Texas Pacific Land Corp (TPL) details Form 4 trade and 3-for-1 split

Rhea-AI Filing Summary

Texas Pacific Land Corp reported an insider transaction and updated share counts. A reporting person purchased 1 share of common stock on 12/22/2025 at $924.53, resulting in 3,487,773 shares beneficially owned directly after the transaction. The footnotes explain that this increase in shares reflects a three-for-one stock split effective December 22, 2025.

The disclosure also references a prior Schedule 13D amendment by Horizon Kinetics Asset Management LLC noting beneficial ownership of 3,578,173 shares, along with Murray Stahl’s direct interest in 7,848 shares and indirect interest in approximately 156,083 shares. It states that the extent of Horizon Kinetics’ pecuniary interest in these shares is detailed here and 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)
12/22/2025

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	12/22/2025		P		1	A	$924.53	3,487,773(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. The increase in shares reflects a three for one stock split effective December 22,2025.

2. 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	12/23/2025
	** 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 Texas Pacific Land Corp (TPL) report in this Form 4?

The filing shows a reporting person acquired 1 share of Texas Pacific Land Corp common stock on 12/22/2025 at a price of $924.53, coded as a purchase ("P").

How many Texas Pacific Land Corp shares were beneficially owned after the reported transaction?

Following the reported transaction, the filing lists 3,487,773 shares of Texas Pacific Land Corp common stock as being beneficially owned directly by the reporting person.

What stock split did Texas Pacific Land Corp implement on December 22, 2025?

The explanation states that the increase in shares reflects a three-for-one stock split that was effective December 22, 2025.

What did Horizon Kinetics Asset Management LLC disclose about its TPL holdings?

The explanation notes that on December 18, 2024, Horizon Kinetics Asset Management LLC filed a Schedule 13D amendment reporting beneficial ownership of 3,578,173 shares of Texas Pacific Land Corp.

What interests in Texas Pacific Land Corp shares were attributed to Murray Stahl?

The explanation indicates Murray Stahl had a direct interest in 7,848 shares and an indirect interest in approximately 156,083 shares of Texas Pacific Land Corp.

Does Murray Stahl exercise investment discretion over Texas Pacific Land Corp securities?

The explanation explicitly states that Mr. Stahl does not exercise investment discretion with respect to the securities of the issuer.

Was the transaction reported under a Rule 10b5-1 trading plan?

The form includes a checkbox to indicate if a transaction was made under a Rule 10b5-1(c) contract, instruction, or plan, but the excerpt does not show that box as checked.