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

Horizon Kinetics Asset Management LLC reported a significant reduction in its beneficial ownership of Texas Pacific Land Corp, now holding 1,162,544 shares.

Summary

• Horizon Kinetics Asset Management LLC (HKAM) acquired 1 share of Texas Pacific Land Corp (TPL) common stock on October 15, 2025, at a price of $924.33 per share.
• Following this transaction, HKAM's direct beneficial ownership in TPL stands at 1,162,544 shares.
• This current beneficial ownership represents a substantial decrease from the 3,578,173 shares HKAM reported in an amended Schedule 13D filing on December 18, 2024.
• HKAM is identified as both a Director and a 10% Owner of Texas Pacific Land Corp.
• Murray Stahl's direct interest was 7,848 shares and indirect interest was approximately 156,083 shares as of December 18, 2024, with Mr. Stahl not exercising investment discretion over the Issuer's securities.

Sentiment

Score: 3

Explanation: The significant reduction in beneficial ownership by a major institutional investor and director is a notable negative, despite a minor acquisition reported.

Positives

• Horizon Kinetics Asset Management LLC acquired 1 share of common stock, indicating continued, albeit minimal, investment.

Negatives

• Beneficial ownership by Horizon Kinetics Asset Management LLC has significantly decreased to 1,162,544 shares from 3,578,173 shares reported on December 18, 2024, representing a reduction of 2,415,629 shares.

Risks

• A significant reduction in beneficial ownership by a 10% owner and director, Horizon Kinetics Asset Management LLC, could signal a change in their investment thesis or outlook for Texas Pacific Land Corp.

Future Outlook

NA

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

NA

Stakeholder Impact

• Shareholders may view the significant reduction in stake by a major institutional investor as a negative signal, potentially impacting investor confidence and share price.

Key Dates

Recommendation

While the filing reports a minor acquisition of 1 share, the more significant implication is the substantial reduction in overall beneficial ownership by Horizon Kinetics Asset Management LLC, a 10% owner and director, from 3.58 million shares to 1.16 million shares. This significant divestment by a key institutional holder could signal a change in their long-term outlook or portfolio strategy for Texas Pacific Land Corp, warranting caution. Without further context on the reasons for the divestment, a 'hold' recommendation is prudent to observe market reaction and any subsequent disclosures.

Keywords

Texas Pacific Land Corp, TPL, Horizon Kinetics Asset Management, HKAM, Beneficial Ownership, Insider Trading, Form 4, Institutional Investor, Equity Stake