Form 4: Horizon Kinetics Asset Management Reports Minor TPL Stock Purchase Under 10b5-1 Plan

Horizon Kinetics Asset Management LLC, a 10% owner of Texas Pacific Land Corp, reported the acquisition of a single share of common stock at $979.33, effective July 31, 2025, increasing its beneficial ownership to 1,163,965 shares.

Summary

• Horizon Kinetics Asset Management LLC, identified as a 10% owner of Texas Pacific Land Corp (TPL), reported the acquisition of 1 share of TPL common stock.
• The transaction occurred on July 31, 2025, at a price of $979.33 per share.
• Following this transaction, Horizon Kinetics Asset Management LLC beneficially owns 1,163,965 shares of TPL common stock.
• The acquisition was made pursuant to a Rule 10b5-1(c) pre-arranged trading plan.
• A previous Schedule 13D amendment filed on December 18, 2024, by Horizon Kinetics Asset Management LLC noted beneficial ownership of 3,578,173 shares.
• Murray Stahl's direct interest was 7,848 shares and indirect interest was approximately 156,083 shares as per the December 18, 2024 filing, with Mr. Stahl not exercising investment discretion over the Issuer's securities.

Sentiment

Score: 6

Explanation: A small purchase by a significant owner, even if pre-planned, indicates continued interest, but the transaction size is negligible and the overall beneficial ownership has significantly decreased since the last 13D filing.

Positives

• The acquisition, though minimal, indicates continued, albeit structured, investment interest by a significant 10% owner in Texas Pacific Land Corp.
• The transaction was conducted under a Rule 10b5-1(c) plan, which demonstrates a pre-planned and systematic approach to insider stock transactions.

Negatives

• The reported acquisition is for a negligible amount of shares (1 share), which has no material impact on the company's stock or the reporting person's overall stake.
• The current beneficial ownership of 1,163,965 shares is significantly lower than the 3,578,173 shares reported in a Schedule 13D amendment on December 18, 2024, indicating a substantial reduction in holdings by Horizon Kinetics Asset Management LLC prior to this specific transaction.

Future Outlook

The transaction date of July 31, 2025, and the indication of a Rule 10b5-1 plan suggest a pre-planned future transaction, reflecting a structured approach to managing insider stock holdings.

Management Comments

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

Industry Context

Form 4 filings are routine disclosures for insiders reporting changes in beneficial ownership. A small purchase by a 10% owner under a 10b5-1 plan is generally a neutral to slightly positive signal, indicating continued, albeit minor, investment interest within a pre-defined strategy.

Stakeholder Impact

• Minimal direct impact on shareholders due to the extremely small transaction size.

Key Dates

Recommendation

The filing reports a very small, pre-planned stock purchase by a 10% owner. While it indicates continued interest, the transaction size is negligible and does not provide new material information to warrant a change in investment stance. The significant reduction in overall beneficial ownership since the last 13D filing suggests a more complex underlying strategy not fully detailed here.

Keywords

Texas Pacific Land Corp, TPL, Horizon Kinetics Asset Management, SEC Form 4, insider trading, beneficial ownership, stock purchase, Rule 10b5-1