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

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC, a more than 10% owner of Texas Pacific Land Corp, reported a small open-market purchase of common stock. On May 5, 2026, it bought 1 share at $432.71 per share.

Following this trade, Horizon Kinetics directly held 3,426,154 shares of Texas Pacific Land common stock. A related footnote notes that on April 13, 2026, Horizon Kinetics reported beneficial ownership of 9,974,556 shares on an amended Schedule 13D.

Insider Trade Summary

Net Buyer: 1 shares ($433)

Net Buy 1 txn

Insider HORIZON KINETICS ASSET MANAGEMENT LLC

Role null

Bought 1 shs ($432.71)

Type	Security	Shares	Price	Value
Purchase	Common Stock	1	$432.71	$432.71

Holdings After Transaction: Common Stock — 3,426,154 shares (Direct, null)

Footnotes (1)

1. [object Object]

Key Figures

Shares purchased: 1 share Purchase price: $432.71 per share Direct holdings after trade: 3,426,154 shares +1 more

4 metrics

Shares purchased 1 share Open-market purchase on May 5, 2026

Purchase price $432.71 per share Common Stock transaction on May 5, 2026

Direct holdings after trade 3,426,154 shares Total Texas Pacific Land common stock following transaction

Beneficial ownership reported 9,974,556 shares Shares reported on amended Schedule 13D dated April 13, 2026

Key Terms

Schedule 13D, beneficial ownership, pecuniary interest, Common Stock

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 9,974,556 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"

Common Stock financial

"security_title: Common Stock in the reported open-market purchase"

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

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)
05/05/2026

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	05/05/2026		P		1	A	$432.71	3,426,154(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 April 13, 2026, Horizon Kinetics Asset Management LLC ("HKAM") filed an amendment to its Schedule 13D wherein it reported beneficial ownership of 9,974,556 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	05/06/2026
	** 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 in TPL stock?

Horizon Kinetics Asset Management LLC reported an open-market purchase of 1 share of Texas Pacific Land Corp common stock. The Form 4 shows the trade occurred on May 5, 2026 at a price of $432.71 per share and slightly increased its direct holdings.

How many Texas Pacific Land (TPL) shares did Horizon Kinetics buy and at what price?

The filing shows Horizon Kinetics purchased 1 share of Texas Pacific Land Corp common stock. The open-market trade was executed at a price of $432.71 per share on May 5, 2026, as disclosed in the Form 4 insider transaction details.

What are Horizon Kinetics’ direct holdings in Texas Pacific Land (TPL) after this trade?

After the reported purchase, Horizon Kinetics directly owned 3,426,154 shares of Texas Pacific Land common stock. This post-transaction holding figure comes from the Form 4 and reflects its direct position immediately following the May 5, 2026 open-market transaction.

Why does the Form 4 mention a Schedule 13D for Horizon Kinetics and TPL?

A footnote explains that on April 13, 2026, Horizon Kinetics filed an amended Schedule 13D reporting beneficial ownership of 9,974,556 shares. The Form 4 notes that the extent of its pecuniary interest in those Schedule 13D shares is described in this insider ownership disclosure.

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 Corp. It reports large beneficial ownership on Schedule 13D and direct holdings of 3,426,154 shares after the May 5, 2026 open-market purchase.