Horizon Kinetics (NYSE: TPL) reports small open-market share buy

Rhea-AI Filing Summary

Texas Pacific Land Corp major holder Horizon Kinetics Asset Management LLC reported a small open-market purchase of 1 share of common stock on February 27, 2026 at $517.29 per share. After this trade, it directly owned 3,479,382 shares of Texas Pacific Land Corp.

A related footnote references a prior Schedule 13D showing broader beneficial ownership and explains that the share figures reflect a three-for-one stock split effective December 22, 2025. The footnote also states that Murray Stahl does not exercise investment discretion over the issuer’s securities.

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

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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)
02/27/2026

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	02/27/2026		P		1	A	$517.29	3,479,382(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	03/02/2026
	** 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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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 Corp common stock. The trade occurred on February 27, 2026 as an open-market purchase at $517.29 per share, according to the Form 4 insider filing.

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

After the reported transaction, Horizon Kinetics Asset Management LLC directly owned 3,479,382 Texas Pacific Land Corp shares. This post-transaction balance comes from the Form 4 and reflects the position following the 1-share open-market purchase at $517.29.

Was the Texas Pacific Land Corp (TPL) Form 4 trade a buy or a sell?

The Form 4 shows a buy transaction. Horizon Kinetics Asset Management LLC executed an open-market purchase of 1 Texas Pacific Land Corp common share, coded as “P” for purchase, with a reported transaction price of $517.29 per share.

What price did Horizon Kinetics pay per Texas Pacific Land Corp (TPL) share?

Horizon Kinetics Asset Management LLC paid $517.29 for the single Texas Pacific Land Corp share. This per-share price is disclosed in the Form 4 as the transaction price for the open-market purchase on February 27, 2026.

What does the Form 4 footnote say about Horizon Kinetics’ Texas Pacific Land (TPL) holdings?

The footnote references a December 18, 2024 Schedule 13D amendment showing beneficial ownership of 3,578,173 shares and explains the figures reflect a three-for-one stock split effective December 22, 2025, while noting Murray Stahl does not exercise investment discretion.