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

Horizon Kinetics Asset Management LLC, a 10% owner and director of Texas Pacific Land Corp, reported a planned acquisition of one common share at $928.6 under a Rule 10b5-1 plan.

Summary

• Horizon Kinetics Asset Management LLC (HKAM), a 10% owner and director of Texas Pacific Land Corp (TPL), reported a planned acquisition of common stock.
• The transaction involves the purchase of 1 share of TPL Common Stock.
• The purchase price per share is $928.6.
• The transaction date is scheduled for September 17, 2025.
• Following this transaction, HKAM will directly beneficially own 1,163,998 shares.
• The transaction is made pursuant to a Rule 10b5-1(c) contract, instruction, or written plan.
• An amendment to Schedule 13D filed on December 18, 2024, noted HKAM's beneficial ownership of 3,578,173 shares, and Murray Stahl's direct interest in 7,848 shares and indirect interest in approximately 156,083 shares.

Sentiment

Score: 6

Explanation: The acquisition of a single share, even by a significant insider, is a very minor event. However, the fact that a 10% owner and director is making a planned purchase, even if small, can be seen as a slight positive signal of continued confidence, especially given the high share price. The 10b5-1 plan indicates a systematic approach rather than opportunistic buying.

Positives

• The reporting person, a significant shareholder and director, is increasing its direct beneficial ownership, albeit by a small amount, which can signal continued confidence in the company's future prospects.
• The transaction is part of a pre-arranged Rule 10b5-1 plan, indicating a structured and systematic approach to share acquisition rather than opportunistic trading.

Negatives

• The acquisition of only one share is a de minimis transaction and does not represent a significant capital allocation or a strong bullish signal on its own.
• The transaction date is in the future (September 17, 2025), meaning the actual purchase has not yet occurred.

Future Outlook

The filing indicates a pre-planned acquisition of a single share in the future, suggesting a structured, long-term investment strategy by a significant shareholder, rather than a reactive market move.

Management Comments

• The extent of HKAM's pecuniary interest in the shares beneficially owned is disclosed herein.
• Mr. Stahl does not exercise investment discretion with respect to the securities of the Issuer.

Industry Context

This transaction, while small, reflects ongoing insider activity within the real estate and natural resources sector, where large institutional investors often maintain significant, long-term positions in companies like Texas Pacific Land Corp. The use of a 10b5-1 plan is a common practice for insiders to manage their holdings systematically.

Stakeholder Impact

• **Shareholders**: May view the planned purchase by a significant insider as a minor signal of confidence in the company's long-term value, though the small volume limits its significance.

Key Dates

Recommendation

The filing reports a pre-planned acquisition of a single share by a significant insider. While insider buying can be a positive signal, the de minimis nature of this specific transaction (1 share) does not provide sufficient new information to warrant a change in investment recommendation. It primarily confirms ongoing, systematic insider activity rather than a strong new conviction.

Keywords

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