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 a pre-planned acquisition of one common share for $1,014.80, effective July 15, 2025, bringing its total beneficial ownership to 1,163,953 shares.

Summary

• Horizon Kinetics Asset Management LLC (HKAM), identified as a Director and 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 15, 2025, at a price of $1,014.80 per share.
• Following this transaction, HKAM's direct beneficial ownership of TPL Common Stock is reported as 1,163,953 shares.
• The transaction was made pursuant to a Rule 10b5-1(c) plan, indicating a pre-arranged purchase.
• An earlier Schedule 13D amendment filed by HKAM on December 18, 2024, noted beneficial ownership of 3,578,173 shares, with Murray Stahl having direct and indirect interests totaling approximately 163,931 shares, though he does not exercise investment discretion over the Issuer's securities.

Sentiment

Score: 6

Explanation: The acquisition of a single share is not highly significant, but the continued substantial beneficial ownership by a key insider and the use of a 10b5-1 plan are mildly positive signals of structured, ongoing investment interest. The discrepancy in reported ownership figures across filings introduces a minor negative.

Positives

• Horizon Kinetics Asset Management, a significant shareholder and director, continues to hold a substantial stake in Texas Pacific Land Corp, indicating continued confidence.
• The acquisition, though small, signals ongoing investment activity by a key insider.

Negatives

• The reported transaction of only one share is minimal and does not represent a significant new investment.
• The discrepancy between the 1,163,953 shares reported as beneficially owned in this Form 4 and the 3,578,173 shares noted in the December 2024 Schedule 13D amendment could lead to confusion regarding the total beneficial ownership by HKAM and its affiliates.

Risks

• Potential for investor confusion due to differing beneficial ownership figures reported across various SEC filings (Form 4 vs. Schedule 13D).

Future Outlook

The filing indicates a pre-planned transaction under Rule 10b5-1(c) for a future date (July 15, 2025), suggesting a structured approach to insider trading activity.

Management Comments

• 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 filing reflects an insider transaction by a significant institutional investor and director in a land and mineral rights company, which is common for long-term holders in such asset-heavy businesses. The use of a 10b5-1 plan indicates a pre-scheduled transaction, often used by insiders to avoid accusations of trading on material non-public information.

Stakeholder Impact

• Shareholders: The filing provides transparency regarding insider ownership and a minor acquisition, which can influence investor sentiment.

Key Dates

Recommendation

Keywords

Texas Pacific Land Corp, TPL, Horizon Kinetics Asset Management, SEC Form 4, Insider Trading, Stock Acquisition, Beneficial Ownership, Rule 10b5-1, Investment Management