Form 4: Horizon Kinetics Reports Minor TPL Stock Purchase

Horizon Kinetics Asset Management LLC, a 10% owner of Texas Pacific Land Corp, reported the acquisition of one common stock share for $863.45, bringing its direct beneficial ownership to 1,162,574 shares.

Summary

• Horizon Kinetics Asset Management LLC (HKAM), a 10% owner of Texas Pacific Land Corp (TPL), reported an insider transaction.
• HKAM acquired 1 share of TPL common stock on November 26, 2025, at a price of $863.45 per share.
• This transaction was made pursuant to a Rule 10b5-1(c) plan, indicating a pre-arranged trading strategy.
• Following this acquisition, HKAM's direct beneficial ownership in TPL common stock stands at 1,162,574 shares.
• An amendment to HKAM's Schedule 13D, filed on December 18, 2024, noted beneficial ownership of 3,578,173 shares, which included Murray Stahl's direct and indirect interests.
• Murray Stahl does not exercise investment discretion with respect to the securities of Texas Pacific Land Corp.

Sentiment

Score: 6

Explanation: The sentiment is mildly positive due to a 10% owner making a purchase, even if small, under a pre-arranged plan, indicating continued confidence. However, the de minimis nature of the transaction limits the overall positive impact.

Positives

• A 10% owner, Horizon Kinetics Asset Management LLC, continues to hold a significant stake and made a purchase, which can be interpreted as a sign of continued confidence in Texas Pacific Land Corp.
• The transaction was executed under a Rule 10b5-1(c) plan, indicating a pre-arranged, systematic approach to trading rather than an opportunistic, event-driven purchase.

Negatives

• The reported purchase of only one share is a de minimis transaction and does not represent a significant new investment or a material change in the reporting person's overall position or strategy.

Future Outlook

NA

Management Comments

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

Industry Context

This Form 4 filing reports an insider transaction, which is a routine disclosure for significant shareholders and does not inherently reflect broader industry trends. The transaction by a 10% owner, even if minor, is typically viewed as an affirmation of existing investment strategy rather than a response to market-wide shifts.

Related Party Transactions

• The transaction involves Horizon Kinetics Asset Management LLC, a 10% owner of Texas Pacific Land Corp, which is considered an insider transaction.

Stakeholder Impact

• Shareholders: Minimal direct impact due to the small transaction size, but may signal continued confidence from a major investor.
• Employees, Customers, Suppliers, Creditors: No direct impact from this insider transaction report.

Key Dates

Recommendation

The reported purchase of a single share by a 10% owner, while a positive signal of continued confidence, is too insignificant to warrant a change in investment recommendation. It is likely a routine transaction under a pre-arranged plan, not indicative of a major strategic move. Investors should hold their positions and look for more substantial catalysts.

Keywords

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