Form 4: Horizon Kinetics Asset Management Reports Minor TPL Stock Purchase

Horizon Kinetics Asset Management LLC, a 10% owner of Texas Pacific Land Corp, reported the acquisition of one share of common stock at $986.43, bringing its direct beneficial ownership to 1,163,957 shares.

Summary

• Horizon Kinetics Asset Management LLC, a 10% owner of Texas Pacific Land Corp (TPL), reported a transaction on July 21, 2025.
• The transaction involved the purchase of 1 share of TPL common stock at a price of $986.43 per share.
• Following this transaction, Horizon Kinetics Asset Management LLC directly beneficially owns 1,163,957 shares of Texas Pacific Land Corp common stock.
• A previous Schedule 13D amendment filed by Horizon Kinetics Asset Management LLC on December 18, 2024, noted beneficial ownership of 3,578,173 shares.
• The filing clarifies that the extent of Horizon Kinetics Asset Management LLC's pecuniary interest in the beneficially owned shares is 1,163,957 shares.
• Murray Stahl's direct interest in 7,848 shares and indirect interest in approximately 156,083 shares were also noted in the December 18, 2024, Schedule 13D, but he does not exercise investment discretion with respect to the Issuer's securities.

Sentiment

Score: 5

Explanation: A very small transaction by a significant owner, indicating continued but not significantly increased interest, resulting in a neutral sentiment.

Positives

• A 10% owner, Horizon Kinetics Asset Management LLC, continues to hold a significant stake of 1,163,957 shares in Texas Pacific Land Corp, indicating ongoing interest in the company.

Negatives

• The reported transaction involved the acquisition of only one share, which is a de minimis amount and does not signal a significant new investment or a material change in investment conviction.

Future Outlook

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

Management Comments

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

Industry Context

This filing is a routine disclosure of an insider transaction, specific to the beneficial ownership changes of a significant shareholder in Texas Pacific Land Corp, and does not provide broader industry context or trends.

Stakeholder Impact

• The impact on shareholders is minimal due to the de minimis size of the transaction, which does not signal a significant change in the company's outlook or the shareholder's investment strategy.

Key Dates

Recommendation

The reported transaction involves the acquisition of only one share by a 10% owner, which is a de minimis amount and does not signal a significant change in investment strategy or conviction. While it indicates continued interest, it lacks the scale to warrant a strong buy or sell recommendation. Therefore, a 'hold' recommendation is appropriate as this filing provides no new material information to alter an existing investment thesis.

Keywords

Texas Pacific Land Corp, TPL, Horizon Kinetics Asset Management, HKAM, Beneficial Ownership, Insider Transaction, Form 4, Stock Purchase