Form 4: Horizon Kinetics Buys 1 TPL Share; Ownership at 1.16M

Horizon Kinetics Asset Management LLC, a 10% owner and director, reported the acquisition of one share of Texas Pacific Land Corp common stock at $925.2, bringing its direct beneficial ownership to 1,162,553 shares.

Summary

• Horizon Kinetics Asset Management LLC, a 10% owner and director of Texas Pacific Land Corp (TPL), reported the acquisition of one share of common stock.
• The transaction occurred on October 28, 2025, at a price of $925.2 per share.
• Following this transaction, Horizon Kinetics Asset Management LLC directly beneficially owns 1,162,553 shares of Texas Pacific Land Corp common stock.
• An amendment to Schedule 13D filed on December 18, 2024, by HKAM noted broader beneficial ownership of 3,578,173 shares, including interests held by Murray Stahl, though Mr. Stahl does not exercise investment discretion over the Issuer's securities.

Sentiment

Score: 6

Explanation: A 10% owner and director made a small purchase, which is a positive signal of continued confidence, though the transaction size itself is negligible.

Positives

• A 10% owner and director, Horizon Kinetics Asset Management LLC, increased its direct beneficial ownership in Texas Pacific Land Corp, signaling continued confidence.
• The reporting person now directly holds a substantial 1,162,553 shares, representing a significant stake in the company.

Negatives

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

Future Outlook

NA

Industry Context

NA

Stakeholder Impact

• Shareholders may view the insider purchase, however small, as a positive signal of continued confidence from a significant owner.

Key Dates

Recommendation

While the purchase of a single share by a significant insider (10% owner and director) is a positive indicator of continued confidence in Texas Pacific Land Corp, the transaction's minimal size does not provide sufficient new information to warrant a change in investment recommendation. The filing primarily serves as a routine disclosure of insider activity, reinforcing a 'hold' stance for existing investors.

Keywords

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