Horizon Kinetics (NYSE: TPL) adds slightly 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 $526.83 on March 10, 2026. After this small addition, it directly holds 3,469,112 common shares.

A footnote references a prior Schedule 13D amendment noting beneficial ownership of 3,578,173 shares and separate direct and indirect interests held by Murray Stahl. It also notes a three-for-one stock split effective December 22, 2025 and states that Mr. Stahl does not exercise investment discretion over these securities.

Insider Trade Summary

Net Buyer: 1 shares ($527)

Net Buy 1 txn

Insider HORIZON KINETICS ASSET MANAGEMENT LLC

Role 10% Owner

Bought 1 shs ($526.83)

Type	Security	Shares	Price	Value
Purchase	Common Stock	1	$526.83	$526.83

Holdings After Transaction: Common Stock — 3,469,112 shares (Direct)

Footnotes (1)

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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 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)
03/10/2026

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	03/10/2026		P		1	A	$526.83	3,469,112(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	03/11/2026
	** 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.

FAQ

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

Horizon Kinetics Asset Management reported buying 1 share of Texas Pacific Land common stock in an open-market transaction at $526.83 per share. Following this small purchase, the firm directly holds 3,469,112 common shares, according to the Form 4 disclosure and related ownership data.

How many Texas Pacific Land shares does Horizon Kinetics hold after this Form 4?

After the reported transaction, Horizon Kinetics Asset Management directly holds 3,469,112 Texas Pacific Land common shares. A referenced Schedule 13D amendment had noted beneficial ownership of 3,578,173 shares, indicating that the new purchase is very small relative to the overall reported position.

What price did Horizon Kinetics pay for Texas Pacific Land shares in this filing?

The Form 4 shows Horizon Kinetics Asset Management bought 1 Texas Pacific Land common share at $526.83 in an open-market purchase. This price applies only to the single reported share and does not change previously disclosed larger beneficial ownership levels linked to the firm.

What does the footnote about Murray Stahl and Texas Pacific Land explain?

The footnote explains a prior Schedule 13D amendment, noting Murray Stahl’s direct interest in 7,848 shares and indirect interest in about 156,083 shares. It also states that Mr. Stahl does not exercise investment discretion over Texas Pacific Land securities held by Horizon Kinetics Asset Management.

How did a stock split affect Texas Pacific Land holdings reported by Horizon Kinetics?

The footnote states that the extent of Horizon Kinetics’ pecuniary interest reflects a three-for-one stock split effective December 22, 2025. This means the share counts and interests reported in the ownership discussion incorporate the impact of that stock split on Texas Pacific Land shares.

Why is Horizon Kinetics considered a major holder of Texas Pacific Land (TPL)?

Horizon Kinetics Asset Management is identified as a more than ten percent owner of Texas Pacific Land. The Schedule 13D amendment referenced in the footnote reported beneficial ownership of 3,578,173 shares, indicating a large, long-standing stake in the company’s common stock.