Form 4: Horizon Kinetics Plans TPL Stock Purchase Post-Split

Horizon Kinetics Asset Management LLC, a 10% owner and director of Texas Pacific Land Corp, plans to acquire one share of common stock on January 28, 2026, following a recent 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 common stock.
• HKAM intends to purchase 1 share of TPL common stock on January 28, 2026, at a price of $350.7 per share.
• Following this transaction, HKAM will beneficially own 3,487,701 shares directly.
• An amendment to HKAM's Schedule 13D on December 18, 2024, reported beneficial ownership of 3,578,173 shares.
• This filing reflects a three-for-one stock split for TPL common stock, effective December 22, 2025.
• Murray Stahl 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.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a moderately positive signal due to an insider purchase, albeit a very small one, from a significant shareholder, combined with the positive implications of a stock split for liquidity and accessibility.

Positives

• A 10% owner and director, Horizon Kinetics Asset Management LLC, is planning to acquire additional shares, which can be seen as a vote of confidence in Texas Pacific Land Corp.

Negatives

• The planned acquisition of only one share is a minimal transaction and does not represent a significant increase in ownership.

Future Outlook

The filing indicates a planned future transaction on January 28, 2026, and references a stock split effective December 22, 2025, suggesting ongoing corporate actions.

Management Comments

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

Industry Context

StockSavvy.ai notes that insider purchases, even small ones, can sometimes signal confidence, especially from significant shareholders like Horizon Kinetics Asset Management, a known activist investor in TPL. The stock split is a corporate action often undertaken to make shares more accessible to a broader range of investors, potentially increasing liquidity.

Stakeholder Impact

• Shareholders: The stock split could increase liquidity and make shares more accessible. The insider purchase, though small, might be perceived as a positive signal.

Next Steps

• Completion of the planned acquisition of 1 common share by Horizon Kinetics Asset Management LLC on January 28, 2026.

Key Dates

Recommendation

The filing reports a planned, minimal insider purchase of 1 share by a 10% owner and director, Horizon Kinetics Asset Management LLC, at a price of $350.7. While insider buying can be a positive signal, the extremely small volume of this transaction makes it largely insignificant for investment decisions. The mention of a three-for-one stock split effective December 22, 2025, is a corporate action that typically aims to improve liquidity and accessibility, which is generally neutral to slightly positive. Given the lack of substantial new information regarding the company's operational or financial performance, a 'hold' recommendation is appropriate, maintaining current positions while awaiting more material developments.

Keywords

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