Horizon Kinetics (TPL) adds to Texas Pacific Land stake with small purchase

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC, a more than ten percent owner of Texas Pacific Land Corp, reported a small open-market purchase of common stock. The firm bought 1 share on February 24, 2026 at $520.15 per share, bringing its directly held position to 3,479,379 shares after the transaction. A related disclosure notes that a prior Schedule 13D amendment reported broader beneficial ownership figures and clarifies 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)
02/24/2026

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	02/24/2026		P		1	A	$520.15	3,479,379(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	02/25/2026
	** 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 a small open-market purchase of Texas Pacific Land Corp common stock. It bought 1 share on February 24, 2026 at $520.15, modestly increasing its already large ownership position disclosed in prior Schedule 13D filings.

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

After the reported transaction, Horizon Kinetics Asset Management LLC directly holds 3,479,379 Texas Pacific Land Corp common shares. This total reflects the addition of 1 share purchased on February 24, 2026, as disclosed in the Form 4 insider trading report.

Was the Texas Pacific Land Corp (TPL) insider 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 $520.15 per share, as indicated by the Form 4 purchase transaction code and description.

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

Horizon Kinetics Asset Management LLC paid $520.15 per share for the Texas Pacific Land Corp common stock. The Form 4 identifies this as the transaction price for the 1 share purchased in an open-market transaction on February 24, 2026.

What does the Form 4 footnote say about Horizon Kinetics’ beneficial ownership in TPL?

The footnote explains that a December 18, 2024 Schedule 13D amendment noted beneficial ownership of 3,578,173 shares and detailed Murray Stahl’s direct and indirect interests. It also states Mr. Stahl does not exercise investment discretion over Texas Pacific Land Corp securities.

Does Murray Stahl control investment decisions for Texas Pacific Land Corp (TPL) shares at Horizon Kinetics?

The disclosure states that Murray Stahl does not exercise investment discretion regarding Texas Pacific Land Corp securities. This clarifies that investment decisions for the issuer’s shares are handled through Horizon Kinetics’ asset management structure rather than by Mr. Stahl personally.