Form 4: Horizon Kinetics Asset Management Reports Minor Share Acquisition 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 of common stock for $1,039.87, increasing its direct beneficial ownership to 1,163,950 shares.

Summary

• Horizon Kinetics Asset Management LLC (HKAM), identified as a 10% owner of Texas Pacific Land Corp (TPL), acquired 1 share of TPL common stock.
• The transaction occurred on July 10, 2025, at a price of $1,039.87 per share.
• Following this acquisition, HKAM's direct beneficial ownership of TPL common stock stands at 1,163,950 shares.
• The transaction was executed pursuant to a Rule 10b5-1(c) plan.
• An amendment to HKAM's Schedule 13D filed on December 18, 2024, previously noted beneficial ownership of 3,578,173 shares by HKAM, and separate interests by Murray Stahl (7,848 direct and approximately 156,083 indirect shares).

Sentiment

Score: 6

Explanation: The acquisition of a single share by a significant owner, while numerically small, indicates continued interest and confidence, especially as it was executed under a Rule 10b5-1 plan.

Positives

• The acquisition of a share by a 10% owner, even a single share, indicates continued engagement and adherence to a pre-arranged trading plan (Rule 10b5-1(c)).

Management Comments

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

Industry Context

This filing details a routine insider transaction, which is specific to the company and its major shareholders, rather than reflecting broader industry trends.

Related Party Transactions

• The reported transaction is a related party transaction, involving a 10% owner (Horizon Kinetics Asset Management LLC) acquiring shares of Texas Pacific Land Corp.

Stakeholder Impact

• Shareholders may view the continued, albeit minor, acquisition by a significant owner as a positive signal of ongoing commitment to the company.

Key Dates

Keywords

Texas Pacific Land Corp, TPL, Horizon Kinetics Asset Management, HKAM, Form 4, insider transaction, beneficial ownership, stock acquisition, 10b5-1 plan