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

Rhea-AI Filing Summary

HORIZON KINETICS ASSET MANAGEMENT LLC, a more than ten percent owner of Texas Pacific Land Corp, bought 1 share of common stock in an open-market transaction at $470.18 per share. After this purchase, its directly held position is 3,467,937 shares.

A recent Schedule 13D amendment reported that Horizon Kinetics Asset Management LLC had beneficial ownership of 10,050,070 shares, including Murray Stahl’s direct and indirect holdings. The footnote states that Mr. Stahl, a director of the issuer, does not exercise investment discretion over these securities.

Insider Trade Summary

Net Buyer: 1 shares ($470)

Net Buy 1 txn

Insider HORIZON KINETICS ASSET MANAGEMENT LLC

Role 10% Owner

Bought 1 shs ($470.18)

Type	Security	Shares	Price	Value
Purchase	Common Stock	1	$470.18	$470.18

Holdings After Transaction: Common Stock — 3,467,937 shares (Direct)

Footnotes (1)

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Key Figures

Shares purchased: 1 share Purchase price: $470.18 per share Direct holdings after transaction: 3,467,937 shares +1 more

4 metrics

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

Purchase price $470.18 per share Price paid in the March 31, 2026 open-market transaction

Direct holdings after transaction 3,467,937 shares Shares directly owned by Horizon Kinetics Asset Management LLC after the trade

Beneficial ownership reported 10,050,070 shares Total beneficial ownership reported in recent Schedule 13D amendment

Key Terms

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

4 terms

open-market purchase financial

"The transaction was an open-market purchase at $470.18 per share"

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.

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

"reported beneficial ownership of 10,050,070 shares, including Murray Stahl's direct ownership"

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 the Schedule 13D"

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)
03/31/2026

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	03/31/2026		P		1	A	$470.18	3,467,937(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 March 26, 2026, Horizon Kinetics Asset Management LLC ("HKAM") filed an amendment to its Schedule 13D wherein it reported beneficial ownership of 10,050,070 shares, including Murray Stahl's direct ownership of approximately 24,728 shares and his indirect ownership of approximately 277,326 shares. The extent of HKAM's pecuniary interest in the shares reported in the Schedule 13D are disclosed herein. Mr. Stahl, who serves as a director of the Issuer, does not exercise investment discretion with respect to the securities of the Issuer.

	/s/Jay Kesslen, attorney-in-fact	04/01/2026
	** 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 ASSET MANAGEMENT LLC report for TPL?

HORIZON KINETICS ASSET MANAGEMENT LLC reported buying 1 share of Texas Pacific Land Corp common stock. The transaction was an open-market purchase at $470.18 per share, slightly increasing its already large direct ownership position in the company.

How many Texas Pacific Land Corp shares does Horizon Kinetics now hold directly?

Following the reported transaction, Horizon Kinetics Asset Management LLC directly holds 3,467,937 shares of Texas Pacific Land Corp. This figure comes from the post-transaction balance disclosed in the Form 4 and reflects its direct ownership stake after buying 1 additional share.

What price did Horizon Kinetics pay per share in the latest TPL trade?

Horizon Kinetics Asset Management LLC paid $470.18 per share for its latest Texas Pacific Land Corp trade. The filing identifies this as an open-market purchase of 1 share of common stock at that price, executed on the reported transaction date.

What total beneficial ownership did Horizon Kinetics report in its recent Schedule 13D for TPL?

A recent Schedule 13D amendment reported Horizon Kinetics Asset Management LLC with beneficial ownership of 10,050,070 shares of Texas Pacific Land Corp. This total includes Murray Stahl’s direct and indirect holdings as described in the footnote to the insider transaction filing.

Does Murray Stahl control investment decisions for these Texas Pacific Land shares?

According to the footnote, Murray Stahl, a director of Texas Pacific Land Corp, does not exercise investment discretion over these securities. The disclosure clarifies that, although his holdings are included in the beneficial ownership figure, investment decisions are not made by him.