Form 4: Horizon Kinetics Boosts TPL Stake with Nominal Purchase

Horizon Kinetics Asset Management reported a purchase of one share of Texas Pacific Land Corp. common stock, increasing its direct beneficial ownership to 1,162,573 shares.

Summary

• Horizon Kinetics Asset Management LLC (HKAM), a 10% owner and director of Texas Pacific Land Corp. (TPL), reported a transaction involving TPL common stock.
• HKAM acquired 1 share of TPL common stock on November 25, 2025, at a price of $853.41 per share.
• Following this transaction, HKAM's direct beneficial ownership, representing its pecuniary interest, stands at 1,162,573 shares.
• The transaction was made pursuant to a Rule 10b5-1(c) plan, indicating a pre-arranged trading strategy.
• An amendment to HKAM's Schedule 13D, filed on December 18, 2024, noted total beneficial ownership of 3,578,173 shares, which includes interests held by Murray Stahl.
• Murray Stahl does not exercise investment discretion with respect to the securities of Texas Pacific Land Corp.

Sentiment

Score: 6

Explanation: A nominal purchase by a significant insider under a 10b5-1 plan suggests continued, albeit minor, execution of a pre-determined strategy, which is generally neutral to slightly positive as it indicates adherence to a long-term plan.

Positives

• Horizon Kinetics Asset Management, a significant 10% owner and director, continues to hold a substantial stake in Texas Pacific Land Corp., indicating ongoing confidence in the company.
• The transaction was executed under a Rule 10b5-1(c) plan, suggesting a pre-planned and systematic investment strategy.

Negatives

• The reported purchase of only one share is a nominal transaction and does not represent a significant new investment or a material change in the investment thesis.

Future Outlook

The filing does not provide explicit forward-looking statements or guidance beyond the execution of a pre-planned transaction.

Management Comments

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

Industry Context

This Form 4 filing details an insider transaction and does not provide broader industry context or trends.

Related Party Transactions

• The filing clarifies that Murray Stahl, who has direct and indirect interests in TPL shares, does not exercise investment discretion with respect to the Issuer's securities, distinguishing his role from the investment decisions of Horizon Kinetics Asset Management LLC.

Stakeholder Impact

• Shareholders: The purchase by a 10% owner and director, even if nominal and pre-planned, might be interpreted as a sign of continued confidence in the company's long-term prospects by a significant institutional investor.

Key Dates

Recommendation

The reported transaction is a nominal purchase of one share by a 10% owner under a pre-planned Rule 10b5-1(c) plan. While it indicates continued adherence to a strategy, it does not signal a significant new investment or change in the company's fundamentals that would warrant a change in investment recommendation. The substantial existing stake held by Horizon Kinetics remains a key factor, but this specific transaction is not material enough to alter a 'hold' stance.

Keywords

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