Form 4: Horizon Kinetics Boosts TPL Stake with New Purchase

Horizon Kinetics Asset Management LLC reported a purchase of Texas Pacific Land Corp common stock, increasing its direct beneficial ownership to 1,162,558 shares.

Summary

• Horizon Kinetics Asset Management LLC (HKAM), a 10% owner of Texas Pacific Land Corp (TPL), acquired 1 share of TPL common stock.
• The transaction occurred on November 4, 2025, at a price of $911.86 per share.
• Following this transaction, HKAM directly beneficially owns 1,162,558 shares of TPL common stock.
• The purchase was made pursuant to a Rule 10b5-1(c) plan.
• An earlier Schedule 13D amendment filed on December 18, 2024, disclosed HKAM's beneficial ownership of 3,578,173 shares, and Murray Stahl's direct interest in 7,848 shares and indirect interest in approximately 156,083 shares.

Sentiment

Score: 6

Explanation: The filing indicates a continued, albeit small, purchase of shares by a significant owner under a pre-planned trading arrangement, suggesting ongoing confidence in the company.

Positives

• Horizon Kinetics Asset Management LLC, a significant 10% owner, continues to acquire shares in Texas Pacific Land Corp, indicating ongoing confidence in the company's prospects.
• The transaction was executed under a Rule 10b5-1(c) plan, suggesting a pre-determined and strategic investment approach by the reporting person.

Future Outlook

NA

Industry Context

NA

Related Party Transactions

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

Stakeholder Impact

• Shareholders may view the purchase by a 10% owner as a positive signal of continued confidence in the company's value and future performance.

Key Dates

Recommendation

The Form 4 reports a minor, pre-scheduled purchase of one share by a 10% owner. While it signals continued interest, it is not a material transaction that would warrant a change in investment recommendation based solely on this filing.

Keywords

Texas Pacific Land Corp, TPL, Horizon Kinetics Asset Management, HKAM, stock purchase, insider transaction, beneficial ownership, Form 4, SEC filing, 10% owner, Rule 10b5-1