Horizon Kinetics boosts Texas Pacific Land (TPL) stake to 3.49M shares

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 common stock. On January 26, 2026, it bought 1 share of Texas Pacific Land common stock at $341.94 per share. After this transaction, Horizon Kinetics Asset Management LLC beneficially owned 3,487,699 shares of the company’s common stock on a direct basis. A prior Schedule 13D amendment referenced a three-for-one stock split effective December 22, 2025 and clarified that Murray Stahl does not exercise investment discretion over these 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)
01/26/2026

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	01/26/2026		P		1	A	$341.94	3,487,699(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	01/27/2026
	** 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?

Horizon Kinetics Asset Management LLC reported buying 1 share of Texas Pacific Land Corp common stock on January 26, 2026 at a price of $341.94 per share.

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

Following the reported transaction, Horizon Kinetics Asset Management LLC beneficially owned 3,487,699 shares of Texas Pacific Land Corp common stock in direct ownership.

What is Horizon Kinetics’ relationship to Texas Pacific Land Corp (TPL)?

Horizon Kinetics Asset Management LLC is reported as a more than 10% owner of Texas Pacific Land Corp, making it a significant shareholder.

Was this Form 4 transaction by an individual or an entity in TPL?

The transaction was reported by the entity Horizon Kinetics Asset Management LLC, not by an individual, and is classified as direct (D) ownership.

What stock split is referenced in the Horizon Kinetics filing for TPL?

The footnote notes that share figures reflect a three-for-one stock split of Texas Pacific Land Corp common stock that was effective on December 22, 2025.

What role does Murray Stahl have in the Texas Pacific Land (TPL) holdings mentioned?

The footnote explains that earlier disclosures referenced Murray Stahl’s direct and indirect interests, and that Mr. Stahl does not exercise investment discretion over Texas Pacific Land Corp securities held by Horizon Kinetics Asset Management LLC.