Form 4: Horizon Kinetics Acquires TPL Share Under 10b5-1 Plan

Horizon Kinetics Asset Management LLC, a 10% owner of Texas Pacific Land Corp, reported the acquisition of one common stock share under a pre-arranged 10b5-1 plan.

Summary

• Horizon Kinetics Asset Management LLC (HKAM), a 10% owner and director of Texas Pacific Land Corp (TPL), reported a transaction.
• HKAM acquired 1 share of TPL Common Stock on October 23, 2025, at a price of $939.12 per share.
• This transaction was executed pursuant to a Rule 10b5-1(c) plan, indicating it was pre-arranged.
• Following this transaction, HKAM directly beneficially owns 1,162,550 shares of TPL, representing its pecuniary interest.
• An amendment to HKAM's Schedule 13D on December 18, 2024, noted total beneficial ownership of 3,578,173 shares.
• The Schedule 13D also disclosed Murray Stahl's direct interest in 7,848 shares and indirect interest in approximately 156,083 shares, clarifying that Mr. Stahl does not exercise investment discretion over TPL securities.

Sentiment

Score: 7

Explanation: The acquisition of shares by a significant 10% owner, even a single share, under a Rule 10b5-1 plan, generally indicates continued confidence in the company's prospects, albeit a minor transaction in itself.

Positives

• A significant shareholder and 10% owner, Horizon Kinetics Asset Management LLC, acquired additional shares, which can be interpreted as a signal of continued confidence in Texas Pacific Land Corp's prospects.

Future Outlook

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

Management Comments

• Horizon Kinetics Asset Management LLC stated that Murray Stahl does not exercise investment discretion with respect to the securities of Texas Pacific Land Corp.

Industry Context

This Form 4 filing details an insider transaction, which is a routine disclosure for significant shareholders and management. It reflects a specific investment decision by a major owner rather than broader industry trends.

Related Party Transactions

• Horizon Kinetics Asset Management LLC, a 10% owner and director of Texas Pacific Land Corp, acquired shares of the company.

Stakeholder Impact

• Shareholders may view the insider purchase as a positive signal of continued confidence from a major investor.

Key Dates

Recommendation

While the purchase of a single share by a 10% owner under a 10b5-1 plan indicates continued confidence, it is not a material transaction that would warrant a change in investment strategy. It primarily confirms the existing position and long-term view of a significant shareholder rather than signaling a new, significant opportunity.

Keywords

Texas Pacific Land Corp, TPL, Horizon Kinetics Asset Management, HKAM, Form 4, insider transaction, beneficial ownership, stock purchase, 10b5-1 plan