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

Horizon Kinetics Asset Management LLC, a 10% owner, reported a pre-planned acquisition of one share of Texas Pacific Land Corp common stock.

Summary

• Horizon Kinetics Asset Management LLC (HKAM), a 10% owner of Texas Pacific Land Corp (TPL), reported a purchase of TPL common stock.
• HKAM acquired 1 share of TPL common stock on December 16, 2025, at a price of $822.14 per share.
• This transaction was made pursuant to a contract, instruction, or written plan for the purchase of equity securities, intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).
• Following this transaction, HKAM directly beneficially owns 1,162,587 shares of TPL common stock.
• An amendment to HKAM's Schedule 13D, filed on December 18, 2024, indicated beneficial ownership of 3,578,173 shares.
• Murray Stahl, affiliated with HKAM, holds 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 filing indicates a minor, pre-planned purchase of TPL stock by a significant institutional shareholder. While the transaction volume is minimal (1 share), it reflects continued, albeit small, investment activity by a major holder under a Rule 10b5-1 plan, which is generally a neutral to slightly positive signal of ongoing confidence rather than a new strategic move.

Positives

• A significant institutional shareholder, Horizon Kinetics Asset Management LLC, continues to hold a substantial stake in Texas Pacific Land Corp, indicating ongoing confidence.
• The purchase, although small in volume, demonstrates continued investment activity by a major institutional holder through a pre-planned Rule 10b5-1 transaction.

Negatives

• The reported transaction involves a very small number of shares (1 share), which does not signal a significant new investment thesis or a material change in strategy.

Risks

• The company's stock performance could be influenced by the investment decisions of large institutional holders like Horizon Kinetics Asset Management LLC.

Future Outlook

The filing indicates a pre-planned transaction under Rule 10b5-1(c), suggesting a predetermined buying strategy by Horizon Kinetics Asset Management LLC rather than a reaction to immediate market conditions or a new forward-looking statement from the company.

Management Comments

• "The extent of HKAM's pecuniary interest in the shares beneficially owned is disclosed herein."
• "Mr. Stahl does not exercise investment discretion with respect to the securities of the Issuer."

Industry Context

This filing is an insider transaction report and does not provide direct insights into broader industry trends. Texas Pacific Land Corp operates in the land and resource management sector, primarily in Texas, with significant exposure to oil and gas royalties. Insider buying, even in small, pre-planned amounts, can reflect an institutional investor's long-term view of the company within its industry.

Related Party Transactions

• Horizon Kinetics Asset Management LLC, a 10% owner and director-affiliated entity, purchased 1 share of common stock from Texas Pacific Land Corp at $822.14 per share.

Stakeholder Impact

• Shareholders: The purchase by a significant institutional investor, even if small and pre-planned, might be viewed as a minor positive signal of continued confidence in the company's long-term prospects.

Key Dates

Recommendation

The filing reports a minimal, pre-planned purchase of 1 share by a significant institutional investor, Horizon Kinetics Asset Management LLC, under a Rule 10b5-1 plan. This transaction, while indicating continued presence and a pre-arranged buying strategy, is too small to signal a material change in investment thesis or warrant a strong buy/sell recommendation. It suggests a stable, ongoing position rather than a new catalyst for price movement. Therefore, a 'hold' recommendation is appropriate, maintaining existing positions based on broader company fundamentals rather than this specific insider transaction.

Keywords

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