Form 4: Horizon Kinetics Plans TPL Stock Buy Amid Future Split

Horizon Kinetics Asset Management reported a planned acquisition of Texas Pacific Land Corp common stock, reflecting a significant ownership stake adjusted for a future stock split.

Summary

• Horizon Kinetics Asset Management LLC (HKAM), a 10% owner and director of Texas Pacific Land Corp (TPL), reported a planned acquisition of 1 share of TPL common stock.
• The transaction is scheduled for February 9, 2026, at a price of $371.57 per share.
• Following this future transaction, HKAM will beneficially own 3,479,369 shares of TPL common stock directly.
• This reported beneficial ownership will reflect a three-for-one stock split effective December 22, 2025.
• An amendment to HKAM's Schedule 13D on December 18, 2024, previously noted beneficial ownership of 3,578,173 shares.
• Murray Stahl, associated with HKAM, holds 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.
• The transaction is made pursuant to a Rule 10b5-1(c) plan.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this filing as moderately positive, primarily due to the continued significant insider ownership and the upcoming stock split, which can be a positive signal for liquidity and investor accessibility, despite the small size of the reported transaction.

Positives

• A significant institutional investor (Horizon Kinetics Asset Management LLC) maintains a substantial ownership stake in Texas Pacific Land Corp, indicating continued confidence.
• The planned acquisition, even if small, is part of a pre-arranged 10b5-1 plan, suggesting a structured investment strategy.
• The upcoming three-for-one stock split could increase liquidity and make shares more accessible to a broader range of investors.

Negatives

• The reported transaction is for a very small number of shares (1 share), which by itself does not indicate strong new buying conviction.
• The filing reports future-dated events (transaction on 02/09/2026, filing date 02/10/2026), which is unusual for a Form 4 and might indicate a reporting anomaly or a very long-term 10b5-1 plan.

Future Outlook

The filing indicates a planned stock split effective December 22, 2025, which will adjust the number of outstanding shares and potentially impact liquidity. The reported transaction is also future-dated, suggesting a pre-planned investment action under a 10b5-1 plan.

Industry Context

StockSavvy.ai notes that stock splits are often undertaken by companies with high share prices to make their stock more accessible and attractive to a broader base of retail investors, potentially increasing trading volume and liquidity. For a land and royalty company like TPL, maintaining investor interest through such actions can be strategic.

Comparison to Industry Standards

• StockSavvy.ai observes that stock splits are a common corporate action, particularly for companies with strong performance and high share prices, similar to tech giants or established industrial firms that have historically split their stock to maintain accessibility.
• For example, Apple (AAPL) and Tesla (TSLA) have executed multiple stock splits to manage share price and liquidity.
• While TPL operates in a different sector (land and royalties), the rationale for a split often aligns with these broader market practices.

Related Party Transactions

• The filing notes Murray Stahl's direct interest in 7,848 shares and indirect interest in approximately 156,083 shares, clarifying his holdings relative to Horizon Kinetics Asset Management LLC, and states he does not exercise investment discretion over the Issuer's securities.

Stakeholder Impact

• Shareholders: The upcoming stock split could increase the number of shares held by existing shareholders (3-for-1) and potentially improve liquidity, making shares more attractive. The continued significant ownership by a major institutional investor (HKAM) may instill confidence.

Next Steps

• The three-for-one stock split for Texas Pacific Land Corp is effective December 22, 2025.
• The reported acquisition of 1 share by Horizon Kinetics Asset Management LLC is scheduled for February 9, 2026.

Key Dates

Recommendation

While the filing shows continued significant insider ownership and an upcoming stock split which could be positive for liquidity, the reported transaction itself is for a minimal number of shares (1). This specific transaction doesn't signal strong new conviction for a "buy" recommendation, but the overall context of a major investor maintaining a large stake and a corporate action like a stock split suggests a "hold" is appropriate for existing investors, awaiting further operational or financial updates.

Keywords

Texas Pacific Land Corp, TPL, Horizon Kinetics Asset Management, HKAM, Form 4, Beneficial Ownership, Stock Split, Insider Trading, 10b5-1 Plan, Equity Acquisition