Horizon Kinetics buys Texas Pacific Land Corp (TPL) stock

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC, a 10% owner of Texas Pacific Land Corp, reported two small open-market purchases of Common Stock. On May 26, 2026 it bought 1 share at $402.90, and on May 27, 2026 it bought 1 share at $404.86. After these trades, it directly held 3,395,622 common shares. A footnote notes that an amended Schedule 13D filed on May 7, 2026 reported 10,109,933 shares of beneficial ownership, with the extent of pecuniary interest in those shares described in this filing.

Insider Trade Summary

Net Buyer: 2 shares ($808)

Net Buy 2 txns

Insider HORIZON KINETICS ASSET MANAGEMENT LLC

Role null

Bought 2 shs ($807.76)

Type	Security	Shares	Price	Value
Purchase	Common Stock	1	$404.86	$404.86
Purchase	Common Stock	1	$402.90	$402.90

Holdings After Transaction: Common Stock — 3,395,622 shares (Direct, null)

Footnotes (1)

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Key Figures

May 26 purchase: 1 share at $402.90 May 27 purchase: 1 share at $404.86 Direct holdings after trades: 3,395,622 shares +1 more

4 metrics

May 26 purchase 1 share at $402.90 Open-market purchase of Common Stock on May 26, 2026

May 27 purchase 1 share at $404.86 Open-market purchase of Common Stock on May 27, 2026

Direct holdings after trades 3,395,622 shares Total Common Stock directly held after May 27, 2026 transaction

Schedule 13D beneficial ownership 10,109,933 shares Beneficial ownership reported in amended Schedule 13D on May 7, 2026

Key Terms

Schedule 13D, beneficial ownership, pecuniary interest, Common Stock

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 10,109,933 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"

Common Stock financial

"security_title": "Common Stock""

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

Form 4 Insider Transactions: What Each Field Means →

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)
05/26/2026

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	05/26/2026		P		1	A	$402.9	3,395,621(1)	D
Common Stock	05/27/2026		P		1	A	$404.86	3,395,622(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 May 7, 2026, Horizon Kinetics Asset Management LLC ("HKAM") filed an amendment to its Schedule 13D wherein it reported beneficial ownership of 10,109,933 shares. The extent of HKAM's pecuniary interest in the shares reported in the Schedule 13D are disclosed herein.

	/s/ Jay Kesslen, attorney-in-fact	05/28/2026
	** 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)

FAQ

What insider transactions did Horizon Kinetics report in TPL stock?

Horizon Kinetics Asset Management LLC reported two open-market purchases of Texas Pacific Land Corp Common Stock, buying 1 share on May 26, 2026 and 1 share on May 27, 2026 at prices just above $400 per share.

At what prices did Horizon Kinetics buy Texas Pacific Land (TPL) shares?

The firm bought 1 share at $402.90 on May 26, 2026 and 1 share at $404.86 on May 27, 2026. Both transactions were reported as open-market purchases of Texas Pacific Land Corp Common Stock.

How many Texas Pacific Land shares did Horizon Kinetics hold after these trades?

Following the May 27, 2026 transaction, Horizon Kinetics Asset Management LLC directly held 3,395,622 shares of Texas Pacific Land Corp Common Stock, according to the Form 4 disclosure of total shares following the transaction.

What does the Schedule 13D footnote say about Horizon Kinetics’ TPL holdings?

The footnote states that on May 7, 2026 Horizon Kinetics Asset Management LLC filed an amendment to its Schedule 13D reporting beneficial ownership of 10,109,933 shares, with details of its pecuniary interest in those shares provided in this Form 4.

Is Horizon Kinetics a large shareholder of Texas Pacific Land Corp (TPL)?

Horizon Kinetics Asset Management LLC is identified as a ten percent owner and reported direct holdings of 3,395,622 Texas Pacific Land Corp shares, while an amended Schedule 13D referenced in the footnote disclosed beneficial ownership of 10,109,933 shares.