Form 4: Horizon Kinetics Boosts TPL Stake with Minor Acquisition

Horizon Kinetics Asset Management LLC, a 10% owner and director, acquired one share of Texas Pacific Land Corp common stock for $934.95, increasing its direct beneficial ownership to 1,162,545 shares.

Summary

• Horizon Kinetics Asset Management LLC (HKAM), identified as a Director and 10% Owner of Texas Pacific Land Corp (TPL), reported an acquisition of common stock.
• On October 16, 2025, HKAM acquired 1 share of TPL common stock at a price of $934.95 per share.
• Following this transaction, HKAM's direct beneficial ownership in Texas Pacific Land Corp stands at 1,162,545 shares.
• 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).
• An amendment to HKAM's Schedule 13D, filed on December 18, 2024, noted beneficial ownership of 3,578,173 shares by HKAM, and Murray Stahl's direct interest in 7,848 shares and indirect interest in approximately 156,083 shares, clarifying the extent of HKAM's pecuniary interest.

Sentiment

Score: 6

Explanation: The sentiment is mildly positive. While the acquisition of a single share is numerically insignificant for an entity owning over a million shares, it represents continued buying by a major insider and 10% owner, which can be seen as a positive signal of confidence, especially when executed under a Rule 10b5-1 plan.

Positives

• A significant institutional investor and 10% owner, Horizon Kinetics Asset Management LLC, continues to acquire shares, which can be interpreted as a vote of confidence in the company's future prospects.
• The transaction was executed under a Rule 10b5-1 plan, indicating a pre-planned acquisition strategy by the insider.

Future Outlook

The filing does not contain any forward-looking statements or guidance regarding the company's future performance or strategic direction.

Industry Context

This Form 4 filing reports an insider transaction and does not provide broader industry context or trends. It reflects a specific investment decision by a significant shareholder in Texas Pacific Land Corp.

Stakeholder Impact

• Shareholders: May view the continued, albeit small, acquisition by a significant insider as a positive signal of confidence in the company's value and future prospects.

Key Dates

Keywords

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