Horizon Kinetics (NYSE: TPL) logs small insider buy, holdings reach 3.49M shares

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC, a more than 10% owner of Texas Pacific Land Corp (TPL), reported a small open-market purchase of common stock. On January 29, 2026, it bought 1 share at $355.41 per share, bringing its directly held position to 3,487,702 shares.

A related Schedule 13D amendment previously noted Horizon Kinetics Asset Management LLC’s beneficial ownership and separate interests held directly and indirectly by Murray Stahl, who does not exercise investment discretion over the issuer’s securities.

Insider Trade Summary

Net Buyer: 1 shares ($355)

Net Buy 1 txn

Insider HORIZON KINETICS ASSET MANAGEMENT LLC

Role 10% Owner

Bought 1 shs ($355.41)

Type	Security	Shares	Price	Value
Purchase	Common Stock	1	$355.41	$355.41

Holdings After Transaction: Common Stock — 3,487,702 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)
01/29/2026

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	01/29/2026		P		1	A	$355.41	3,487,702(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	01/30/2026
	** 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.

FAQ

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

Horizon Kinetics Asset Management LLC reported buying 1 share of Texas Pacific Land Corp common stock. The trade occurred on January 29, 2026 at a price of $355.41 per share, reflecting a very small incremental increase in its already large position.

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

After the January 29, 2026 transaction, Horizon Kinetics Asset Management LLC directly holds 3,487,702 Texas Pacific Land Corp shares. This figure reflects its position following the 1-share purchase at $355.41 disclosed in the Form 4 insider trading report.

What was the price paid per share in Horizon Kinetics’ latest TPL purchase?

Horizon Kinetics Asset Management LLC paid $355.41 per share for Texas Pacific Land Corp common stock. The Form 4 shows a single-share purchase at this price on January 29, 2026, classified under transaction code “P” for an open-market or private purchase.

Is Horizon Kinetics a significant owner of Texas Pacific Land Corp (TPL)?

Yes. Horizon Kinetics Asset Management LLC is identified as a more than 10% owner of Texas Pacific Land Corp. The Form 4 reports direct ownership of 3,487,702 shares following the latest trade, indicating a substantial equity stake in the company’s common stock.

What does the footnote about Murray Stahl mean in the TPL Form 4?

The footnote explains that a prior Schedule 13D amendment detailed Murray Stahl’s direct and indirect interests but clarifies he does not exercise investment discretion over Texas Pacific Land securities. The pecuniary interest of Horizon Kinetics Asset Management LLC is what governs this Form 4 disclosure.

How does the three-for-one stock split affect Horizon Kinetics’ TPL holdings?

The footnote states that Horizon Kinetics Asset Management LLC’s disclosed pecuniary interest reflects a three-for-one stock split effective December 22, 2025. This means its reported beneficial ownership figures, including the 3,487,702 shares, are already adjusted for the split.