Form 4: Horizon Kinetics Buys Single TPL Share

Horizon Kinetics Asset Management LLC, a 10% owner and director, reported the acquisition of one share of Texas Pacific Land Corp common stock.

Summary

• Horizon Kinetics Asset Management LLC (HKAM) acquired 1 share of Texas Pacific Land Corp (TPL) common stock.
• The transaction occurred on September 25, 2025, at a price of $929.38 per share.
• Following this transaction, HKAM directly beneficially owns 1,164,004 shares.
• An earlier Schedule 13D amendment filed on December 18, 2024, indicated HKAM's beneficial ownership of 3,578,173 shares.
• Murray Stahl, associated with HKAM, has a direct interest in 7,848 shares and an indirect interest in approximately 156,083 shares, but does not exercise investment discretion over the Issuer's securities.

Sentiment

Score: 5.5

Explanation: The filing reports a minimal purchase of one share by Horizon Kinetics Asset Management LLC, a 10% owner and director. While insider buying can be a positive signal, the negligible quantity of shares acquired makes the overall sentiment only slightly positive, indicating continued interest rather than strong new conviction.

Positives

• A director and 10% owner, Horizon Kinetics Asset Management LLC, increased its direct beneficial ownership in Texas Pacific Land Corp, which can be viewed as a minor signal of confidence.

Negatives

• The transaction involved a minimal acquisition of only one share, which does not signal significant new conviction or a substantial change in investment strategy.

Related Party Transactions

• Horizon Kinetics Asset Management LLC, a 10% owner and director of Texas Pacific Land Corp, acquired 1 share of common stock for $929.38.

Stakeholder Impact

• Shareholders: May view the insider purchase, even if small, as a minor positive signal of confidence from a significant owner and director.

Key Dates

Recommendation

The filing reports a minimal purchase of one share by Horizon Kinetics Asset Management LLC, a 10% owner and director. While insider buying can be a positive signal, the negligible quantity of shares acquired does not provide a strong enough indication for a 'buy' or 'sell' recommendation. Given their substantial existing beneficial ownership, a 'hold' recommendation is appropriate, reflecting their continued, albeit unchanged, significant stake.

Keywords

Texas Pacific Land Corp, TPL, Horizon Kinetics Asset Management, Insider Trading, Form 4, Stock Purchase, Beneficial Ownership, Director Ownership, 10% Owner