4/A: Horizon Kinetics Amends TPL Ownership, Stahl Receives Shares

Horizon Kinetics Asset Management LLC filed an amended Form 4 correcting its beneficial ownership in Texas Pacific Land Corp and detailing Murray Stahl's share grant.

Summary

• Horizon Kinetics Asset Management LLC (HKAM) filed an amendment to its Form 4, correcting its previously overstated beneficial ownership in Texas Pacific Land Corp (TPL).
• HKAM's corrected beneficial ownership in TPL Common Stock is 3,462,824 shares.
• Murray Stahl, a Director of TPL, received 554 shares of TPL Common Stock on January 5, 2026, as part of his annual board retainer for service commencing January 1, 2026.
• The reported share amounts reflect a three-for-one stock split that was effective on December 22, 2025.
• Mr. Stahl's direct beneficial ownership in TPL Common Stock is 25,268 shares.
• HKAM also reported an acquisition of 1 share of Common Stock on January 6, 2026, at a price of $296.79 per share.

Sentiment

Score: 6

Explanation: The filing is neutral to slightly positive. It primarily involves a correction of beneficial ownership, which is a procedural matter, and a routine grant of shares to a director as compensation, which aligns interests.

Positives

• Murray Stahl, a Director, received 554 shares as an annual retainer, which aligns his interests with those of shareholders.
• The filing provides increased transparency by correcting previously overstated beneficial ownership figures.

Negatives

• Previous beneficial ownership reporting by HKAM was overstated, requiring an amendment for correction, which indicates a prior reporting error.

Future Outlook

N/A

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

N/A

Related Party Transactions

• Murray Stahl, a director, received 554 shares of common stock on January 5, 2026, as the stock portion of his annual retainer for board service commencing January 1, 2026.

Stakeholder Impact

• Shareholders: Benefit from increased transparency regarding beneficial ownership and director compensation. The equity compensation further aligns the director's interests with shareholder value.
• Regulatory Authorities: The amendment demonstrates compliance with SEC reporting requirements by correcting previous disclosures.

Key Dates

Recommendation

The filing is an amendment to a Form 4, primarily correcting previously overstated beneficial ownership by Horizon Kinetics Asset Management LLC and reporting routine director compensation for Murray Stahl. These are procedural and standard corporate governance items that do not introduce new material information to warrant a change in investment recommendation. The stock split and share grants are already factored into market expectations or are minor in scope relative to the company's overall valuation.

Keywords

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