What price was paid for the Texas Pacific Land share in this filing?

The disclosed open-market purchase price was $454.04 per share for Texas Pacific Land common stock. This price applies to the single share acquired in the reported transaction and is the only transaction price specified in the filing data provided.

Horizon Kinetics (NYSE: TPL) makes small Texas Pacific Land share purchase

Q: What does the footnote about a 6,595-share change in TPL mean?

One footnote explains a change representing a reduction of 6,595 Texas Pacific Land shares, delivered without consideration as part of a client in-kind redemption. This describes shares transferred out to a client rather than sold in a cash transaction.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC, a more than ten percent owner of Texas Pacific Land Corp, reported an open-market purchase of 1 share of common stock at $454.04 per share. Following this small addition, it directly holds 3,461,343 shares of Texas Pacific Land common stock.

Insider Trade Summary

Net Buyer: 1 shares ($454)

Net Buy 1 txn

Insider HORIZON KINETICS ASSET MANAGEMENT LLC

Role 10% Owner

Bought 1 shs ($454.04)

Type	Security	Shares	Price	Value
Purchase	Common Stock	1	$454.04	$454.04

Holdings After Transaction: Common Stock — 3,461,343 shares (Direct)

Footnotes (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. The change represents a reduction of 6,595 shares delivered without consideration as part of a client in-kind redemption.

Key Figures

Shares purchased: 1 share Purchase price: $454.04 per share Direct holdings after trade: 3,461,343 shares +4 more

7 metrics

Shares purchased 1 share Open-market purchase of Texas Pacific Land common stock

Purchase price $454.04 per share Price paid for the 1 share of common stock

Direct holdings after trade 3,461,343 shares Texas Pacific Land common stock directly held post-transaction

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

Murray Stahl direct ownership approximately 24,728 shares Included within the 10,050,070 beneficially owned shares

Murray Stahl indirect ownership approximately 277,326 shares Included within the 10,050,070 beneficially owned shares

In-kind redemption reduction 6,595 shares Shares delivered without consideration in client in-kind redemption

Key Terms

Schedule 13D, beneficial ownership, pecuniary interest, in-kind redemption, +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.

pecuniary interest financial

"The extent of HKAM's pecuniary interest in the shares reported"

in-kind redemption financial

"delivered without consideration as part of a client in-kind redemption"

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.

Form 4 Insider Transactions: What Each Field Means →

04/02/2026 - 01:46 PM

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)
04/01/2026

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	04/01/2026		P		1	A	$454.04	3,461,343⁽¹⁾⁽²⁾	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 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.

2. The change represents a reduction of 6,595 shares delivered without consideration as part of a client in-kind redemption.

	/s/ Jay Kesslen, attorney-in-fact	04/02/2026
	** 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 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 $454.04 per share. This is a very small change relative to its existing multi-million-share position.

How many Texas Pacific Land (TPL) shares does Horizon Kinetics now hold?

After the reported transaction, Horizon Kinetics Asset Management LLC directly holds 3,461,343 shares of Texas Pacific Land common stock. This figure reflects its position immediately following the 1-share open-market purchase disclosed in the Form 4.

Was the TPL insider transaction a buy or a sell?

The Form 4 shows a buy. Horizon Kinetics Asset Management LLC executed an open-market purchase of 1 share of Texas Pacific Land common stock at $454.04, increasing its direct holdings and resulting in a net-buy share change in the transaction summary.

How much Texas Pacific Land stock does Horizon Kinetics report beneficially owning?

A related disclosure notes Horizon Kinetics Asset Management LLC reported beneficial ownership of 10,050,070 Texas Pacific Land shares on an amended Schedule 13D. This includes Murray Stahl’s direct ownership of about 24,728 shares and indirect ownership of about 277,326 shares.