Horizon Kinetics buys Texas Pacific Land share

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 $494.25 per share.

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 $494.25 per share. After this trade, it directly holds 3,467,936 shares of Texas Pacific Land common stock.

A recent Schedule 13D amendment reported that Horizon Kinetics Asset Management LLC has beneficial ownership over 10,050,070 shares in total, which includes shares held directly and shares associated with director Murray Stahl’s direct and indirect holdings.

Insider Trade Summary

Net Buyer: 1 shares

Net Buy 1 txn

Insider HORIZON KINETICS ASSET MANAGEMENT LLC

Role 10% Owner

Bought 1 shs ($494.25)

Type	Security	Shares	Price	Value
Purchase	Common Stock	1	$494.25	$494.25

Holdings After Transaction: Common Stock — 3,467,936 shares (Direct)

Footnotes (1)

1. F1. 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.

Key Figures

Shares purchased: 1 share Purchase price: $494.25 per share Direct holdings after trade: 3,467,936 shares +3 more

6 metrics

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

Purchase price $494.25 per share Price paid for the 1 share acquired

Direct holdings after trade 3,467,936 shares Texas Pacific Land common stock held by Horizon Kinetics after transaction

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

Murray Stahl direct shares 24,728 shares Approximate direct ownership included in 13D total

Murray Stahl indirect shares 277,326 shares Approximate indirect ownership included in 13D total

Key Terms

Schedule 13D, beneficial ownership, pecuniary interest, ten percent owner

4 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 10,050,070 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 the Schedule 13D"

ten percent owner regulatory

"is_ten_percent_owner": 1"

FAQ

What insider transaction did Horizon Kinetics report for TPL?

Horizon Kinetics Asset Management LLC reported an open-market purchase of 1 share of Texas Pacific Land Corp common stock at $494.25 per share. This filing reflects a very small incremental increase to its already large ownership position.

How many Texas Pacific Land (TPL) shares does Horizon Kinetics now hold directly?

After the reported purchase, Horizon Kinetics Asset Management LLC directly holds 3,467,936 shares of Texas Pacific Land common stock. This figure shows the size of its directly held stake following the latest open-market transaction disclosed.

What is Horizon Kinetics’ total reported beneficial ownership in TPL?

An amendment to Schedule 13D reported that Horizon Kinetics Asset Management LLC has beneficial ownership of 10,050,070 shares of Texas Pacific Land. This total includes director Murray Stahl’s approximate direct and indirect shareholdings referenced in that Schedule 13D filing.

What price did Horizon Kinetics pay per share for the latest TPL purchase?

The open-market transaction was executed at $494.25 per share for Texas Pacific Land common stock. This price reflects the consideration paid for the single share acquired in the reported Form 4 transaction on the stated trade date.

How are Murray Stahl’s Texas Pacific Land shares related to Horizon Kinetics’ holdings?

The Schedule 13D amendment notes that Horizon Kinetics’ 10,050,070 beneficially owned shares include Murray Stahl’s approximately 24,728 directly held and 277,326 indirectly held shares. It also states Mr. Stahl does not exercise investment discretion over the issuer’s securities.

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Accepted by SEC EDGAR 03/31/2026 - 11:34 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 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)
03/30/2026

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	03/30/2026		P		1	A	$494.25	3,467,936(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	03/31/2026
	** 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)