Form 4: Horizon Kinetics Boosts TPL Stake Post-Split

Horizon Kinetics Asset Management LLC reported a purchase of Texas Pacific Land Corp common stock following a three-for-one stock split.

Summary

• Horizon Kinetics Asset Management LLC (HKAM), a 10% owner and director of Texas Pacific Land Corp (TPL), reported a transaction.
• HKAM acquired 1 share of TPL common stock on January 8, 2026, at a price of $291.9 per share.
• Following this transaction, HKAM beneficially owns 3,488,094 shares of TPL common stock directly.
• This reported ownership reflects a three-for-one stock split that was effective on December 22, 2025.
• An earlier Schedule 13D amendment on December 18, 2024, indicated HKAM's beneficial ownership of 3,578,173 shares before the stock split adjustment.
• Murray Stahl has a direct interest in 7,848 shares and an indirect interest in approximately 156,083 shares, but does not exercise investment discretion over the Issuer's securities.

Sentiment

Score: 5

Explanation: Neutral. The filing reports a routine insider transaction (a small purchase) and a stock split, neither of which inherently indicates strong positive or negative sentiment. The purchase is too small to be a strong positive signal.

Positives

• A significant shareholder and director, Horizon Kinetics Asset Management LLC, increased its direct beneficial ownership in Texas Pacific Land Corp, albeit by a minimal amount (1 share).
• The reporting of the transaction indicates transparency and compliance with SEC regulations.

Negatives

• The reported purchase of only 1 share is a minimal increase and does not represent a substantial new investment or a strong signal of confidence.

Future Outlook

This Form 4 primarily reports a past transaction and does not contain forward-looking statements or guidance regarding the company's future performance or strategy.

Industry Context

This filing is a routine insider transaction report and does not provide broader industry trends or competitive analysis. The reported stock split is a company-specific event.

Corporate Governance

Related Party Transactions

• Horizon Kinetics Asset Management LLC, a 10% owner and director, acquired 1 share of Texas Pacific Land Corp common stock at $291.9 per share on January 8, 2026.

Stakeholder Impact

• Shareholders: The three-for-one stock split impacts the number of shares held and the per-share price, but not the overall value of their holdings. The insider purchase, though minimal, could be perceived as a minor vote of confidence.

Key Dates

Recommendation

This Form 4 reports a minimal insider purchase of 1 share by Horizon Kinetics Asset Management LLC, a 10% owner and director, following a stock split. Such a small transaction does not provide a strong signal for a 'buy' or 'sell' recommendation. The primary information is a routine disclosure of beneficial ownership adjustments due to a stock split and a negligible transaction. Therefore, a 'hold' recommendation is appropriate as there's no new material information to change an existing investment thesis.

Keywords

Texas Pacific Land Corp, TPL, Horizon Kinetics Asset Management, HKAM, SEC Form 4, Insider Trading, Beneficial Ownership, Stock Split, Equity Purchase, Director Transaction, 10% Owner