Horizon Kinetics (TPL) updates large Texas Pacific Land shareholding

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 February 2, 2026, it bought 1 share at $338.12, bringing its directly held beneficial position to 3,479,364 shares.

The filing notes that an earlier Schedule 13D amendment showed 3,578,173 shares beneficially owned and detailed Murray Stahl’s separate direct and indirect interests. It also explains that a change in holdings reflects 8,340 shares delivered without consideration as part of a client in‑kind redemption, and that Mr. Stahl does not exercise investment discretion over the issuer’s securities.

Insider Trade Summary

Net Buyer: 1 shares ($338)

Net Buy 1 txn

Insider HORIZON KINETICS ASSET MANAGEMENT LLC

Role 10% Owner

Bought 1 shs ($338.12)

Type	Security	Shares	Price	Value
Purchase	Common Stock	1	$338.12	$338.12

Holdings After Transaction: Common Stock — 3,479,364 shares (Direct)

Footnotes (1)

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. Mr. Stahl does not exercise investment discretion with respect to the securities of the Issuer. The change represents a reduction of 8,340 shares delivered without consideration as part of a client in-kind redemption.

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)
02/02/2026

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	02/02/2026		P		1	A	$338.12	3,479,364(1)(2)	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. Mr. Stahl does not exercise investment discretion with respect to the securities of the Issuer.

2. The change represents a reduction of 8,340 shares delivered without consideration as part of a client in-kind redemption.

	/s/ Jay Kesslen, attorney-in-fact	02/03/2026
	** 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 TPL stock?

Horizon Kinetics Asset Management LLC reported buying 1 share of Texas Pacific Land common stock. The purchase occurred on February 2, 2026, at a price of $338.12 per share, according to the Form 4 insider trading report.

How many Texas Pacific Land (TPL) shares does Horizon Kinetics now hold?

After the reported transaction, Horizon Kinetics Asset Management LLC beneficially owns 3,479,364 shares of Texas Pacific Land common stock. This figure reflects its directly held position following the 1‑share purchase disclosed in the February 2, 2026 transaction.

What was the price paid for the TPL shares in this Form 4 filing?

The filing shows a purchase price of $338.12 per share for the Texas Pacific Land common stock. This price applies to a single share acquired by Horizon Kinetics Asset Management LLC on February 2, 2026, in an open‑market transaction.

Does the Form 4 mention any reduction in Texas Pacific Land shares?

Yes. A footnote explains that a change in holdings reflects a reduction of 8,340 Texas Pacific Land shares. These shares were delivered without consideration as part of a client in‑kind redemption, affecting the overall reported beneficial ownership.

What does the filing say about Murray Stahl’s role in TPL investments?

The filing notes that Murray Stahl does not exercise investment discretion over Texas Pacific Land securities. It references a prior Schedule 13D amendment that detailed his separate direct and indirect interests, distinguishing them from Horizon Kinetics Asset Management LLC’s pecuniary interest.

What prior beneficial ownership did Horizon Kinetics report for TPL?

A referenced Schedule 13D amendment dated December 18, 2024 reported beneficial ownership of 3,578,173 Texas Pacific Land shares. The current Form 4 clarifies Horizon Kinetics Asset Management LLC’s pecuniary interest and explains subsequent changes, including an 8,340‑share in‑kind client redemption.