Form 4: Horizon Kinetics Buys TPL Stock

Horizon Kinetics Asset Management LLC reported the acquisition of one share of Texas Pacific Land Corp common stock at $935.82, increasing its direct beneficial ownership to 1,162,549 shares.

Summary

• Horizon Kinetics Asset Management LLC (HKAM), a 10% owner of Texas Pacific Land Corp (TPL), reported the acquisition of 1 share of TPL common stock.
• The transaction occurred on October 22, 2025, at a price of $935.82 per share.
• Following this transaction, HKAM directly beneficially owns 1,162,549 shares of TPL common stock.
• An earlier Schedule 13D amendment filed by HKAM on December 18, 2024, noted a total beneficial ownership of 3,578,173 shares, which included interests held by Murray Stahl.
• This Form 4 specifically discloses the extent of HKAM's direct pecuniary interest in the shares.

Sentiment

Score: 6

Explanation: The acquisition of a single share by a 10% owner is a minor positive signal, indicating continued confidence, though the transaction size is negligible and does not materially alter the investment thesis.

Positives

• A significant shareholder, Horizon Kinetics Asset Management LLC, increased its direct beneficial ownership in Texas Pacific Land Corp through a purchase, indicating continued confidence.

Future Outlook

The filing, a Form 4, does not provide any forward-looking statements or guidance regarding the company's future performance or strategic direction.

Management Comments

• Murray Stahl does not exercise investment discretion with respect to the securities of Texas Pacific Land Corp.

Industry Context

This Form 4 filing details an insider transaction, which is a routine disclosure for publicly traded companies. It does not provide information related to broader industry trends or competitive landscape analysis.

Stakeholder Impact

• Shareholders: May view the insider purchase, however small, as a sign of continued confidence from a major institutional investor.

Key Dates

Recommendation

The reported transaction involves the acquisition of only one share by a 10% owner, which is a negligible amount and does not provide sufficient new information to warrant a change in investment recommendation. It merely confirms continued, albeit minimal, insider buying activity.

Keywords

Texas Pacific Land Corp, TPL, Horizon Kinetics Asset Management, insider transaction, Form 4, beneficial ownership, stock purchase