Horizon Kinetics (TPL) makes small Texas Pacific Land share buy

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 on April 30, 2026 at $436.80 per share. Following this transaction, its directly reported holdings in this Form 4 total 3,435,508 shares of common stock. A related Schedule 13D amendment filed on April 13, 2026 reported beneficial ownership of 9,974,556 shares, with the extent of Horizon Kinetics’ pecuniary interest in those shares described in that filing.

Insider Trade Summary

Net Buyer: 1 shares ($437)

Net Buy 1 txn

Insider HORIZON KINETICS ASSET MANAGEMENT LLC

Role null

Bought 1 shs ($436.80)

Type	Security	Shares	Price	Value
Purchase	Common Stock	1	$436.80	$436.80

Holdings After Transaction: Common Stock — 3,435,508 shares (Direct, null)

Footnotes (1)

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Key Figures

Shares purchased: 1 share Purchase price: $436.80 per share Direct holdings after transaction: 3,435,508 shares +1 more

4 metrics

Shares purchased 1 share Open-market purchase of common stock on April 30, 2026

Purchase price $436.80 per share Price paid for the 1 share of common stock

Direct holdings after transaction 3,435,508 shares Common stock directly reported following the purchase

Beneficial ownership (Schedule 13D) 9,974,556 shares Shares reported as beneficially owned in April 13, 2026 13D amendment

Key Terms

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

4 terms

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.

Schedule 13D regulatory

"filed an amendment to its Schedule 13D wherein it reported"

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

"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"

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)
04/30/2026

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	04/30/2026		P		1	A	$436.8	3,435,508(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	05/01/2026
	** 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 Texas Pacific Land (TPL)?

Horizon Kinetics Asset Management LLC reported buying 1 share of Texas Pacific Land common stock. The transaction was an open-market purchase executed on April 30, 2026, and is disclosed in a Form 4 filing as a routine insider ownership update.

At what price did Horizon Kinetics purchase Texas Pacific Land (TPL) shares?

The Form 4 shows Horizon Kinetics Asset Management LLC purchased 1 share of Texas Pacific Land common stock at $436.80. This price reflects the per-share consideration paid in the open-market transaction reported for April 30, 2026 in the filing.

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

After the reported transaction, Horizon Kinetics Asset Management LLC is shown holding 3,435,508 shares of Texas Pacific Land common stock. This figure reflects its directly reported ownership following the purchase of 1 additional share at $436.80 per share.

Why is Horizon Kinetics classified as a more than ten percent owner of Texas Pacific Land (TPL)?

The reporting person is identified as a more than ten percent owner in the Form 4. This status is based on its significant share position in Texas Pacific Land, as also referenced by its Schedule 13D, which reported beneficial ownership of 9,974,556 shares.

What does the Schedule 13D footnote say about Horizon Kinetics’ Texas Pacific Land (TPL) holdings?

A footnote states that on April 13, 2026, Horizon Kinetics Asset Management LLC filed a Schedule 13D amendment reporting beneficial ownership of 9,974,556 shares. It notes that the extent of Horizon Kinetics’ pecuniary interest in those shares is disclosed in that Schedule 13D.

Is the Horizon Kinetics transaction in Texas Pacific Land (TPL) part of a derivative or option exercise?

No. The Form 4 identifies the security as common stock and classifies the transaction as a non-derivative open-market purchase. There are no derivative transactions or remaining derivative positions listed in the derivativeSummary section for this filing.