Horizon Kinetics (NYSE: TPL) discloses small insider buy and 3.49M shares held

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 16, 2026, the firm bought 1 share of TPL common stock at a price of $328.20 per share. Following this transaction, it reported beneficial ownership of 3,487,694 shares of TPL common stock held directly.

A related disclosure notes that Horizon Kinetics Asset Management LLC had previously reported beneficial ownership of 3,578,173 shares in a Schedule 13D amendment, and that these figures reflect a three-for-one stock split effective December 22, 2025. The footnote also clarifies that Murray 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)
01/16/2026

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	01/16/2026		P		1	A	$328.2	3,487,694(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	01/20/2026
	** 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 purchasing 1 share of Texas Pacific Land Corp common stock on January 16, 2026 at $328.20 per share.

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

After the reported transaction, Horizon Kinetics Asset Management LLC reported beneficial ownership of 3,487,694 shares of TPL common stock held directly.

Who is the reporting person on this Texas Pacific Land Corp Form 4?

The reporting person is Horizon Kinetics Asset Management LLC, which is identified as a more than 10% owner of Texas Pacific Land Corp.

Was this Form 4 transaction by Horizon Kinetics a purchase or a sale of TPL shares?

The Form 4 discloses a purchase (transaction code "P") of 1 share of Texas Pacific Land Corp common stock.

What does the Form 4 say about the prior 13D filing and the stock split for TPL?

A footnote explains that a Schedule 13D amendment filed on December 18, 2024 reported beneficial ownership of 3,578,173 shares and that the figures disclosed reflect a three-for-one stock split effective December 22, 2025.

What role does Murray Stahl have in investment decisions for Texas Pacific Land Corp shares?

The footnote states that Murray Stahl does not exercise investment discretion with respect to the securities of Texas Pacific Land Corp.