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

Horizon Kinetics Asset Management LLC reported the acquisition of one share of Texas Pacific Land Corp common stock at $295.05, increasing its direct beneficial ownership.

Summary

• Horizon Kinetics Asset Management LLC, a 10% owner and entity with a director relationship to Texas Pacific Land Corp (TPL), reported a transaction.
• On December 24, 2025, the reporting person acquired 1 share of TPL Common Stock at a price of $295.05 per share.
• Following this transaction, Horizon Kinetics Asset Management LLC beneficially owns 3,487,775 shares of TPL Common Stock directly.
• The transaction was made pursuant to a contract, instruction, or written plan for the purchase or sale of equity securities of the issuer, intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).
• An amendment to Schedule 13D filed on December 18, 2024, by Horizon Kinetics Asset Management LLC noted 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.

Sentiment

Score: 5

Explanation: The filing reports a routine insider transaction involving the purchase of a single share by a 10% owner and director-affiliated entity. This minimal transaction size provides no significant new information to alter overall sentiment, despite confirming continued insider ownership.

Positives

• A 10% owner and entity with a director relationship acquired a nominal amount of common stock, which could be interpreted as a reaffirmation of their existing position.

Future Outlook

The filing does not provide specific forward-looking statements or guidance beyond the reporting of a pre-planned transaction under Rule 10b5-1(c).

Industry Context

This filing is an insider transaction report, which provides specific details about a significant shareholder's trading activity in the company's stock. It does not offer broader insights into industry trends or competitive landscape.

Related Party Transactions

• Horizon Kinetics Asset Management LLC, identified as a 10% owner and having a director relationship with Texas Pacific Land Corp, purchased one share of common stock.

Stakeholder Impact

• Shareholders: The purchase of a single share by a significant owner has a negligible direct impact on the company's valuation or share price, but confirms continued insider ownership.

Key Dates

Recommendation

The filing reports a minimal purchase of one share by a 10% owner and director-affiliated entity. While it indicates continued presence and a pre-planned transaction under Rule 10b5-1(c), the transaction size is too insignificant to warrant a change in investment recommendation. The existing large beneficial ownership is noted, but this specific transaction does not provide new material information for a 'buy' or 'sell' signal.

Keywords

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