Form 4: Horizon Kinetics Acquires TPL Share

Horizon Kinetics Asset Management LLC reported the acquisition of one share of Texas Pacific Land Corp common stock for $926.54, increasing its direct beneficial ownership to 1,164,006 shares.

Summary

• Horizon Kinetics Asset Management LLC, a 10% owner of Texas Pacific Land Corp (TPL), reported the acquisition of common stock.
• On September 29, 2025, Horizon Kinetics acquired 1 share of TPL common stock at a price of $926.54 per share.
• Following this transaction, Horizon Kinetics Asset Management LLC directly beneficially owns 1,164,006 shares of TPL common stock.
• An amendment to Schedule 13D filed on December 18, 2024, by Horizon Kinetics Asset Management LLC, noted beneficial ownership of 3,578,173 shares.
• 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: The acquisition of a single share by a significant 10% owner, Horizon Kinetics Asset Management LLC, suggests continued, albeit minimal, confidence in Texas Pacific Land Corp. While the transaction itself is small, it signals ongoing engagement from a major institutional investor.

Positives

• A significant 10% owner, Horizon Kinetics Asset Management LLC, continues to acquire shares, indicating ongoing interest in Texas Pacific Land Corp.

Future Outlook

This Form 4 filing is a report of an insider transaction and does not contain any forward-looking statements or guidance regarding the company's future outlook.

Industry Context

This filing reports a specific insider transaction by a 10% owner and does not provide broader industry trends or competitive analysis. The transaction itself is too small to infer significant industry-wide implications.

Stakeholder Impact

• Shareholders may view the continued, albeit small, acquisition by a 10% owner as a minor positive signal of sustained institutional interest in the company.

Key Dates

Recommendation

The reported transaction involves the acquisition of only one share by a 10% owner. While it indicates continued interest from a significant institutional investor, the minimal volume of the transaction does not provide sufficient basis for a change in investment recommendation. Investors should consider broader company fundamentals and market conditions rather than this isolated event.

Keywords

Texas Pacific Land Corp, TPL, Horizon Kinetics Asset Management, Form 4, Insider Transaction, Beneficial Ownership, Stock Purchase