Horizon Kinetics (NYSE: TPL) adds to Texas Pacific Land stake

Q: Was the TPL insider transaction a purchase or a sale?

The transaction was a purchase . HORIZON KINETICS ASSET MANAGEMENT LLC executed an open-market buy of 1 Texas Pacific Land Corp common share at a price of $529.46, increasing its directly reported holdings according to the Form 4 insider trading report.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

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 common stock. The firm bought 1 share at $529.46 per share, increasing its directly held position to 3,469,109 common shares.

Insider Trade Summary

Net Buyer: 1 shares ($529)

Net Buy 1 txn

Insider HORIZON KINETICS ASSET MANAGEMENT LLC

Role 10% Owner

Bought 1 shs ($529.46)

Type	Security	Shares	Price	Value
Purchase	Common Stock	1	$529.46	$529.46

Holdings After Transaction: Common Stock — 3,469,109 shares (Direct)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 03/06/2026 - 12:23 PM

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

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)
03/05/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	03/05/2026		P		1	A	$529.46	3,469,109⁽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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

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 and reflects a three-for-one stock split effective December 22, 2025. Mr. Stahl does not exercise investment discretion with respect to the securities of the Issuer.

	/s/ Jay Kesslen, attorney-in-fact	03/06/2026
	** 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.

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did HORIZON KINETICS report for TPL?

HORIZON KINETICS ASSET MANAGEMENT LLC reported buying 1 share of Texas Pacific Land Corp common stock in an open-market purchase at $529.46 per share, a very small addition relative to its multi-million-share existing position disclosed in the same filing.

How many Texas Pacific Land (TPL) shares does HORIZON KINETICS now hold?

After this transaction, HORIZON KINETICS ASSET MANAGEMENT LLC directly holds 3,469,109 shares of Texas Pacific Land Corp common stock. This figure reflects the total direct ownership reported immediately following the 1-share open-market purchase at $529.46 disclosed in the Form 4.

Was the TPL insider transaction a purchase or a sale?

The transaction was a purchase. HORIZON KINETICS ASSET MANAGEMENT LLC executed an open-market buy of 1 Texas Pacific Land Corp common share at a price of $529.46, increasing its directly reported holdings according to the Form 4 insider trading report.

What does the Form 4 footnote say about Murray Stahl and TPL shares?

The footnote references an amended Schedule 13D noting Murray Stahl’s direct interest in 7,848 shares and indirect interest in about 156,083 shares. It also states that Mr. Stahl does not exercise investment discretion regarding the issuer’s securities mentioned in the disclosure.

How does this Form 4 relate to HORIZON KINETICS’ prior TPL ownership?

A referenced Schedule 13D amendment reported beneficial ownership of 3,578,173 Texas Pacific Land shares. The Form 4 adds transactional detail, showing a 1-share open-market purchase and reporting 3,469,109 shares held directly after the transaction, reflecting amounts adjusted for a three-for-one stock split.