Form 4: Horizon Kinetics Buys Single TPL Share Under 10b5-1 Plan

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

Summary

• Horizon Kinetics Asset Management LLC (HKAM), a 10% owner of Texas Pacific Land Corp (TPL), reported a direct purchase of common stock.
• The transaction involved the acquisition of 1 share of TPL common stock at a price of $896.91 per share on September 23, 2025.
• Following this transaction, HKAM directly beneficially owns 1,164,002 shares of Texas Pacific Land Corp common stock.
• The transaction was made pursuant to a Rule 10b5-1(c) plan.
• An amendment to HKAM's Schedule 13D, filed on December 18, 2024, previously noted its beneficial ownership of 3,578,173 shares. This earlier filing also detailed Murray Stahl's direct interest in 7,848 shares and indirect interest in approximately 156,083 shares, clarifying that Mr. Stahl does not exercise investment discretion over the Issuer's securities.

Sentiment

Score: 5

Explanation: Neutral. The acquisition of a single share by a 10% owner, while technically an insider buy, is too small to indicate significant positive sentiment or a material change in investment strategy. It's likely a procedural transaction under a 10b5-1 plan.

Positives

• A 10% owner, Horizon Kinetics Asset Management LLC, increased its direct beneficial ownership in Texas Pacific Land Corp, albeit by a small amount.
• The transaction was executed under a Rule 10b5-1(c) plan, indicating a pre-planned trading strategy.

Negatives

• The reported acquisition of only one share is a de minimis transaction and does not represent a significant increase in ownership or a strong signal of conviction.

Related Party Transactions

• Horizon Kinetics Asset Management LLC, a 10% owner of Texas Pacific Land Corp, acquired 1 share of common stock from the issuer.

Stakeholder Impact

• Minimal direct impact on shareholders due to the de minimis nature of the transaction (1 share).

Key Dates

Recommendation

The reported acquisition of a single share by a 10% owner, Horizon Kinetics Asset Management LLC, is a de minimis transaction and does not signal a material change in investment thesis or provide a strong directional indicator for the stock. While it's an insider buy, its size makes it largely insignificant for investment decisions. The transaction was also executed under a Rule 10b5-1 plan, suggesting it was pre-scheduled rather than a discretionary market-timing move.

Keywords

Texas Pacific Land Corp, TPL, Horizon Kinetics Asset Management, HKAM, SEC Form 4, Insider Trading, Stock Purchase, Beneficial Ownership, 10b5-1 plan