Form 4: Horizon Kinetics Asset Management LLC Reports Transaction in Texas Pacific Land Corp (TPL)

Horizon Kinetics Asset Management LLC reports the purchase of 3 shares of Texas Pacific Land Corp at $589.01 per share, resulting in a total beneficial ownership of 1,084,953 shares.

Summary

• On April 24, 2024, Horizon Kinetics Asset Management LLC (HKAM) reported a transaction in Texas Pacific Land Corp (TPL) stock.
• HKAM purchased 3 shares of common stock at a price of $589.01 per share.
• Following this transaction, HKAM's beneficial ownership of TPL shares increased to 1,084,953 shares.
• The filing also references a previous amendment to Schedule 13D on February 28, 2024, where HKAM reported beneficial ownership of 1,271,975 shares and Murray Stahl's direct and indirect interests.
• Murray Stahl does not exercise investment discretion with respect to the securities of the issuer.

Sentiment

Score: 5

Explanation: The sentiment is neutral as it is a standard transaction report. The purchase of a small number of shares is unlikely to significantly impact the company's prospects.

Management Comments

• Murray Stahl does not exercise investment discretion with respect to the securities of the issuer.

Industry Context

Form 4 filings are standard disclosures required by the SEC when insiders or significant shareholders of a publicly traded company buy or sell shares. This filing indicates changes in ownership by a major shareholder, Horizon Kinetics Asset Management LLC, in Texas Pacific Land Corp.

Comparison to Industry Standards

• Form 4 filings are a standard regulatory requirement for individuals or entities considered insiders, such as officers, directors, and beneficial owners holding more than 10% of a company's shares.
• These filings are publicly available and allow investors to track changes in ownership and potential alignment of interests between management and shareholders.
• Similar filings are made by major shareholders in companies like Berkshire Hathaway (Warren Buffett), Pershing Square Capital Management (Bill Ackman), and other investment firms, providing transparency into their investment activities.

Stakeholder Impact

• The transaction may have a minor impact on shareholders as it reflects a change in ownership by a significant shareholder.

Key Dates