Texas Pacific Land director reports stock purchase at $914.15

Texas Pacific Land Corp director and 10% owner Murray Stahl reported a small open-market purchase of the company’s common stock.

Rhea-AI Filing Summary

Texas Pacific Land Corp director and 10% owner Murray Stahl reported a small open-market purchase of the company’s common stock. On 12/08/2025, he acquired 1 share of Texas Pacific Land common stock at a price of $914.15 per share, recorded as an "A" (acquired) transaction in the filing. Following this transaction, he is shown as beneficially owning 1,162,581 shares directly.

The filing also references a prior amendment to Schedule 13D filed by Horizon Kinetics Asset Management LLC on December 18, 2024, which noted its beneficial ownership of 3,578,173 shares and Mr. Stahl’s separate direct and indirect interests. The current disclosure clarifies the extent of HKAM’s pecuniary interest and states that Mr. Stahl does not exercise investment discretion over the issuer’s securities held by HKAM.

Insider Trade Summary

Net Buyer: 1 shares

Net Buy 1 txn

Insider HORIZON KINETICS ASSET MANAGEMENT LLC

Role 10% Owner

Bought 1 shs ($914.15)

Type	Security	Shares	Price	Value
Purchase	Common Stock	1	$914.15	$914.15

Holdings After Transaction: Common Stock — 1,162,581 shares (Direct)

Footnotes (1)

1. F1. 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.

FAQ

What transaction did Murray Stahl report in this Texas Pacific Land Corp (TPL) Form 4?

The Form 4 reports that Murray Stahl acquired 1 share of Texas Pacific Land Corp common stock on 12/08/2025, recorded as a purchase transaction.

At what price was the Texas Pacific Land Corp (TPL) share purchased?

The reported transaction shows that 1 share of Texas Pacific Land common stock was purchased at a price of $914.15 per share.

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

After the reported transaction, Murray Stahl is shown as beneficially owning 1,162,581 shares of Texas Pacific Land Corp common stock directly.

What is Murray Stahl’s relationship to Texas Pacific Land Corp (TPL)?

Murray Stahl is identified as both a director and a 10% owner of Texas Pacific Land Corp in the filing.

What does the Form 4 say about Horizon Kinetics Asset Management LLC and prior ownership disclosures for TPL?

The explanation notes that on December 18, 2024, Horizon Kinetics Asset Management LLC filed an amendment to its Schedule 13D, disclosing beneficial ownership of 3,578,173 shares and detailing Murray Stahl’s direct and indirect interests. The current report clarifies the extent of HKAM’s pecuniary interest.

Does Murray Stahl control investment decisions for Texas Pacific Land Corp (TPL) securities held by Horizon Kinetics Asset Management?

The filing states that Mr. Stahl does not exercise investment discretion with respect to Texas Pacific Land Corp securities held by Horizon Kinetics Asset Management LLC.

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Accepted by SEC EDGAR 12/09/2025 - 11:33 AM Learn about SEC filing dates

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 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)
12/08/2025

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	12/08/2025		P		1	A	$914.15	1,162,581(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	12/09/2025
	** 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.
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