Insider trade

10% owner purchased ~$902 of TPL shares in the open market

Traded Dec 18, 2025 · Filed Dec 19, 2025

~$902
Reported value · 1 sh @ $902.41: 1.16M
Holds after · shares reported: +12.7%
stock since the trade · S&P 500 +12.9%, $298.47 → $336.46 on Oct 1

HORIZON KINETICS ASSET MANAGEMENT LLC, 10% owner's past purchases, 90 days after disclosure: 169 buys, median -6.3% vs S&P 500, beat it 74 of 169 times. Past results, not a forecast.

Why it stands out

A big owner of Texas Pacific Land Corporation spent $902 of their very own money to buy Texas Pacific Land Corporation shares.

Written from the filing's own figures. OQRO describes what was reported and never tells you what to buy or sell

View the official recordSEC Form 4 — Statement of Changes in Beneficial Ownership

All the details

Dates, kept separate

Transaction date: Dec 18, 2025
Reporting period: Not applicable
Filed with the SEC: Dec 19, 2025

10% owner<$25K

Context

Classification

open market purchase

Code P — open-market or private purchase

Absolute commitment

~$902

Shares × reported transaction price

Size band

<$25K

Rarity

First purchase in 0 months

Confirmed open-market purchases by the same insider in the available history

Largest by this insider

No

Compared with 55 earlier confirmed purchases

Cluster activity

No other insider purchases within 30 days

Distinct insiders at the same issuer with confirmed open-market purchases

Timing vs results

43 days after results of Nov 5, 2025, 62 days before results of Feb 18, 2026

Results dates are the company's own 8-K (Item 2.02). Many companies only let insiders trade in a window after results

Price at the time

Closed at $298.47 on Dec 18, 2025, 9% above its 52-week low and 37% below its high, after a 3% drop over the previous 30 trading days

52-week range $273.5633 (Dec 16, 2025) to $477.0033 (Feb 20, 2025), 12% of the way up, from 250 adjusted closes. 30 trading days earlier: $306.35 on Nov 5, 2025. Describes the past only, not a forecast

Planned / mechanical clue

None found in footnotes

Only flagged when a footnote says so; never inferred

After it was reported

After	Stock	S&P 500	Difference
7 days	-2.7%	+0.4%	-3.2%
30 days	+14.3%	+0.1%	+14.3%
90 days	+74.3%	-4.3%	+78.6%
180 days	+19.3%	+8.7%	+10.6%

Past results only. Not a forecast.

Source receipt

Record ID: 0001437749-25-038366
Filed / recorded: Dec 19, 2025, 8:31 PM UTC
Added to OQRO: Oct 2, 2026, 12:28 PM UTC
Parser: form4-xml-v1
Data quality: Verified: identifiers matched exactly
Issuer: Texas Pacific Land Corp
Issuer CIK: 1811074
Ticker: TPL
Reporting person: HORIZON KINETICS ASSET MANAGEMENT LLC
Relationship: 10% owner
Security: Common Stock
Table: Non-derivative (Table I)
Transaction date: Dec 18, 2025
Transaction code: P
Shares / units: 1
Price per share: $902.41
Acquired / disposed: Acquired (A)
Shares owned after: 1,162,589
Ownership form: Direct
Amendment: No

Footnotes from the filing

On December 18, 2024, Horizon Kinetics Asset Management LLC (HKAM) filed an amendment to its Schedule 13D, in which it noted beneficial ownership of 3,578,173 shares and Murray Stahl's direct interest in 7,848 shares and his indirect interest in approximately 156,083 shares. 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.

Around the same time

Major shareholder bought9mo ago

~$330Reported value · 1 sh @ $330.33

A big owner of Texas Pacific Land Corporation spent $330 of their very own money to buy Texas Pacific Land Corporation shares.

Why it stands out Official record

Major shareholder bought9mo ago

~$330Reported value · 1 sh @ $329.91

A big owner of Texas Pacific Land Corporation spent $330 of their very own money to buy Texas Pacific Land Corporation shares.

Why it stands out Official record

Major shareholder bought9mo ago

~$323Reported value · 1 sh @ $322.57

A big owner of Texas Pacific Land Corporation spent $323 of their very own money to buy Texas Pacific Land Corporation shares.

Why it stands out Official record

HORIZON KINETICS ASSET MANAGEMENT LLC, 10% owner's past purchases, 90 days after disclosure: 169 buys, median -6.3% vs S&P 500, beat it 74 of 169 times. Past results, not a forecast.