Horizon Kinetics (TPL) adds to Texas Pacific Land stake with open-market buy

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC, a more than ten percent owner of Texas Pacific Land Corp, reported an open-market purchase of 1 share of common stock at $385.14 per share. Following this transaction, HKAM directly holds 3,395,614 shares of Texas Pacific Land common stock.

Insights

Equity ownership analyst

Routine 1-share open-market purchase with negligible ownership impact.

Horizon Kinetics Asset Management LLC executed an open-market purchase of 1 share of Texas Pacific Land common stock at $385.14. After this trade, its direct holdings total 3,395,614 shares.

The transaction is classified as a purchase (code P), which is typically viewed as mildly positive, but the size relative to the position is extremely small. A related Schedule 13D amendment notes beneficial ownership of 10,109,933 shares, underscoring that the reported trade does not materially change overall exposure.

Insider Trade Summary

Net Buyer: 1 shares ($385)

Net Buy 1 txn

Insider HORIZON KINETICS ASSET MANAGEMENT LLC

Role null

Bought 1 shs ($385.14)

Type	Security	Shares	Price	Value
Purchase	Common Stock	1	$385.14	$385.14

Holdings After Transaction: Common Stock — 3,395,614 shares (Direct, null)

Footnotes (1)

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Key Figures

Shares purchased: 1 share Purchase price: $385.14 per share Shares held after trade: 3,395,614 shares +1 more

4 metrics

Shares purchased 1 share Open-market purchase of Texas Pacific Land common stock

Purchase price $385.14 per share Price for 1 share bought on May 18, 2026

Shares held after trade 3,395,614 shares Direct Texas Pacific Land holdings following the transaction

Beneficial ownership per Schedule 13D 10,109,933 shares Beneficial ownership reported in May 7, 2026 Schedule 13D amendment

Key Terms

open-market purchase, Schedule 13D, beneficial ownership, pecuniary interest, +1 more

5 terms

open-market purchase financial

"reported an open-market purchase of 1 share of common stock"

An open-market purchase is when an investor or a company buys shares on a public stock exchange at the going market price, rather than through a private deal. It matters to investors because these purchases change how many shares are available, can push the stock price up or signal confidence from large buyers, and often affect per-share metrics like earnings—think of it like someone buying lots of apples off a grocery shelf, reducing supply and potentially raising the price.

Schedule 13D regulatory

"filed an amendment to its Schedule 13D wherein it reported"

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"

ten percent owner regulatory

"HORIZON KINETICS ASSET MANAGEMENT LLC is a ten percent owner"

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)
05/18/2026

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	05/18/2026		P		1	A	$385.14	3,395,614(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	05/19/2026
	** 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 did Horizon Kinetics Asset Management LLC buy in this Texas Pacific Land (TPL) Form 4?

Horizon Kinetics Asset Management LLC bought 1 share of Texas Pacific Land common stock in an open-market transaction at $385.14 per share. This filing documents the purchase and updates the firm’s reported direct holdings in TPL stock.

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

After this transaction, Horizon Kinetics Asset Management LLC directly holds 3,395,614 shares of Texas Pacific Land common stock. This figure reflects the updated ownership following the open-market purchase of 1 additional share reported in the filing.

What was the purchase price per share in Horizon Kinetics’ latest Texas Pacific Land (TPL) trade?

The reported open-market purchase was executed at a price of $385.14 per share for Texas Pacific Land common stock. This per-share price comes directly from the transaction details disclosed in the Form 4 filing for the trade dated May 18, 2026.

Is Horizon Kinetics Asset Management LLC considered a major owner of Texas Pacific Land (TPL)?

Yes. The Form 4 identifies Horizon Kinetics Asset Management LLC as a more than ten percent owner of Texas Pacific Land. A related Schedule 13D amendment referenced in the footnote reports beneficial ownership of 10,109,933 shares of TPL stock.

What does the Schedule 13D reference mean in the Horizon Kinetics Texas Pacific Land (TPL) filing?

The footnote explains that on May 7, 2026, Horizon Kinetics Asset Management LLC filed an amended Schedule 13D reporting beneficial ownership of 10,109,933 shares. The Form 4 clarifies the extent of HKAM’s pecuniary interest in these shares.