Form 4: Horizon Kinetics Acquires TPL Share

Horizon Kinetics Asset Management LLC, a 10% owner and director, reported the acquisition of one common stock share in Texas Pacific Land Corp.

Summary

• Horizon Kinetics Asset Management LLC (HKAM), a 10% owner and director of Texas Pacific Land Corp (TPL), reported a transaction.
• On October 20, 2025, HKAM acquired 1 share of TPL common stock at a price of $944.58 per share.
• Following this transaction, HKAM directly beneficially owns 1,162,547 shares of TPL common stock.
• An amendment to HKAM's Schedule 13D, filed on December 18, 2024, previously noted beneficial ownership of 3,578,173 shares.
• Murray Stahl, associated with HKAM, has a direct interest in 7,848 shares and an indirect interest in approximately 156,083 shares, but does not exercise investment discretion over TPL securities.

Sentiment

Score: 6

Explanation: The acquisition of a single share by a significant existing owner and director, Horizon Kinetics Asset Management LLC, is a minor positive signal of continued confidence in Texas Pacific Land Corp. While the transaction itself is small, it reinforces the existing large stake.

Positives

• A 10% owner and director, Horizon Kinetics Asset Management LLC, increased its direct beneficial ownership in Texas Pacific Land Corp, signaling continued confidence.
• The reporting person maintains a substantial beneficial ownership of 1,162,547 shares directly, indicating a significant long-term stake in the company.

Risks

• No specific risks related to the company's operations or financial health are mentioned in this Form 4 filing.

Future Outlook

No forward-looking statements or guidance are provided in this filing.

Management Comments

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

Industry Context

This Form 4 filing reports an insider transaction, which is a routine disclosure for publicly traded companies. It does not provide information relevant to broader industry trends or competitive analysis.

Comparison to Industry Standards

• Not applicable, as this filing reports a specific insider transaction rather than operational or financial results that can be benchmarked against industry peers.

Related Party Transactions

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

Stakeholder Impact

• Shareholders may view the continued acquisition of shares by a significant insider as a positive indicator of management and large investor confidence in the company's future prospects.

Next Steps

• No specific future actions, events, or milestones are mentioned in this filing.

Key Dates

Recommendation

The reported transaction involves the acquisition of only one share by an already significant 10% owner and director. While it indicates continued confidence, the minimal size of the transaction does not provide new material information to warrant a change in investment recommendation for Texas Pacific Land Corp. Investors should consider the company's broader financial performance and strategic outlook rather than this single, small insider purchase.

Keywords

Texas Pacific Land Corp, TPL, Horizon Kinetics Asset Management, HKAM, Form 4, insider transaction, beneficial ownership, stock purchase, director, 10% owner