Texas Pacific Land Corp (TPL) insider filing corrects ownership and reports new share grants

Rhea-AI Filing Summary

Texas Pacific Land Corp (TPL) received an amended insider ownership report from a director‑related reporting group. The filing reports two common stock transactions and updates beneficial ownership figures following a three‑for‑one stock split effective December 22, 2025.

An account managed by Horizon Kinetics Asset Management LLC reflects ownership of 3,462,824 shares of Texas Pacific Land common stock after the reported activity, including the purchase of 1 share at $296.79 on January 6, 2026. A separate line item tied to Murray Stahl’s board service shows an increase of 554 shares at $0 on January 5, 2026 as the stock portion of his annual director retainer, bringing that related holding to 25,268 shares.

The amendment also corrects previously overstated beneficial ownership that had double‑counted Murray Stahl’s direct holdings, and clarifies that certain accounts are managed by Horizon Kinetics Asset Management LLC, while Mr. Stahl does not exercise investment discretion over the issuer’s securities.

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

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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)
01/05/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)
01/07/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	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	01/06/2026		P		1	A	$296.79	3,462,824(1)(2)(3)	D
Common Stock	01/05/2026		A		554	A	$0	25,268(4)	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

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)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

STAHL MURRAY

(Last) (First) (Middle)

470 PARK AVENUE SOUTH

4TH FLOOR SOUTH

(Street)

NEW YORK NY 10016

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

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 and reflects a three-for-one stock split effective December 22, 2025. Mr. Stahl does not exercise investment discretion with respect to the securities of the Issuer.

2. These accounts are managed by HKAM, in which Mr. Stahl serves as Chairman, Chief Executive Officer and Chief Investment Officer but does not participate in investment decisions with respect to the securities of the Issuer. Mr. Stahl disclaims beneficial ownership over the shares reported except to the extent of his pecuniary interest, if any.

3. The amount of beneficial ownership previously reported was overstated due to the inclusion of Murray Stahl's direct ownership, which was reported as a separate line item. This filing reflects the corrected beneficial ownership by HKAM.

4. Increase constitutes stock portion of annual retainer for the year of board service by Murray Stahl commencing January 1, 2026 in the amount of 554 shares, and the resulting total reflects a three-for-one stock split effective December 22, 2025.

	/s/ Jay Kesslen, attorney-in-fact	01/08/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider activity was reported for Texas Pacific Land Corp (TPL)?

The amended insider report for Texas Pacific Land Corp (TPL) shows two common stock transactions: a purchase of 1 share at $296.79 on January 6, 2026 in an account managed by Horizon Kinetics Asset Management LLC, and an increase of 554 shares at $0 on January 5, 2026 as the stock portion of Murray Stahl’s annual director retainer.

How many Texas Pacific Land (TPL) shares are now reported as beneficially owned?

Following the reported transactions, an account managed by Horizon Kinetics Asset Management LLC is shown as beneficially owning 3,462,824 shares of Texas Pacific Land common stock. A separate line associated with Murray Stahl’s director retainer reflects 25,268 shares after receiving 554 shares for board service.

What correction to prior ownership reporting does this Texas Pacific Land (TPL) Form 4/A make?

The amendment explains that earlier beneficial ownership for Horizon Kinetics Asset Management LLC was overstated because Murray Stahl’s direct ownership had been included as a separate line item. This filing adjusts the figures to reflect the correct beneficial ownership by Horizon Kinetics Asset Management LLC.

How did the three-for-one stock split affect the Texas Pacific Land (TPL) insider holdings reported?

The explanatory notes state that the beneficial ownership figures and the board retainer stock grant for Murray Stahl reflect a three‑for‑one stock split effective December 22, 2025. The extent of Horizon Kinetics Asset Management LLC’s pecuniary interest is presented after giving effect to this split.

What is Murray Stahl’s role in relation to the Texas Pacific Land (TPL) reported holdings?

The notes indicate that Murray Stahl serves as Chairman, Chief Executive Officer and Chief Investment Officer of Horizon Kinetics Asset Management LLC. The accounts holding Texas Pacific Land securities are managed by that firm, and the filing states that Mr. Stahl does not exercise investment discretion over the issuer’s securities and disclaims beneficial ownership except to any pecuniary interest he may have.

What is the nature of the 554-share grant related to Texas Pacific Land (TPL)?

The 554-share increase is described as the stock portion of the annual retainer for Murray Stahl’s board service for the year commencing January 1, 2026. This grant, combined with prior holdings, brings that line’s total to 25,268 shares after reflecting the three-for-one stock split.