Form 4: Horizon Kinetics Asset Management Reports Significant Reduction in Texas Pacific Land Corp Stake

Horizon Kinetics Asset Management LLC, a 10% owner of Texas Pacific Land Corp, reported a nominal acquisition of one common share, but their total beneficial ownership now stands at 1,163,956 shares, a substantial decrease from the 3,578,173 shares previously reported in December 2024.

Summary

• Horizon Kinetics Asset Management LLC (HKAM), a 10% owner and Director of Texas Pacific Land Corp (TPL), reported a transaction on July 18, 2025.
• HKAM acquired 1 share of TPL Common Stock at a price of $1,004.61 per share.
• Following this transaction, HKAM's beneficial ownership in TPL is 1,163,956 shares of Common Stock, held directly.
• This reported beneficial ownership of 1,163,956 shares is significantly lower than the 3,578,173 shares HKAM noted as beneficially owned in an amendment to its Schedule 13D filed on December 18, 2024.
• The transaction was made pursuant to a contract, instruction, or written plan for the purchase or sale of equity securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).
• Murray Stahl's direct interest was 7,848 shares and indirect interest was approximately 156,083 shares as noted in the December 18, 2024, Schedule 13D amendment, though he does not exercise investment discretion with respect to the Issuer's securities.

Sentiment

Score: 3

Explanation: The significant reduction in beneficial ownership by a major institutional investor and 10% owner, Horizon Kinetics Asset Management LLC, from 3.57 million shares to 1.16 million shares, despite a nominal acquisition, suggests a negative signal regarding their long-term conviction or a strategic divestment.

Positives

• The transaction was executed under a Rule 10b5-1 plan, indicating a pre-planned and systematic approach to trading by the reporting person.

Negatives

• The reported beneficial ownership of 1,163,956 shares is substantially lower than the 3,578,173 shares reported in the December 18, 2024, Schedule 13D amendment, indicating a significant reduction in Horizon Kinetics' stake in Texas Pacific Land Corp.

Risks

• The substantial reduction in beneficial ownership by Horizon Kinetics Asset Management LLC, a 10% owner and director, could signal a loss of confidence or a strategic divestment, potentially impacting investor sentiment and the stock price of Texas Pacific Land Corp.
• The discrepancy between the previously reported 3,578,173 shares in the Schedule 13D and the current 1,163,956 shares in the Form 4 requires further analysis to understand the full implications and reasons for the change in holdings.

Future Outlook

The document is an SEC Form 4, which reports past insider transactions and does not contain forward-looking statements or guidance regarding the company's future performance or outlook.

Management Comments

• "On December 18, 2024, Horizon Kinetics Asset Management LLC (HKAM) filed an amendment to its Schedule 13D, in which it noted beneficial ownership of 3,578,173 shares and Murray Stahl's direct interest in 7,848 shares and his indirect interest in approximately 156,083 shares."
• "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 Form 4 filing reflects an insider transaction by a significant institutional investor and 10% owner. Such filings are closely watched by the market as they can signal changes in an insider's view of the company's prospects. The substantial reduction in holdings by Horizon Kinetics, a known long-term investor in TPL, could be interpreted as a strategic portfolio adjustment or a response to specific company or market conditions, potentially influencing other institutional investors' positions.

Comparison to Industry Standards

• This document reports a specific insider transaction and does not provide financial results or operational data that can be directly compared to industry standards or global benchmarks. The significance lies in the change in ownership by a major shareholder, which is an internal corporate governance and investment decision rather than an industry performance metric.

Related Party Transactions

• Acquisition of 1 common share by Horizon Kinetics Asset Management LLC, a 10% owner and Director of Texas Pacific Land Corp, for $1,004.61.

Stakeholder Impact

• Shareholders: Potential negative impact on sentiment due to a significant reduction in holdings by a major institutional investor, possibly leading to downward pressure on share price.
• Investment Professionals: Will analyze the reasons behind Horizon Kinetics' reduced stake for insights into TPL's future prospects.

Key Dates

Recommendation

Keywords

SEC Form 4, Texas Pacific Land Corp, TPL, Horizon Kinetics Asset Management, Beneficial Ownership, Insider Transaction, Share Holdings, 10b5-1 Plan, Institutional Investor, Corporate Governance