Form 4: Horizon Kinetics Reports TPL Stock Purchase

Horizon Kinetics Asset Management LLC, a 10% owner and director, reported a purchase of Texas Pacific Land Corp common stock.

Summary

• Horizon Kinetics Asset Management LLC (HKAM), a 10% owner and director of Texas Pacific Land Corp (TPL), reported a purchase of TPL common stock.
• HKAM acquired 1 share of common stock at a price of $895.11 per share.
• The transaction occurred on November 21, 2025, and was made pursuant to a Rule 10b5-1 plan, indicating a pre-determined acquisition.
• Following this transaction, HKAM's direct beneficial ownership stands at 1,162,571 shares.
• An earlier Schedule 13D amendment filed on December 18, 2024, noted HKAM's beneficial ownership of 3,578,173 shares, with Murray Stahl having a direct interest in 7,848 shares and an indirect interest in approximately 156,083 shares.

Sentiment

Score: 6

Explanation: The insider purchase, even if small and pre-planned, generally indicates continued confidence from a significant shareholder and director. However, the minimal share count limits the strength of this positive signal.

Positives

• A significant shareholder and director, Horizon Kinetics Asset Management LLC, increased its direct stake in Texas Pacific Land Corp, signaling continued confidence in the company.
• The purchase was made at a specific price of $895.11 per share, indicating a valuation point for the insider.

Negatives

• The reported transaction involves a very small number of shares (1 share), which might not reflect a substantial new investment or a significant change in strategy, potentially being a technical filing or a small incremental adjustment.

Future Outlook

The filing indicates a transaction made pursuant to a Rule 10b5-1 plan, suggesting a pre-determined trading strategy by the insider for future execution.

Management Comments

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

Industry Context

Insider purchases, especially by significant shareholders and directors, are often viewed as a positive signal of confidence in a company's future prospects. This transaction, while small in volume, reinforces the existing substantial stake of Horizon Kinetics in Texas Pacific Land Corp, a company primarily involved in land and mineral rights in Texas, often linked to the energy sector.

Comparison to Industry Standards

• Insider buying, even in small amounts, can be seen as a positive indicator, aligning management/large shareholder interests with those of other shareholders.
• Compared to typical institutional purchases, acquiring only 1 share is negligible and likely a technical adjustment or part of a larger, pre-scheduled plan rather than a significant new investment decision.
• Other land and mineral rights companies, such as royalty trusts or REITs focused on natural resources, often see similar insider activity, where large holders may make incremental adjustments to their positions.

Related Party Transactions

• The reported transaction is an insider purchase by Horizon Kinetics Asset Management LLC, a 10% owner and director of Texas Pacific Land Corp.

Stakeholder Impact

• Shareholders may view the insider purchase as a positive signal of confidence from a major investor and director, potentially supporting the stock price.

Key Dates

Recommendation

While an insider purchase by a significant shareholder is generally a positive signal, the acquisition of only one share is largely symbolic or technical, likely part of a pre-arranged plan (Rule 10b5-1). It does not indicate a new, substantial investment decision that would warrant a change in investment recommendation. The existing large stake of Horizon Kinetics in TPL remains a factor, but this specific transaction doesn't alter the fundamental outlook significantly.

Keywords

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