Horizon Kinetics (NYSE: TPL) adds to Texas Pacific Land stake

Rhea-AI Filing Summary

HORIZON KINETICS ASSET MANAGEMENT LLC, a more than ten percent owner of Texas Pacific Land Corp, reported an open-market purchase of 1 share of common stock at $401.64 on April 9, 2026. Following this trade, it directly holds 3,435,493 shares of Texas Pacific Land common stock.

A related Schedule 13D amendment dated March 26, 2026 reported beneficial ownership of 10,050,070 shares, reflecting a broader beneficial interest beyond this directly held position.

Insider Trade Summary

Net Buyer: 1 shares ($402)

Net Buy 1 txn

Insider HORIZON KINETICS ASSET MANAGEMENT LLC

Role 10% Owner

Bought 1 shs ($401.64)

Type	Security	Shares	Price	Value
Purchase	Common Stock	1	$401.64	$401.64

Holdings After Transaction: Common Stock — 3,435,493 shares (Direct)

Footnotes (1)

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Key Figures

Shares purchased: 1 share Purchase price: $401.64 per share Direct holdings after trade: 3,435,493 shares +1 more

4 metrics

Shares purchased 1 share Open-market purchase of Texas Pacific Land common stock on April 9, 2026

Purchase price $401.64 per share Price paid for 1 share of Texas Pacific Land common stock

Direct holdings after trade 3,435,493 shares Texas Pacific Land common stock directly owned after April 9, 2026 transaction

Beneficial ownership reported 10,050,070 shares Beneficial ownership of Texas Pacific Land shares in March 26, 2026 Schedule 13D amendment

Key Terms

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

4 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 10,050,070 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 are disclosed herein"

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.

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)
04/09/2026

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	04/09/2026		P		1	A	$401.64	3,435,493(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 March 26, 2026, Horizon Kinetics Asset Management LLC ("HKAM") filed an amendment to its Schedule 13D wherein it reported beneficial ownership of 10,050,070 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	04/10/2026
	** 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. The open-market purchase occurred on April 9, 2026 at a price of $401.64 per share, as disclosed in the Form 4 insider trading report.

How many Texas Pacific Land (TPL) shares does Horizon Kinetics now hold directly?

After the reported transaction, Horizon Kinetics Asset Management LLC directly holds 3,435,493 shares of Texas Pacific Land Corp common stock. This figure reflects the direct ownership position immediately following the April 9, 2026 open-market purchase of one additional share at $401.64.

Was the TPL insider transaction a purchase or a sale?

The reported Texas Pacific Land Corp transaction was a purchase. Horizon Kinetics Asset Management LLC executed an open-market buy of 1 share of TPL common stock at $401.64, classified with transaction code “P” for purchase, indicating a net addition to its direct holdings.

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

An amendment to Horizon Kinetics Asset Management LLC’s Schedule 13D dated March 26, 2026 reported beneficial ownership of 10,050,070 Texas Pacific Land shares. The Form 4 notes that the extent of Horizon Kinetics’ pecuniary interest in those Schedule 13D shares is disclosed in this context.

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

Yes. Horizon Kinetics Asset Management LLC is identified as a more than ten percent owner of Texas Pacific Land Corp. This status makes its trades reportable on Form 4 and highlights its role as a significant shareholder with substantial beneficial ownership interests in TPL shares.