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

Rhea-AI Filing Summary

Texas Pacific Land Corp insider Horizon Kinetics Asset Management LLC, a more than ten percent owner, reported a very small open-market purchase of 1 share of common stock at $527.28 per share. Following this transaction, it directly holds 3,467,929 shares of Texas Pacific Land common stock.

A footnote references a prior Schedule 13D showing broader beneficial ownership, including interests associated with Murray Stahl, and notes that these figures reflect a three-for-one stock split effective December 22, 2025. The footnote also states that Mr. Stahl does not exercise investment discretion over the issuer’s securities.

Insider Trade Summary

Net Buyer: 1 shares ($527)

Net Buy 1 txn

Insider HORIZON KINETICS ASSET MANAGEMENT LLC

Role 10% Owner

Bought 1 shs ($527.28)

Type	Security	Shares	Price	Value
Purchase	Common Stock	1	$527.28	$527.28

Holdings After Transaction: Common Stock — 3,467,929 shares (Direct)

Footnotes (1)

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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)
03/19/2026

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	03/19/2026		P		1	A	$527.28	3,467,929(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	03/20/2026
	** 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 transaction did Horizon Kinetics report for Texas Pacific Land (TPL)?

Horizon Kinetics Asset Management LLC reported buying 1 share of Texas Pacific Land common stock in an open-market transaction at $527.28 per share. This is a very small addition to its already large ownership position in the company.

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

After the reported purchase, Horizon Kinetics Asset Management LLC directly holds 3,467,929 shares of Texas Pacific Land common stock. This figure reflects its direct ownership position immediately following the 1-share open-market transaction disclosed in the Form 4.

Was the Texas Pacific Land (TPL) insider transaction a buy or a sell?

The transaction reported by Horizon Kinetics Asset Management LLC was a buy. It was classified as an open-market purchase of 1 share of Texas Pacific Land common stock at a price of $527.28 per share, increasing its holdings slightly.

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

The footnote explains that a prior Schedule 13D amendment noted beneficial ownership of 3,578,173 shares, plus Murray Stahl’s direct and indirect interests. It also states these amounts reflect a three-for-one stock split effective December 22, 2025, and that Mr. Stahl lacks investment discretion.

Why is Murray Stahl mentioned in the Texas Pacific Land (TPL) Form 4 footnote?

Murray Stahl is mentioned because the prior Schedule 13D identified his direct and indirect interests in Texas Pacific Land shares. The footnote clarifies his relationship to the reported holdings and explicitly states he does not exercise investment discretion over the issuer’s securities.