Form 4: Horizon Kinetics Boosts TPL Stake Post-Split

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

Summary

• Horizon Kinetics Asset Management LLC (HKAM), a 10% owner of Texas Pacific Land Corp (TPL), reported a transaction involving TPL common stock.
• HKAM acquired 1 share of TPL common stock on January 26, 2026, at a price of $341.94 per share.
• Following this transaction, HKAM beneficially owns 3,487,699 shares of TPL common stock directly.
• The reported beneficial ownership reflects a three-for-one stock split that was effective on December 22, 2025.
• An amendment to HKAM's Schedule 13D, filed on December 18, 2024, noted beneficial ownership of 3,578,173 shares prior to the stock split.
• 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 sentiment is mildly positive due to an insider purchase, even if small, and the continued significant stake of a major investor. The stock split is a neutral corporate action, but the reporting of the transaction is routine.

Positives

• A significant 10% owner, Horizon Kinetics Asset Management LLC, continues to hold a substantial stake in Texas Pacific Land Corp, indicating long-term confidence.
• The reported transaction, while small, is an acquisition (purchase) of shares, which can be seen as a positive signal from an insider.

Negatives

• The reported acquisition of only 1 share is a de minimis transaction and does not represent a significant new investment.

Future Outlook

NA

Industry Context

NA

Corporate Governance

Related Party Transactions

• Horizon Kinetics Asset Management LLC, a 10% owner, acquired 1 share of Texas Pacific Land Corp common stock, which constitutes a related party transaction.

Stakeholder Impact

• Shareholders: The stock split impacts the number of shares held and the per-share price, but not the total value of their investment. The insider purchase, though small, could be seen as a minor vote of confidence.

Key Dates

Recommendation

This Form 4 reports a routine insider transaction involving a de minimis purchase of 1 share by a 10% owner, Horizon Kinetics Asset Management LLC, following a three-for-one stock split. While an insider purchase is generally a positive signal, the negligible size of this specific transaction does not warrant a change in investment thesis. The significant existing stake held by Horizon Kinetics remains a factor, but this particular filing provides no new material information to suggest a 'buy' or 'sell' action. Investors should 'hold' and monitor for more substantial developments or transactions.

Keywords

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