Horizon Kinetics (TPL) adds to large Texas Pacific Land stake

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC, a more than 10% owner of Texas Pacific Land Corp, made an open-market purchase of 1 share of common stock on May 6, 2026 at $419.02 per share. After this small transaction, it directly holds 3,395,606 shares in this account.

A related Schedule 13D amendment filed on May 7, 2026 reports HKAM’s aggregate beneficial ownership at 10,109,933 shares. The filing also notes a reduction of 30,549 shares that were in an account where HKAM no longer has a pecuniary interest, indicating a portfolio reclassification rather than a market sale.

Insider Trade Summary

Net Buyer: 1 shares ($419)

Net Buy 1 txn

Insider HORIZON KINETICS ASSET MANAGEMENT LLC

Role null

Bought 1 shs ($419.02)

Type	Security	Shares	Price	Value
Purchase	Common Stock	1	$419.02	$419.02

Holdings After Transaction: Common Stock — 3,395,606 shares (Direct, null)

Footnotes (1)

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. This amount reflects a reduction of 30,549 shares that were held in an account for which the Reporting Person no longer has a pecuniary interest.

Key Figures

Open-market purchase: 1 share at $419.02 Direct holdings after trade: 3,395,606 shares Beneficial ownership: 10,109,933 shares +1 more

4 metrics

Open-market purchase 1 share at $419.02 Common Stock bought on May 6, 2026

Direct holdings after trade 3,395,606 shares Common Stock directly held following May 6, 2026 purchase

Beneficial ownership 10,109,933 shares Reported in Schedule 13D amendment filed May 7, 2026

Shares removed from pecuniary interest 30,549 shares Account where Horizon Kinetics no longer has pecuniary interest

Key Terms

Schedule 13D, beneficial ownership, pecuniary interest

3 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

"filed an amendment to its Schedule 13D 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

"no longer has a pecuniary interest"

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)
05/06/2026

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	05/06/2026		P		1	A	$419.02	3,395,606(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)
				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.

2. This amount reflects a reduction of 30,549 shares that were held in an account for which the Reporting Person no longer has a pecuniary interest.

	/s/ Jay Kesslen, attorney-in-fact	05/07/2026
	** 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 Texas Pacific Land Corp (TPL)?

Horizon Kinetics Asset Management LLC reported buying 1 share of Texas Pacific Land common stock in an open-market transaction at $419.02 per share on May 6, 2026. This is a very small trade relative to its overall reported stake.

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

Following the May 6, 2026 transaction, Horizon Kinetics Asset Management LLC directly holds 3,395,606 shares of Texas Pacific Land common stock in the reported account. This figure reflects the direct position associated with the Form 4 filing.

What is Horizon Kinetics’ total beneficial ownership in Texas Pacific Land (TPL)?

In a related Schedule 13D amendment filed May 7, 2026, Horizon Kinetics Asset Management LLC reported beneficial ownership of 10,109,933 Texas Pacific Land shares. Beneficial ownership includes multiple accounts and reflects the broader economic interest beyond this single Form 4 account.

Why does the filing mention a reduction of 30,549 Texas Pacific Land (TPL) shares?

The filing states that 30,549 shares were removed from Horizon Kinetics’ reported holdings because they were in an account where the reporting person no longer has a pecuniary interest. This reflects a change in economic interest, not an open-market sale of those shares.

Is the 1-share purchase by Horizon Kinetics in TPL a significant transaction?

The 1-share open-market purchase at $419.02 is numerically very small compared with Horizon Kinetics’ reported beneficial ownership of 10,109,933 shares. It appears as a minor portfolio adjustment rather than a large directional move in Texas Pacific Land stock.