HKAM Form 4: Horizon Kinetics Reports 1,163,986 TPL Shares at $928.79

Horizon Kinetics Asset Management LLC reported a transaction in Texas Pacific Land Corp (TPL).

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC reported a transaction in Texas Pacific Land Corp (TPL). The Form 4 records a purchase on 08/29/2025 of common stock at $928.79 and shows 1,163,986 shares beneficially owned by the reporting person following the reported transaction. The filing references a prior Schedule 13D amendment (Dec 18, 2024) disclosing HKAM beneficial ownership of 3,578,173 shares and Murray Stahl's direct and indirect interests of 7,848 and approximately 156,083 shares, respectively. The filing states Mr. Stahl does not exercise investment discretion over the issuer's securities.

Insights

Financial Analyst

TL;DR: Insider filing shows HKAM increased direct holdings to 1,163,986 TPL shares at $928.79 per share; overall 13D shows larger combined position.

The Form 4 documents a reported acquisition on 08/29/2025 priced at $928.79 and reports 1,163,986 shares beneficially owned by Horizon Kinetics Asset Management LLC after the transaction. The filing cross-references a December 2024 Schedule 13D that disclosed HKAM's broader beneficial ownership of 3,578,173 shares and Murray Stahl's separate direct and indirect stakes. For investors, this confirms continued accumulation by an institutional holder and clarifies that Murray Stahl is not exercising investment discretion for the reported securities.

Corporate Governance Expert

TL;DR: Form 4 is a routine disclosure clarifying beneficial ownership and managerial non-discretion by Murray Stahl.

The filing appears procedural: it reports a specific acquisition and reaffirms details previously disclosed in a Schedule 13D amendment. The statement that Mr. Stahl "does not exercise investment discretion" is important for governance transparency because it separates voting/control responsibilities from pecuniary interest. The signature by an attorney-in-fact on 09/02/2025 completes the required disclosure process.

Insider Trade Summary

Net Buyer: 1 shares

Net Buy 1 txn

Insider HORIZON KINETICS ASSET MANAGEMENT LLC

Role 10% Owner

Bought 1 shs ($928.79)

Type	Security	Shares	Price	Value
Purchase	Common Stock	1	$928.79	$928.79

Holdings After Transaction: Common Stock — 1,163,986 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 for TPL on this Form 4?

The Form 4 reports a purchase of common stock on 08/29/2025 at a price of $928.79 per share.

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

The filing reports 1,163,986 shares beneficially owned by Horizon Kinetics following the reported transaction.

What larger ownership does the filing reference for Horizon Kinetics in TPL?

The filing references a Schedule 13D amendment (Dec 18, 2024) disclosing HKAM beneficial ownership of 3,578,173 shares.

What are Murray Stahl's reported interests in TPL according to the filing?

The Schedule 13D cited in the Form 4 reported Murray Stahl's direct interest of 7,848 shares and an indirect interest of approximately 156,083 shares.

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

No. The Form 4 explicitly states that Mr. Stahl does not exercise investment discretion with respect to the issuer's securities.

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

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Accepted by SEC EDGAR 09/02/2025 - 03:01 PM 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)
08/29/2025

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	08/29/2025		P		1	A	$928.79	1,163,986(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	09/02/2025
	** 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.