Form 4: Horizon Kinetics Reports TPL Stock Purchase

Horizon Kinetics Asset Management LLC, a 10% owner of Texas Pacific Land Corp, reported the acquisition of one common stock share at $970.62 under a Rule 10b5-1 plan.

Summary

• Horizon Kinetics Asset Management LLC (HKAM), a 10% owner of Texas Pacific Land Corp (TPL), reported a transaction involving TPL common stock.
• The transaction, a purchase of 1 share, occurred on October 3, 2025, at a price of $970.62 per share.
• This acquisition was made pursuant to a Rule 10b5-1 pre-arranged trading plan.
• Following this transaction, HKAM's direct beneficial ownership in TPL common stock stands at 1,162,536 shares.
• A previous Schedule 13D amendment filed on December 18, 2024, noted HKAM's beneficial ownership of 3,578,173 shares, with the current filing clarifying HKAM's pecuniary interest.
• Murray Stahl's direct interest in 7,848 shares and indirect interest in approximately 156,083 shares were also noted in the December 2024 13D filing, with Mr. Stahl not exercising investment discretion over the Issuer's securities.

Sentiment

Score: 6

Explanation: A 10% owner increasing their stake, even by a small amount, under a pre-planned Rule 10b5-1 program, generally signals continued confidence in the company's prospects. The small quantity, however, limits the strength of this signal.

Positives

• A 10% owner, Horizon Kinetics Asset Management LLC, increased its direct beneficial ownership in Texas Pacific Land Corp, indicating continued confidence.
• The transaction was executed under a Rule 10b5-1 plan, suggesting a pre-planned and systematic approach to investment.

Negatives

• The reported purchase involves only a single share, which is a de minimis amount relative to Horizon Kinetics' existing substantial holdings and may not signal significant new conviction.

Future Outlook

The transaction is part of a Rule 10b5-1 plan, indicating a pre-scheduled purchase of equity securities. This suggests a long-term investment strategy rather than a reactive market decision.

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

This filing reflects an institutional investor's ongoing position management in a publicly traded company. Such transactions, especially by significant shareholders, are routinely monitored by the market for insights into investor sentiment and strategic positioning within the industry.

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 may view the purchase by a significant institutional investor as a positive signal of continued confidence in the company's value and future performance.

Key Dates

Recommendation

While a 10% owner's purchase signals confidence, the acquisition of only one share is a de minimis transaction that does not provide a strong enough signal to warrant a 'buy' or 'sell' recommendation. It primarily indicates ongoing portfolio management under a pre-established plan rather than a new, significant investment thesis.

Keywords

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