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

Horizon Kinetics Asset Management LLC, a 10% owner of Texas Pacific Land Corp, reported the purchase of one share of common stock for $880.12 under a pre-arranged trading plan, bringing its direct beneficial ownership to 1,162,572 shares.

Summary

• Horizon Kinetics Asset Management LLC (HKAM), identified as a 10% owner of Texas Pacific Land Corp (TPL), reported a transaction.
• HKAM acquired 1 share of TPL common stock on November 24, 2025, at a price of $880.12 per share.
• The transaction was executed 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 1,162,572 shares.
• A previous Schedule 13D amendment filed on December 18, 2024, by HKAM noted beneficial ownership of 3,578,173 shares, with the current Form 4 clarifying the extent of HKAM's pecuniary interest.

Sentiment

Score: 6

Explanation: The sentiment is mildly positive. A 10% owner making a purchase, even a small one, under a pre-arranged plan suggests continued, albeit passive, confidence. The small size prevents a stronger positive score.

Positives

• A 10% owner, Horizon Kinetics Asset Management LLC, continues to hold a significant stake and made a purchase, which can signal ongoing confidence in the company.
• The transaction was conducted under a Rule 10b5-1 plan, indicating a pre-planned, systematic approach to trading by the insider.

Negatives

• The purchase 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.

Future Outlook

The filing 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 the Issuer.

Industry Context

Insider transactions, even small ones, are generally monitored by investors as they can provide insights into the confidence levels of significant shareholders. This transaction by a 10% owner, while minor in scale, indicates continued engagement with Texas Pacific Land Corp.

Related Party Transactions

• Horizon Kinetics Asset Management LLC, a 10% owner of Texas Pacific Land Corp, acquired 1 share of common stock. Transactions by significant shareholders are considered related party dealings.

Stakeholder Impact

• Shareholders: The transaction provides a minor signal of continued confidence from a significant institutional investor, though the small volume limits its impact.
• Investment Professionals: Analysts may note the continued holding and minor purchase by a 10% owner, but it is unlikely to alter fundamental valuations or recommendations significantly.

Key Dates

Recommendation

The purchase of a single share by a 10% owner, even under a 10b5-1 plan, is not a strong enough signal to warrant a change in investment recommendation. While it indicates continued confidence, it does not reflect a material change in the company's financial health or strategic outlook. Investors should hold their positions and await more substantial news or financial results.

Keywords

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