Texas Pacific Land (NYSE: TPL) director discloses insider stock share buy

Rhea-AI Filing Summary

Texas Pacific Land Corp had a director report a small open-market purchase of its common stock. On December 17, 2025, the reporting person bought 1 share at a price of $ 879.93, increasing their direct beneficial ownership to 1,162,588 shares.

The filing also references a prior amendment to Schedule 13D filed by Horizon Kinetics Asset Management LLC, which noted beneficial ownership of 3,578,173 shares, as well as Murray Stahl's direct interest in 7,848 shares and indirect interest in approximately 156,083 shares. It clarifies that Mr. Stahl does not exercise investment discretion over the issuer's securities.

Insider Trade Summary

Net Buyer: 1 shares ($880)

Net Buy 1 txn

Insider HORIZON KINETICS ASSET MANAGEMENT LLC

Role 10% Owner

Bought 1 shs ($879.93)

Type	Security	Shares	Price	Value
Purchase	Common Stock	1	$879.93	$879.93

Holdings After Transaction: Common Stock — 1,162,588 shares (Direct)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

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)
12/17/2025

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	12/17/2025		P		1	A	$879.93	1,162,588(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	12/18/2025
	** 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.
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 Form 4 reports that a director of Texas Pacific Land Corp bought 1 share of common stock on December 17, 2025 at a price of $ 879.93.

How many Texas Pacific Land (TPL) shares does the reporting person own after this transaction?

After the reported purchase, the reporting person beneficially owns 1,162,588 shares of Texas Pacific Land Corp common stock, held directly.

Does this Texas Pacific Land Form 4 include any derivative securities?

The section for derivative securities (Table II) does not list any derivative transactions or holdings for the reporting person in this filing.

What earlier ownership disclosure is referenced in this Texas Pacific Land filing?

The filing refers to a December 18, 2024 amendment to Schedule 13D by Horizon Kinetics Asset Management LLC, which noted beneficial ownership of 3,578,173 shares of Texas Pacific Land Corp.

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

The referenced Schedule 13D amendment noted Murray Stahl's direct interest in 7,848 shares and his indirect interest in approximately 156,083 shares of Texas Pacific Land Corp.

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

No. The filing states that Mr. Stahl does not exercise investment discretion with respect to the securities of Texas Pacific Land Corp.

What is the reporting person’s relationship to Texas Pacific Land Corp?

The relationship section indicates that the reporting person is a director of Texas Pacific Land Corp.