Horizon Kinetics (TPL holder) updates 3.48M-share Texas Pacific stake

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 February 6, 2026 at a price of $360.24 per share.

After this transaction, Horizon Kinetics Asset Management LLC beneficially owns 3,479,368 shares directly. A prior Schedule 13D amendment had noted 3,578,173 shares of beneficial ownership and identified Murray Stahl’s separate direct and indirect interests. The filing reiterates that Mr. Stahl does not exercise investment discretion over Texas Pacific Land securities.

Insider Trade Summary

Net Buyer: 1 shares ($360)

Net Buy 1 txn

Insider HORIZON KINETICS ASSET MANAGEMENT LLC

Role 10% Owner

Bought 1 shs ($360.24)

Type	Security	Shares	Price	Value
Purchase	Common Stock	1	$360.24	$360.24

Holdings After Transaction: Common Stock — 3,479,368 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)
02/06/2026

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	02/06/2026		P		1	A	$360.24	3,479,368(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	02/09/2026
	** 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 Corp common stock at $360.24 on February 6, 2026. This was an open-market purchase and slightly increased its already large beneficial ownership position in the company.

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

Following the reported transaction, Horizon Kinetics Asset Management LLC beneficially owns 3,479,368 shares of Texas Pacific Land Corp common stock. This reflects its direct holdings after the February 6, 2026 trade and follows an earlier Schedule 13D amendment describing a larger beneficial ownership position.

What price did Horizon Kinetics pay for the latest TPL share purchase?

Horizon Kinetics Asset Management LLC paid $360.24 for the single share of Texas Pacific Land Corp common stock purchased on February 6, 2026. The filing classifies this as a purchase transaction and updates the firm’s total directly held share count.

Is Horizon Kinetics considered a 10% owner of Texas Pacific Land (TPL)?

Yes, Horizon Kinetics Asset Management LLC is identified as a more than 10% owner of Texas Pacific Land Corp. Its Form 4 filing reflects this status and updates its direct beneficial ownership to 3,479,368 common shares after the February 6, 2026 purchase.

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

The filing notes that an earlier Schedule 13D amendment detailed Murray Stahl’s direct and indirect interests in Texas Pacific Land shares. It also specifies that Mr. Stahl does not exercise investment discretion over the issuer’s securities held by Horizon Kinetics Asset Management LLC.

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

The filing states that Horizon Kinetics Asset Management LLC’s disclosed pecuniary interest reflects a three-for-one stock split effective December 22, 2025. This means the beneficial ownership figures incorporate the impact of that split on Texas Pacific Land Corp common shares.