Texas Pacific Land (NYSE: TPL) investor reports 10.05M-share, 14.6% stake

Rhea-AI Filing Summary

Horizon Kinetics entities filed Amendment No. 9 to their Schedule 13D reporting beneficial ownership of 10,050,070 shares, or about 14.6%, of Texas Pacific Land Corp common stock. The percentage is based on 68,941,554 shares outstanding as of February 9, 2026.

Horizon Kinetics Asset Management LLC, a Delaware investment adviser, holds sole voting and dispositive power over these shares. Its parent, Horizon Kinetics Holding Corp, may be deemed to share beneficial ownership. Murray Stahl, who is CEO and CIO of HKAM and a director of Texas Pacific Land, directly owns 24,728 shares, has an indirect interest in approximately 277,326 shares, and has been awarded 2,921 shares for board service.

Insights

Equity ownership and governance analyst

Horizon Kinetics reports a sizable 14.6% stake in Texas Pacific Land, concentrated under advisory control.

Horizon Kinetics Asset Management LLC (HKAM) reports beneficial ownership of 10,050,070 Texas Pacific Land shares, representing roughly 14.6% of the company based on 68,941,554 shares outstanding as of February 9, 2026. HKAM holds sole voting and dispositive power, indicating centralized control of this position.

HKAM used client assets to acquire shares for managed accounts and its own working capital, including funds deposited by personnel, for proprietary accounts. Horizon Kinetics Holding Corp may be deemed to beneficially own the same 10,050,070 shares through its ownership of HKAM but has not entered separate share transactions beyond those executed by HKAM.

Murray Stahl, HKAM’s CEO and CIO and chairman of HKHC, also serves on Texas Pacific Land’s board. He directly owns 24,728 shares purchased with personal funds, holds an indirect interest in approximately 277,326 shares, and has received 2,921 shares as board compensation. The statement notes that approximately 243,297 shares held personally by senior portfolio managers are outside the reported HKAM beneficial ownership.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 9)

Texas Pacific Land Corp

(Name of Issuer)

Common Stock

(Title of Class of Securities)

88262P102

(CUSIP Number)

Jay Kesslen
470 Park Ave S, 8th Fl S
New York, NY, 10016
646-867-1176

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

03/24/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 88262P102

1

Name of reporting person

HORIZON KINETICS ASSET MANAGEMENT LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 10,050,070.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 10,050,070.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

10,050,070.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

14.6 %

14

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person:

Horizon Kinetics Asset Management LLC is a wholly owned subsidiary of Horizon Kinetics Holding Corporation. The following constitutes Amendment No. 9 to the Schedule 13D filed by the undersigned (Amendment No. 9). This Amendment No. 9 amends, supplements and to the extent inconsistent with, supersedes the initial Schedule 13D filed with the Securities and Exchange Commission (the SEC) on December 18, 2024, as amended by Amendment No. 1 filed with the SEC on February 2, 2022, Amendment No. 2 filed with the SEC on January 27, 2023, Amendment No. 3 filed with the SEC on August 1, 2023, Amendment No. 4 filed with the SEC on December 6, 2023, Amendment No 5 filed with the SEC on February 5, 2024, and Amendment No 6 filed with the SEC on February 7, 2024, Amendment No 7 filed with the SEC on February 28, 2024, Amendment No 8 filed with the SEC on December 18, 2027 (Amendment No. 8 and, collectively with the initial Schedule 13D filed on January 12, 2021 and each subsequent amendment thereto, the Schedule 13D).

SCHEDULE 13D

CUSIP Number(s): 88262P102

1

Name of reporting person

Horizon Kinetics Holding Corp

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 10,050,070.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 10,050,070.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

10,050,070.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

14.6 %

14

Type of Reporting Person (See Instructions)

HC

Comment for Type of Reporting Person:

Horizon Kinetics Holding Corporation (HKHC) is the parent company to Horizon Kinetics Asset Management LLC (HKAM), a registered investment adviser. HKHC may be deemed to beneficially own the 10,050,070 shares beneficially owned by HKAM. HKHC has not entered into any separate transactions in the shares following the filing of Amendment No. 8 other than those listed under Schedule A, which were effectuated by HKAM.

SCHEDULE 13D

CUSIP Number(s): 88262P102

1

Name of reporting person

STAHL MURRAY

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 24,728.00
8	Shared Voting Power 10,050,070.00
9	Sole Dispositive Power 24,728.00
10	Shared Dispositive Power

11

Aggregate amount beneficially owned by each reporting person

10,050,070.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

14.6 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

Murray Stahl serves as the Chief Executive Officer and Chief Investment Officer of HKAM and is the Chairman of the Board of Directors for HKHC and also serves as a member of the Board of Directors for the Issuer.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock
(b)	Name of Issuer: Texas Pacific Land Corp
(c)	Address of Issuer's Principal Executive Offices: 2699 HOWELL STREET, SUITE 800, DALLAS, TEXAS , 75204.
Item 3.	Source and Amount of Funds or Other Consideration
	Item 3 is hereby amended and restated to include the following: HKAM used client assets to purchase shares on behalf of its clients, and its own working capital to purchase shares for its proprietary accounts, which has included funds deposited by its personnel. Mr. Stahl has a direct ownership interest in 24,728 shares, all of which were purchased with personal funds. Mr. Stahl has an indirect ownership interest in approximately 277,326 shares. The shares were purchased with funds from the accounts that purchased such shares, which includes funds deposited by other investors including Mr. Stahl. In connection with Mr. Stahl's service on the TPL Board of Directors, Mr. Stahl has been awarded 2,921 shares to date.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5 is hereby amended and restated in its entirety to read as follows: Percentages of the shares outstanding reported are calculated based upon the 68,941,554 Shares outstanding as of February 9, 2026, as reported in TPL's current Form 10-K for the period ended December 31, 2025, filed with the SEC on February 18, 2026. As of the close of business on March 24, 2026, HKAM beneficially owned 10,050,070 Shares. Percentage: Approximately 14.6%
(b)	HKAM's Sole Power to Vote is 10,050,070 shares.
(c)	The transactions in the shares of HKAM following the filing of Amendment No. 9 are set forth in Schedule A and are incorporated herein by reference. This Schedule 13D does not include approximately 243,297 Shares held personally by senior portfolio managers of HKAM. The right to dividends from, or proceeds from the sale of such shares resides with the beneficial owners of such accounts, and HKAM with respect to its proprietary accounts
(d)	n/a
(e)	n/a

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

HORIZON KINETICS ASSET MANAGEMENT LLC

Signature:	/s/Jay Kesslen
Name/Title:	Jay Kesslen, General Counsel
Date:	03/26/2026

Horizon Kinetics Holding Corp

Signature:	/s/Jay Kesslen
Name/Title:	Jay Kesslen, General Counsel
Date:	03/26/2026

STAHL MURRAY

Signature:	/s/Murray Stahl
Name/Title:	Murray Stahl, Chief Executive Officer and Chief Investment Officer
Date:	03/26/2026

FAQ

How many Texas Pacific Land (TPL) shares does Horizon Kinetics report owning?

Horizon Kinetics Asset Management LLC reports beneficial ownership of 10,050,070 Texas Pacific Land common shares. This stake represents about 14.6% of the company, based on 68,941,554 shares outstanding as of February 9, 2026.

What percentage of Texas Pacific Land (TPL) is held by Horizon Kinetics?

Horizon Kinetics reports holding approximately 14.6% of Texas Pacific Land’s common stock. This percentage is calculated using 68,941,554 shares outstanding as of February 9, 2026, as disclosed in the issuer’s Form 10-K for the year ended December 31, 2025.

Who controls voting power over Horizon Kinetics’ Texas Pacific Land (TPL) shares?

Horizon Kinetics Asset Management LLC has sole voting and sole dispositive power over the 10,050,070 Texas Pacific Land shares it reports. Reported shared voting and shared dispositive power are 0, concentrating control within the investment manager for these beneficially owned shares.

What is Murray Stahl’s personal and indirect ownership in Texas Pacific Land (TPL)?

Murray Stahl directly owns 24,728 Texas Pacific Land shares, bought with personal funds, and has an indirect interest in approximately 277,326 shares. In addition, he has been awarded 2,921 shares in connection with his service on the company’s board of directors.

How were the Texas Pacific Land (TPL) shares held by Horizon Kinetics acquired?

Horizon Kinetics Asset Management LLC acquired shares using client assets for managed accounts and its own working capital for proprietary accounts. Those proprietary funds include capital deposited by its personnel, aligning some employee capital with the firm’s Texas Pacific Land investment.

Does Horizon Kinetics Holding Corp have beneficial ownership of Texas Pacific Land (TPL) shares?

Horizon Kinetics Holding Corp, as parent of Horizon Kinetics Asset Management LLC, may be deemed to beneficially own the same 10,050,070 Texas Pacific Land shares. It has not entered separate share transactions beyond those effected by HKAM and disclosed in the statement.