Horizon Kinetics (NYSE: TPL) adds to Texas Pacific Land stake

Rhea-AI Filing Summary

Texas Pacific Land Corp reported a small insider purchase by major shareholder Horizon Kinetics Asset Management LLC. On May 19, 2026, Horizon Kinetics bought 2 shares of common stock in an open-market transaction at $390.21 per share, bringing its directly held position to 3,395,616 shares.

A footnote references a separate amended Schedule 13D filed on May 7, 2026, where Horizon Kinetics reported beneficial ownership of 10,109,933 shares. This Form 4 highlights a routine, incremental addition to an already large economic interest.

Insider Trade Summary

Net Buyer: 2 shares ($780)

Net Buy 1 txn

Insider HORIZON KINETICS ASSET MANAGEMENT LLC

Role null

Bought 2 shs ($780.42)

Type	Security	Shares	Price	Value
Purchase	Common Stock	2	$390.21	$780.42

Holdings After Transaction: Common Stock — 3,395,616 shares (Direct, null)

Footnotes (1)

1. [object Object]

Key Figures

Shares purchased: 2 shares Purchase price: $390.21 per share Direct holdings after trade: 3,395,616 shares +2 more

5 metrics

Shares purchased 2 shares Open-market purchase on May 19, 2026

Purchase price $390.21 per share Common Stock transaction code P (purchase)

Direct holdings after trade 3,395,616 shares Total common shares owned directly after transaction

Beneficial ownership (13D) 10,109,933 shares Reported in amended Schedule 13D filed May 7, 2026

Net buy direction 2 net shares bought transactionSummary net-buy for this Form 4

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

"Schedule 13D 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 →

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)
05/19/2026

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	05/19/2026		P		2	A	$390.21	3,395,616(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	05/20/2026
	** 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 Corp (TPL)?

Horizon Kinetics Asset Management LLC bought 2 TPL shares in an open-market transaction. The purchase occurred on May 19, 2026 at $390.21 per share and increased its directly held common stock position to 3,395,616 shares according to the Form 4 filing.

What price did Horizon Kinetics pay per share for Texas Pacific Land (TPL) stock?

Horizon Kinetics paid $390.21 per TPL share for this transaction. The Form 4 identifies the trade as an open-market purchase of 2 common shares at that price, reflecting a small incremental increase in its already substantial direct holdings.

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

After the purchase, Horizon Kinetics directly holds 3,395,616 TPL shares. This total reflects its direct ownership of Texas Pacific Land common stock reported in the Form 4 and excludes additional beneficially owned shares referenced in its separate Schedule 13D filing.

What does the Schedule 13D footnote say about Horizon Kinetics’ Texas Pacific Land (TPL) stake?

The footnote cites an amended Schedule 13D reporting 10,109,933 shares. Filed on May 7, 2026, that Schedule 13D shows Horizon Kinetics Asset Management LLC’s reported beneficial ownership, while the Form 4 details the specific direct holdings affected by this 2-share purchase.

Is Horizon Kinetics classified as a major shareholder of Texas Pacific Land Corp (TPL)?

Yes, Horizon Kinetics is reported as a more than ten percent owner of Texas Pacific Land Corp. The Form 4 identifies the firm as a ten percent owner, and its separate Schedule 13D reports beneficial ownership of 10,109,933 shares in the company.