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 the purchase of one common stock share at $998.50 under a Rule 10b5-1 plan.

Summary

• Horizon Kinetics Asset Management LLC, a 10% owner and director of Texas Pacific Land Corp (TPL), reported the acquisition of one share of TPL common stock.
• The transaction occurred on November 14, 2025, at a price of $998.50 per share.
• This purchase was made pursuant to a Rule 10b5-1(c) plan, indicating a pre-arranged transaction.
• Following this transaction, Horizon Kinetics Asset Management LLC directly beneficially owns 1,162,566 shares, representing its pecuniary interest.
• An earlier Schedule 13D amendment filed on December 18, 2024, noted a broader beneficial ownership of 3,578,173 shares by HKAM, with the current filing clarifying the pecuniary interest.
• Murray Stahl's direct interest in 7,848 shares and indirect interest in approximately 156,083 shares were also noted in the 13D amendment, but he does not exercise investment discretion over the Issuer's securities.

Sentiment

Score: 6

Explanation: The purchase of a single share by a significant insider, even under a 10b5-1 plan, is a mildly positive signal of confidence. However, the minimal quantity limits its overall impact on sentiment.

Positives

• A director and significant shareholder (10% owner) is purchasing shares, which can be seen as a vote of confidence in the company's future prospects.
• The transaction is part of a pre-arranged Rule 10b5-1 plan, demonstrating a structured approach to share acquisition.

Negatives

• The transaction involves a very small number of shares (1 share), which limits its significance as a strong signal of conviction.

Future Outlook

The filing does not provide explicit forward-looking statements or guidance.

Management Comments

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

Industry Context

This transaction is a routine insider filing, common for significant shareholders and directors. It reflects an individual entity's specific investment strategy rather than broader industry trends. The use of a Rule 10b5-1 plan is a standard practice for insiders to trade company stock in a pre-arranged, compliant manner.

Stakeholder Impact

• Shareholders: The purchase by a 10% owner and director could be perceived as a minor positive signal of confidence in the company's value.

Key Dates

Recommendation

While the purchase by a significant insider is generally a positive indicator, the acquisition of only one share is not substantial enough to warrant a 'buy' recommendation based solely on this filing. It's a routine disclosure of a pre-planned transaction, suggesting continued confidence but not a strong new investment signal. Investors should 'hold' and consider broader company fundamentals and market conditions.

Keywords

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