Form 4: Horizon Kinetics Boosts TPL Stake with Latest Purchase

Horizon Kinetics Asset Management LLC, a 10% owner of Texas Pacific Land Corp, reported the acquisition of one common share at $296.79.

Summary

• Horizon Kinetics Asset Management LLC (HKAM), a 10% owner of Texas Pacific Land Corp (TPL), reported a transaction involving TPL common stock.
• HKAM acquired 1 share of TPL Common Stock on January 6, 2026, at a price of $296.79 per share.
• Following this transaction, HKAM directly beneficially owns 3,487,538 shares of TPL.
• An amendment to HKAM's Schedule 13D filed on December 18, 2024, previously noted beneficial ownership of 3,578,173 shares.
• Murray Stahl has a direct interest in 7,848 shares and an indirect interest in approximately 156,083 shares, but does not exercise investment discretion over TPL securities.

Sentiment

Score: 5

Explanation: The filing reports a minor insider purchase by a significant shareholder, which is a neutral event. It confirms continued ownership but does not signal strong positive or negative sentiment due to the de minimis transaction size.

Positives

• A significant shareholder, Horizon Kinetics Asset Management LLC, continues to hold a substantial stake in Texas Pacific Land Corp, indicating ongoing confidence.
• The reporting person acquired additional shares, albeit a small amount, at a price of $296.79.

Negatives

• The reported acquisition of only one share is a de minimis transaction and does not represent a significant new investment or a material change in strategy.

Future Outlook

NA

Management Comments

• 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

NA

Stakeholder Impact

• Shareholders: Confirms continued, albeit minor, investment by a significant institutional holder.

Key Dates

Recommendation

The filing reports a de minimis insider purchase of one share by a 10% owner. While it confirms continued interest from a major institutional investor, the transaction size is too small to warrant a change in investment thesis or a strong buy/sell recommendation. The stock should be held based on existing fundamentals, as this filing provides no new material information to alter a long-term view.

Keywords

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