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 at a price of $1,062.60, increasing its direct beneficial ownership to 1,163,951 shares.

Summary

• Horizon Kinetics Asset Management LLC (HKAM), a 10% owner of Texas Pacific Land Corp (TPL), reported the acquisition of 1 share of TPL common stock on July 11, 2025.
• The transaction occurred at a price of $1,062.60 per share.
• Following this transaction, HKAM's direct beneficial ownership, representing its pecuniary interest, stands at 1,163,951 shares.
• An amendment to HKAM's Schedule 13D filed on December 18, 2024, previously noted beneficial ownership of 3,578,173 shares, with the current Form 4 clarifying the extent of HKAM's direct pecuniary interest.
• Murray Stahl, associated with HKAM, has a direct interest in 7,848 shares and an indirect interest in approximately 156,083 shares, but does not exercise investment discretion over the Issuer's securities.

Sentiment

Score: 6

Explanation: The transaction itself is minor (1 share purchase), but it's by a significant 10% owner, which generally indicates continued confidence, even if the specific transaction is administrative. The clarification regarding pecuniary interest is important for understanding the reported beneficial ownership.

Positives

• A 10% owner, Horizon Kinetics Asset Management LLC, continues to hold a significant stake in Texas Pacific Land Corp, with beneficial ownership of 1,163,951 shares after the reported transaction.
• The reported transaction indicates a purchase of common stock, albeit a single share, by a major shareholder, which can be interpreted as a reaffirmation of their position.

Negatives

• The reported beneficial ownership of 1,163,951 shares in this Form 4, representing HKAM's pecuniary interest, is significantly lower than the 3,578,173 shares noted in the December 18, 2024 Schedule 13D amendment, which could lead to confusion regarding the total beneficial ownership if the distinction between pecuniary and non-pecuniary interest is not clearly understood.

Future Outlook

No forward-looking statements or guidance are provided in this document.

Management Comments

• On December 18, 2024, Horizon Kinetics Asset Management LLC (HKAM) filed an amendment to its Schedule 13D, in which it noted beneficial ownership of 3,578,173 shares and Murray Stahl's direct interest in 7,848 shares and his indirect interest in approximately 156,083 shares.
• The extent of HKAM's pecuniary interest in the shares beneficially owned is disclosed herein.
• Mr. Stahl does not exercise investment discretion with respect to the securities of the Issuer.

Industry Context

This document reports a specific insider transaction and does not provide information related to broader industry trends or competitive landscape.

Stakeholder Impact

• Shareholders: Provides transparency on a significant owner's holdings and minor transaction, offering insight into their continued position in the company.

Key Dates

Recommendation

Keywords

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