SCHEDULE: Texas Pacific Land Corp: Horizon Kinetics Files 13D Amendment

Horizon Kinetics Asset Management LLC and Horizon Kinetics Holding Corp have filed an amendment to their Schedule 13D, reporting beneficial ownership of approximately 14.5% of Texas Pacific Land Corp's common stock, following the unexpected passing of director Murray Stahl.

Summary

• This filing is an amendment (Amendment No. 10) to the Schedule 13D for Texas Pacific Land Corp (TPL).
• Horizon Kinetics Asset Management LLC (HKAM) and its parent Horizon Kinetics Holding Corp (HKHC) collectively beneficially own 9,974,556 shares of TPL common stock, representing approximately 14.5% of the class.
• The filing reports transactions in TPL shares by HKAM over the past sixty days, involving numerous buy and sell orders.
• The amendment also notes the unexpected passing of Murray Stahl on April 7, 2026, who was a Director of TPL and Chairman of HKHC. His shares will no longer be included in future filings.
• The percentage of shares outstanding is based on 68,941,554 shares as of February 9, 2026.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this filing as neutral to slightly negative due to the unexpected passing of a key director, which introduces uncertainty, despite the continued significant ownership stake.

Positives

• Horizon Kinetics maintains a significant stake (14.5%) in Texas Pacific Land Corp, indicating continued strategic interest.
• The detailed transaction schedule shows active management of the position over the past 60 days.

Negatives

• The unexpected passing of director Murray Stahl is a significant event that may lead to changes in board dynamics and strategic direction.
• The filing indicates that shares previously held by Mr. Stahl are no longer included, reducing the total reported beneficial ownership from the previous filing.

Risks

• The unexpected death of a key director and executive could create uncertainty regarding future strategic decisions and governance.
• The active trading by Horizon Kinetics, as detailed in Schedule A, could indicate a dynamic or potentially volatile investment strategy.

Future Outlook

The filing does not contain specific forward-looking statements or guidance from the company itself, but rather updates on beneficial ownership and recent transactions by a significant shareholder.

Management Comments

• "On April 7, 2026, Murray Stahl, a Director of the Issuer and Chief Executive Officer of HKAM, passed unexpectedly."
• "As a result, Mr. Stahl, will no longer be included on any future filings."
• "HKHC has not entered into any separate transactions in the shares following the filing of Amendment No. 9 other than those listed under Schedule A, which were effectuated by HKAM."
• "This Schedule 13 D Amendment does not include approximately 217,489 shares held by senior portfolio managers of HKAM and does not include shares previously held by Mr. Stahl."

Industry Context

StockSavvy.ai notes that Schedule 13D filings are crucial for tracking significant ownership changes and activist investor activity. This amendment highlights a substantial holding in Texas Pacific Land Corp, a company with significant land assets, and the impact of an unexpected leadership event on reporting.

Management Changes

Stakeholder Impact

• Shareholders: May experience uncertainty due to the loss of a key director and potential shifts in strategic direction. The active trading by Horizon Kinetics could also influence share price volatility.
• Management and Employees: The passing of a senior figure may impact morale and operational continuity, requiring adjustments in leadership and responsibilities.
• Board of Directors: The company must now address the vacancy left by Murray Stahl, potentially affecting board composition and decision-making processes.

Next Steps

• Monitor future filings for any changes in Horizon Kinetics' ownership or strategic approach.
• Observe how Texas Pacific Land Corp addresses the vacancy on its board and any potential strategic shifts.

Key Dates

Recommendation

The filing indicates a significant ownership stake by Horizon Kinetics, but the unexpected passing of a key director introduces uncertainty. While the active trading suggests ongoing engagement, the lack of new strategic initiatives or financial performance data warrants a 'hold' recommendation pending further clarity on leadership succession and future strategy.

Keywords

Texas Pacific Land Corp, Schedule 13D, Horizon Kinetics, Beneficial Ownership, SEC Filing, Amendment, Murray Stahl, TPL, Land Company, Investment Management