Form 4: Horizon Kinetics Asset Management Consolidates Texas Pacific Land Corp Holdings Reporting

Horizon Kinetics Asset Management LLC, a 10% owner of Texas Pacific Land Corp, filed a Form 4 to report an updated beneficial ownership of 1,163,948 common shares, including a consolidation of previously separate holdings.

Summary

• Horizon Kinetics Asset Management LLC (HKAM) reported a beneficial ownership of 1,163,948 shares of Texas Pacific Land Corp (TPL) common stock following a transaction on July 8, 2025.
• The reported transaction involved the acquisition of 1 common share at a price of $1,048.14.
• The total beneficial ownership of 1,163,948 shares now includes 528,487 shares from partnerships and other accounts where Mr. Stahl, Chairman, CEO, and Chief Investment Manager of HKAM, has a controlling interest.
• These 528,487 shares were previously reported as separate line items but are now consolidated into HKAM's total reported shares.
• Mr. Stahl's most recent 10b5-1 plan was adopted on November 21, 2024, began trading on February 24, 2025, and concluded trading on June 26, 2025.
• Mr. Stahl does not participate in investment decisions with respect to TPL securities, despite his roles at HKAM.

Sentiment

Score: 6

Explanation: The document is largely factual, reporting a routine transaction and a significant consolidation of reported holdings. The consolidation enhances transparency, which is a positive, but the transaction itself is minor. The overall sentiment is neutral to slightly positive due to increased clarity on a large holding.

Positives

• The consolidation of previously separate holdings into a single reporting entity provides clearer transparency regarding Horizon Kinetics Asset Management's total beneficial ownership in Texas Pacific Land Corp.
• The reported beneficial ownership of 1,163,948 shares represents a significant stake in Texas Pacific Land Corp, valued at approximately $1.22 billion based on the reported transaction price.

Future Outlook

No explicit future outlook or guidance is provided in this filing, which primarily reports changes in beneficial ownership.

Management Comments

• Mr. Stahl's most recent 10b5-1 plan was adopted on November 21, 2024, began trading on February 24, 2025, and ended trading on June 26, 2025.
• Partnerships and other accounts totaling 528,487 shares, in which Mr. Stahl has a controlling interest and which were previously reported as separate line items, are now included in the total shares beneficially owned.
• All accounts are managed by HKAM, where Mr. Stahl serves as Chairman, Chief Executive Officer, and Chief Investment Manager, but he does not participate in investment decisions with respect to the securities of Texas Pacific Land Corp.

Industry Context

This Form 4 filing reflects a routine disclosure of changes in beneficial ownership by a significant institutional investor in a publicly traded land and royalty company. Such filings provide transparency into the holdings and trading activities of large shareholders and insiders, which is a standard practice across all industries.

Stakeholder Impact

• Shareholders gain a clearer understanding of the total beneficial ownership of Horizon Kinetics Asset Management LLC in Texas Pacific Land Corp, as previously separate holdings are now consolidated under one reporting entity.

Key Dates

Keywords

Texas Pacific Land Corp, TPL, Horizon Kinetics Asset Management, HKAM, Beneficial Ownership, SEC Form 4, Insider Trading, Common Stock, 10b5-1 plan, Investment Management