Horizon Kinetics (TPL) insider filing shows tiny 1-share TPL buy

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC, a 10% owner of Texas Pacific Land Corp, reported a very small open-market purchase of common stock. On January 21, 2026, the firm bought 1 share of TPL common stock at a price of $343.48 per share. After this trade, Horizon Kinetics Asset Management LLC directly held 3,487,696 shares of Texas Pacific Land Corp common stock.

A footnote explains that an earlier Schedule 13D amendment had reflected beneficial ownership of 3,578,173 shares and noted Murray Stahl’s separate direct and indirect interests, and that these figures reflect a three-for-one stock split effective December 22, 2025. The footnote also states that Mr. Stahl does not exercise investment discretion over the issuer’s securities.

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

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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)
01/21/2026

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	01/21/2026		P		1	A	$343.48	3,487,696(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	01/22/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transaction did Horizon Kinetics report in TPL stock?

Horizon Kinetics Asset Management LLC reported buying 1 share of Texas Pacific Land Corp (TPL) common stock on January 21, 2026 at $343.48 per share.

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

Following the reported transaction, Horizon Kinetics Asset Management LLC directly held 3,487,696 shares of Texas Pacific Land Corp common stock.

What is Horizon Kinetics Asset Management LLC’s relationship to Texas Pacific Land Corp (TPL)?

Horizon Kinetics Asset Management LLC is reported as a 10% owner of Texas Pacific Land Corp in this Form 4 filing.

What does the Form 4 footnote say about Murray Stahl’s role in TPL holdings?

The footnote notes Murray Stahl’s prior direct and indirect interests in TPL shares and states that he does not exercise investment discretion with respect to the issuer’s securities.

How does the three-for-one stock split affect the TPL share figures in this filing?

The footnote explains that the share amounts referenced, including the earlier 3,578,173 shares of beneficial ownership, reflect a three-for-one stock split effective December 22, 2025.

Was this TPL insider trade by Horizon Kinetics part of a large transaction?

No. The reported transaction was a purchase of only 1 share of Texas Pacific Land Corp common stock at $343.48 per share.