Form 4: Horizon Kinetics Asset Management Reports Minor Share Acquisition Amid Significant Stake Reduction in Texas Pacific Land Corp

Horizon Kinetics Asset Management LLC, a 10% owner of Texas Pacific Land Corp, reported the acquisition of a single share for $1,042.57, bringing its total beneficial ownership to 1,163,944 shares, a notable decrease from its previously reported holdings.

Summary

• Horizon Kinetics Asset Management LLC (HKAM), identified as a 10% owner of Texas Pacific Land Corp (TPL), filed a Form 4.
• The filing reports the acquisition of 1 share of TPL Common Stock on July 1, 2025, at a price of $1,042.57 per share.
• Following this transaction, HKAM's beneficial ownership in TPL stands at 1,163,944 shares.
• This current beneficial ownership figure represents a significant reduction from the 3,578,173 shares HKAM reported as beneficially owned in an amended Schedule 13D filing on December 18, 2024.
• The document also notes that 2,310 shares were delivered without consideration as part of an in-kind redemption, contributing to the overall reduction in beneficial ownership.
• Murray Stahl's direct interest is 7,848 shares and his indirect interest is approximately 156,083 shares, though he does not exercise investment discretion with respect to the Issuer's securities.

Sentiment

Score: 2

Explanation: While a 10% owner made a token purchase, the overall beneficial ownership reported is drastically lower than previously disclosed, indicating a substantial net reduction in their stake in Texas Pacific Land Corp. This could be interpreted as a strong negative signal regarding the shareholder's long-term conviction or a strategic portfolio adjustment.

Negatives

• The beneficial ownership of Horizon Kinetics Asset Management LLC decreased significantly from 3,578,173 shares reported in December 2024 to 1,163,944 shares, indicating a substantial net disposition of shares despite the reported acquisition of a single share.
• A reduction of 2,310 shares occurred as part of an in-kind redemption, contributing to the overall decrease in beneficial ownership.

Future Outlook

The document reports a transaction dated July 1, 2025, indicating a recent acquisition of a single share by Horizon Kinetics Asset Management LLC.

Management Comments

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

Industry Context

NA

Stakeholder Impact

• Shareholders may perceive a reduced conviction from a significant institutional investor due to the substantial decrease in their overall beneficial ownership, potentially leading to negative sentiment.

Key Dates

Recommendation

Keywords

Texas Pacific Land Corp, TPL, Horizon Kinetics Asset Management, HKAM, SEC Form 4, beneficial ownership, share acquisition, 10% owner, insider transaction