Form 4: Horizon Kinetics Acquires TPL Stock, Boosts Direct Stake

Horizon Kinetics Asset Management LLC reported a minor acquisition of Texas Pacific Land Corp common stock, increasing its direct beneficial ownership.

Summary

• Horizon Kinetics Asset Management LLC (HKAM), a 10% owner of Texas Pacific Land Corp (TPL), reported the acquisition of 1 share of TPL common stock.
• The transaction occurred on December 19, 2025, at a price of $897.18 per share.
• Following this transaction, HKAM directly beneficially owns 1,162,590 shares of TPL common stock.
• An amendment to HKAM's Schedule 13D, filed on December 18, 2024, noted total beneficial ownership of 3,578,173 shares.
• The filing clarifies that Murray Stahl has 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: 5

Explanation: Neutral, as it reports a minor transaction by a significant owner, which is a routine disclosure and does not indicate a material change in the company's prospects.

Positives

• A significant institutional investor, Horizon Kinetics Asset Management LLC, continues to hold a substantial stake and made a purchase, indicating ongoing interest in Texas Pacific Land Corp.

Future Outlook

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

Industry Context

This filing reports an insider transaction by a significant institutional shareholder, which is a routine disclosure and does not directly reflect broader industry trends or competitive dynamics, beyond indicating continued investor interest in the company.

Related Party Transactions

• The filing notes Murray Stahl's direct interest in 7,848 shares and indirect interest in approximately 156,083 shares, clarifying that he does not exercise investment discretion with respect to the Issuer's securities.

Stakeholder Impact

• Shareholders may note the continued, albeit small, purchasing activity by a significant institutional investor, which could be interpreted as a sign of ongoing confidence.

Key Dates

Keywords

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