TPL Form 4: HKAM purchased TPL shares at $864.54 on 08/12/2025

Horizon Kinetics Asset Management LLC reported a purchase of Texas Pacific Land Corporation (TPL) common stock on 08/12/2025 at a price of $864.54 per share.

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC reported a purchase of Texas Pacific Land Corporation (TPL) common stock on 08/12/2025 at a price of $864.54 per share. The filing lists the reporting entity as a Director and 10% owner of the issuer and shows 1,163,973 shares beneficially owned following the reported transaction.

The form references a Schedule 13D amendment filed on 12/18/2024 that disclosed beneficial ownership of 3,578,173 shares and reported Murray Stahl's direct interest of 7,848 shares and indirect interest of approximately 156,083 shares. The filing states Mr. Stahl does not exercise investment discretion over the issuer's securities.

Positive

• Purchase reported: HKAM purchased TPL common stock on 08/12/2025 at $864.54 per share.
• Post-transaction holdings: The filing reports 1,163,973 shares beneficially owned following the transaction.
• Schedule 13D disclosure: An amendment noted group beneficial ownership of 3,578,173 shares and quantified Murray Stahl's direct and indirect interests.

Negative

• None.

Insights

Securities Analyst

TL;DR Insider-affiliated manager reported a purchase at $864.54 and sizable reported beneficial holdings, likely relevant to monitoring ownership concentration.

HKAM's reported purchase on 08/12/2025 at $864.54 is explicitly recorded with a post-transaction beneficial ownership figure of 1,163,973 shares. The form also cites a prior Schedule 13D amendment showing 3,578,173 shares beneficially owned, indicating persistent, disclosed accumulation by the reporting group. The filing clarifies that Murray Stahl holds small direct and indirect stakes and does not exercise investment discretion, which affects interpretation of who controls investment decisions.

Corporate Governance Expert

TL;DR Disclosure shows an entity with director status and >10% stake reporting a purchase; governance links and delegation of discretion are disclosed.

The report identifies Horizon Kinetics Asset Management LLC as a reporting person with director and 10% owner designations and documents a transaction coded as a purchase. The Schedule 13D amendment referenced discloses group-level holdings of 3,578,173 shares and separates Murray Stahl's direct (7,848) and indirect (~156,083) interests. The statement that Mr. Stahl does not exercise investment discretion is material to governance analysis because it delineates decision-making authority within the reporting group.

Insider Trade Summary

Net Buyer: 1 shares

Net Buy 1 txn

Insider HORIZON KINETICS ASSET MANAGEMENT LLC

Role 10% Owner

Bought 1 shs ($864.54)

Type	Security	Shares	Price	Value
Purchase	Common Stock	1	$864.54	$864.54

Holdings After Transaction: Common Stock — 1,163,973 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

Who filed the Form 4 for TPL?

Horizon Kinetics Asset Management LLC filed the Form 4 as the reporting person.

What transaction is reported on the TPL Form 4?

A purchase of TPL common stock executed on 08/12/2025 at a price of $864.54 per share.

How many TPL shares does the reporting person beneficially own after the transaction?

The filing reports 1,163,973 shares beneficially owned following the reported transaction.

What did the Schedule 13D amendment referenced in the filing disclose?

The Schedule 13D amendment disclosed beneficial ownership of 3,578,173 shares and Murray Stahl's direct interest of 7,848 shares and indirect interest of ~156,083 shares.

Does Murray Stahl exercise investment discretion over the reported securities?

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

Who signed the Form 4 and when was it signed?

The form was signed by Jay Kesslen, attorney-in-fact on 08/13/2025.

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Accepted by SEC EDGAR 08/13/2025 - 10:40 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)
08/12/2025

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	08/12/2025		P		1	A	$864.54	1,163,973(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	08/13/2025
	** 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.