Texas Pacific Land (NYSE: TPL) adds Horizon Kinetics director with 14.7% stake

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC and its parent Horizon Kinetics Holding Corp filed Amendment No. 11 to their Schedule 13D on Texas Pacific Land Corp. They report beneficial ownership of 10,109,933 shares of common stock, representing about 14.7% of the company based on 68,974,429 shares outstanding.

Horizon Kinetics holds sole voting and dispositive power over these shares through managed accounts and describes its position as for investment purposes, with flexibility to buy or sell over time. On May 5, 2026, Co‑CEO Peter Doyle of Horizon Kinetics Asset Management was appointed to Texas Pacific Land’s board of directors under a Board Representative Agreement, and will stand for re‑election at the 2026 annual meeting, also joining the board’s strategic acquisitions committee.

Insights

Equity ownership and governance analyst

Horizon Kinetics discloses a 14.7% TPL stake and gains a board seat through a representation agreement.

Horizon Kinetics Asset Management reports beneficial ownership of 10,109,933 Texas Pacific Land common shares, about 14.7% of the company based on 68,974,429 shares outstanding as of April 30, 2026. The filing confirms sole voting and dispositive power over these shares through managed accounts.

The disclosure describes the position as held for investment purposes but notes that Horizon Kinetics may buy or sell shares in the ordinary course. Importantly, Co‑CEO Peter Doyle has been appointed to the board under a Board Representative Agreement and will stand for re‑election at the 2026 annual meeting, also joining the strategic acquisitions committee. This links a sizeable ownership stake with direct board representation, which can influence strategic discussions.

Key Figures

Beneficial ownership: 10,109,933 shares Ownership percentage: 14.7% Shares outstanding: 68,974,429 shares +3 more

6 metrics

Beneficial ownership 10,109,933 shares Texas Pacific Land common stock held by HKAM as of May 5, 2026

Ownership percentage 14.7% Percent of Texas Pacific Land common stock based on 68,974,429 shares outstanding

Shares outstanding 68,974,429 shares Texas Pacific Land shares outstanding as of April 30, 2026

Sole voting power 10,109,933 shares Shares over which HKAM has sole voting power

Sole dispositive power 10,109,933 shares Shares over which HKAM has sole dispositive power

Event date May 5, 2026 Date triggering the amendment and Peter Doyle’s board appointment

Key Terms

beneficially owned, Board Representative Agreement, Managed Accounts, strategic acquisitions committee, +1 more

5 terms

beneficially owned financial

"with respect to the shares of common stock of the Issuer beneficially owned by Managed Accounts."

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

Board Representative Agreement regulatory

"entered into a Board Representative Agreement (the Agreement) with HKHC and HKAM"

Managed Accounts financial

"manages funds and accounts (Managed Accounts) that hold securities of the Issuer."

Managed accounts are collections of investments owned by an individual or institution but run day-to-day by a professional who buys, sells and allocates assets according to an agreed plan. They matter to investors because they provide tailored oversight, active risk control and potential tax efficiency—like hiring a personal chef to manage your diet—while fees and the manager’s skill directly affect returns.

strategic acquisitions committee financial

"Mr. Doyle was also appointed to serve on the strategic acquisitions committee of the Board."

Schedule 13D regulatory

"This is being filed by HKAM... filed with the Securities and Exchange Commission"

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.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 11)

Texas Pacific Land Corp

(Name of Issuer)

Common Stock

(Title of Class of Securities)

88262P102

(CUSIP Number)

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

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

05/05/2026

(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 10,109,933.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 10,109,933.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

10,109,933.00

12

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

13

Percent of class represented by amount in Row (11)

14.7 %

14

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person:

Horizon Kinetics Asset Management LLC (HKAM) is a Delaware limited liability company and a wholly owned subsidiary of Horizon Kinetics Holding Corporation (HKHC), a Delaware corporation, and manages funds and accounts (Managed Accounts) that hold securities of the Issuer. The following constitutes Amendment No. 11 to the Schedule 13D filed by the undersigned Amendment No. 11. This Amendment No. 11 amends, supplements and to the extent inconsistent with, supersedes the initial Schedule 13D filed with the Securities and Exchange Commission (the SEC) on April 9, 2026, 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, 2024, Amendment No. No. 9 filed with the SEC on March 26, 2026, Amendment No. 10 filed with the SEC on April 13, 2026 (Amendment No. 10 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 10,109,933.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 10,109,933.00
10	Shared Dispositive Power

11

Aggregate amount beneficially owned by each reporting person

10,109,933.00

12

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

13

Percent of class represented by amount in Row (11)

14.7 %

14

Type of Reporting Person (See Instructions)

HC

Comment for Type of Reporting Person:

HKHC is the parent company to HKAM, a registered investment adviser. HKHC may be deemed to beneficially own the 10,109,933 shares beneficially owned by HKAM. HKHC has not entered into any separate transactions in the shares following the filing of Amendment No. 10 other than those listed under Schedule A, which were effectuated by HKAM.

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 2.	Identity and Background
(a)	Item 2 (a) is hereby amended and restated in its entirety to read as follows: This Schedule 13D is being filed by HKAM, a Delaware limited liability company and wholly owned subsidiary of HKHC, the parent company to HKAM, with respect to the shares of common stock of the Issuer beneficially owned by Managed Accounts. On May 5, 2026, Peter Doyle, who serves as Co-Chief Executive Officer of HKAM, was elected to the Board of Directors of the Issuer.
Item 4.	Purpose of Transaction
	Item 4 is hereby amended and restated in its entirety to read as follows: HKAM acquired the securities reported herein on behalf of the Managed Accounts for investment purposes. In the ordinary course of its business, HKAM intends to regularly review its equity interest in the Issuer and may, from time to time, acquire additional shares or other securities of the Issuer. While HKAM has no present intention to dispose of all or any portion of the shares beneficially owned by Managed Accounts, it may sell shares from time to time for a number of reasons, not limited to client requests, regulatory or investment limitations or other reasons. Any such sales of securities of the Issuer may be in the open market, privately negotiated transactions or otherwise. On May 5, 2026, Peter Doyle, who serves as Co-Chief Executive Officer of HKAM, was elected to the Board of Directors of the Issuer. Additional details are disclosed in Item 6 below and are hereby incorporated by reference.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5 is hereby amended and restated in its entirety to read as follows: Percentages calculated herein are based upon the 68,974,429 shares outstanding as of April 30, 2026, as reported in TPL's Form 10-Q filed with the SEC on May 6, 2026. As of the close of business on May 5, 2026, HKAM beneficially owned 10,109,933 shares of common stock, representing approximately 14.7%. Neither the filing of this Schedule 13D nor any of its contents shall be deemed to constitute an admission that HKAM is the beneficial owner of the common stock referred to herein for purposes of Sections 13(d) and or 16 of the Securities Exchange Act of 1934, or for any other purpose, and such beneficial ownership is expressly disclaimed, except to the extent of its pecuniary interest therein.
(b)	HKAM's sole power to vote is 10,109,933 shares.
(c)	Except as set forth in Schedule A attached hereto as Exhibit 99, neither HKAM or HKHC has effected any transactions in common stock in the past 60 days.
(d)	Except for Managed Accounts, who may have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, common stock, no other person is known by HKAM or HKHC to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, any common stock that may be beneficially owned by HKAM or HKHC.
(e)	n/a
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	On May 5, 2026, Texas Pacific Land Corporation, a Delaware corporation (the Company), entered into a Board Representative Agreement (the Agreement) with HKHC and HKAM (together and collectively with their respective affiliates, including the HK Funds (as defined in the Agreement), Horizon). Pursuant to the Agreement, the Company has agreed to, among other things, nominate a designee of Horizon (the HK Designee) for election to the board of directors of the Company (the Board), subject to the approval of the nominating and corporate governance committee of the Board, at the Company's 2026 annual meeting of stockholders (the 2026 Annual Meeting). Pursuant to the Agreement, Peter Doyle has been selected as the HK Designee. On May 5, 2026, the Board appointed Peter Doyle to the Board, subject to the terms of the full Agreement. Mr. Doyle will stand for re-election at the 2026 Annual Meeting. Mr. Doyle was also appointed to serve on the strategic acquisitions committee of the Board. The entire Agreement is hereby incorporated by reference. https://www.sec.gov/ix?doc=/Archives/edgar/data/0001811074/000181107426000033/tpl-20260505.htm
Item 7.	Material to be Filed as Exhibits.
	Exhibit 99 - 60 Day Trading History

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
Date:	05/07/2026

Horizon Kinetics Holding Corp

Signature:	/s/Jay Kesslen
Name/Title:	Jay Kesslen, General Counsel
Date:	05/07/2026

FAQ

What stake does Horizon Kinetics report in Texas Pacific Land (TPL)?

Horizon Kinetics Asset Management reports beneficial ownership of 10,109,933 Texas Pacific Land common shares, representing about 14.7% of the company. This percentage is calculated using 68,974,429 shares outstanding as of April 30, 2026, as disclosed in Texas Pacific Land’s Form 10-Q.

Who is the reporting person in this Texas Pacific Land (TPL) Schedule 13D/A?

The Schedule 13D/A is filed by Horizon Kinetics Asset Management LLC, a Delaware LLC, and its parent Horizon Kinetics Holding Corp. HKAM manages funds and accounts that hold Texas Pacific Land shares, while HKHC may be deemed to beneficially own those shares through its ownership of HKAM.

Did Horizon Kinetics gain board representation at Texas Pacific Land (TPL)?

Yes. Under a Board Representative Agreement, Texas Pacific Land agreed to nominate a Horizon designee. On May 5, 2026, Peter Doyle, Co‑CEO of Horizon Kinetics Asset Management, was appointed to the board, will stand for re‑election at the 2026 annual meeting, and joined the strategic acquisitions committee.

How much voting power does Horizon Kinetics have in Texas Pacific Land (TPL)?

Horizon Kinetics Asset Management reports sole voting power and sole dispositive power over 10,109,933 Texas Pacific Land common shares. The filing notes no shared voting or shared dispositive power, concentrating control of this 14.7% beneficial stake within the Horizon Kinetics managed accounts structure.

What is Horizon Kinetics’ stated purpose for holding Texas Pacific Land (TPL) shares?

Horizon Kinetics states it acquired Texas Pacific Land securities on behalf of managed accounts for investment purposes. It intends to review its equity interest in the ordinary course and may buy additional shares or sell shares over time, including via open market or privately negotiated transactions.

How were the ownership percentages for Horizon Kinetics in TPL calculated?

The approximately 14.7% ownership figure is based on 10,109,933 Texas Pacific Land common shares held by Horizon Kinetics Asset Management relative to 68,974,429 shares outstanding as of April 30, 2026, as reported in the company’s Form 10-Q filed with the SEC on May 6, 2026.