Horizon Kinetics adds Texas Pacific Land (TPL) share in open-market 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 common stock. The firm bought 1 share on February 23, 2026 at $519.85 per share, bringing its direct holdings to 3,479,378 shares of Texas Pacific Land common stock following the transaction.

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

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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 NY 10016

(City) (State) (Zip)

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)

3. Date of Earliest Transaction (Month/Day/Year)
02/23/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

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	02/23/2026		P		1	A	$519.85	3,479,378(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 December 18, 2024, Horizon Kinetics Asset Management LLC (HKAM) filed an amendment to its Schedule 13D, in which it noted beneficial ownership of 3,578,173 shares and Murray Stahl's direct interest in 7,848 shares and his indirect interest in approximately 156,083 shares. The extent of HKAM's pecuniary interest in the shares beneficially owned is disclosed herein and reflects a three-for-one stock split effective December 22, 2025. Mr. Stahl does not exercise investment discretion with respect to the securities of the Issuer.

	/s/ Jay Kesslen, attorney-in-fact	02/24/2026
	** Signature of Reporting Person	Date
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FAQ

What insider transaction did Horizon Kinetics report for TPL?

Horizon Kinetics Asset Management LLC reported buying 1 share of Texas Pacific Land Corp common stock. The open-market purchase occurred on February 23, 2026 and was reported as a Form 4 insider transaction by a more than ten percent owner of the company.

At what price did Horizon Kinetics buy Texas Pacific Land (TPL) shares?

Horizon Kinetics Asset Management LLC purchased the Texas Pacific Land Corp share at $519.85. This price reflects the per-share cost in an open-market transaction completed on February 23, 2026 and reported in the Form 4 insider trading disclosure.

How many Texas Pacific Land shares does Horizon Kinetics own after this Form 4?

After this transaction, Horizon Kinetics Asset Management LLC directly owns 3,479,378 Texas Pacific Land Corp common shares. The Form 4 filing shows this total share count following the 1-share open-market purchase on February 23, 2026 by the more than ten percent owner.

What role does Horizon Kinetics have in Texas Pacific Land (TPL)?

Horizon Kinetics Asset Management LLC is classified as a more than ten percent owner of Texas Pacific Land Corp. This status makes it a reporting person for insider filings and requires disclosure of transactions like the February 23, 2026 open-market share purchase on Form 4.

What type of insider transaction did Horizon Kinetics file for TPL?

The filing reports an open-market purchase of Texas Pacific Land common stock. The transaction code is “P,” indicating a purchase in an open-market or private transaction, with 1 share bought at $519.85 on February 23, 2026 by Horizon Kinetics Asset Management LLC.

What does the Form 4 footnote say about Horizon Kinetics’ TPL holdings?

The footnote notes a prior Schedule 13D amendment showing 3,578,173 shares beneficially owned and explains that figures reflect a three-for-one stock split effective December 22, 2025, while stating Murray Stahl does not exercise investment discretion over Texas Pacific Land securities.