TPL Form 4: Horizon Kinetics Buys 1 Share, Ownership Now 1.164 M

Q: What did Horizon Kinetics Asset Management LLC report in the latest TPL Form 4?

A purchase of 1 TPL common share at $1,042.95 on 07/07/2025.

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

The filing shows direct ownership of 1,163,947 shares after the transaction.

Q: What does transaction code "P" signify in this Form 4?

"P" stands for an open-market purchase of the issuer鈥檚 securities.

Q: Were any derivative securities reported in this Form 4?

No. No derivative positions were listed in Table II.

Q: Is the insider transaction considered material for TPL investors?

Given the purchase was only 1 share, it is not material to TPL鈥檚 valuation or ownership structure.

[Form 4] Texas Pacific Land Corporation Insider Trading Activity

Filing Impact

(Low)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Texas Pacific Land Corp. (TPL) 鈥� Form 4 insider filing

On 07/07/2025, 10 % owner Horizon Kinetics Asset Management LLC disclosed the open-market purchase (transaction code 鈥淧鈥�) of 1 share of TPL common stock at $1,042.95 per share. After this transaction, the filer directly holds 1,163,947 shares. No derivative positions or additional transactions were reported, and there is no accompanying narrative indicating strategic intent. Given the de-minimis size of the purchase relative to existing holdings, the filing appears routine and is unlikely to affect the investment thesis for TPL.

Insights

TL;DR: Negligible 1-share insider purchase; ownership now 1.164 M shares鈥攊nformational, not market-moving.

The Form 4 reveals a token acquisition by Horizon Kinetics Asset Management, maintaining its >10 % stake in Texas Pacific Land. The incremental increase is statistically immaterial (<0.0001 % of shares outstanding) and conveys no clear signal about the firm鈥檚 outlook. With no derivative activity or additional context, this filing is best interpreted as a compliance update rather than an indicator of substantive insider sentiment. Impact on valuation, liquidity, or governance is effectively nil.

07/08/2025 - 10:42 AM

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

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)
07/07/2025

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	07/07/2025		P		1	A	$1,042.95	1,163,947⁽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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

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	07/08/2025
	** 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.

Source:

FAQ

What did Horizon Kinetics Asset Management LLC report in the latest TPL Form 4?

A purchase of 1 TPL common share at $1,042.95 on 07/07/2025.

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

The filing shows direct ownership of 1,163,947 shares after the transaction.

What does transaction code "P" signify in this Form 4?

"P" stands for an open-market purchase of the issuer鈥檚 securities.

Were any derivative securities reported in this Form 4?

No. No derivative positions were listed in Table II.

Is the insider transaction considered material for TPL investors?

Given the purchase was only 1 share, it is not material to TPL鈥檚 valuation or ownership structure.

AG真人官方

[Form 4] Texas Pacific Land Corporation Insider Trading Activity

Insights

FAQ

What did Horizon Kinetics Asset Management LLC report in the latest TPL Form 4?

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

What does transaction code "P" signify in this Form 4?

Were any derivative securities reported in this Form 4?

Is the insider transaction considered material for TPL investors?

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[Form 4] Texas Pacific Land Corporation Insider Trading Activity

Insights

Financial Analyst neutral

FAQ

What did Horizon Kinetics Asset Management LLC report in the latest TPL Form 4?

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

What does transaction code "P" signify in this Form 4?

Were any derivative securities reported in this Form 4?

Is the insider transaction considered material for TPL investors?

NYSE:TPL

TPL Rankings

TPL Latest News

TPL Latest SEC Filings

TPL Stock Data