Form 4: Horizon Kinetics Buys Single TPL Share

Horizon Kinetics Asset Management LLC reported the acquisition of one share of Texas Pacific Land Corp common stock for $864.45, increasing its direct beneficial ownership to 1,164,001 shares.

Summary

• Horizon Kinetics Asset Management LLC (HKAM), identified as a 10% owner and director of Texas Pacific Land Corp (TPL), acquired 1 share of TPL common stock.
• The transaction occurred on September 22, 2025, at a price of $864.45 per share.
• Following this purchase, HKAM directly beneficially owns 1,164,001 shares of TPL common stock.
• An amendment to HKAM's Schedule 13D, filed on December 18, 2024, previously disclosed beneficial ownership of 3,578,173 shares, with Murray Stahl holding direct interest in 7,848 shares and indirect interest in approximately 156,083 shares.
• The filing clarifies that Murray Stahl does not exercise investment discretion with respect to the Issuer's securities.

Sentiment

Score: 6

Explanation: The acquisition of a single share by a significant 10% owner, Horizon Kinetics Asset Management LLC, indicates continued, albeit symbolic, confidence in Texas Pacific Land Corp. While the transaction volume is minimal, it represents an insider increasing holdings.

Positives

• A significant shareholder, Horizon Kinetics Asset Management LLC, increased its direct beneficial ownership in Texas Pacific Land Corp, albeit by a minimal amount of one share.
• The transaction indicates continued, albeit symbolic, confidence from a major investor.

Future Outlook

NA

Management Comments

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

Industry Context

NA

Related Party Transactions

• Horizon Kinetics Asset Management LLC, a 10% owner and director, purchased common stock from the issuer, which is a related party transaction.

Stakeholder Impact

• Shareholders: May interpret the insider purchase, even of a single share, as a minor positive signal of confidence from a major investor.

Key Dates

Recommendation

The reported transaction, a purchase of a single share by a 10% owner, Horizon Kinetics Asset Management LLC, is a minor affirmation of confidence in Texas Pacific Land Corp. While insider buying is generally a positive indicator, the minimal volume of this specific transaction does not provide sufficient new information to alter a seasoned investor's existing position or recommendation significantly. It suggests continued belief in the company's value but does not signal a major new development that would warrant a change from a "hold" position.

Keywords

TPL, Texas Pacific Land Corp, Horizon Kinetics, insider transaction, Form 4, beneficial ownership, stock purchase