What prices were used for the Horizon Kinetics TPL share awards?

The Form 4 lists reference prices of $402.00 per share for the 1-share award on May 8, 2026 and $401.44 per share for the 1-share award on May 11, 2026. Both transactions are coded as grant, award, or other acquisition.

Horizon Kinetics (TPL) discloses two 1-share Texas Pacific Land grants

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC, a ten percent owner of Texas Pacific Land Corp, reported two small stock awards of common stock. It received grant or award acquisitions of 1 share on May 8, 2026 at $402.00 per share and 1 share on May 11, 2026 at $401.44 per share. After these transactions, its directly held common stock positions were reported as 3,395,608 and then 3,395,609 shares. A footnote notes that an amended Schedule 13D filed on May 7, 2026 reported beneficial ownership of 10,109,933 shares, with the extent of pecuniary interest in those shares described in this filing.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider HORIZON KINETICS ASSET MANAGEMENT LLC

Role null

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	1	$401.44	$401.44
Grant/Award	Common Stock	1	$402.00	$402.00

Holdings After Transaction: Common Stock — 3,395,609 shares (Direct, null)

Footnotes (1)

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Key Figures

May 11 award size: 1 share May 11 award price: $401.44 per share May 8 award size: 1 share +5 more

8 metrics

May 11 award size 1 share Grant/award acquisition on May 11, 2026

May 11 award price $401.44 per share Common Stock grant/award reference price

May 8 award size 1 share Grant/award acquisition on May 8, 2026

May 8 award price $402.00 per share Common Stock grant/award reference price

Shares after May 11 3,395,609 shares Total common shares directly held following May 11, 2026 transaction

Shares after May 8 3,395,608 shares Total common shares directly held following May 8, 2026 transaction

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

Acquire transactions count 2 transactions Grant or award acquisitions in transaction summary

Key Terms

Schedule 13D, beneficial ownership, pecuniary interest, ten percent owner

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"

ten percent owner regulatory

"is_ten_percent_owner": 1"

Form 4 Insider Transactions: What Each Field Means →

05/12/2026 - 10:58 AM

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

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)
05/08/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	05/08/2026		A		1	A	$402	3,395,608⁽¹⁾	D
Common Stock	05/11/2026		A		1	A	$401.44	3,395,609⁽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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

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	05/12/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transactions did Horizon Kinetics report for TPL?

Horizon Kinetics reported two grant or award acquisitions of Texas Pacific Land common stock, each for 1 share, on May 8, 2026 at $402.00 and on May 11, 2026 at $401.44 per share, modestly increasing its direct holdings.

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

Following the reported grant or award acquisitions, Horizon Kinetics’ directly held Texas Pacific Land common stock position increased to 3,395,609 shares. The Form 4 shows 3,395,608 shares after the May 8, 2026 award and 3,395,609 shares after the May 11, 2026 award.

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

A footnote explains that on May 7, 2026 Horizon Kinetics Asset Management filed an amended Schedule 13D reporting beneficial ownership of 10,109,933 Texas Pacific Land shares. It states that the extent of Horizon Kinetics’ pecuniary interest in those Schedule 13D shares is disclosed in this Form 4.

Is Horizon Kinetics considered a major shareholder of Texas Pacific Land?

Yes. The Form 4 identifies Horizon Kinetics Asset Management LLC as a ten percent owner of Texas Pacific Land. In addition, the referenced amended Schedule 13D filed May 7, 2026 reports beneficial ownership of 10,109,933 shares, underscoring its status as a significant shareholder.