SCHEDULE: Horizon Kinetics Updates 14.6% Stake in Texas Pacific Land

Horizon Kinetics Asset Management LLC and its affiliates have filed an Amendment No. 9 to their Schedule 13D, disclosing a continued beneficial ownership of 14.6% in Texas Pacific Land Corp.

Summary

• Horizon Kinetics Asset Management LLC (HKAM), Horizon Kinetics Holding Corp (HKHC), and Murray Stahl filed Amendment No. 9 to their Schedule 13D regarding Texas Pacific Land Corp (TPL).
• As of March 24, 2026, HKAM beneficially owned 10,050,070 shares of TPL Common Stock, representing approximately 14.6% of the class.
• HKHC is deemed to beneficially own the same 10,050,070 shares as the parent company of HKAM.
• Murray Stahl, CEO/CIO of HKAM and Chairman of HKHC, directly owns 24,728 shares and has shared voting/dispositive power over the 10,050,070 shares beneficially owned by HKAM.
• Mr. Stahl also has an indirect ownership interest in approximately 277,326 shares and has been awarded 2,921 shares for his service on the TPL Board of Directors.
• The percentage of shares outstanding is calculated based on 68,941,554 shares outstanding as of February 9, 2026, as reported in TPL's Form 10-K for the period ended December 31, 2025.
• HKAM used client assets and its own working capital to purchase shares. Mr. Stahl used personal funds for his direct shares.
• A detailed list of buy and sell transactions by HKAM between January 23, 2026, and March 24, 2026, involving thousands of shares daily, is included.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a neutral to slightly positive update. The continued significant stake by Horizon Kinetics and the board representation by Murray Stahl are positive signals of long-term commitment, though the active trading suggests ongoing portfolio adjustments rather than a strong new conviction buy.

Positives

• Horizon Kinetics, a significant institutional investor, maintains a substantial 14.6% stake in Texas Pacific Land Corp, indicating continued confidence in the company.
• Murray Stahl, a key figure at Horizon Kinetics, also serves on the TPL Board, aligning his interests with the company's performance and providing insider perspective.

Negatives

• The detailed transaction history shows HKAM engaging in both buying and selling activities, with sales often exceeding buys in volume on specific days, which could suggest active portfolio management rather than aggressive accumulation.

Risks

• No specific risks related to Texas Pacific Land Corp or its operations are mentioned in this Schedule 13D/A filing. The filing focuses solely on beneficial ownership disclosure.

Future Outlook

No forward-looking statements or guidance from the issuer or reporting persons regarding the issuer's future performance are provided in this filing.

Management Comments

• "Horizon Kinetics Asset Management LLC is a wholly owned subsidiary of Horizon Kinetics Holding Corporation."
• "Horizon Kinetics Holding Corporation (HKHC) is the parent company to Horizon Kinetics Asset Management LLC (HKAM), a registered investment adviser."
• "HKHC may be deemed to beneficially own the 10,050,070 shares beneficially owned by HKAM."
• "HKHC has not entered into any separate transactions in the shares following the filing of Amendment No. 8 other than those listed under Schedule A, which were effectuated by HKAM."
• "Murray Stahl serves as the Chief Executive Officer and Chief Investment Officer of HKAM and is the Chairman of the Board of Directors for HKHC and also serves as a member of the Board of Directors for the Issuer."

Industry Context

StockSavvy.ai notes that Schedule 13D filings are crucial for understanding significant ownership stakes in public companies, particularly when an institutional investor like Horizon Kinetics maintains a substantial position. While this filing primarily updates ownership percentages and recent trading activity, the continued large stake by a prominent asset manager, whose CEO also sits on the issuer's board, suggests a long-term, engaged investment perspective in the land and mineral rights sector, which Texas Pacific Land Corp operates within.

Comparison to Industry Standards

• The 14.6% beneficial ownership by Horizon Kinetics is a significant stake, often indicative of a "blockholder" status, which can influence corporate governance and strategic decisions. This level of ownership is substantial compared to typical institutional passive investments, which often remain below the 5% threshold requiring 13D filings.
• The dual role of Murray Stahl as a key executive at Horizon Kinetics and a board member at Texas Pacific Land Corp represents a common practice among engaged institutional investors seeking to align interests and exert influence, similar to activist investors like Starboard Value or Elliott Management, though the filing does not suggest an activist agenda here.
• The frequent buy and sell transactions by HKAM, as detailed in Schedule A, reflect active portfolio management, which is standard for investment advisers managing client funds, rather than a static, long-term holding strategy without adjustments.

Corporate Governance

Related Party Transactions

• Murray Stahl, a key executive of the reporting persons, serves on the Board of Directors for Texas Pacific Land Corp and has been awarded 2,921 shares in connection with this service.

Stakeholder Impact

• Shareholders: The continued significant ownership by Horizon Kinetics may provide a sense of stability and institutional backing. Murray Stahl's board presence could lead to more shareholder-aligned decisions.
• Management: Management will continue to operate with a major institutional investor having a direct voice on the board.

Next Steps

• Texas Pacific Land Corp will continue to operate its business.
• Horizon Kinetics Asset Management LLC will continue to manage its investment in Texas Pacific Land Corp.

Key Dates

Recommendation

This filing is a routine update of a significant institutional investor's stake and trading activity. It does not present new information that would fundamentally alter the investment thesis for Texas Pacific Land Corp. The continued large holding by Horizon Kinetics and Murray Stahl's board presence are known factors. The active trading by HKAM suggests ongoing portfolio management rather than a strong directional signal for new investors. Therefore, a "hold" recommendation is appropriate for existing investors, while new investors should base decisions on broader company fundamentals rather than this ownership update alone.

Keywords

Texas Pacific Land Corp, TPL, Horizon Kinetics, Schedule 13D, Beneficial Ownership, Institutional Investor, Asset Management, Murray Stahl, SEC Filing, Common Stock