Horizon Kinetics adds Texas Pacific Land (NYSE: TPL) shares in open-market buys

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC, a more than ten percent owner of Texas Pacific Land Corp, reported two small open-market purchases of Common Stock. It bought 1 share at $518.21 on March 27, 2026 and 1 share at $526.13 on March 26, 2026. After these trades, its directly held position shown in the filing was 3,467,935 shares of Common Stock. A related disclosure notes a Schedule 13D reporting beneficial ownership of 10,050,070 shares, including Murray Stahl’s direct and indirect holdings, and states that Mr. Stahl does not exercise investment discretion over these securities.

Insider Trade Summary

Net Buyer: 2 shares ($1,044)

Net Buy 2 txns

Insider HORIZON KINETICS ASSET MANAGEMENT LLC

Role 10% Owner

Bought 2 shs ($1K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	1	$518.21	$518.21
Purchase	Common Stock	1	$526.13	$526.13

Holdings After Transaction: Common Stock — 3,467,935 shares (Direct)

Footnotes (1)

1. [object Object]

Key Figures

Shares bought 2026-03-27: 1 share at $518.21 Shares bought 2026-03-26: 1 share at $526.13 Direct holdings after trades: 3,467,935 shares +3 more

6 metrics

Shares bought 2026-03-27 1 share at $518.21 Open-market purchase of Common Stock on March 27, 2026

Shares bought 2026-03-26 1 share at $526.13 Open-market purchase of Common Stock on March 26, 2026

Direct holdings after trades 3,467,935 shares Common Stock directly held by Horizon Kinetics after March 27, 2026 transaction

Beneficial ownership total 10,050,070 shares Shares reported as beneficially owned in Schedule 13D amendment

Murray Stahl direct holdings approximately 24,728 shares Direct ownership referenced within the 10,050,070-share beneficial stake

Murray Stahl indirect holdings approximately 277,326 shares Indirect ownership included in the disclosed beneficial ownership

Key Terms

Schedule 13D, beneficial ownership, pecuniary interest, investment discretion, +1 more

5 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

"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"

investment discretion financial

"does not exercise investment discretion with respect to the securities"

ten percent owner regulatory

"HORIZON KINETICS ASSET MANAGEMENT LLC ... is_ten_percent_owner"

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)
03/26/2026

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	03/26/2026		P		1	A	$526.13	3,467,934(1)	D
Common Stock	03/27/2026		P		1	A	$518.21	3,467,935(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, including Murray Stahl's direct ownership of approximately 24,728 shares and his indirect ownership of approximately 277,326 shares. The extent of HKAM's pecuniary interest in the shares reported in the Schedule 13D are disclosed herein. Mr. Stahl, who serves as a director of the Issuer, does not exercise investment discretion with respect to the securities of the Issuer.

	/s/ Jay Kesslen, attorney-in-fact	03/30/2026
	** 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 transactions did Horizon Kinetics report for Texas Pacific Land Corp (TPL)?

Horizon Kinetics Asset Management LLC reported two small open-market purchases of Texas Pacific Land Corp Common Stock, buying 1 share at $518.21 on March 27, 2026 and 1 share at $526.13 on March 26, 2026, according to the Form 4 filing.

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

After the reported transactions, Horizon Kinetics Asset Management LLC directly held 3,467,935 shares of Texas Pacific Land Corp Common Stock. This figure reflects the position shown following the March 27, 2026 purchase disclosed in the Form 4 insider trading report.

What price did Horizon Kinetics pay for its recent Texas Pacific Land (TPL) share purchases?

Horizon Kinetics Asset Management LLC bought 1 Texas Pacific Land Corp share at $518.21 on March 27, 2026 and 1 share at $526.13 on March 26, 2026. Both transactions were classified as open-market purchases of Common Stock in the Form 4.

What total beneficial ownership in Texas Pacific Land (TPL) is associated with Horizon Kinetics?

An amendment to Schedule 13D referenced in the disclosures reported beneficial ownership of 10,050,070 Texas Pacific Land Corp shares. This includes Murray Stahl’s approximate direct ownership of 24,728 shares and indirect ownership of about 277,326 shares related to the same investment complex.

Does Murray Stahl control investment decisions for the Texas Pacific Land (TPL) shares mentioned?

The disclosure states that Murray Stahl, a director of Texas Pacific Land Corp, does not exercise investment discretion over the issuer’s securities. Investment discretion for the shares associated with the Schedule 13D is instead tied to Horizon Kinetics Asset Management LLC.