Texas Pacific Land (TPL) director updates Form 4 after stock split

Rhea-AI Filing Summary

Texas Pacific Land Corp director Murray Stahl filed an amended Form 4 updating his beneficial ownership. The filing reports that accounts managed by Horizon Kinetics Asset Management LLC (HKAM) beneficially own 3,487,539 shares of Texas Pacific Land common stock following a reported open-market purchase of 1 share at $296.79 on 01/06/2026. The filing notes that HKAM had previously reported beneficial ownership of 3,578,173 shares, and that the current figures reflect a three-for-one stock split effective December 22, 2025. It also shows 25,268 shares tied to Murray Stahl’s board compensation, including 554 shares representing the stock portion of his annual retainer for board service commencing January 1, 2026. The filing states that Mr. Stahl does not participate in investment decisions for these managed accounts and disclaims beneficial ownership except to the extent of any pecuniary interest.

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	3,487,539(1)(2)	D
Common Stock	01/05/2025		A		554	A	$0	25,268(3)	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. 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	01/07/2026
	** 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 did Texas Pacific Land Corp (TPL) report in this Form 4/A?

The filing reports an open-market purchase of 1 share of Texas Pacific Land common stock at $296.79 on 01/06/2026, and updates the total number of shares beneficially owned in accounts managed by Horizon Kinetics Asset Management LLC.

How many Texas Pacific Land (TPL) shares are reported as beneficially owned after the transactions?

The filing shows accounts managed by Horizon Kinetics Asset Management LLC beneficially owning 3,487,539 shares of Texas Pacific Land common stock following the reported transaction.

What board compensation in Texas Pacific Land (TPL) stock did Murray Stahl receive?

The filing states that an increase of 554 shares constitutes the stock portion of Murray Stahl’s annual retainer for board service commencing January 1, 2026, contributing to a total of 25,268 shares related to this compensation.

How does the Texas Pacific Land (TPL) stock split affect the reported share numbers?

The explanation notes that the reported share amounts, including HKAM’s pecuniary interest and the board retainer shares, reflect a three-for-one stock split that became effective on December 22, 2025.

Does Murray Stahl control investment decisions for the Texas Pacific Land (TPL) shares reported?

The filing explains that the relevant accounts are managed by Horizon Kinetics Asset Management LLC and that Murray Stahl does not participate in investment decisions regarding Texas Pacific Land securities.

Does Murray Stahl claim full beneficial ownership of the reported Texas Pacific Land (TPL) shares?

The filing states that Murray Stahl disclaims beneficial ownership of the reported shares except to the extent of his pecuniary interest, if any.