Texas Pacific Land (TPL) director and 10% owner reports 3.49M-share holding

Rhea-AI Filing Summary

Texas Pacific Land Corp (TPL) director and 10% owner activity is disclosed through a Form 4 insider transaction report. On 01/02/2026, a transaction in Common Stock with code P (a purchase-type code) is shown for 1 share at a price of $288.78. After this reported activity, the filing shows 3,487,731 shares of Texas Pacific Land Corp common stock beneficially owned on a direct basis.

The footnotes explain that a prior Schedule 13D amendment filed on December 18, 2024 by Horizon Kinetics Asset Management LLC reported beneficial ownership of 3,578,173 shares and described Murray Stahl’s direct and indirect interests. Another note states that a change of 49 shares reflects delivery without consideration as part of a client in-kind redemption, clarifying that part of the position change was not a market sale.

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)
01/02/2026

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	01/02/2026		P		1	A	$288.78	3,487,731(1)(2)	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.

2. The change represents a reduction of 49 shares delivered without consideration as part of a client in-kind redemption.

	/s/ Jay Kesslen, attorney-in-fact	01/05/2026
	** 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.

FAQ

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

The report shows a transaction in Common Stock on 01/02/2026 coded as P, covering 1 share at a price of $288.78.

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

Following the reported transaction, the filing shows 3,487,731 shares of Texas Pacific Land Corp common stock beneficially owned on a direct basis.

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

The reporting person is identified as a Director and a 10% Owner of Texas Pacific Land Corp.

What explanation is given for changes related to Horizon Kinetics Asset Management LLC and TPL?

A footnote states that on December 18, 2024, Horizon Kinetics Asset Management LLC filed a Schedule 13D amendment noting beneficial ownership of 3,578,173 shares, along with Murray Stahls direct and indirect interests.

How were 49 Texas Pacific Land Corp (TPL) shares treated according to the footnotes?

The filing explains that the change includes a reduction of 49 shares delivered without consideration as part of a client in-kind redemption.

Is this Texas Pacific Land Corp (TPL) insider filing for one or multiple reporting persons?

The form is indicated as being filed by one reporting person, not by more than one reporting person.