Form 4: Horizon Kinetics Asset Management Reports Minor Stock Acquisition in Texas Pacific Land Corp, Consolidates Holdings

Horizon Kinetics Asset Management LLC, a significant 10% owner of Texas Pacific Land Corp, disclosed the acquisition of one common share, bringing its total beneficial ownership to 1,166,252 shares and clarifying the consolidation of previously separate holdings.

Summary

• Horizon Kinetics Asset Management LLC (HKAM) reported a transaction involving Texas Pacific Land Corp (TPL) common stock.
• On June 27, 2025, HKAM acquired 1 share of TPL common stock at a price of $1,069 per share.
• Following this transaction, HKAM's direct beneficial ownership of TPL common stock stands at 1,166,252 shares.
• An amendment to HKAM's Schedule 13D filed on December 18, 2024, previously noted beneficial ownership of 3,578,173 shares.
• Murray Stahl, Chairman, CEO, and CIO of 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.
• Mr. Stahl's 10b5-1 plan, adopted on November 21, 2024, began trading on February 24, 2025, and concluded trading on June 26, 2025.
• Partnerships and other accounts controlled by Mr. Stahl, totaling 528,487 shares, are now included in the reported total beneficial ownership, having previously been reported as separate line items.

Sentiment

Score: 6

Explanation: The sentiment is neutral to slightly positive. While the transaction itself (1 share) is insignificant, the continued disclosure of a large beneficial ownership by a prominent asset manager like Horizon Kinetics, and the consolidation of previously separate holdings under the main beneficial ownership, indicates ongoing confidence and a stable ownership structure. There are no negative operational or financial disclosures.

Positives

• A significant institutional investor, Horizon Kinetics Asset Management LLC, maintains a substantial stake in Texas Pacific Land Corp, indicating continued confidence.
• The acquisition of an additional share, even if symbolic, reinforces the reporting person's ongoing interest.
• The consolidation of previously separate holdings into the main beneficial ownership provides clearer transparency regarding the total shares managed by HKAM.

Negatives

• The reported transaction involves the acquisition of only one share, which is a minimal increase relative to the total beneficial ownership and does not represent a significant new investment.

Future Outlook

NA

Management Comments

• Mr. Stahl does not exercise investment discretion with respect to the securities of the Issuer.
• All accounts are managed by HKAM, in which Mr. Stahl serves as Chairman, Chief Executive Officer, and Chief Investment Manager but does not participate in investment decisions with respect to the securities of the Issuer.

Industry Context

This Form 4 filing reflects an insider transaction by a significant institutional owner in a land and natural resources company. Such filings are routine disclosures of ownership changes and do not inherently provide broader industry trends, though they can signal an investor's long-term conviction in a sector.

Comparison to Industry Standards

• This document is a regulatory filing detailing an insider transaction and does not provide performance metrics or operational results that can be compared to industry standards or specific comparable companies/projects. The transaction itself (acquisition of 1 share) is not a basis for such a comparison.

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant institutional shareholder's ownership stake and recent minor transaction. The consolidation of previously separate holdings into the main beneficial ownership provides a clearer picture of the total shares managed by HKAM.

Key Dates

Recommendation

Keywords

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