Form 4: Horizon Kinetics Asset Management Acquires Additional Texas Pacific Land Corp Shares

Horizon Kinetics Asset Management LLC reports the acquisition of one share of Texas Pacific Land Corp common stock on January 2, 2025, increasing their total holdings.

Summary

• Horizon Kinetics Asset Management LLC (HKAM) has reported acquiring one share of Texas Pacific Land Corp (TPL) common stock.
• The transaction occurred on January 2, 2025, at a price of $1,148.57 per share.
• Following this transaction, HKAM's total beneficial ownership of TPL shares is 1,167,916.
• This filing also references a previous Schedule 13D amendment from December 18, 2024, which detailed HKAM's beneficial ownership of 3,578,173 shares, Murray Stahl's direct interest in 7,848 shares, and his indirect interest in approximately 156,083 shares.
• The filing clarifies that Murray Stahl does not exercise investment discretion over the securities of the Issuer.
• The report also includes shares beneficially owned by FRMO Corp and its subsidiaries, where Murray Stahl serves as Chairman and CEO, but he disclaims beneficial ownership except for his pecuniary interest.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing and does not contain any information that would indicate a positive or negative sentiment. It is a neutral disclosure of a transaction.

Management Comments

• Murray Stahl does not exercise investment discretion with respect to the securities of the Issuer.
• Mr. Stahl and other senior portfolio managers of the Reporting Person disclaim beneficial ownership of the shares held by FRMO, except to the extent of their pecuniary interest.

Industry Context

This filing is a routine disclosure of changes in beneficial ownership by a major shareholder, which is common in the investment management industry. It indicates continued interest in Texas Pacific Land Corp by Horizon Kinetics.

Comparison to Industry Standards

• Form 4 filings are standard practice for reporting changes in beneficial ownership by insiders and major shareholders of publicly traded companies.
• The transaction is relatively small in terms of share volume, but the filing is required due to the reporting entity's status as a 10% owner.
• Other investment firms and major shareholders of TPL would also be required to file similar forms when their ownership changes.

Stakeholder Impact

• The transaction has a minor impact on shareholders as it represents a small change in ownership by a major shareholder.
• The filing provides transparency to the market regarding the ownership structure of Texas Pacific Land Corp.

Key Dates

Keywords

Texas Pacific Land Corp, Horizon Kinetics Asset Management, TPL, share acquisition, beneficial ownership, SEC Form 4, Murray Stahl, FRMO Corp