Horizon Kinetics (NYSE: TPL) reports small Texas Pacific Land buy

Rhea-AI Filing Summary

Texas Pacific Land Corp insider Horizon Kinetics Asset Management LLC, a more than ten percent owner, reported a small open-market purchase of 1 share of common stock on March 11, 2026 at $523.28 per share. Following this trade, it directly holds 3,469,113 shares of Texas Pacific Land common stock. A footnote references Horizon Kinetics’ prior Schedule 13D disclosure and notes a three-for-one stock split effective December 22, 2025, as well as 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)
03/11/2026

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	03/11/2026		P		1	A	$523.28	3,469,113(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	03/12/2026
	** 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 did Horizon Kinetics report in its latest Form 4 for TPL?

Horizon Kinetics Asset Management LLC reported buying 1 share of Texas Pacific Land common stock at $523.28 on March 11, 2026. After this small open-market purchase, it directly holds 3,469,113 shares, confirming its status as a significant, more than ten percent shareholder.

How many Texas Pacific Land (TPL) shares does Horizon Kinetics now hold?

After the reported transaction, Horizon Kinetics Asset Management LLC directly holds 3,469,113 Texas Pacific Land common shares. This figure comes from the Form 4 total shares following the March 11, 2026 trade and underscores its role as a large, more than ten percent owner of TPL.

What was the purchase price in Horizon Kinetics’ latest TPL Form 4?

The Form 4 shows Horizon Kinetics Asset Management LLC bought 1 share of Texas Pacific Land common stock at $523.28 on March 11, 2026. This open-market purchase price reflects the cost per share for that specific transaction, not an average across its broader TPL position.

Is the Horizon Kinetics Form 4 for TPL a buy or sell filing?

The Horizon Kinetics Asset Management LLC Form 4 for Texas Pacific Land reports a buy transaction. It records an open-market purchase of 1 common share on March 11, 2026, at $523.28, increasing its direct holdings to 3,469,113 shares and reflecting a net-buy direction overall.

What does the footnote in Horizon Kinetics’ TPL Form 4 explain?

The footnote explains Horizon Kinetics Asset Management LLC’s prior Schedule 13D showing beneficial ownership of 3,578,173 shares, adjusted for a three-for-one stock split effective December 22, 2025. It also notes Murray Stahl’s separate direct and indirect interests and that he does not exercise investment discretion over issuer securities.