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, bringing its direct beneficial ownership to 3,487,696 shares, reflecting a recent three-for-one stock split.

Summary

• Horizon Kinetics Asset Management LLC (HKAM) acquired 1 share of Texas Pacific Land Corp (TPL) common stock on January 21, 2026, at a price of $343.48 per share.
• Following this transaction, HKAM directly beneficially owns 3,487,696 shares of TPL common stock.
• This reported ownership reflects a three-for-one stock split that became effective on December 22, 2025.
• Previously, on December 18, 2024, HKAM reported beneficial ownership of 3,578,173 shares in an amended Schedule 13D filing.
• Murray Stahl's interests were also noted in the prior filing as 7,848 direct shares and approximately 156,083 indirect shares, though he does not exercise investment discretion over the Issuer's securities.

Sentiment

Score: 6

Explanation: The filing reports a nominal acquisition of one share by a significant 10% owner, which is neutral in itself. However, the disclosure also confirms a substantial existing beneficial ownership position and the recent execution of a three-for-one stock split, which is generally viewed positively for market liquidity and accessibility.

Positives

• Horizon Kinetics Asset Management LLC, a 10% owner, maintains a substantial direct beneficial ownership of 3,487,696 shares in Texas Pacific Land Corp, indicating continued conviction.
• The reported beneficial ownership reflects a three-for-one stock split effective December 22, 2025, which typically enhances liquidity and accessibility for investors.

Negatives

• The reported transaction involves the acquisition of only one share, which is a nominal amount and does not represent a significant new investment.

Risks

• NA

Future Outlook

NA

Management Comments

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

Industry Context

This Form 4 primarily details an insider transaction and the impact of a corporate action (stock split) on beneficial ownership, rather than providing broader industry context. The stock split itself is a company-specific event often aimed at increasing share liquidity.

Comparison to Industry Standards

• NA

Management Changes

Corporate Governance

Legal Proceedings

• NA

Related Party Transactions

• NA

Stakeholder Impact

• Shareholders: The three-for-one stock split (effective December 22, 2025) increases the number of shares held by existing shareholders and reduces the per-share price, potentially improving liquidity and market accessibility.
• Investors: The continued significant beneficial ownership by Horizon Kinetics Asset Management LLC, a 10% owner, may signal ongoing confidence in the company's long-term prospects.

Next Steps

• NA

Key Dates

Keywords

TPL, Texas Pacific Land Corp, Horizon Kinetics, Form 4, insider trading, beneficial ownership, stock split, equity acquisition