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

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC, a greater-than-10% owner of Texas Pacific Land Corp, reported an open-market purchase of 1 share of common stock on February 26, 2026 at $507.3900 per share. Following this transaction, it directly held 3,479,381 shares of Texas Pacific Land common stock. A related footnote notes prior Schedule 13D beneficial ownership details and clarifies that Murray Stahl does not exercise investment discretion over the issuer’s securities.

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)
02/26/2026

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	02/26/2026		P		1	A	$507.39	3,479,381(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	02/27/2026
	** 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 in TPL stock?

Horizon Kinetics Asset Management LLC reported buying 1 share of Texas Pacific Land common stock. The Form 4 shows an open-market purchase on February 26, 2026 at $507.3900 per share, a very small addition relative to its existing multi-million-share position.

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

After the reported trade, Horizon Kinetics directly held 3,479,381 Texas Pacific Land shares. The Form 4 lists this as the total common stock ownership following the February 26, 2026 open-market purchase of 1 additional share at $507.3900.

Was the Horizon Kinetics TPL insider transaction a purchase or sale?

The transaction was a purchase of Texas Pacific Land common stock. Horizon Kinetics Asset Management LLC executed an open-market buy of 1 share on February 26, 2026, coded as “P” for purchase, at a price of $507.3900 per share.

What price did Horizon Kinetics pay for the latest TPL share purchase?

The reported purchase price was $507.3900 per Texas Pacific Land share. The Form 4 identifies this as an open-market transaction on February 26, 2026, involving a single share and increasing Horizon Kinetics’ direct holdings to 3,479,381 shares.

What does the Form 4 footnote say about Murray Stahl and TPL shares?

The footnote explains prior Schedule 13D beneficial ownership and Murray Stahl’s role. It notes earlier beneficial ownership figures and clarifies that Murray Stahl does not exercise investment discretion with respect to Texas Pacific Land securities held by Horizon Kinetics Asset Management LLC.

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

Yes, Horizon Kinetics Asset Management LLC is a greater-than-10% owner of TPL. The Form 4 identifies it as a ten percent owner, with 3,479,381 Texas Pacific Land common shares directly owned after the reported February 26, 2026 open-market purchase.