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[Form 4] Texas Pacific Land Corporation Insider Trading Activity

Filing Impact
(Low)
Filing Sentiment
(Neutral)
Form Type
4
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鈥檚 12/18/2024 Schedule 13D amendment, which disclosed total beneficial ownership of 3,578,173 shares across various accounts. The Form 4 clarifies HKAM鈥檚 pecuniary interest and notes that Murray Stahl, though associated with HKAM, does not exercise investment discretion over the issuer鈥檚 securities.

Horizon Kinetics Asset Management LLC (HKAM), detentore del 10% di Texas Pacific Land Corp. (TPL), ha presentato un Modulo 4 relativo a un acquisto diretto sul mercato aperto.

  • Transazione: 1 azione ordinaria TPL acquistata il 28/07/2025 a 980,04 $ (codice transazione P).
  • Detenzione post-transazione: 1.163.962 azioni detenute direttamente.

La comunicazione ribadisce le informazioni contenute nell'emendamento Schedule 13D di HKAM del 18/12/2024, che riportava una propriet脿 beneficiaria complessiva di 3.578.173 azioni su vari conti. Il Modulo 4 specifica l鈥檌nteresse patrimoniale di HKAM e sottolinea che Murray Stahl, pur essendo associato a HKAM, non esercita discrezionalit脿 negli investimenti sui titoli dell鈥檈mittente.

Horizon Kinetics Asset Management LLC (HKAM), propietario del 10% de Texas Pacific Land Corp. (TPL), present贸 un Formulario 4 que cubre una compra directa en el mercado abierto.

  • 罢谤补苍蝉补肠肠颈贸苍: 1 acci贸n com煤n de TPL comprada el 28/07/2025 a 980,04 $ (c贸digo de transacci贸n P).
  • Posici贸n tras la operaci贸n: 1.163.962 acciones mantenidas directamente.

La presentaci贸n reitera la informaci贸n del enmienda Schedule 13D de HKAM del 18/12/2024, que revel贸 una propiedad beneficiaria total de 3.578.173 acciones en varias cuentas. El Formulario 4 aclara el inter茅s pecuniario de HKAM y se帽ala que Murray Stahl, aunque asociado con HKAM, no ejerce discreci贸n de inversi贸n sobre los valores del emisor.

Horizon Kinetics Asset Management LLC(HKAM)電� Texas Pacific Land Corp.(TPL)鞚� 10% 歆�攵� 氤挫湢鞛愲靹�, 歆侅爲 瓿店皽 鞁滌灔鞐愳劀鞚� 欤检嫕 毵れ瀰鞚� 韽暔頃� Form 4毳� 鞝滌稖頄堨姷雼堧嫟.

  • 瓯半灅 雮挫棴: 2025雲� 7鞗� 28鞚检棎 TPL 氤错喌欤� 1欤茧ゼ 980.04 雼煬鞐� 毵れ垬(瓯半灅 旖旊摐 P).
  • 瓯半灅 頉� 氤挫湢霟�: 歆侅爲 氤挫湢頃� 欤检嫕 1,163,962欤�.

鞚措矆 鞝滌稖鞚� HKAM鞚� 2024雲� 12鞗� 18鞚检棎 鞝滌稖頃� Schedule 13D 靾橃爼氤胳潣 鞝曤炒毳� 鞛檿鞚疙晿電� 瓴冹溂搿�, 鞐煬 瓿勳鞐� 瓯胳硱 齑� 3,578,173欤检潣 鞁れ 靻岇湢甓岇潉 瓿店皽頄堨姷雼堧嫟. Form 4電� HKAM鞚� 旮堨爠鞝� 鞚错暣甏�瓿勲ゼ 氇呿檿頌� 頃橂┌, Murray Stahl鞚� HKAM瓿� 甏�霠悩鞏� 鞛堨溂雮� 氚滍枆鞚胳潣 歃濌秾鞐� 雽�頃� 韴瀽 鞛焿甓岇潉 頄夓偓頃橃 鞎婋姅雼り碃 氇呾嫓頃橁碃 鞛堨姷雼堧嫟.

Horizon Kinetics Asset Management LLC (HKAM), d茅tenteur de 10% de Texas Pacific Land Corp. (TPL), a d茅pos茅 un Formulaire 4 concernant un achat direct sur le march茅 libre.

  • Transaction : 1 action ordinaire TPL achet茅e le 28/07/2025 au prix de 980,04 $ (code transaction P).
  • Position apr猫s transaction : 1 163 962 actions d茅tenues directement.

Le d茅p么t r茅affirme les informations de l鈥檃mendement Schedule 13D de HKAM du 18/12/2024, qui avait r茅v茅l茅 une propri茅t茅 b茅n茅ficiaire totale de 3 578 173 actions r茅parties sur plusieurs comptes. Le Formulaire 4 pr茅cise l鈥檌nt茅r锚t p茅cuniaire de HKAM et indique que Murray Stahl, bien qu鈥檃ssoci茅 脿 HKAM, n鈥檈xerce pas de discr茅tion d鈥檌nvestissement sur les titres de l鈥櫭﹎etteur.

Horizon Kinetics Asset Management LLC (HKAM), ein 10%-Eigent眉mer von Texas Pacific Land Corp. (TPL), reichte ein Formular 4 ein, das einen direkten Kauf am offenen Markt abdeckt.

  • Transaktion: 1 Aktie der TPL-Stammaktien am 28.07.2025 zu 980,04 $ gekauft (Transaktionscode P).
  • Bestand nach der Transaktion: 1.163.962 Aktien direkt gehalten.

Die Meldung best盲tigt die Informationen aus der 脛nderung des Schedule 13D von HKAM vom 18.12.2024, die einen gesamten wirtschaftlichen Eigentum von 3.578.173 Aktien 眉ber verschiedene Konten offenlegte. Das Formular 4 verdeutlicht HKAMs finanzielles Interesse und weist darauf hin, dass Murray Stahl, obwohl mit HKAM verbunden, keine Investitionsentscheidungen 眉ber die Wertpapiere des Emittenten trifft.

Positive
  • None.
Negative
  • None.

Insights

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.

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.

Horizon Kinetics Asset Management LLC (HKAM), detentore del 10% di Texas Pacific Land Corp. (TPL), ha presentato un Modulo 4 relativo a un acquisto diretto sul mercato aperto.

  • Transazione: 1 azione ordinaria TPL acquistata il 28/07/2025 a 980,04 $ (codice transazione P).
  • Detenzione post-transazione: 1.163.962 azioni detenute direttamente.

La comunicazione ribadisce le informazioni contenute nell'emendamento Schedule 13D di HKAM del 18/12/2024, che riportava una propriet脿 beneficiaria complessiva di 3.578.173 azioni su vari conti. Il Modulo 4 specifica l鈥檌nteresse patrimoniale di HKAM e sottolinea che Murray Stahl, pur essendo associato a HKAM, non esercita discrezionalit脿 negli investimenti sui titoli dell鈥檈mittente.

Horizon Kinetics Asset Management LLC (HKAM), propietario del 10% de Texas Pacific Land Corp. (TPL), present贸 un Formulario 4 que cubre una compra directa en el mercado abierto.

  • 罢谤补苍蝉补肠肠颈贸苍: 1 acci贸n com煤n de TPL comprada el 28/07/2025 a 980,04 $ (c贸digo de transacci贸n P).
  • Posici贸n tras la operaci贸n: 1.163.962 acciones mantenidas directamente.

La presentaci贸n reitera la informaci贸n del enmienda Schedule 13D de HKAM del 18/12/2024, que revel贸 una propiedad beneficiaria total de 3.578.173 acciones en varias cuentas. El Formulario 4 aclara el inter茅s pecuniario de HKAM y se帽ala que Murray Stahl, aunque asociado con HKAM, no ejerce discreci贸n de inversi贸n sobre los valores del emisor.

Horizon Kinetics Asset Management LLC(HKAM)電� Texas Pacific Land Corp.(TPL)鞚� 10% 歆�攵� 氤挫湢鞛愲靹�, 歆侅爲 瓿店皽 鞁滌灔鞐愳劀鞚� 欤检嫕 毵れ瀰鞚� 韽暔頃� Form 4毳� 鞝滌稖頄堨姷雼堧嫟.

  • 瓯半灅 雮挫棴: 2025雲� 7鞗� 28鞚检棎 TPL 氤错喌欤� 1欤茧ゼ 980.04 雼煬鞐� 毵れ垬(瓯半灅 旖旊摐 P).
  • 瓯半灅 頉� 氤挫湢霟�: 歆侅爲 氤挫湢頃� 欤检嫕 1,163,962欤�.

鞚措矆 鞝滌稖鞚� HKAM鞚� 2024雲� 12鞗� 18鞚检棎 鞝滌稖頃� Schedule 13D 靾橃爼氤胳潣 鞝曤炒毳� 鞛檿鞚疙晿電� 瓴冹溂搿�, 鞐煬 瓿勳鞐� 瓯胳硱 齑� 3,578,173欤检潣 鞁れ 靻岇湢甓岇潉 瓿店皽頄堨姷雼堧嫟. Form 4電� HKAM鞚� 旮堨爠鞝� 鞚错暣甏�瓿勲ゼ 氇呿檿頌� 頃橂┌, Murray Stahl鞚� HKAM瓿� 甏�霠悩鞏� 鞛堨溂雮� 氚滍枆鞚胳潣 歃濌秾鞐� 雽�頃� 韴瀽 鞛焿甓岇潉 頄夓偓頃橃 鞎婋姅雼り碃 氇呾嫓頃橁碃 鞛堨姷雼堧嫟.

Horizon Kinetics Asset Management LLC (HKAM), d茅tenteur de 10% de Texas Pacific Land Corp. (TPL), a d茅pos茅 un Formulaire 4 concernant un achat direct sur le march茅 libre.

  • Transaction : 1 action ordinaire TPL achet茅e le 28/07/2025 au prix de 980,04 $ (code transaction P).
  • Position apr猫s transaction : 1 163 962 actions d茅tenues directement.

Le d茅p么t r茅affirme les informations de l鈥檃mendement Schedule 13D de HKAM du 18/12/2024, qui avait r茅v茅l茅 une propri茅t茅 b茅n茅ficiaire totale de 3 578 173 actions r茅parties sur plusieurs comptes. Le Formulaire 4 pr茅cise l鈥檌nt茅r锚t p茅cuniaire de HKAM et indique que Murray Stahl, bien qu鈥檃ssoci茅 脿 HKAM, n鈥檈xerce pas de discr茅tion d鈥檌nvestissement sur les titres de l鈥櫭﹎etteur.

Horizon Kinetics Asset Management LLC (HKAM), ein 10%-Eigent眉mer von Texas Pacific Land Corp. (TPL), reichte ein Formular 4 ein, das einen direkten Kauf am offenen Markt abdeckt.

  • Transaktion: 1 Aktie der TPL-Stammaktien am 28.07.2025 zu 980,04 $ gekauft (Transaktionscode P).
  • Bestand nach der Transaktion: 1.163.962 Aktien direkt gehalten.

Die Meldung best盲tigt die Informationen aus der 脛nderung des Schedule 13D von HKAM vom 18.12.2024, die einen gesamten wirtschaftlichen Eigentum von 3.578.173 Aktien 眉ber verschiedene Konten offenlegte. Das Formular 4 verdeutlicht HKAMs finanzielles Interesse und weist darauf hin, dass Murray Stahl, obwohl mit HKAM verbunden, keine Investitionsentscheidungen 眉ber die Wertpapiere des Emittenten trifft.

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.

Source:

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鈥檚 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鈥檚 previously reported 3.58 million shares?

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

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

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