Horizon Kinetics (TPL) adds 1 Texas Pacific Land Corp share

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC, a more than 10% owner of Texas Pacific Land Corp, reported a small open-market purchase of 1 share of common stock at $433.13 per share on May 1, 2026. Following this transaction, it directly holds 3,426,152 shares of Texas Pacific Land common stock.

A footnote explains that on April 13, 2026, Horizon Kinetics Asset Management LLC filed an amended Schedule 13D reporting beneficial ownership of 9,974,556 shares, and that a change in holdings reflected a reduction of 9,357 shares delivered without consideration as part of a client in-kind redemption.

Insider Trade Summary

Net Buyer: 1 shares ($433)

Net Buy 1 txn

Insider HORIZON KINETICS ASSET MANAGEMENT LLC

Role null

Bought 1 shs ($433.13)

Type	Security	Shares	Price	Value
Purchase	Common Stock	1	$433.13	$433.13

Holdings After Transaction: Common Stock — 3,426,152 shares (Direct, null)

Footnotes (1)

1. On April 13, 2026, Horizon Kinetics Asset Management LLC ("HKAM") filed an amendment to its Schedule 13D wherein it reported beneficial ownership of 9,974,556 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 9,357 shares delivered without consideration as part of a client in-kind redemption.

Key Figures

Shares purchased: 1 share Purchase price: $433.13 per share Direct holdings after transaction: 3,426,152 shares +2 more

5 metrics

Shares purchased 1 share Open-market purchase of common stock on May 1, 2026

Purchase price $433.13 per share Price paid for the 1 share of common stock

Direct holdings after transaction 3,426,152 shares Common stock directly owned following the May 1, 2026 trade

Beneficial ownership per Schedule 13D 9,974,556 shares Beneficial ownership reported in April 13, 2026 Schedule 13D amendment

In-kind redemption reduction 9,357 shares Shares delivered without consideration in client in-kind redemption

Key Terms

Schedule 13D, beneficial ownership, pecuniary interest, in-kind redemption, +1 more

5 terms

Schedule 13D regulatory

"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

"wherein it reported beneficial ownership of 9,974,556 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 extent of HKAM's pecuniary interest in the shares reported"

in-kind redemption financial

"delivered without consideration as part of a client in-kind redemption"

open-market purchase financial

"transaction_action": "open-market purchase""

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.

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 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)
05/01/2026

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	05/01/2026		P		1	A	$433.13	3,426,152(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 April 13, 2026, Horizon Kinetics Asset Management LLC ("HKAM") filed an amendment to its Schedule 13D wherein it reported beneficial ownership of 9,974,556 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 9,357 shares delivered without consideration as part of a client in-kind redemption.

	/s/ Jay Kesslen, attorney-in-fact	05/04/2026
	** 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 insider transaction did Horizon Kinetics report for Texas Pacific Land Corp (TPL)?

Horizon Kinetics Asset Management LLC reported buying 1 share of Texas Pacific Land common stock. The transaction was an open-market purchase and is disclosed on a Form 4 as non-derivative activity by a more than 10% beneficial owner of the company.

At what price did Horizon Kinetics buy Texas Pacific Land (TPL) shares in this Form 4?

The reporting entity purchased 1 share of Texas Pacific Land common stock at a price of $433.13 per share. This single-share trade is recorded as an open-market purchase and does not materially change the overall ownership position disclosed.

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

After the May 1, 2026 transaction, Horizon Kinetics Asset Management LLC directly holds 3,426,152 shares of Texas Pacific Land common stock. This figure reflects its direct ownership and is separate from broader beneficial ownership reported in its Schedule 13D filing.

What beneficial ownership did Horizon Kinetics disclose in its Schedule 13D for TPL?

A footnote states that on April 13, 2026, Horizon Kinetics Asset Management LLC amended its Schedule 13D to report beneficial ownership of 9,974,556 Texas Pacific Land shares. This larger figure reflects aggregate beneficial holdings, beyond the direct shares cited in the Form 4 table.

What is the 9,357-share change mentioned in the Form 4 footnote for Texas Pacific Land (TPL)?

The filing notes that a change in holdings includes a reduction of 9,357 shares, delivered without consideration as part of a client in-kind redemption. This indicates shares were transferred to a client rather than sold for cash, affecting reported beneficial ownership levels.

Who is the reporting person in this Texas Pacific Land (TPL) Form 4 filing?

The reporting person is Horizon Kinetics Asset Management LLC, identified as a more than 10% owner of Texas Pacific Land Corp. It reports direct ownership of common stock and provides additional context about its broader beneficial holdings through a referenced Schedule 13D amendment.