Form 4: Horizon Kinetics Plans Minor TPL Stock Purchase

Horizon Kinetics Asset Management LLC, a 10% owner of Texas Pacific Land Corp, reported a planned purchase of one common stock share for $929.17, effective October 17, 2025.

Summary

• Horizon Kinetics Asset Management LLC (HKAM), a 10% owner and director of Texas Pacific Land Corp (TPL), filed a Form 4.
• The filing indicates a planned acquisition of 1 share of TPL common stock at a price of $929.17.
• This transaction is scheduled for October 17, 2025, and is made pursuant to a Rule 10b5-1 plan.
• Following this planned transaction, HKAM's direct beneficial ownership will be 1,162,546 shares.
• An amendment to Schedule 13D filed on December 18, 2024, by HKAM noted a total beneficial ownership of 3,578,173 shares, which includes direct and indirect interests.
• Murray Stahl's direct interest was 7,848 shares and indirect interest was approximately 156,083 shares as per the 13D amendment.
• Mr. Stahl does not exercise investment discretion over the Issuer's securities.

Sentiment

Score: 5

Explanation: The filing reports a planned, minor acquisition of one share by a 10% owner under a 10b5-1 plan, which is a neutral event in terms of immediate market impact or significant change in company outlook.

Positives

• A 10% owner and director, Horizon Kinetics Asset Management LLC, is planning to increase its direct stake in Texas Pacific Land Corp, albeit by a small amount.
• The transaction is part of a Rule 10b5-1 plan, indicating a pre-arranged trading strategy.

Negatives

• The planned purchase of only one share is a minimal increase in ownership and does not represent a significant new investment.
• The transaction date is in the future (October 17, 2025), meaning the actual increase in ownership has not yet occurred.

Future Outlook

The filing indicates a pre-planned future acquisition of a single share of Texas Pacific Land Corp common stock by Horizon Kinetics Asset Management LLC on October 17, 2025, under a Rule 10b5-1 plan. This suggests a long-term, structured approach to managing their position.

Management Comments

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

Industry Context

This Form 4 filing is specific to an insider transaction and does not provide broader industry context. It reflects an investment firm's ongoing management of its stake in a land and royalty company, which is common for long-term holders in the energy and real estate sectors.

Comparison to Industry Standards

• This filing reports a specific insider transaction and does not contain information for a direct comparison to industry-wide benchmarks or competitor performance. The reported share price of $929.17 is specific to TPL and its market valuation.

Related Party Transactions

• The filing notes Murray Stahl's direct and indirect interests in TPL shares, and clarifies that he does not exercise investment discretion, providing context for related party holdings within Horizon Kinetics.

Stakeholder Impact

• Shareholders: The planned, minor increase in direct ownership by a significant institutional investor (10% owner) might be viewed as a slight positive signal of continued confidence, though the scale of the transaction is negligible.
• Employees, Customers, Suppliers, Creditors: No direct impact from this insider transaction report.

Next Steps

• Completion of the planned acquisition of 1 common stock share by Horizon Kinetics Asset Management LLC on October 17, 2025.

Key Dates

Recommendation

This Form 4 reports a pre-planned, minimal purchase of one share by a significant institutional investor (10% owner) under a 10b5-1 plan. While it indicates continued confidence, the transaction's size is too small to warrant a change in investment thesis. The filing provides no new material information that would significantly alter the company's fundamentals or valuation, thus a 'hold' recommendation is appropriate for existing investors.

Keywords

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