Horizon Kinetics (TPL) adds to Texas Pacific Land stake

Rhea-AI Filing Summary

HORIZON KINETICS ASSET MANAGEMENT LLC, a more than ten percent owner of Texas Pacific Land Corp, made an open-market purchase of 1 share of Common Stock at $443.26 on April 2, 2026. Following this small transaction, the reporting entity directly holds 3,461,344 shares of Texas Pacific Land common stock.

A related Schedule 13D amendment dated March 26, 2026 reported beneficial ownership of 10,050,070 shares, which includes Murray Stahl’s direct ownership of approximately 24,728 shares and his indirect ownership of approximately 277,326 shares. The filing notes that Mr. Stahl, a director of the issuer, does not exercise investment discretion over these securities.

Insider Trade Summary

Net Buyer: 1 shares ($443)

Net Buy 1 txn

Insider HORIZON KINETICS ASSET MANAGEMENT LLC

Role 10% Owner

Bought 1 shs ($443.26)

Type	Security	Shares	Price	Value
Purchase	Common Stock	1	$443.26	$443.26

Holdings After Transaction: Common Stock — 3,461,344 shares (Direct)

Footnotes (1)

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Key Figures

Shares purchased: 1 share Purchase price: $443.26 per share Direct holdings after trade: 3,461,344 shares +3 more

6 metrics

Shares purchased 1 share Open-market purchase on April 2, 2026

Purchase price $443.26 per share Price for the 1 share of Common Stock

Direct holdings after trade 3,461,344 shares Common Stock held directly after the transaction

Beneficial ownership per Schedule 13D 10,050,070 shares Beneficial ownership reported March 26, 2026

Murray Stahl direct ownership approximately 24,728 shares Included within the 10,050,070-share Schedule 13D total

Murray Stahl indirect ownership approximately 277,326 shares Included within the 10,050,070-share Schedule 13D total

Key Terms

Schedule 13D, beneficial ownership, pecuniary interest, investment discretion, +1 more

5 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

"filed an amendment to its Schedule 13D wherein it reported beneficial ownership of 10,050,070 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 in the Schedule 13D are disclosed herein."

investment discretion financial

"Mr. Stahl ... does not exercise investment discretion with respect to the securities of the Issuer."

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)
04/02/2026

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	04/02/2026		P		1	A	$443.26	3,461,344(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 March 26, 2026, Horizon Kinetics Asset Management LLC ("HKAM") filed an amendment to its Schedule 13D wherein it reported beneficial ownership of 10,050,070 shares, including Murray Stahl's direct ownership of approximately 24,728 shares and his indirect ownership of approximately 277,326 shares. The extent of HKAM's pecuniary interest in the shares reported in the Schedule 13D are disclosed herein. Mr. Stahl, who serves as a director of the Issuer, does not exercise investment discretion with respect to the securities of the Issuer.

	/s/ Jay Kesslen, attorney-in-fact	04/06/2026
	** 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 TPL?

HORIZON KINETICS ASSET MANAGEMENT LLC reported buying 1 share of Texas Pacific Land common stock in an open-market transaction at $443.26 per share. After this trade, it directly holds 3,461,344 common shares in the company, according to the Form 4 disclosure.

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

After the reported transaction, Horizon Kinetics Asset Management LLC directly holds 3,461,344 shares of Texas Pacific Land common stock. This figure reflects its position following the small open-market purchase of 1 additional share at a price of $443.26 disclosed in the filing.

What price did Horizon Kinetics pay per TPL share in this transaction?

The filing shows Horizon Kinetics Asset Management LLC paid $443.26 per share for 1 share of Texas Pacific Land common stock. This was an open-market purchase, and the transaction increased the firm’s direct holdings to 3,461,344 common shares in total.

What total beneficial ownership in TPL is referenced in the Schedule 13D?

An amendment to Schedule 13D dated March 26, 2026 reported beneficial ownership of 10,050,070 Texas Pacific Land shares. This total includes Murray Stahl’s direct ownership of approximately 24,728 shares and his indirect ownership of approximately 277,326 shares, as described in the footnote.

What is Murray Stahl’s role in relation to Texas Pacific Land and these shares?

Murray Stahl serves as a director of Texas Pacific Land Corp and has direct and indirect ownership interests referenced in the 10,050,070-share Schedule 13D total. However, the footnote specifies that he does not exercise investment discretion regarding the issuer’s securities reported in this context.