Form 4: Horizon Kinetics Boosts TPL Stake via 10b5-1 Plan

Horizon Kinetics Asset Management LLC, a 10% owner of Texas Pacific Land Corp, acquired one share of common stock at $284.78 under a pre-arranged trading plan.

Summary

• Horizon Kinetics Asset Management LLC (HKAM), a 10% owner and director of Texas Pacific Land Corp (TPL), reported a transaction.
• HKAM acquired 1 share of TPL Common Stock on December 26, 2025.
• The purchase price was $284.78 per share.
• The transaction was made pursuant to a Rule 10b5-1(c) pre-arranged trading plan.
• Following this transaction, HKAM beneficially owns 3,487,776 shares directly.
• An earlier Schedule 13D amendment on December 18, 2024, indicated HKAM's beneficial ownership of 3,578,173 shares, with Murray Stahl having a direct interest in 7,848 shares and an indirect interest in approximately 156,083 shares.
• Murray Stahl does not exercise investment discretion over TPL securities.

Sentiment

Score: 6

Explanation: The acquisition of a single share by a 10% owner under a Rule 10b5-1 plan is a routine insider transaction. While insider buying is generally seen as a positive signal, the minimal quantity limits its significance. It confirms ongoing ownership and a structured trading approach.

Positives

• A 10% owner and director, Horizon Kinetics Asset Management LLC, increased its direct beneficial ownership in Texas Pacific Land Corp, albeit by a small amount.
• The transaction was executed under a Rule 10b5-1(c) plan, indicating a pre-planned acquisition strategy.

Negatives

• The acquisition was for a minimal amount (1 share), which does not significantly alter the overall ownership structure or signal strong new conviction.

Future Outlook

No specific future outlook or guidance is provided in this Form 4, which is a transaction report.

Management Comments

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

Industry Context

This filing is specific to an insider transaction and does not provide broader industry context or trends.

Related Party Transactions

• Horizon Kinetics Asset Management LLC, a 10% owner and director of Texas Pacific Land Corp, acquired 1 share of common stock from the open market.

Stakeholder Impact

• Shareholders: The transaction indicates continued confidence from a significant institutional shareholder and director, though the impact is minimal due to the small share quantity.

Key Dates

Recommendation

This Form 4 reports a minimal insider purchase by a 10% owner under a pre-arranged plan. While insider buying is generally a positive indicator, the quantity of one share is too insignificant to warrant a change in investment thesis or a strong buy/sell recommendation. It primarily confirms the existing ownership's structured trading activity. Therefore, a 'hold' recommendation is appropriate, maintaining current positions based on broader company fundamentals rather than this specific transaction.

Keywords

Texas Pacific Land Corp, TPL, Horizon Kinetics Asset Management, HKAM, Form 4, Insider Trading, Beneficial Ownership, Stock Purchase, Rule 10b5-1, SEC Filing, Investment Management