Horizon Kinetics buys TPL shares in Form 4

Horizon Kinetics Asset Management LLC, a more than ten percent owner of Texas Pacific Land Corp, reported an open-market purchase of 1 share of Common Stock at $527.22 per share on March 9, 2026.

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC, a more than ten percent owner of Texas Pacific Land Corp, reported an open-market purchase of 1 share of Common Stock at $527.22 per share on March 9, 2026. Following this trade, it directly owned 3,469,111 shares. A footnote references a prior Schedule 13D reporting 3,578,173 shares of beneficial ownership, adjusted for a three-for-one stock split effective December 22, 2025, and notes that Murray Stahl does not exercise investment discretion over these securities.

Insider Trade Summary

Net Buyer: 1 shares

Net Buy 1 txn

Insider HORIZON KINETICS ASSET MANAGEMENT LLC

Role 10% Owner

Bought 1 shs ($527.22)

Type	Security	Shares	Price	Value
Purchase	Common Stock	1	$527.22	$527.22

Holdings After Transaction: Common Stock — 3,469,111 shares (Direct)

Footnotes (1)

1. F1. 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.

FAQ

What insider activity did Horizon Kinetics report for TPL?

Horizon Kinetics Asset Management LLC reported buying 1 share of Texas Pacific Land Corp Common Stock at $527.22 per share. This open-market purchase on March 9, 2026 increased its direct holdings to 3,469,111 shares after the transaction.

At what price did Horizon Kinetics buy Texas Pacific Land (TPL) stock?

The filing shows Horizon Kinetics Asset Management LLC purchased 1 share of Texas Pacific Land Corp Common Stock at $527.22 per share. The trade was reported as an open-market purchase and classified under transaction code “P” for a non-derivative security.

How many Texas Pacific Land (TPL) shares does Horizon Kinetics own after this Form 4?

After this transaction, Horizon Kinetics Asset Management LLC directly owns 3,469,111 shares of Texas Pacific Land Corp Common Stock. This total is taken directly from the Form 4 data labeled as “total shares following transaction” for the reporting person’s direct ownership.

What does the Form 4 footnote say about Horizon Kinetics’ prior TPL holdings?

The footnote states Horizon Kinetics Asset Management LLC had reported beneficial ownership of 3,578,173 shares in a prior Schedule 13D amendment. It also notes this figure reflects a three-for-one stock split effective on December 22, 2025 for Texas Pacific Land Corp.

What role does Murray Stahl have in the Texas Pacific Land (TPL) holdings?

The footnote explains that Murray Stahl has a direct interest in 7,848 shares and an indirect interest in about 156,083 shares, but “does not exercise investment discretion” over the issuer’s securities. Investment discretion instead rests with Horizon Kinetics Asset Management LLC.

Is Horizon Kinetics a major shareholder of Texas Pacific Land Corp (TPL)?

Yes. The Form 4 identifies Horizon Kinetics Asset Management LLC as a more than ten percent owner of Texas Pacific Land Corp. Its direct ownership of 3,469,111 shares after the reported purchase supports its status as a significant shareholder in the company.

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Accepted by SEC EDGAR 03/10/2026 - 11:44 AM 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 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)
03/09/2026

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	03/09/2026		P		1	A	$527.22	3,469,111(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 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	03/10/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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