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

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC, a more than 10% owner of Texas Pacific Land Corp, reported a very small open-market purchase of 1 share of common stock on March 16, 2026 at $524.58 per share. After this trade, it directly owns 3,467,926 shares of Texas Pacific Land common stock. The filing shows no derivative positions related to this 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)
03/16/2026

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	03/16/2026		P		1	A	$524.58	3,467,926(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	03/17/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

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

Horizon Kinetics Asset Management LLC reported a small open-market purchase of 1 share of Texas Pacific Land common stock. The transaction occurred on March 16, 2026 and was classified as a non-derivative open-market purchase at the reported price per share.

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

Horizon Kinetics bought 1 share of Texas Pacific Land at $524.58 per share in an open-market transaction. This price comes directly from the Form 4 and reflects the per-share consideration for that single purchased share.

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

After the March 16, 2026 transaction, Horizon Kinetics Asset Management LLC directly owns 3,467,926 shares of Texas Pacific Land common stock. This total reflects the position reported in the Form 4 following the purchase of a single additional share.

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

Yes. The Form 4 identifies Horizon Kinetics Asset Management LLC as a more than 10% owner of Texas Pacific Land. This status means it is a significant shareholder and must report qualifying transactions under SEC insider ownership rules.

Does this Texas Pacific Land (TPL) Form 4 involve any derivatives or options?

No. The reported transaction is in Common Stock only and is labeled non-derivative. The accompanying derivative position summary is empty, indicating no options, warrants, or other derivative securities are reported in connection with this filing.

What does the footnote in the Texas Pacific Land (TPL) Form 4 explain?

The footnote references a prior Schedule 13D amendment describing earlier beneficial ownership figures and notes a three-for-one stock split effective December 22, 2025. It also states that Murray Stahl does not exercise investment discretion over the issuer’s securities.