Form 4: Horizon Kinetics Reports TPL Stake Ahead of Stock Split

Horizon Kinetics Asset Management LLC reported a planned minor acquisition of Texas Pacific Land Corp common stock, increasing its beneficial ownership to 3,487,697 shares, reflecting 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 on January 22, 2026, at a price of $345.78 per share. This transaction is pursuant to a Rule 10b5-1 plan.
• Following this transaction, HKAM's direct beneficial ownership will be 3,487,697 shares. This reported ownership reflects a three-for-one stock split effective December 22, 2025.
• An earlier Schedule 13D amendment filed on December 18, 2024, noted HKAM's beneficial ownership of 3,578,173 shares (prior to the stock split).
• Murray Stahl's direct interest was 7,848 shares and his indirect interest was approximately 156,083 shares as noted in the December 18, 2024, Schedule 13D amendment.

Sentiment

Score: 6

Explanation: The filing reports a minor insider purchase and confirms a significant existing stake by a major investor, along with a future stock split. While the purchase itself is insignificant, the overall context of continued institutional ownership and a stock split is mildly positive for market perception, suggesting stability and potential for increased liquidity. However, the implied significant reduction in overall beneficial ownership compared to previous filings introduces a negative element.

Positives

• A significant institutional investor, Horizon Kinetics Asset Management LLC, maintains a substantial stake in Texas Pacific Land Corp, indicating continued confidence.
• The reported beneficial ownership of 3,487,697 shares reflects a three-for-one stock split, which typically aims to increase liquidity and make shares more accessible to a broader range of investors.

Negatives

• The reported transaction involves a very small acquisition of only 1 share, which is not a material increase in ownership for a 10% owner.
• The transaction date of January 22, 2026, is in the future, indicating this is a report of a planned transaction rather than a past event.
• The reported beneficial ownership of 3,487,697 shares (post-split) is significantly lower than the equivalent post-split amount derived from the 3,578,173 shares reported in the December 18, 2024 Schedule 13D (which would be 10,734,519 shares), implying a substantial reduction in overall beneficial ownership not detailed in this Form 4.

Risks

• The significant difference between the beneficial ownership reported in the December 18, 2024 Schedule 13D (3,578,173 shares, pre-split) and the current reported beneficial ownership (3,487,697 shares, post-split) implies a substantial reduction in overall holdings that is not explicitly detailed as a disposition in this Form 4, potentially leading to investor confusion.
• The transaction date of January 22, 2026, being in the future, means the reported acquisition is a planned event under a Rule 10b5-1 plan, rather than a completed transaction, which may be misinterpreted by some investors.

Future Outlook

The filing indicates a planned future transaction on January 22, 2026, under a Rule 10b5-1 plan, and references a stock split effective December 22, 2025. This suggests a forward-looking strategy by the company regarding its share structure and continued, albeit minor, investment by a major holder.

Management Comments

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

Industry Context

This Form 4 filing is specific to an insider transaction and a stock split for Texas Pacific Land Corp. Stock splits are common corporate actions aimed at improving liquidity and making shares more accessible, often seen in companies with high share prices. The continued significant ownership by an asset management firm like Horizon Kinetics suggests a long-term investment thesis in the land and royalty sector, which TPL operates in.

Comparison to Industry Standards

• Stock splits are a common corporate finance tool, often employed by companies like Apple or Tesla when their share prices become very high, to make shares more affordable for retail investors and increase trading liquidity.
• The reported beneficial ownership by Horizon Kinetics Asset Management LLC, a known value investor, is consistent with their long-term investment strategy in companies with unique assets, similar to how other institutional investors might hold significant stakes in resource-rich entities.
• The transaction of 1 share is negligible and not comparable to typical institutional buying or selling patterns, which usually involve thousands or millions of shares.

Stakeholder Impact

• Shareholders: The three-for-one stock split effective December 22, 2025, will increase the number of shares outstanding and reduce the per-share price, potentially making shares more accessible and liquid. The continued significant ownership by Horizon Kinetics may reassure existing shareholders.
• Investors: The stock split could attract new retail investors due to a lower per-share price. The Form 4 provides transparency on insider ownership changes, though the implied reduction in overall holdings may warrant further investigation.

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 January 22, 2026.

Key Dates

Recommendation

This Form 4 primarily reports a very minor, future insider purchase and confirms a significant existing stake by Horizon Kinetics Asset Management LLC, a 10% owner and director. The most notable information is the reference to a three-for-one stock split effective December 22, 2025, which was likely announced previously. A 1-share purchase is not a material event to warrant a change in investment thesis. While the continued substantial ownership by a major institutional investor is a positive signal, the implied significant reduction in overall beneficial ownership compared to previous filings introduces uncertainty. Investors should monitor the impact of the stock split on liquidity and future trading patterns, and seek clarification on the change in total beneficial ownership.

Keywords

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