/09/2025

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	09/09/2025		P		1	A	$917.21	1,163,992(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	09/10/2025
	** 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.