Horizon Kinetics boosts Texas Pacific Land (NYSE: TPL) stake by 1 share

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC, a more-than-10% owner of Texas Pacific Land Corp, reported an open-market purchase of 1 share of Common Stock at $532.02 per share on March 12, 2026. Following this small transaction, its direct holdings increased to 3,469,114 shares of Texas Pacific Land Corp Common Stock.

A related disclosure notes that Horizon Kinetics Asset Management LLC previously reported beneficial ownership of additional shares in a Schedule 13D amendment, and that Murray Stahl does not exercise investment discretion over the issuer’s securities mentioned there.

Insights

Equity ownership analyst

Horizon Kinetics adds 1 TPL share, position remains very large.

The filing shows Horizon Kinetics Asset Management LLC making an open-market purchase of 1 Texas Pacific Land Corp share at $532.02. After this trade, its directly held position stands at 3,469,114 shares of Common Stock.

This is a routine, de minimis transaction economically, but it confirms ongoing engagement by a large shareholder. The accompanying footnote ties this to prior Schedule 13D disclosures and clarifies that Murray Stahl does not exercise investment discretion over the issuer’s securities referenced there.

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

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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)
03/12/2026

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	03/12/2026		P		1	A	$532.02	3,469,114(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	03/13/2026
	** 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 in TPL stock?

Horizon Kinetics Asset Management LLC reported buying 1 share of Texas Pacific Land Corp Common Stock at $532.02. This open-market purchase is small but slightly increases its already large direct ownership position in the company.

How many Texas Pacific Land Corp shares does Horizon Kinetics hold after this Form 4?

After the reported trade, Horizon Kinetics Asset Management LLC directly holds 3,469,114 shares of Texas Pacific Land Corp Common Stock. This filing reflects only the direct holdings figure tied to this specific transaction.

Was the Horizon Kinetics TPL transaction a buy or a sell?

The transaction was a buy. Horizon Kinetics Asset Management LLC executed an open-market purchase of 1 share of Texas Pacific Land Corp Common Stock at $532.02, modestly increasing its direct holdings reported in this Form 4.

What price did Horizon Kinetics pay for the new TPL share?

Horizon Kinetics Asset Management LLC paid $532.02 per share for the 1 Texas Pacific Land Corp Common Stock share it acquired. The transaction is classified as an open-market purchase at that reported price.

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

The footnote explains a prior Schedule 13D amendment and notes Murray Stahl’s direct and indirect interests there. It also states that Murray Stahl does not exercise investment discretion regarding the issuer’s securities referenced in that earlier disclosure.

Does this Form 4 indicate large changes in TPL ownership by Horizon Kinetics?

No large change is indicated. The filing shows Horizon Kinetics Asset Management LLC buying just 1 additional Texas Pacific Land Corp share, bringing its directly reported holdings to 3,469,114 shares after the transaction.