Form 4: Horizon Kinetics Asset Management LLC Reports Change in Beneficial Ownership of Texas Pacific Land Corp Shares

Horizon Kinetics Asset Management LLC reported a change in beneficial ownership of Texas Pacific Land Corp shares, involving a reduction of 945 shares due to a shift in fee structure.

Summary

• Horizon Kinetics Asset Management LLC (HKAM) filed a Form 4 indicating a change in their beneficial ownership of Texas Pacific Land Corp (TPL) shares.
• The transaction occurred on January 29, 2025, and involved the purchase of 1 share at a price of $1,275.02.
• Following the transaction, HKAM's total beneficial ownership stands at 1,166,987 shares.
• The change in ownership is primarily due to a reduction of 945 shares resulting from accounts moving from a performance fee structure to a management fee structure.
• HKAM's previous filing on December 18, 2024, noted beneficial ownership of 3,578,173 shares, along with Murray Stahl's direct and indirect interests.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing, indicating a neutral sentiment. There are no significant positive or negative implications for the company's performance.

Negatives

• The reduction of 945 shares indicates a decrease in HKAM's beneficial ownership due to a change in fee structure.

Risks

• Changes in fee structures could lead to further fluctuations in reported beneficial ownership.
• The document does not provide any information about the future intentions of HKAM regarding their holdings in TPL.

Industry Context

Form 4 filings are a standard part of regulatory compliance for significant shareholders, providing transparency into changes in ownership. This filing is specific to the relationship between Horizon Kinetics Asset Management and Texas Pacific Land Corp.

Comparison to Industry Standards

• Form 4 filings are a common practice for reporting changes in beneficial ownership by significant shareholders in publicly traded companies.
• The level of detail provided in this filing is consistent with standard SEC requirements for Form 4 disclosures.
• Other investment firms and large shareholders of TPL would also be required to file similar forms when their ownership changes.

Stakeholder Impact

• The change in ownership may have a minor impact on shareholders, but it is not expected to be significant.
• The shift in fee structure may affect the revenue of Horizon Kinetics Asset Management.

Key Dates

Keywords

beneficial ownership, Texas Pacific Land Corp, Horizon Kinetics Asset Management, Form 4, share transaction, fee structure, TPL