Form 4: Horizon Kinetics Increases Stake in Texas Pacific Land Corp (TPL)

Murray Stahl, associated with Horizon Kinetics, reports acquiring additional shares of Texas Pacific Land Corp (TPL) through various entities under a pre-arranged Rule 10b5-1 plan.

Summary

• Murray Stahl, a director and 10% owner of Texas Pacific Land Corp (TPL), reported changes in beneficial ownership on April 28, 2025.
• The transactions involved the purchase of TPL common stock through various entities associated with Horizon Kinetics.
• These purchases were made under a Rule 10b5-1 plan adopted on November 21, 2024.
• The price per share for these transactions was $1,344.34 and $1,346.13.
• The reported transactions increased the indirect holdings of common stock by Horizon Kinetics Hard Assets, HORIZON CREDIT OPPORTUNITY FUND LP, HORIZON COMMON INC, and POLESTAR OFFSHORE FUND LTD.
• Stahl's indirect interest includes holdings through Horizon Kinetics Asset Management LLC, HORIZON KINETICS HARD ASSETS II LLC, CDK PARTNERS LP, CDK FUND LTD, Spouse, FROMEX Equity Corp, and FRMO Corp.
• As of December 18, 2024, Horizon Kinetics Asset Management LLC (HKAM) reported beneficial ownership of 3,578,173 shares, with Murray Stahl's direct interest in 7,848 shares and indirect interest in approximately 156,083 shares.

Sentiment

Score: 6

Explanation: Neutral sentiment as the document primarily reports transactions without expressing explicit positive or negative views. The continued investment could be seen as mildly positive.

Positives

• The purchases indicate a continued investment and confidence in Texas Pacific Land Corp by Horizon Kinetics and Murray Stahl.
• The use of a Rule 10b5-1 plan suggests a structured and pre-planned approach to these transactions, mitigating concerns about insider trading.

Industry Context

Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders, providing transparency to the market.

Stakeholder Impact

• The increased stake by Horizon Kinetics could be viewed positively by shareholders, signaling confidence in the company's future.

Key Dates

Keywords

Texas Pacific Land Corp, TPL, Horizon Kinetics, Murray Stahl, Beneficial Ownership, Form 4, Rule 10b5-1, Share Acquisition