Form 4: Horizon Kinetics Adjusts TPL Beneficial Ownership

Horizon Kinetics Asset Management reported a minor purchase of Texas Pacific Land Corp stock while significantly adjusting its reported beneficial ownership due to account reclassification.

Summary

• Horizon Kinetics Asset Management LLC (HKAM) acquired 1 share of Texas Pacific Land Corp (TPL) common stock.
• The transaction occurred on October 1, 2025, at a price of $944.99 per share.
• Following this transaction, HKAM's direct beneficial ownership stands at 1,162,534 shares.
• This reported beneficial ownership reflects the removal of certain accounts where HKAM has no pecuniary interest.
• Previously, on December 18, 2024, HKAM reported beneficial ownership of 3,578,173 shares in an amended Schedule 13D filing.
• Murray Stahl's direct interest was 7,848 shares and indirect interest was approximately 156,083 shares, as noted in the December 2024 13D amendment.
• Mr. Stahl does not exercise investment discretion with respect to the Issuer's securities.

Sentiment

Score: 5

Explanation: The acquisition of a single share is a minor positive, but the substantial reduction in reported beneficial ownership due to the removal of non-pecuniary interest accounts makes the overall sentiment neutral, as it primarily clarifies reporting rather than indicating a significant change in investment thesis.

Positives

• Horizon Kinetics Asset Management LLC acquired 1 share of Texas Pacific Land Corp common stock, indicating continued interest.
• The filing provides increased transparency regarding the reporting person's pecuniary interest in the shares.

Negatives

• The reported beneficial ownership of 1,162,534 shares is significantly lower than the 3,578,173 shares previously reported in the December 18, 2024 Schedule 13D amendment, due to the removal of accounts where the reporting person has no pecuniary interest.

Future Outlook

NA

Industry Context

NA

Related Party Transactions

• Horizon Kinetics Asset Management LLC, a 10% owner of Texas Pacific Land Corp, acquired 1 share of common stock at $944.99 on October 1, 2025.

Stakeholder Impact

• Shareholders may note the reclassification of beneficial ownership, which clarifies the reporting person's pecuniary interest but results in a lower reported stake.
• Regulatory bodies receive transparent disclosure of insider transactions and ownership adjustments.

Key Dates

Recommendation

The filing details a minimal share acquisition and a reclassification of beneficial ownership, which does not fundamentally alter the investment thesis for Texas Pacific Land Corp. The adjustment in reported ownership is due to accounting for pecuniary interest rather than a market transaction of that scale. Therefore, a 'hold' recommendation is appropriate as there's no new material information to warrant a change in investment stance.

Keywords

Texas Pacific Land Corp, TPL, Horizon Kinetics Asset Management, Form 4, Beneficial Ownership, Stock Transaction, Insider Trading, SEC Filing