4/A: Horizon Kinetics Amends TPL Ownership Post-Split

Horizon Kinetics Asset Management LLC and Director Murray Stahl amended their beneficial ownership report for Texas Pacific Land Corp, reflecting recent transactions and a three-for-one stock split.

Summary

• Horizon Kinetics Asset Management LLC (HKAM), a 10% owner and director, reported beneficial ownership of 3,487,539 shares of Texas Pacific Land Corp common stock.
• Director Murray Stahl reported direct beneficial ownership of 25,268 shares of Texas Pacific Land Corp common stock.
• HKAM acquired 1 share of common stock on January 6, 2026, at a price of $296.79.
• Murray Stahl acquired 554 shares of common stock on January 5, 2025, as part of his annual board retainer, with a price of $0.
• The reported share numbers reflect a three-for-one stock split that was effective on December 22, 2025.
• Murray Stahl, while Chairman, Chief Executive Officer, and Chief Investment Officer of HKAM, does not participate in investment decisions regarding TPL securities managed by HKAM and disclaims beneficial ownership over those shares except to the extent of his pecuniary interest.

Sentiment

Score: 6

Explanation: The filing is neutral in nature, primarily a factual disclosure of insider transactions and beneficial ownership. The stock split and director's stock compensation are generally viewed positively as they align interests and potentially improve liquidity, but the filing itself does not contain performance-related news.

Positives

• Increased direct ownership by a director (Murray Stahl) through an annual retainer, which aligns management interests with shareholders.
• Continued significant beneficial ownership by Horizon Kinetics Asset Management LLC, indicating ongoing institutional confidence in Texas Pacific Land Corp.

Future Outlook

The filing primarily reports past transactions and current beneficial ownership, with no explicit forward-looking statements or guidance provided beyond the commencement date of Murray Stahl's board service for which shares were granted.

Management Comments

• Mr. Stahl does not exercise investment discretion with respect to the securities of the Issuer.
• Mr. Stahl disclaims beneficial ownership over the shares reported except to the extent of his pecuniary interest, if any.

Industry Context

This Form 4/A filing reflects routine insider ownership disclosures following a stock split and director compensation. It does not provide broader industry context but indicates continued engagement by a significant institutional investor and director in Texas Pacific Land Corp, a company primarily involved in land and mineral rights in Texas.

Comparison to Industry Standards

• This filing is a standard disclosure of insider transactions and beneficial ownership, which is a common practice across publicly traded companies.
• The stock split is a corporate action that typically aims to increase liquidity and make shares more accessible, a strategy employed by various companies across industries.
• The director's compensation in stock aligns with common corporate governance practices to incentivize long-term performance and align interests with shareholders.

Corporate Governance

Stakeholder Impact

• Shareholders: The stock split impacts the number of shares held and the per-share price, potentially increasing liquidity. The director's stock compensation aligns management interests with shareholders.

Next Steps

• No specific future actions, events, or milestones are mentioned in this filing beyond the effective date of the stock split and the commencement of board service for which shares were granted.

Key Dates

Recommendation

This Form 4/A filing is a routine disclosure of insider beneficial ownership changes and does not contain information that would fundamentally alter the investment thesis for Texas Pacific Land Corp. The reported transactions, including a minor acquisition by Horizon Kinetics and stock compensation for a director, are standard corporate events, especially in the context of a recent stock split. There is no new information to warrant a change from a 'hold' position based solely on this filing.

Keywords

Texas Pacific Land Corp, TPL, Horizon Kinetics Asset Management, Murray Stahl, Beneficial Ownership, SEC Form 4/A, Stock Split, Insider Ownership, Director Compensation