Form 4: Horizon Kinetics Buys TPL Share in Pre-Planned Trade

Horizon Kinetics Asset Management, a 10% owner of Texas Pacific Land Corp, reported a pre-planned purchase of one common share at $950.14, increasing its direct beneficial ownership to 1,163,968 shares.

Summary

• Horizon Kinetics Asset Management LLC (HKAM), a Director and 10% owner of Texas Pacific Land Corp (TPL), reported a transaction.
• The transaction involved the acquisition of 1 share of TPL Common Stock.
• The share was purchased at a price of $950.14 per share.
• The transaction date was August 5, 2025, and was made pursuant to a Rule 10b5-1(c) pre-arranged trading plan.
• Following this transaction, HKAM's direct beneficial ownership of TPL Common Stock stands at 1,163,968 shares.
• An amendment to HKAM's Schedule 13D, filed on December 18, 2024, noted a broader beneficial ownership of 3,578,173 shares, which includes indirect interests.

Sentiment

Score: 6

Explanation: While a purchase by a significant owner and director is generally positive, the extremely small quantity (1 share) suggests this is more of a technical filing related to a pre-planned trading strategy (10b5-1 plan) rather than a strong new conviction buy. It's not negative, but not overwhelmingly positive either due to the size.

Positives

• A significant shareholder and director, Horizon Kinetics Asset Management, continues to hold and slightly increase its direct stake in Texas Pacific Land Corp, which can be interpreted as a sign of continued confidence in the company's long-term prospects.
• The transaction was executed under a Rule 10b5-1(c) plan, indicating a pre-planned, systematic approach to share acquisition rather than a reactive market trade.

Negatives

• The number of shares acquired in this specific transaction (1 share) is negligible relative to the total shares outstanding and Horizon Kinetics' existing substantial holdings, limiting its immediate significance as a strong market signal.

Future Outlook

The transaction being executed under a Rule 10b5-1(c) plan suggests a pre-determined strategy for future share acquisitions or dispositions, though no specific future guidance or outlook for the company's performance is provided.

Management Comments

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

Industry Context

This filing is a routine disclosure of an insider transaction and does not provide broader industry context or trends. It reflects an individual entity's investment activity within the real estate and natural resources sector, specifically concerning land ownership and royalties.

Stakeholder Impact

• Shareholders: The transaction reinforces the existing ownership structure and indicates continued, albeit minor, accumulation by a significant holder, which could be viewed positively as a sign of confidence.
• Employees, Customers, Suppliers, Creditors: No direct impact from this specific insider transaction.

Key Dates

Recommendation

The filing reports a pre-planned purchase of a single share by a 10% owner and director. While insider buying can be a positive signal, the minuscule quantity of shares involved makes this transaction more of a technical compliance event under a 10b5-1 plan rather than a strong indicator of new conviction or significant undervaluation. It confirms continued interest from a major holder but does not provide sufficient new information to warrant a change in investment stance.

Keywords

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