SCHEDULE: Horizon Kinetics Boosts Texas Pacific Land Stake, Gains Board Seat

Horizon Kinetics Asset Management LLC has increased its beneficial ownership of Texas Pacific Land Corp. to 14.7% and secured a board seat for its Co-CEO, Peter Doyle.

Summary

• Horizon Kinetics Asset Management LLC (HKAM) and its parent Horizon Kinetics Holding Corp. (HKHC) have filed an amendment to their Schedule 13D, reporting an increased beneficial ownership of Texas Pacific Land Corp. (TPL) common stock.
• As of May 5, 2026, HKAM beneficially owned 10,109,933 shares of TPL common stock, representing approximately 14.7% of the outstanding shares.
• This ownership is based on 68,974,429 shares outstanding as of April 30, 2026, as reported in TPL's Form 10-Q.
• On May 5, 2026, Peter Doyle, Co-Chief Executive Officer of HKAM, was elected to the Board of Directors of TPL and appointed to the strategic acquisitions committee.
• HKAM acquired these securities for investment purposes and intends to regularly review its equity interest, potentially acquiring additional shares.
• HKAM may also sell shares from time to time for various reasons, including client requests or regulatory limitations.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive filing due to increased ownership and board representation by a significant investor, indicating confidence and potential for strategic influence.

Positives

• Horizon Kinetics has increased its stake in Texas Pacific Land Corp. to 14.7%, indicating continued investment conviction.
• The appointment of Peter Doyle, Co-CEO of Horizon Kinetics, to the TPL Board of Directors and its strategic acquisitions committee provides direct influence and oversight.
• The company has a stated intention to regularly review its equity interest and may acquire additional shares, suggesting potential for further growth or engagement.

Negatives

• Horizon Kinetics may sell shares from time to time, which could create downward pressure on the stock price depending on the volume and timing of such sales.
• The filing does not provide specific financial performance data for Texas Pacific Land Corp., focusing solely on ownership and governance changes.

Risks

• Potential for future sales of shares by Horizon Kinetics could impact stock price volatility.
• The company's intention to regularly review its equity interest and potentially acquire additional shares could lead to increased market activity and price fluctuations.

Future Outlook

Horizon Kinetics Asset Management LLC intends to regularly review its equity interest in Texas Pacific Land Corp. and may, from time to time, acquire additional shares or other securities. The company also notes that it may sell shares from time to time for various reasons.

Management Comments

• HKAM acquired the securities reported herein on behalf of the Managed Accounts for investment purposes.
• In the ordinary course of its business, HKAM intends to regularly review its equity interest in the Issuer and may, from time to time, acquire additional shares or other securities of the Issuer.
• While HKAM has no present intention to dispose of all or any portion of the shares beneficially owned by Managed Accounts, it may sell shares from time to time for a number of reasons, not limited to client requests, regulatory or investment limitations or other reasons.
• Any such sales of securities of the Issuer may be in the open market, privately negotiated transactions or otherwise.

Industry Context

StockSavvy.ai notes that this filing reflects an active institutional investor increasing its stake and gaining board representation in a company with significant land assets, a common strategy in the energy and natural resources sector where asset control and strategic direction are paramount.

Management Changes

Corporate Governance

Related Party Transactions

• The Board Representative Agreement between Texas Pacific Land Corporation and Horizon Kinetics (HKHC and HKAM) establishes a framework for board nomination and representation, which is a form of related party arrangement given Horizon's significant ownership.

Stakeholder Impact

• Shareholders: Increased board representation by a significant investor may lead to enhanced corporate governance and potentially more strategic decision-making, which could positively impact shareholder value. However, potential future sales by Horizon Kinetics could also introduce volatility.
• Management: The appointment of a board member aligned with a major shareholder may influence management's strategic direction and operational focus.
• Board of Directors: The addition of Peter Doyle strengthens the board's expertise and provides a direct link to a substantial shareholder's perspective.

Next Steps

• Peter Doyle will stand for re-election at the 2026 Annual Meeting.
• Horizon Kinetics intends to regularly review its equity interest in TPL and may acquire additional shares.
• Horizon Kinetics may sell shares from time to time.

Key Dates

Recommendation

The filing indicates increased strategic involvement by a significant investor, which is generally positive. However, without specific financial performance data for Texas Pacific Land Corp. and given the potential for future share sales by Horizon Kinetics, a 'hold' recommendation is prudent, suggesting investors monitor further developments and company performance.

Keywords

Texas Pacific Land Corp, Schedule 13D, Horizon Kinetics, Beneficial Ownership, Board of Directors, Peter Doyle, Investment, Common Stock, SEC Filing, Corporate Governance