Form 4: Horizon Kinetics Asset Management Acquires TPL Share

Horizon Kinetics Asset Management, a 10% owner and director of Texas Pacific Land Corp, reported the acquisition of one common stock share.

Summary

• Horizon Kinetics Asset Management LLC, a 10% owner and director of Texas Pacific Land Corp (TPL), acquired 1 share of TPL common stock.
• The transaction occurred on October 31, 2025, at a price of $934.21 per share.
• Following this transaction, Horizon Kinetics Asset Management LLC directly owns 1,162,556 shares of TPL common stock, representing its pecuniary interest.
• A previous Schedule 13D amendment filed on December 18, 2024, noted Horizon Kinetics Asset Management LLC's broader beneficial ownership of 3,578,173 shares.
• The prior 13D also noted Murray Stahl's direct interest in 7,848 shares and indirect interest in approximately 156,083 shares, clarifying that Mr. Stahl does not exercise investment discretion over the Issuer's securities.

Sentiment

Score: 6

Explanation: The purchase of a single share by a significant insider (10% owner and director) is a positive signal, indicating confidence in the company. However, the extremely small volume of the transaction limits its overall impact on sentiment.

Positives

• A 10% owner and director, Horizon Kinetics Asset Management LLC, made an open market purchase of Texas Pacific Land Corp stock, which can be interpreted as a vote of confidence in the company's future prospects.
• The purchase price of $934.21 per share indicates a belief in the stock's value at this level by a significant insider.

Negatives

• The acquisition of only one share is a minimal transaction, suggesting it may be a symbolic purchase rather than a significant investment decision reflecting a material change in outlook.

Future Outlook

NA

Management Comments

• Mr. Stahl does not exercise investment discretion with respect to the securities of the Issuer.

Industry Context

This insider purchase, though small, by a significant institutional investor and director like Horizon Kinetics Asset Management, could be seen as a positive signal in the real estate and natural resources sector, particularly for companies like Texas Pacific Land Corp which manages vast land holdings and mineral rights. Such actions by large shareholders are often watched by the market for indications of management's or major investors' confidence.

Comparison to Industry Standards

• Insider buying, even of a single share, by a 10% owner and director is generally viewed positively as it aligns the interests of management/major shareholders with those of other shareholders.
• While the volume of this specific transaction is negligible, the act itself can be a signal of confidence, similar to how small, symbolic purchases are sometimes observed in other sectors to reset a 10b5-1 plan or maintain an active insider trading record.
• Without specific comparable single-share transactions from other land management or oil & gas royalty companies, it is challenging to benchmark the size of this specific transaction, but the act of buying by an insider is a standard positive indicator.

Related Party Transactions

• The acquisition of common stock by Horizon Kinetics Asset Management LLC, a 10% owner and director of Texas Pacific Land Corp, constitutes a related party transaction.

Stakeholder Impact

• Shareholders: May view the insider purchase as a positive signal of confidence from a major investor and director, potentially influencing their perception of the stock's value.
• Management: The transaction aligns the interests of a significant owner/director with other shareholders.

Key Dates

Recommendation

While the insider purchase by a 10% owner and director is a positive signal, the acquisition of only one share is largely symbolic and does not provide a strong basis for a 'buy' recommendation. The existing significant beneficial ownership suggests a long-term commitment, but this specific transaction doesn't materially change the investment thesis. Therefore, a 'hold' recommendation is appropriate, acknowledging the insider confidence without overstating the impact of a minimal transaction.

Keywords

Texas Pacific Land Corp, TPL, Horizon Kinetics Asset Management, Form 4, Insider Trading, Stock Purchase, Beneficial Ownership, Director, 10% Owner, Equity Acquisition