Horizon Kinetics lifts Texas Pacific Land (TPL) stake to 3,487,703 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 30, 2026, it bought 1 share at a price of $345.57.

Following this transaction, the firm directly beneficially owned 3,487,703 shares of Texas Pacific Land common stock. A related disclosure notes a prior Schedule 13D showing earlier ownership levels, adjusted for a three-for-one stock split effective December 22, 2025, and states 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)
01/30/2026

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	01/30/2026		P		1	A	$345.57	3,487,703(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	02/02/2026
	** 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 transaction did Horizon Kinetics report for Texas Pacific Land (TPL)?

Horizon Kinetics Asset Management LLC reported buying 1 share of Texas Pacific Land common stock. The purchase occurred on January 30, 2026 at a price of $345.57 per share, reflecting a very small incremental increase to its existing large ownership position.

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

After the reported transaction, Horizon Kinetics Asset Management LLC beneficially owned 3,487,703 shares of Texas Pacific Land common stock. This figure represents its direct holdings as disclosed in the Form 4 filed under Section 16 of the Securities Exchange Act of 1934.

What was the purchase price in the latest Horizon Kinetics Form 4 for TPL?

The Form 4 shows Horizon Kinetics Asset Management LLC purchased 1 share of Texas Pacific Land at $345.57. This price reflects the cost per share in the single reported open-market transaction dated January 30, 2026 for the company’s common stock.

Why is Murray Stahl mentioned in the Texas Pacific Land (TPL) Form 4 footnote?

The footnote references an earlier Schedule 13D that detailed Murray Stahl’s direct and indirect interests in Texas Pacific Land shares. It clarifies those figures, notes a three-for-one stock split, and states that Murray Stahl does not exercise investment discretion over the issuer’s securities.

How does the three-for-one stock split affect Texas Pacific Land (TPL) ownership figures?

The footnote explains that the reported beneficial ownership reflects a three-for-one stock split effective December 22, 2025. This means earlier share counts noted in the related Schedule 13D were adjusted, tripling the number of shares while proportionally adjusting per-share price-based metrics.

Is Horizon Kinetics a significant shareholder of Texas Pacific Land (TPL)?

Yes. The Form 4 lists Horizon Kinetics Asset Management LLC as a more than 10% owner of Texas Pacific Land. Its beneficial ownership of 3,487,703 common shares indicates a substantial stake, qualifying the firm as a major shareholder subject to Section 16 reporting requirements.