Horizon Kinetics (TPL) logs small open-market share purchase in Form 4

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC, a greater-than-10% holder of Texas Pacific Land Corp, reported an open-market purchase of 1 share of common stock at $396.43 on May 21, 2026. After this trade, its directly held position rose to 3,395,619 shares, a very small incremental increase.

Insider Trade Summary

Net Buyer: 1 shares ($396)

Net Buy 1 txn

Insider HORIZON KINETICS ASSET MANAGEMENT LLC

Role null

Bought 1 shs ($396.43)

Type	Security	Shares	Price	Value
Purchase	Common Stock	1	$396.43	$396.43

Holdings After Transaction: Common Stock — 3,395,619 shares (Direct, null)

Footnotes (1)

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Key Figures

Shares purchased: 1 share Purchase price: $396.43 per share Direct holdings after trade: 3,395,619 shares +2 more

5 metrics

Shares purchased 1 share Open-market purchase on May 21, 2026

Purchase price $396.43 per share Price paid for the 1 share bought

Direct holdings after trade 3,395,619 shares Common stock held after the purchase

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

Net buy shares 1 share Net effect of all reported transactions in this Form 4

Key Terms

open-market purchase, Schedule 13D, beneficial ownership, pecuniary interest, +1 more

5 terms

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.

Schedule 13D regulatory

"filed an amendment to its Schedule 13D wherein it reported"

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"

Form 4 regulatory

"INSIDER FILING DATA (Form 4)"

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

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)
05/21/2026

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	05/21/2026		P		1	A	$396.43	3,395,619(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	05/22/2026
	** 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 TPL?

Horizon Kinetics Asset Management LLC reported buying 1 share of Texas Pacific Land Corp common stock in the open market at $396.43 per share. This is a routine, very small addition to its already large share position disclosed in the Form 4.

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

Following the reported transaction, Horizon Kinetics Asset Management LLC directly holds 3,395,619 shares of Texas Pacific Land common stock. This figure reflects its position after purchasing 1 additional share as disclosed in the Form 4 insider trading report.

Was the Texas Pacific Land (TPL) insider transaction a buy or a sell?

The transaction was a buy. Horizon Kinetics Asset Management LLC executed an open-market purchase of 1 share of Texas Pacific Land common stock, coded as a “P” transaction, which indicates a purchase in an open market or private transaction under SEC Form 4 rules.

At what price did Horizon Kinetics buy the new TPL share?

Horizon Kinetics Asset Management LLC bought the additional Texas Pacific Land share at $396.43. This per-share price is explicitly reported in the Form 4 and reflects the cost of the single share purchased in the open market on the transaction date.

What does the Schedule 13D footnote say about Horizon Kinetics’ TPL ownership?

The footnote notes that on May 7, 2026, Horizon Kinetics Asset Management LLC amended its Schedule 13D, reporting beneficial ownership of 10,109,933 Texas Pacific Land shares. The Form 4 indicates the extent of its pecuniary interest in those Schedule 13D-reported shares.