Form 4: Horizon Kinetics Acquires TPL Stock, Boosts Holdings

Horizon Kinetics Asset Management LLC reported the purchase of one share of Texas Pacific Land Corp common stock at $955.44, increasing its direct beneficial ownership to 1,164,003 shares.

Summary

• Horizon Kinetics Asset Management LLC (HKAM), a 10% owner of Texas Pacific Land Corp (TPL), reported a transaction involving TPL common stock.
• On September 24, 2025, HKAM acquired 1 share of TPL common stock at a price of $955.44 per share.
• Following this transaction, HKAM directly beneficially owns 1,164,003 shares of TPL common stock.
• An amendment to Schedule 13D filed on December 18, 2024, by HKAM 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 the Issuer's securities.

Sentiment

Score: 5

Explanation: The filing reports a routine insider purchase of a single share, which is not materially significant on its own. It primarily serves as a disclosure of a change in beneficial ownership for a 10% owner.

Positives

• Horizon Kinetics Asset Management LLC increased its direct beneficial ownership in Texas Pacific Land Corp by acquiring one share, indicating continued investment.

Negatives

• NA

Risks

• NA

Future Outlook

NA

Management Comments

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

Industry Context

NA

Comparison to Industry Standards

• NA

Legal Proceedings

• NA

Related Party Transactions

• NA

Stakeholder Impact

• Minimal direct impact on shareholders, employees, customers, suppliers, or creditors due to the small size of the reported transaction.

Next Steps

• NA

Key Dates

Recommendation

This Form 4 reports a minimal transaction (one share) by a significant existing shareholder. While it indicates continued ownership, the transaction size itself is not material enough to warrant a change in investment thesis. Investors should consider the company's broader financial performance and strategic outlook rather than this specific insider purchase.

Keywords

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