Form 4: Major TPL Shareholder Significantly Reduces Holdings

Horizon Kinetics Asset Management LLC, a 10% owner and director of Texas Pacific Land Corp, reported a significant reduction in its beneficial ownership, despite a nominal purchase of one share.

Summary

• Horizon Kinetics Asset Management LLC (HKAM), a 10% owner and director of Texas Pacific Land Corp (TPL), reported a transaction on October 2, 2025.
• The transaction involved the acquisition of 1 share of TPL common stock at a price of $967.13 per share.
• Following this transaction, HKAM's direct beneficial ownership stands at 1,162,535 shares.
• This current beneficial ownership represents a substantial decrease from the 3,578,173 shares HKAM reported in its Schedule 13D amendment filed on December 18, 2024.
• The net reduction in beneficial ownership since the December 2024 13D filing is 2,415,638 shares.
• Murray Stahl, associated with HKAM, holds 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: 3

Explanation: The significant reduction in beneficial ownership by a major institutional investor and 10% owner, despite a token purchase, suggests a negative outlook or strategic divestment, which is generally perceived negatively by the market.

Positives

• A nominal purchase of 1 share was reported, indicating some level of continued engagement, though its significance is overshadowed by the overall reduction in holdings.

Negatives

• Horizon Kinetics Asset Management LLC's beneficial ownership in Texas Pacific Land Corp has significantly decreased by 2,415,638 shares, from 3,578,173 shares reported on December 18, 2024, to 1,162,535 shares following the reported transaction.
• The reported purchase of only 1 share is negligible compared to the overall reduction in holdings.

Risks

• A major institutional investor and 10% owner significantly reducing its stake could signal a loss of confidence in the company's future prospects or valuation.
• The substantial reduction in ownership by Horizon Kinetics Asset Management LLC may lead to increased selling pressure on TPL's stock.

Future Outlook

N/A

Industry Context

N/A

Stakeholder Impact

• Shareholders may perceive the significant reduction in a major institutional investor's stake as a negative signal, potentially leading to decreased investor confidence and selling pressure on the stock.

Key Dates

Recommendation

The substantial reduction in beneficial ownership by a major institutional investor and 10% owner, Horizon Kinetics Asset Management LLC, signals a potential loss of confidence or a strategic divestment. While a single share was purchased, the net effect is a divestment of over 2.4 million shares. This action by a sophisticated investor could precede further declines or indicate underlying issues not immediately apparent, warranting a 'sell' recommendation for investors to mitigate potential downside risk.

Keywords

Texas Pacific Land Corp, TPL, Horizon Kinetics Asset Management, Insider Transaction, Form 4, Beneficial Ownership, Institutional Investor