Horizon Kinetics buys TPL share in small Form 4 trade

Texas Pacific Land Corp insider Horizon Kinetics Asset Management LLC reported a small open-market purchase of 1 share of common stock on June 25, 2026 at $388.58 per share.

Rhea-AI Filing Summary

Texas Pacific Land Corp insider Horizon Kinetics Asset Management LLC reported a small open-market purchase of 1 share of common stock on June 25, 2026 at $388.58 per share. After this trade, the reporting entity directly held 3,393,560 shares. A footnote notes that on May 7, 2026, Horizon Kinetics Asset Management LLC filed an amended Schedule 13D reporting beneficial ownership of 10,109,933 shares, indicating a substantially larger overall economic interest than the shares shown in this Form 4 position line.

Insider Trade Summary

Net Buyer: 1 shares

Net Buy 1 txn

Insider HORIZON KINETICS ASSET MANAGEMENT LLC

Role 10% Owner

Bought 1 shs ($388.58)

Type	Security	Shares	Price	Value
Purchase	Common Stock	1	$388.58	$388.58

Holdings After Transaction: Common Stock — 3,393,560 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 purchased: 1 share Purchase price: $388.58 per share Direct holdings after trade: 3,393,560 shares +1 more

4 metrics

Shares purchased 1 share Open-market purchase on June 25, 2026

Purchase price $388.58 per share Price for the 1-share open-market trade

Direct holdings after trade 3,393,560 shares Total common stock held following the transaction

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

Key Terms

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

4 terms

open-market purchase financial

"reported a small open-market purchase of 1 share of common stock"

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 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 in the Schedule 13D"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

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 $388.58 per share. This is a very small trade relative to its reported overall holdings in the company.

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

Following the reported transaction, Horizon Kinetics Asset Management LLC directly held 3,393,560 shares of Texas Pacific Land Corp common stock. This figure reflects the position after the 1-share purchase disclosed in the Form 4 insider trading report.

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

The reported open-market purchase was executed at $388.58 per share for Texas Pacific Land Corp common stock. Only 1 share was purchased in this transaction, so the total dollar amount of this specific trade was $388.58.

What does the Schedule 13D footnote reveal about Horizon Kinetics’ Texas Pacific Land Corp (TPL) stake?

The footnote states that on May 7, 2026, Horizon Kinetics Asset Management LLC filed an amended Schedule 13D reporting beneficial ownership of 10,109,933 shares. This highlights a significantly larger economic interest than the directly held 3,393,560 shares shown after this Form 4 trade.

Is the Texas Pacific Land Corp (TPL) Form 4 transaction a buy or sell by Horizon Kinetics?

The Form 4 shows a buy transaction. Horizon Kinetics Asset Management LLC executed an open-market purchase of 1 share of Texas Pacific Land Corp common stock, coded as a “P” transaction, which represents a purchase in the SEC’s Form 4 terminology.

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

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Accepted by SEC EDGAR 06/26/2026 - 10:56 AM EDT Learn about SEC filing dates

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)
06/25/2026

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	06/25/2026		P		1	A	$388.58	3,393,560(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	06/26/2026
	** 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)