Texas Pacific Land (TPL) director and 10% owner Murray Stahl reports small stock purchase

Rhea-AI Filing Summary

Texas Pacific Land Corp (TPL) insider Murray Stahl reported a small open-market purchase of company stock. On November 26, 2025, he bought 1 share of common stock at a price of $863.45, coded as a purchase in the Form 4 filing. After this transaction, he was reported as beneficially owning 1,162,574 shares of Texas Pacific Land common stock in direct form.

The filing also references a prior Schedule 13D amendment by Horizon Kinetics Asset Management LLC on December 18, 2024, which described broader beneficial ownership positions related to Texas Pacific Land and noted that 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)
11/26/2025

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	11/26/2025		P		1	A	$863.45	1,162,574(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	11/28/2025
	** 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).
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FAQ

What insider transaction did Murray Stahl report for Texas Pacific Land Corp (TPL)?

Murray Stahl reported a purchase of 1 share of Texas Pacific Land Corp common stock on November 26, 2025, as disclosed in a Form 4.

At what price did the Texas Pacific Land (TPL) insider share purchase occur?

The reported purchase price for the 1 share of Texas Pacific Land common stock was $863.45.

How many Texas Pacific Land (TPL) shares did Murray Stahl beneficially own after the reported transaction?

Following the transaction, Murray Stahl was reported as beneficially owning 1,162,574 shares of Texas Pacific Land common stock in direct ownership.

What is the relationship of the reporting person to Texas Pacific Land Corp (TPL)?

The reporting person is identified as a director of Texas Pacific Land Corp and a 10% owner of the issuer’s equity securities.

What prior ownership disclosure related to Texas Pacific Land (TPL) is referenced?

The Form 4 references a December 18, 2024 amendment to Schedule 13D by Horizon Kinetics Asset Management LLC, which noted beneficial ownership of 3,578,173 shares and certain direct and indirect interests of Murray Stahl.

Does Murray Stahl exercise investment discretion over Texas Pacific Land (TPL) securities?

The disclosure states that Murray Stahl does not exercise investment discretion with respect to the securities of Texas Pacific Land Corp.