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

Horizon Kinetics Asset Management LLC, a 10% owner of Texas Pacific Land Corp, acquired 1 share of common stock at $964.32 under a pre-arranged trading plan.

Summary

• Horizon Kinetics Asset Management LLC (HKAM), a 10% owner and director of Texas Pacific Land Corp (TPL), acquired 1 share of TPL common stock.
• The transaction occurred on October 7, 2025, at a price of $964.32 per share.
• Following this acquisition, HKAM directly beneficially owns 1,162,538 shares of TPL common stock, representing its pecuniary interest.
• The transaction was made pursuant to a Rule 10b5-1(c) contract, instruction, or written plan for the purchase or sale of equity securities.
• An amendment to HKAM's Schedule 13D filed on December 18, 2024, noted a broader beneficial ownership of 3,578,173 shares, with Murray Stahl having direct interest in 7,848 shares and indirect interest in approximately 156,083 shares, though Mr. Stahl does not exercise investment discretion over the Issuer's securities.

Sentiment

Score: 6

Explanation: The sentiment is mildly positive. While the transaction size (1 share) is insignificant, the fact that a major institutional owner and director is making a purchase, even under a pre-arranged plan, suggests continued confidence in the company's value. It does not indicate any immediate negative developments.

Positives

• A significant institutional investor and 10% owner, Horizon Kinetics Asset Management LLC, continues to acquire shares, signaling ongoing confidence in Texas Pacific Land Corp.
• The transaction was executed under a Rule 10b5-1 plan, indicating a structured and pre-planned investment strategy.

Negatives

• The acquired amount of 1 share is negligible and does not represent a significant new investment or change in stake.

Future Outlook

The filing does not provide any forward-looking statements or guidance beyond the details of the reported transaction.

Industry Context

This transaction reflects an ongoing investment by a significant shareholder in Texas Pacific Land Corp, a company primarily involved in land and resource management, particularly in the oil and gas rich Permian Basin. Such insider transactions, even small ones, can be viewed by the market as a signal of continued confidence in the company's long-term prospects within its industry.

Related Party Transactions

• The transaction involves Horizon Kinetics Asset Management LLC, a 10% owner and director of Texas Pacific Land Corp, making it an insider transaction.

Stakeholder Impact

• Shareholders may view this small acquisition by a significant owner as a minor positive signal of continued insider confidence in the company's stock.

Key Dates

Recommendation

This Form 4 filing details a highly minor insider purchase of 1 share by Horizon Kinetics Asset Management LLC under a pre-arranged 10b5-1 plan. While it indicates continued, albeit passive, confidence from a major shareholder, the transaction's negligible size provides insufficient new information to warrant a change in investment recommendation. It does not suggest any immediate catalysts for significant price movement, thus a 'hold' recommendation is appropriate for existing investors, and 'na' for those seeking a strong entry/exit signal based solely on this filing.

Keywords

Texas Pacific Land Corp, TPL, Horizon Kinetics Asset Management, HKAM, Insider Transaction, Form 4, Stock Purchase, 10b5-1 Plan, Beneficial Ownership