Horizon Kinetics (TPL) adds to Texas Pacific Land stake with small buy

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC, a more than ten percent owner of Texas Pacific Land Corp, reported a small open-market purchase of 1 share of common stock at $400.85 on May 22, 2026. After this trade, it directly holds 3,395,620 shares of Texas Pacific Land.

A recent Schedule 13D amendment filed on May 7, 2026 reported Horizon Kinetics Asset Management LLC’s beneficial ownership at 10,109,933 shares, and this Form 4 clarifies the extent of its pecuniary interest in the reported shares.

Insider Trade Summary

Net Buyer: 1 shares

Net Buy 1 txn

Insider HORIZON KINETICS ASSET MANAGEMENT LLC

Role 10% Owner

Bought 1 shs ($400.85)

Type	Security	Shares	Price	Value
Purchase	Common Stock	1	$400.85	$400.85

Holdings After Transaction: Common Stock — 3,395,620 shares (Direct)

Footnotes (1)

1. F1. 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.

Key Figures

Shares bought: 1 share Purchase price: $400.85 per share Direct holdings after trade: 3,395,620 shares +1 more

4 metrics

Shares bought 1 share Open-market purchase on May 22, 2026

Purchase price $400.85 per share Price for the 1 share of common stock

Direct holdings after trade 3,395,620 shares Shares directly owned following the transaction

Beneficial ownership 10,109,933 shares Reported in Schedule 13D amendment dated May 7, 2026

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"

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 05/26/2026 - 10:57 AM Accepted by SEC EDGAR 05/26/2026 - 10:56 AM Learn about SEC filing dates

FAQ

What insider transaction did Horizon Kinetics report for Texas Pacific Land (TPL)?

Horizon Kinetics Asset Management LLC reported buying 1 share of Texas Pacific Land common stock in an open-market transaction at $400.85 per share. This is a very small trade relative to its overall holdings in the company.

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

After the reported purchase, Horizon Kinetics Asset Management LLC directly holds 3,395,620 shares of Texas Pacific Land common stock. These direct holdings are part of its broader beneficial ownership position disclosed in separate Schedule 13D filings.

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

The single Texas Pacific Land share was purchased at an open-market price of $400.85. This per-share price reflects the cost of that specific trade and helps investors quantify the dollar size of the reported transaction.

What is Horizon Kinetics’ reported beneficial ownership in Texas Pacific Land (TPL)?

A recent amendment to Horizon Kinetics Asset Management LLC’s Schedule 13D dated May 7, 2026 reported beneficial ownership of 10,109,933 shares. The Form 4 notes that its pecuniary interest in those shares is further detailed in this ownership reporting.

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

Yes. Horizon Kinetics Asset Management LLC is identified as a more than ten percent owner of Texas Pacific Land. This status means its transactions and ownership changes must be reported through beneficial ownership filings and insider transaction reports like Form 4.

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)
05/22/2026

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	05/22/2026		P		1	A	$400.85	3,395,620(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	05/26/2026
	** 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)