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

Horizon Kinetics Asset Management LLC, a 10% owner and director of Texas Pacific Land Corp, reported the acquisition of one common stock share at $1,033.53, bringing its direct beneficial ownership to 1,163,952 shares.

Summary

• Horizon Kinetics Asset Management LLC (HKAM), a 10% owner and director of Texas Pacific Land Corp (TPL), acquired 1 share of TPL common stock.
• The transaction occurred on July 14, 2025, at a price of $1,033.53 per share.
• Following this transaction, HKAM's direct beneficial ownership in TPL stands at 1,163,952 shares.
• The transaction was made pursuant to a contract, instruction, or written plan for the purchase of equity securities, satisfying the affirmative defense conditions of Rule 10b5-1(c).
• An earlier Schedule 13D amendment filed on December 18, 2024, by HKAM noted a broader beneficial ownership of 3,578,173 shares, with Murray Stahl having a direct interest in 7,848 shares and an indirect interest in approximately 156,083 shares, though Mr. Stahl does not exercise investment discretion over the Issuer's securities.

Sentiment

Score: 6

Explanation: The sentiment is moderately positive due to an insider purchase by a significant shareholder and director, indicating continued confidence. However, the very small quantity of shares acquired (1 share) limits the overall positive impact, suggesting it might be a technical or administrative transaction rather than a strong new investment signal.

Positives

• A significant shareholder and director, Horizon Kinetics Asset Management LLC, increased its direct beneficial ownership in Texas Pacific Land Corp, indicating continued confidence in the company.
• The purchase was made at a specific valuation of $1,033.53 per share, reflecting the price at which the insider was willing to acquire additional stock.

Negatives

• The reported transaction involves a very small number of shares (1 share), which does not signal a substantial new investment or significant change in strategy.

Industry Context

This transaction reflects an insider's specific investment decision within the land and natural resources sector, where Texas Pacific Land Corp operates. While a single share purchase is minor, the continued holding by a significant institutional investor like Horizon Kinetics Asset Management suggests ongoing interest in the long-term value proposition of land-based assets, which can be influenced by commodity prices, real estate development, and energy production trends.

Related Party Transactions

• Horizon Kinetics Asset Management LLC, a 10% owner and director of Texas Pacific Land Corp, purchased 1 share of common stock from the issuer. This constitutes a related party transaction due to their significant ownership and board representation.

Stakeholder Impact

• Shareholders: The purchase by a significant insider could be interpreted as a positive signal of confidence in the company's future prospects, potentially bolstering investor sentiment. However, the minimal quantity of shares acquired might temper this impact.

Key Dates

Recommendation

Keywords

Texas Pacific Land Corp, TPL, Horizon Kinetics Asset Management, HKAM, SEC Form 4, Insider Trading, Stock Purchase, Beneficial Ownership, Director Transaction, 10% Owner, Rule 10b5-1