Form 4: Horizon Kinetics Buys More TPL Stock

Horizon Kinetics Asset Management LLC reported an acquisition of one share of Texas Pacific Land Corp common stock at $950.35, increasing its direct beneficial ownership to 1,162,537 shares.

Summary

• Horizon Kinetics Asset Management LLC (HKAM) acquired 1 share of Texas Pacific Land Corp (TPL) common stock.
• The transaction occurred on October 6, 2025, at a price of $950.35 per share.
• Following this transaction, HKAM directly beneficially owns 1,162,537 shares of TPL common stock.
• HKAM is identified as a Director and 10% Owner of Texas Pacific Land Corp.
• The transaction was made pursuant to a Rule 10b5-1(c) plan.
• An amendment to HKAM's Schedule 13D filed on December 18, 2024, noted beneficial ownership of 3,578,173 shares, with Murray Stahl having a direct interest in 7,848 shares and an indirect interest in approximately 156,083 shares.
• Murray Stahl does not exercise investment discretion with respect to the Issuer's securities.

Sentiment

Score: 6

Explanation: Slightly positive due to an insider purchase, even if minimal, indicating continued confidence from a significant shareholder. However, the transaction size limits the overall positive impact.

Positives

• A significant institutional investor and 10% owner, Horizon Kinetics Asset Management LLC, increased its direct beneficial ownership in Texas Pacific Land Corp, signaling continued confidence.
• The transaction was executed under a Rule 10b5-1(c) plan, indicating a pre-arranged trading strategy.

Negatives

• The acquired amount of 1 share is de minimis and does not represent a significant new investment.

Future Outlook

Not applicable; this Form 4 filing reports a past transaction and does not provide forward-looking statements or guidance.

Management Comments

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

Industry Context

Insider purchases, even small ones, can sometimes be interpreted by the market as a positive signal of confidence from those with intimate knowledge of the company. However, a single share purchase is largely symbolic and typically does not move the market significantly.

Stakeholder Impact

• Shareholders: May view the insider purchase, however small, as a minor positive signal of confidence from a major investor.

Key Dates

Recommendation

While an insider purchase, even of a single share, can be seen as a positive signal of confidence, the de minimis nature of this transaction (1 share) does not provide sufficient new information to warrant a change in investment recommendation. The filing primarily serves as a routine disclosure of beneficial ownership changes by a 10% owner.

Keywords

Texas Pacific Land Corp, TPL, Horizon Kinetics Asset Management, HKAM, Form 4, insider trading, beneficial ownership, stock acquisition, Rule 10b5-1