Texas Pacific Land Insider Update: HKAM Maintains 10% Stake

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC (HKAM), a 10% owner of Texas Pacific Land Corp. (TPL), filed a Form 4 covering one direct open-market purchase.

• Transaction: 1 share of TPL common stock bought on 07/28/2025 at $980.04 (transaction code P).
• Post-trade holding: 1,163,962 shares held directly.

The filing reiterates information from HKAM’s 12/18/2024 Schedule 13D amendment, which disclosed total beneficial ownership of 3,578,173 shares across various accounts. The Form 4 clarifies HKAM’s pecuniary interest and notes that Murray Stahl, though associated with HKAM, does not exercise investment discretion over the issuer’s securities.

Insights

Securities Analyst

TL;DR: One-share insider buy is symbolic; ownership remains ~1.16 m shares, no valuation impact.

The event records compliance rather than strategy. HKAM already controlled over a million TPL shares; adding a single share at $980 has no effect on float, earnings, or voting power. Investors should view the filing as routine housekeeping to keep Section 16 ownership records current. No forward-looking guidance and no signal on TPL fundamentals are provided.

Corporate Governance Expert

TL;DR: Filing keeps insider ownership data current; governance stance unchanged.

HKAM remains a 10% holder, sustaining substantial influence. The negligible share purchase does not alter control dynamics, but the explanation paragraph helps reconcile Form 4 figures with the larger Schedule 13D total, improving transparency. No red flags or material governance shifts emerge.

Insider Trade Summary

Net Buyer: 1 shares ($980)

Net Buy 1 txn

Insider HORIZON KINETICS ASSET MANAGEMENT LLC

Role 10% Owner

Bought 1 shs ($980.04)

Type	Security	Shares	Price	Value
Purchase	Common Stock	1	$980.04	$980.04

Holdings After Transaction: Common Stock — 1,163,962 shares (Direct)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 07/29/2025 - 10:09 AM Learn about SEC filing dates

FAQ

How many Texas Pacific Land (TPL) shares does Horizon Kinetics now own?

The Form 4 lists 1,163,962 common shares held directly after the reported trade.

What was the price paid for the insider purchase disclosed on 07/28/2025?

HKAM bought 1 share at $980.04 per share.

Does the filing indicate any change in HKAM’s 10% ownership status?

No. Despite the symbolic one-share buy, HKAM remains classified as a 10% owner of TPL.

Is there a discrepancy with HKAM’s previously reported 3.58 million shares?

The explanation notes that the Schedule 13D cites 3,578,173 shares; this Form 4 discloses HKAM’s pecuniary interest within that total.

Does the Form 4 provide any guidance on Texas Pacific Land’s operations or earnings?

No. The document is limited to insider ownership data and contains no operational or financial guidance.

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).

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)
07/28/2025

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	07/28/2025		P		1	A	$980.04	1,163,962(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	07/29/2025
	** 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.