Form 4: Horizon Kinetics Reports TPL Share Change

Horizon Kinetics Asset Management LLC reported a change in its beneficial ownership of Texas Pacific Land Corp common stock, including a reduction of 195 shares due to client redemptions.

Summary

• Horizon Kinetics Asset Management LLC (HKAM) reported changes in its beneficial ownership of Texas Pacific Land Corp (TPL) common stock.
• HKAM is identified as a 10% owner of TPL.
• The earliest transaction date reported is January 5, 2026.
• Table I indicates an acquisition of 1 share of Common Stock at a price of $294.98, with a transaction code 'P' (purchase).
• However, Explanation (2) clarifies that the change represents a reduction of 195 shares delivered without consideration as part of a client in-kind redemption, creating a discrepancy with the Table I entry.
• Following the reported transaction(s), HKAM beneficially owns 3,487,537 shares of TPL Common Stock directly.
• An earlier Schedule 13D amendment filed on December 18, 2024, noted HKAM's beneficial ownership of 3,578,173 shares.
• Murray Stahl has 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: 4

Explanation: The filing reports a net reduction in beneficial ownership for a significant shareholder, primarily due to client redemptions, which is generally a negative signal, despite a minor acquisition.

Negatives

• The filing indicates a reduction of 195 shares through a client in-kind redemption, suggesting client withdrawals from Horizon Kinetics Asset Management LLC.
• Overall beneficial ownership has decreased from 3,578,173 shares (reported Dec 18, 2024) to 3,487,537 shares, representing a net reduction of 90,636 shares over that period.

Future Outlook

This Form 4 filing does not contain any forward-looking statements or guidance regarding future outlook.

Management Comments

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

Industry Context

This filing details a specific insider transaction by a significant institutional shareholder and does not provide broader industry context or trends.

Stakeholder Impact

• Shareholders: A large institutional investor (10% owner) has reduced its overall stake, which could be perceived negatively, though the specific transaction is small.
• Clients of HKAM: The in-kind redemption indicates clients are withdrawing assets from HKAM.

Key Dates

Recommendation

This Form 4 primarily details a minor adjustment in a large institutional investor's holdings, specifically a small reduction due to client redemptions. While a reduction isn't a positive signal, the scale of the transaction (195 shares out of millions) is too small to warrant a change in investment thesis for Texas Pacific Land Corp. The overall position remains substantial. Investors should monitor future filings for larger, more significant changes in institutional ownership.

Keywords

Texas Pacific Land Corp, TPL, Horizon Kinetics, HKAM, Form 4, beneficial ownership, share transaction, SEC filing, institutional ownership