Form 4: Horizon Kinetics Increases Texas Pacific Land Stake

Horizon Kinetics Asset Management LLC, a 10% owner and director, reported two open market purchases of Texas Pacific Land Corp common stock in October 2025.

Summary

• Horizon Kinetics Asset Management LLC (HKAM), a 10% owner and director of Texas Pacific Land Corp (TPL), reported two transactions involving the acquisition of common stock.
• On October 10, 2025, HKAM acquired 1 share of TPL common stock at a price of $887.41 per share.
• On October 13, 2025, HKAM acquired an additional 1 share of TPL common stock at a price of $898.51 per share.
• Following these transactions, HKAM's direct beneficial ownership increased to 1,162,542 shares.
• The transactions were made pursuant to a contract, instruction, or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).
• As of December 18, 2024, HKAM had previously reported beneficial ownership of 3,578,173 shares in an amendment to its Schedule 13D.
• Murray Stahl, associated with HKAM, holds a direct interest in 7,848 shares and an indirect interest in approximately 156,083 shares, but does not exercise investment discretion over the Issuer's securities.

Sentiment

Score: 6

Explanation: The sentiment is slightly positive due to insider buying by a significant shareholder, indicating continued confidence. However, the extremely small transaction size (1 share per purchase) tempers the overall impact, suggesting these might be routine or symbolic actions under a pre-arranged plan rather than a strong new conviction.

Positives

• The reporting person, Horizon Kinetics Asset Management LLC, a significant 10% owner and director, continues to acquire shares, which can be interpreted as a sign of confidence in the company's future prospects.
• The purchases were executed under a Rule 10b5-1(c) plan, indicating a pre-arranged and systematic approach to share acquisition.

Negatives

• The number of shares acquired in each transaction (1 share) is minimal, which limits the significance of these specific purchases as a strong signal of conviction.

Future Outlook

The filing indicates that the transactions were part of a Rule 10b5-1(c) plan, suggesting pre-scheduled future transactions may occur, but no specific forward-looking guidance or estimates are provided.

Industry Context

This insider transaction reflects a specific investment decision by a significant shareholder in Texas Pacific Land Corp, a company primarily involved in land and mineral rights in Texas. While not directly indicative of broader industry trends, insider buying can signal confidence within the company's specific operational context.

Related Party Transactions

• The transactions involve a 10% owner and director, Horizon Kinetics Asset Management LLC, acquiring shares of the issuer, Texas Pacific Land Corp. This is considered an insider transaction.

Stakeholder Impact

• Shareholders may view the continued insider buying by a significant owner as a positive signal of management and large investor confidence in the company's value and future performance.

Key Dates

Recommendation

While insider buying by a significant shareholder is generally a positive signal, the extremely small volume of shares purchased (1 share per transaction) in this filing suggests these are likely routine transactions under a pre-arranged 10b5-1 plan rather than a strong new conviction. It reinforces existing confidence but does not provide a compelling reason for a 'buy' recommendation based solely on these specific transactions. Therefore, a 'hold' recommendation is appropriate, acknowledging the positive but minor signal without overstating its immediate impact.

Keywords

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