Form 4: Horizon Kinetics Cuts TPL Stake to 1.16M Shares

Horizon Kinetics Asset Management LLC significantly reduced its beneficial ownership in Texas Pacific Land Corp to 1,163,995 shares, despite a nominal one-share acquisition.

Summary

• Horizon Kinetics Asset Management LLC, identified as a 10% owner and director of Texas Pacific Land Corp (TPL), reported a transaction.
• On September 12, 2025, HKAM acquired 1 share of TPL Common Stock at a price of $943.08 per share.
• Following this transaction, HKAM's direct beneficial ownership stands at 1,163,995 shares.
• This current beneficial ownership represents a substantial decrease from the 3,578,173 shares noted in HKAM's Schedule 13D amendment filed on December 18, 2024.
• The reported transaction was made pursuant to a Rule 10b5-1(c) plan, indicating it was pre-scheduled.

Sentiment

Score: 3

Explanation: The significant reduction in Horizon Kinetics Asset Management LLC's overall beneficial ownership, despite a nominal 1-share purchase, indicates a negative shift in their position.

Positives

• The acquisition of 1 share, even if nominal, by a 10% owner and director could be interpreted as a symbolic gesture of continued interest.
• The transaction was pre-planned under a Rule 10b5-1(c) plan, indicating a structured and pre-determined approach to trading.

Negatives

• Horizon Kinetics Asset Management LLC's beneficial ownership has significantly decreased from 3,578,173 shares (as reported in a December 2024 13D filing) to 1,163,995 shares, representing a reduction of approximately 2,414,178 shares.

Future Outlook

NA

Management Comments

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

Industry Context

NA

Stakeholder Impact

• Shareholders: May view the significant reduction in a major institutional investor's stake as a negative signal, potentially impacting investor confidence and share price.

Key Dates

Recommendation

Horizon Kinetics Asset Management LLC, a significant 10% owner and director, has substantially reduced its beneficial ownership in Texas Pacific Land Corp from over 3.5 million shares to approximately 1.16 million shares. This significant divestment, despite a nominal 1-share purchase, suggests a loss of conviction or a strategic reallocation away from TPL, which is a strong negative signal for other investors.

Keywords

Texas Pacific Land Corp, TPL, Horizon Kinetics Asset Management, HKAM, beneficial ownership, insider transaction, Form 4, 10b5-1 plan, institutional ownership