Horizon Kinetics (NYSE: TPL) updates 14.5% Texas Pacific Land stake

Rhea-AI Filing Summary

Texas Pacific Land Corp’s large shareholder Horizon Kinetics Asset Management LLC reports beneficial ownership of 9,974,556 common shares, representing approximately 14.5% of the company, based on 68,941,554 shares outstanding as of February 9, 2026. Horizon Kinetics Holding Corp, the parent of the adviser, may be deemed to share this beneficial ownership. The amendment also notes that Murray Stahl, a director of the issuer and senior executive at Horizon Kinetics entities, passed away on April 7, 2026, so shares held directly by him are no longer included, and the filing excludes about 217,489 shares held by senior portfolio managers.

Insights

Equity ownership & governance analyst

Horizon Kinetics reaffirms a 14.5% TPL stake and removes a deceased insider from the group.

Horizon Kinetics Asset Management LLC reports beneficial ownership of 9,974,556 Texas Pacific Land shares, about 14.5% of the outstanding stock, calculated against 68,941,554 shares as of February 9, 2026. Parent company Horizon Kinetics Holding Corp may be deemed to share this beneficial ownership.

The amendment clarifies that shares directly held by Murray Stahl, a former director of the issuer and senior Horizon Kinetics executive who passed away on April 7, 2026, are no longer included. It also notes that roughly 217,489 shares held by senior portfolio managers are outside this group filing.

This keeps investors informed about concentrated ownership and control: Horizon Kinetics retains sole voting and dispositive power over 9,974,556 shares, while the removal of Stahl’s personal holdings slightly changes how insider and affiliated positions are presented in future beneficial ownership reports.

Key Figures

Beneficial ownership: 9,974,556 shares Ownership percentage: 14.5% Shares outstanding: 68,941,554 shares +3 more

6 metrics

Beneficial ownership 9,974,556 shares HKAM beneficially owned as of close of business on April 9, 2026

Ownership percentage 14.5% Percent of Texas Pacific Land common stock represented by 9,974,556 shares

Shares outstanding 68,941,554 shares Shares outstanding as of February 9, 2026 from TPL Form 10-K

Excluded manager-held shares Approximately 217,489 shares Shares held by senior portfolio managers of HKAM excluded from this 13D amendment

Date of triggering event April 7, 2026 Date Murray Stahl, a director and reporting person, passed away

Sole voting power 9,974,556 shares HKAM’s sole voting power over Texas Pacific Land Corp common stock

Key Terms

beneficially owned, sole voting power, sole dispositive power, Schedule 13D Amendment, +2 more

6 terms

beneficially owned financial

"As of the close of business on April 9, 2026, HKAM beneficially owned 9,974,556 Shares."

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.

sole voting power financial

"HKAM's Sole Power to vote is 9,974,556 shares."

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

sole dispositive power financial

"Sole Dispositive Power 9,974,556.00"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

Schedule 13D Amendment regulatory

"This Schedule 13 D Amendment does not include approximately 217,489 shares held by senior portfolio managers"

registered investment adviser financial

"HKHC is the parent company to HKAM, a registered investment adviser."

A registered investment adviser (RIA) is a firm or individual legally registered with regulators to give personalized investment advice and manage clients' money, with a duty to put clients’ interests ahead of their own. Think of an RIA as a licensed financial guide who must disclose fees, conflicts and how they are paid; that transparency and legal duty matter to investors because it reduces the risk of hidden costs or biased recommendations.

percent of class financial

"Percent of class represented by amount in Row (11) 14.5 %"

Percent of class is the portion of a specific category of securities—such as a company’s common shares, preferred shares, or a bond series—that takes part in or approves a corporate action (vote, consent, tender, etc.). Investors watch this number because it reveals how much support or opposition exists within that particular shareholder group; like counting how many members of a club back a proposal, it can determine whether a plan passes or how influence is distributed.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 10)

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)

04/07/2026

(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 9,974,556.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 9,974,556.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

9,974,556.00

12

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

13

Percent of class represented by amount in Row (11)

14.5 %

14

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person:

Horizon Kinetics Asset Management LLC (HKAM) is a wholly owned subsidiary of Horizon Kinetics Holding Corporation (HKHC). The following constitutes Amendment No. 10 to the Schedule 13D filed by the undersigned (Amendment No. 10). This Amendment No. 10 amends, supplements and to the extent inconsistent with, supersedes the initial Schedule 13D filed with the Securities and Exchange Commission (the SEC) on March 26, 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. 9 and, collectively with the initial Schedule 13D filed on January 12, 2021 and each subsequent amendment thereto, the Schedule 13D). On April 7, 2026, Murray Stahl, a Director of the Issuer and Chief Executive Officer of HKAM, passed unexpectedly.

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 9,974,556.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 9,974,556.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

9,974,556.00

12

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

13

Percent of class represented by amount in Row (11)

14.5 %

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 9,974,556 shares beneficially owned by HKAM. HKHC has not entered into any separate transactions in the shares following the filing of Amendment No. 9 other than those listed under Schedule A, which were effectuated by HKAM. On April 7, 2026, Murray Stahl, a Director of the Issuer, and Chairman of HKHC, passed unexpectedly.

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)	On April 7, 2026, Murray Stahl, Director of the Issuer, passed away. As a result, Mr. Stahl, will no longer be included on any future filings.
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 April 9, 2026, HKAM beneficially owned 9,974,556 Shares. Percentage: Approximately 14.5% On April 7, 2026, Murray Stahl, a Director of the Issuer and a Reporting Person passed unexpectedly. As a result, shares directly held by Mr. Stahl are no longer included in this filing.
(b)	HKAM's Sole Power to vote is 9,974,556 shares.
(c)	The transactions in the shares of HKAM following the the filing Amendment No. 10 are set forth in Schedule A and are incorporated herein by reference. This Schedule 13 D Amendment does not include approximately 217,489 shares held by senior portfolio managers of HKAM and does not include shares previously held by Mr. Stahl.
(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:	04/13/2026

Horizon Kinetics Holding Corp

Signature:	/s/Jay Kesslen
Name/Title:	Jay Kesslen, General Counsel
Date:	04/13/2026

FAQ

How many Texas Pacific Land Corp (TPL) shares does Horizon Kinetics beneficially own?

Horizon Kinetics Asset Management LLC beneficially owns 9,974,556 Texas Pacific Land Corp common shares. This represents approximately 14.5% of the company, based on 68,941,554 shares outstanding as of February 9, 2026, according to the amended Schedule 13D filing.

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

Horizon Kinetics reports beneficial ownership of about 14.5% of Texas Pacific Land Corp. This percentage is calculated using 9,974,556 shares held versus 68,941,554 total shares outstanding as of February 9, 2026, as disclosed in the company’s Form 10-K.

Who are the reporting persons in this Texas Pacific Land Corp (TPL) Schedule 13D/A?

The reporting persons are Horizon Kinetics Asset Management LLC and its parent, Horizon Kinetics Holding Corp. HKAM directly holds 9,974,556 TPL shares, while HKHC may be deemed to beneficially own the same shares through its ownership of HKAM, as stated in the amendment.

How did Murray Stahl’s passing affect the Texas Pacific Land Corp (TPL) ownership disclosure?

The amendment explains that Murray Stahl, a director of Texas Pacific Land and senior Horizon Kinetics executive, passed away on April 7, 2026. As a result, shares held directly by him are no longer included in this Schedule 13D filing, adjusting the composition of the reported group holdings.

Does the Schedule 13D/A for Texas Pacific Land Corp (TPL) include all shares managed by Horizon Kinetics?

No. The filing states it does not include approximately 217,489 shares held by senior portfolio managers of Horizon Kinetics Asset Management and also excludes shares that were previously held directly by Murray Stahl. Only the 9,974,556 shares attributed to HKAM are counted in the reported 14.5% stake.

What voting power does Horizon Kinetics report over Texas Pacific Land Corp (TPL) shares?

Horizon Kinetics Asset Management LLC reports sole voting power and sole dispositive power over 9,974,556 Texas Pacific Land shares. The filing shows no shared voting or shared dispositive power, indicating that HKAM alone controls how these shares are voted and whether they are sold.