Form 4: Horizon Kinetics Boosts TPL Stake Post-Split

Horizon Kinetics Asset Management LLC reported an acquisition of one share of Texas Pacific Land Corp common stock at $322.57, bringing its total beneficial ownership to 3,487,691 shares after a 3-for-1 stock split.

Summary

• Horizon Kinetics Asset Management LLC (HKAM), a 10% owner of Texas Pacific Land Corp (TPL), reported a transaction.
• HKAM acquired 1 share of TPL common stock on January 13, 2026, at a price of $322.57 per share.
• Following this transaction, HKAM directly beneficially owns 3,487,691 shares of TPL common stock.
• This reported beneficial ownership reflects a three-for-one stock split that was effective on December 22, 2025.
• An earlier Schedule 13D amendment filed on December 18, 2024, noted HKAM's beneficial ownership of 3,578,173 shares before the 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: 6

Explanation: The filing reports a minor acquisition by a significant 10% owner, which is generally a positive signal of continued confidence. However, the transaction size (1 share) is negligible, making the overall impact neutral to slightly positive rather than strongly bullish or bearish. The clarification of beneficial ownership post-stock split is a factual update.

Positives

• A significant 10% owner, Horizon Kinetics Asset Management LLC, continues to hold a substantial stake in Texas Pacific Land Corp, indicating continued confidence.
• The acquisition of an additional share, even if small, demonstrates ongoing engagement by a major shareholder.

Negatives

• The reported transaction is for a single share, which is a de minimis amount and does not represent a significant new investment or change in strategy.

Future Outlook

N/A

Management Comments

• Mr. Stahl does not exercise investment discretion with respect to the securities of the Issuer.

Industry Context

N/A

Stakeholder Impact

• Shareholders: Provides transparency on a significant owner's holdings and a minor transaction, confirming continued investment. The stock split information is also relevant for shareholders.

Key Dates

Recommendation

This Form 4 filing reports a de minimis acquisition of one share by a 10% owner, Horizon Kinetics Asset Management LLC, following a stock split. While the continued holding by a major investor is a positive signal, the transaction itself is too small to indicate a material change in investment thesis or warrant a 'buy' recommendation. The filing primarily serves as a transparency update on beneficial ownership post-split, reinforcing a 'hold' stance for existing investors.

Keywords

Texas Pacific Land Corp, TPL, Horizon Kinetics Asset Management, HKAM, SEC Form 4, Beneficial Ownership, Stock Split, Insider Trading, Equity Acquisition