Horizon Kinetics (TPL) logs small Texas Pacific Land share purchase

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC, a more-than-10% owner of Texas Pacific Land Corp, reported buying 1 share of common stock in an open-market purchase at $522.34 per share. After this transaction on March 3, 2026, it directly holds 3,469,107 shares.

A related disclosure notes that an earlier Schedule 13D amendment reported beneficial ownership of 3,578,173 shares and described Murray Stahl’s direct and indirect interests, adjusted for a three-for-one stock split effective December 22, 2025, while stating he 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)
03/03/2026

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	03/03/2026		P		1	A	$522.34	3,469,107(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	03/04/2026
	** 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 open-market purchase occurred at a price of $522.34 per share, reflecting a very small incremental increase in its already large ownership position.

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

After the reported trade, Horizon Kinetics Asset Management LLC directly holds 3,469,107 shares of Texas Pacific Land common stock. This updated figure reflects the additional 1 share acquired in the open-market purchase disclosed in the Form 4 filing for March 3, 2026.

What was the purchase price in Horizon Kinetics’ latest Texas Pacific Land (TPL) Form 4 filing?

The Form 4 shows an open-market purchase of 1 Texas Pacific Land share at $522.34 per share. This price represents the cost of the specific transaction reported, not an average or historical price across Horizon Kinetics’ broader holdings in the company.

Why is Horizon Kinetics classified as a more-than-10% owner of Texas Pacific Land (TPL)?

Horizon Kinetics Asset Management LLC is identified as a more-than-10% owner because its holdings exceed the 10% ownership threshold. A prior Schedule 13D amendment noted beneficial ownership of 3,578,173 shares, which positions the firm as a significant shareholder in Texas Pacific Land Corp.

What does the Form 4 footnote say about Murray Stahl’s role in 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. It also states he does not exercise investment discretion over Texas Pacific Land securities, clarifying the separation between his interests and portfolio management decisions.

How did the three-for-one stock split affect Texas Pacific Land (TPL) share figures mentioned in the disclosures?

The disclosures state that the extent of Horizon Kinetics’ pecuniary interest reflects a three-for-one stock split effective December 22, 2025. This means previously reported beneficial ownership amounts were adjusted to account for the increased number of shares following that split ratio.