Texas Pacific Land Corp (TPL) director and 10% owner reports small stock buy

Rhea-AI Filing Summary

Texas Pacific Land Corp director and 10% owner Murray Stahl reported a small open-market purchase of 1 share of common stock at $295.05 on December 24, 2025. This transaction was reported on a Form 4 as a direct acquisition of non-derivative common stock. Following this purchase, he is shown as beneficially owning 3,487,775 shares.

The footnote explains that a prior Schedule 13D amendment filed by Horizon Kinetics Asset Management LLC noted beneficial ownership of 3,578,173 shares, along with Mr. Stahl's separate direct interest in 7,848 shares and an indirect interest in approximately 156,083 shares, and clarifies 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)
12/24/2025

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	12/24/2025		P		1	A	$295.05	3,487,775(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	12/29/2025
	** 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?

Texas Pacific Land Corp reported that director and 10% owner Murray Stahl acquired 1 share of common stock in an open-market purchase at a price of $295.05 per share on December 24, 2025, according to a Form 4 filing.

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

After the reported transaction, the Form 4 shows that Murray Stahl beneficially owns 3,487,775 shares of Texas Pacific Land Corp common stock.

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

The filing identifies Murray Stahl as both a director and a 10% owner of Texas Pacific Land Corp.

Was this Texas Pacific Land Corp (TPL) insider trade part of a derivative transaction?

No. The reported activity involves non-derivative common stock only. The section for derivative securities in Table II shows no derivative transactions reported.

What additional ownership information is disclosed about Horizon Kinetics and Murray Stahl in relation to TPL?

The explanation notes that on December 18, 2024, Horizon Kinetics Asset Management LLC (HKAM) filed a Schedule 13D amendment reporting beneficial ownership of 3,578,173 shares, and describes Mr. Stahl’s direct interest in 7,848 shares and his indirect interest in approximately 156,083 shares, while stating that he does not exercise investment discretion over the issuer’s securities.

Is the Texas Pacific Land Corp (TPL) transaction described as discretionary by Murray Stahl?

The explanation of responses states that Mr. Stahl does not exercise investment discretion with respect to the securities of the issuer, clarifying his role in relation to the shares noted in the Schedule 13D context.