Horizon Kinetics (TPL) logs small Texas Pacific Land insider share purchase

Rhea-AI Filing Summary

Texas Pacific Land Corp insider HORIZON KINETICS ASSET MANAGEMENT LLC, a more-than-10% owner, reported an open-market purchase of 1 share of common stock at $447.12 on April 7, 2026. Following this small transaction, the reporting entity holds 3,435,489 common shares directly.

A related footnote explains that a recent Schedule 13D amendment reported 10,050,070 shares of beneficial ownership, and that this total was reduced by 25,808 shares previously owned directly by director Mr. Stahl and his wife, which are no longer subject to Section 16 reporting after Mr. Stahl’s unexpected passing.

Insider Trade Summary

Net Buyer: 1 shares ($447)

Net Buy 1 txn

Insider HORIZON KINETICS ASSET MANAGEMENT LLC

Role 10% Owner

Bought 1 shs ($447.12)

Type	Security	Shares	Price	Value
Purchase	Common Stock	1	$447.12	$447.12

Holdings After Transaction: Common Stock — 3,435,489 shares (Direct)

Footnotes (1)

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Key Figures

Shares purchased: 1 share Purchase price: $447.12 per share Shares held after transaction: 3,435,489 shares +2 more

5 metrics

Shares purchased 1 share Open-market buy on April 7, 2026

Purchase price $447.12 per share Price for 1 common share bought

Shares held after transaction 3,435,489 shares Direct common stock holdings post-transaction

Beneficial ownership reported 10,050,070 shares Beneficial ownership in Schedule 13D amendment

Shares removed from reporting 25,808 shares Previously owned by Mr. Stahl and his wife

Key Terms

Schedule 13D, beneficial ownership, Section 16 reporting, open-market purchase, +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

"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.

Section 16 reporting regulatory

"are no longer subject to Section 16 reporting"

open-market purchase financial

"transaction_action": "open-market purchase""

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.

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)
04/07/2026

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	04/07/2026		P		1	A	$447.12	3,435,489(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. The extent of HKAM's pecuniary interest in the shares reported in the Schedule 13D are disclosed herein. On April 7, 2026, Mr. Stahl, a director of the Issuer, passed away unexpectedly. As such, the total figure reported has been reduced by 25,808 shares that were owned directly by Mr. Stahl and his wife and are no longer subject to Section 16 reporting.

	/s/Jay Kesslen, attorney-in-fact	04/09/2026
	** 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 reported buying 1 share of Texas Pacific Land Corp common stock in an open-market transaction at $447.12 per share. After this small purchase, it directly holds 3,435,489 common shares in the company.

How many Texas Pacific Land Corp (TPL) shares does HORIZON KINETICS hold after this Form 4?

After the reported transaction, HORIZON KINETICS ASSET MANAGEMENT LLC holds 3,435,489 Texas Pacific Land Corp common shares directly. This figure reflects its position following the April 7, 2026 open-market purchase disclosed in the Form 4 filing.

At what price was the Texas Pacific Land Corp (TPL) share purchased in this Form 4?

The reported transaction shows HORIZON KINETICS ASSET MANAGEMENT LLC bought 1 Texas Pacific Land Corp common share at $447.12. This was classified as an open-market purchase, indicating it occurred at prevailing market prices on April 7, 2026.

What beneficial ownership did HORIZON KINETICS report for Texas Pacific Land Corp (TPL) in its Schedule 13D amendment?

A recent Schedule 13D amendment from HORIZON KINETICS ASSET MANAGEMENT LLC reported beneficial ownership of 10,050,070 Texas Pacific Land Corp shares. The Form 4 footnote ties this figure to a broader beneficial stake beyond the 3,435,489 shares held directly.

Why was the reported share figure for Texas Pacific Land Corp (TPL) reduced by 25,808 shares?

The footnote explains the total reported figure was reduced by 25,808 shares that had been owned directly by director Mr. Stahl and his wife. After Mr. Stahl’s unexpected passing, these shares are no longer subject to Section 16 reporting requirements.

What do Section 16 reporting requirements mean for Texas Pacific Land Corp (TPL) insiders?

Section 16 requires directors, officers, and large shareholders to report trades in Texas Pacific Land Corp equity. The filing notes that 25,808 shares previously owned by director Mr. Stahl and his wife are no longer subject to these reporting rules following his unexpected passing.