Horizon Kinetics boosts Texas Pacific Land Corp (TPL) stake with open-market buy

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC, a more than 10% owner of Texas Pacific Land Corp, reported an open-market purchase of 1 share of common stock at $426.00 per share. Following this small transaction, it directly holds 3,263,667 shares.

A footnote states that on May 7, 2026, Horizon Kinetics Asset Management LLC reported beneficial ownership of 10,109,933 shares on an amended Schedule 13D, and that this reflected a reduction of 129,897 shares due to no longer having a pecuniary interest in those shares.

Insider Trade Summary

Net Buyer: 1 shares ($426)

Net Buy 1 txn

Insider HORIZON KINETICS ASSET MANAGEMENT LLC

Role null

Bought 1 shs ($426.00)

Type	Security	Shares	Price	Value
Purchase	Common Stock	1	$426.00	$426.00

Holdings After Transaction: Common Stock — 3,263,667 shares (Direct, null)

Footnotes (1)

1. On May 7, 2026, Horizon Kinetics Asset Management LLC ("HKAM") filed an amendment to its Schedule 13D wherein it reported beneficial ownership of 10,109,933 shares. The extent of HKAM's pecuniary interest in the shares reported in the Schedule 13D are disclosed herein. The change represents a reduction of 129,897 shares as a result of the Reporting Person no longer having a pecuniary interest in such shares.

Key Figures

Shares purchased: 1 share Purchase price: $426.00 per share Direct holdings after transaction: 3,263,667 shares +2 more

5 metrics

Shares purchased 1 share Open-market purchase of Texas Pacific Land Corp common stock

Purchase price $426.00 per share Price for the 1-share open-market purchase

Direct holdings after transaction 3,263,667 shares Common stock directly held by Horizon Kinetics after the trade

Beneficial ownership 10,109,933 shares Shares reported on amended Schedule 13D as of May 7, 2026

Reduction in pecuniary interest 129,897 shares Shares for which Horizon Kinetics no longer has pecuniary interest

Key Terms

Schedule 13D, beneficial ownership, pecuniary interest, open-market purchase

4 terms

Schedule 13D regulatory

"On May 7, 2026, Horizon Kinetics Asset Management LLC filed an amendment to its Schedule 13D wherein it reported beneficial ownership..."

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

beneficial ownership financial

"On May 7, 2026, Horizon Kinetics Asset Management LLC filed an amendment to its Schedule 13D wherein it reported beneficial ownership of 10,109,933 shares."

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

pecuniary interest financial

"The change represents a reduction of 129,897 shares as a result of the Reporting Person no longer having a pecuniary interest in such shares."

open-market purchase financial

"transaction_action: open-market purchase, transaction_code: P, transaction_is_buy: true"

An open-market purchase is when an investor or a company buys shares on a public stock exchange at the going market price, rather than through a private deal. It matters to investors because these purchases change how many shares are available, can push the stock price up or signal confidence from large buyers, and often affect per-share metrics like earnings—think of it like someone buying lots of apples off a grocery shelf, reducing supply and potentially raising the price.

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 07/02/2026 - 04:21 PM Accepted by SEC EDGAR 07/02/2026 - 04:20 PM 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 NEW YORK 10016

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
07/01/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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	07/01/2026		P		1	A	$426	3,263,667(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 May 7, 2026, Horizon Kinetics Asset Management LLC ("HKAM") filed an amendment to its Schedule 13D wherein it reported beneficial ownership of 10,109,933 shares. The extent of HKAM's pecuniary interest in the shares reported in the Schedule 13D are disclosed herein.

2. The change represents a reduction of 129,897 shares as a result of the Reporting Person no longer having a pecuniary interest in such shares.

	/s/ Jay Kesslen, attorney-in-fact	07/02/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What did Horizon Kinetics report in this Form 4 for Texas Pacific Land Corp (TPL)?

Horizon Kinetics Asset Management LLC reported buying 1 share of Texas Pacific Land Corp common stock at $426.00 in an open-market transaction. After this trade, it directly holds 3,263,667 shares, according to the Form 4 disclosure and accompanying ownership table.

How many Texas Pacific Land Corp (TPL) shares does Horizon Kinetics hold after the transaction?

After the reported transaction, Horizon Kinetics Asset Management LLC directly holds 3,263,667 shares of Texas Pacific Land Corp common stock. This figure comes from the post-transaction ownership line in the Form 4 and reflects its direct holdings following the 1-share open-market purchase.

What price did Horizon Kinetics pay per share for TPL stock in this filing?

The Form 4 shows Horizon Kinetics Asset Management LLC paid $426.00 per share for the 1 share of Texas Pacific Land Corp common stock it purchased. The transaction is classified as an open-market purchase under code "P" in the non-derivative transaction table.

What level of beneficial ownership did Horizon Kinetics report for Texas Pacific Land Corp (TPL)?

A footnote explains that on May 7, 2026 Horizon Kinetics Asset Management LLC reported beneficial ownership of 10,109,933 Texas Pacific Land Corp shares on an amended Schedule 13D. This represents its broader economic interest beyond the 3,263,667 shares shown as directly held here.

Why did Horizon Kinetics’ beneficial ownership in TPL change by 129,897 shares?

The footnotes state that the change reflects a reduction of 129,897 shares because Horizon Kinetics Asset Management LLC no longer has a pecuniary interest in those shares. This means its economic stake in that specific block of Texas Pacific Land Corp shares was removed.

Is the Horizon Kinetics Form 4 for TPL a buy or sell transaction overall?

The filing reflects a net-buy position. Horizon Kinetics Asset Management LLC executed one open-market purchase of 1 Texas Pacific Land Corp share and no sales, resulting in net buying of 1 share according to the transaction summary included with the Form 4.