Horizon Kinetics ups Texas Pacific Land (TPL) stake with small share buy

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC, a more than 10% owner of Texas Pacific Land Corp, reported a small open-market purchase of 1 share of common stock on January 28, 2026 at $350.7 per share. Following this transaction, it beneficially owned 3,487,701 shares directly.

A prior Schedule 13D amendment dated December 18, 2024 had noted Horizon Kinetics Asset Management LLC’s beneficial ownership of 3,578,173 shares, as well as Murray Stahl’s separate direct and indirect interests. The share figures reflect a three-for-one stock split effective December 22, 2025, and Murray Stahl does not exercise investment discretion over the issuer’s securities.

Insider Trade Summary

Net Buyer: 1 shares ($351)

Net Buy 1 txn

Insider HORIZON KINETICS ASSET MANAGEMENT LLC

Role 10% Owner

Bought 1 shs ($350.70)

Type	Security	Shares	Price	Value
Purchase	Common Stock	1	$350.70	$350.70

Holdings After Transaction: Common Stock — 3,487,701 shares (Direct)

Footnotes (1)

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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 NY 10016

(City) (State) (Zip)

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)

3. Date of Earliest Transaction (Month/Day/Year)
01/28/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

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	01/28/2026		P		1	A	$350.7	3,487,701(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 December 18, 2024, Horizon Kinetics Asset Management LLC (HKAM) filed an amendment to its Schedule 13D, in which it noted beneficial ownership of 3,578,173 shares and Murray Stahl's direct interest in 7,848 shares and his indirect interest in approximately 156,083 shares. The extent of HKAM's pecuniary interest in the shares beneficially owned is disclosed herein and reflects a three-for-one stock split effective December 22, 2025. Mr. Stahl does not exercise investment discretion with respect to the securities of the Issuer.

	/s/ Jay Kesslen, attorney-in-fact	01/29/2026
	** 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.

FAQ

What insider transaction did Horizon Kinetics report in Texas Pacific Land Corp (TPL)?

Horizon Kinetics Asset Management LLC reported buying 1 share of Texas Pacific Land Corp common stock. The purchase occurred on January 28, 2026 at a price of $350.7 per share, and is reported as a direct ownership transaction under Section 16 rules.

How many Texas Pacific Land Corp (TPL) shares does Horizon Kinetics beneficially own after this Form 4?

After the reported transaction, Horizon Kinetics Asset Management LLC beneficially owned 3,487,701 shares of Texas Pacific Land Corp common stock. This figure reflects its direct holdings as of the Form 4 and incorporates the effect of the company’s three-for-one stock split effective December 22, 2025.

What was the purchase price in Horizon Kinetics’ latest Texas Pacific Land (TPL) Form 4 filing?

The reported purchase price was $350.7 per share for 1 share of Texas Pacific Land Corp common stock. This transaction occurred on January 28, 2026 and is recorded as an open-market purchase under transaction code “P” on the Form 4.

What ownership role does Horizon Kinetics Asset Management LLC have in Texas Pacific Land Corp (TPL)?

Horizon Kinetics Asset Management LLC is identified as a more than 10% owner of Texas Pacific Land Corp. As a 10% owner, it must report transactions in the company’s securities on Form 4 under Section 16, detailing changes in its beneficial ownership position.

How does the three-for-one stock split affect Texas Pacific Land (TPL) share figures in this Form 4?

The share counts disclosed for Horizon Kinetics Asset Management LLC and related interests reflect a three-for-one stock split effective December 22, 2025. This means the beneficial ownership figures, including the 3,487,701 shares, are already adjusted for the increased number of shares outstanding post-split.

What is Murray Stahl’s role in the Texas Pacific Land Corp (TPL) ownership disclosed here?

A prior Schedule 13D amendment noted Murray Stahl’s direct interest in 7,848 shares and indirect interest in approximately 156,083 shares of Texas Pacific Land Corp. However, it also states that Mr. Stahl does not exercise investment discretion over the issuer’s securities reported in this context.