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

Murray Stahl, through various entities including Horizon Kinetics, has increased his beneficial ownership in Texas Pacific Land Corp (TPL) by purchasing additional shares.

Summary

• Murray Stahl, a director and 10% owner of Texas Pacific Land Corp (TPL), has reported changes in beneficial ownership.
• The transactions involved the purchase of TPL common stock through various entities associated with Horizon Kinetics.
• These purchases were made on April 11, 2024, at a price of $601.52 per share.
• The purchases were made pursuant to a Rule 10b5-1 plan adopted on September 14, 2023.
• Following these transactions, the total number of shares beneficially owned by Stahl and related entities has changed.
• Stahl's beneficial ownership is both direct and indirect, held through entities like Horizon Kinetics Hard Assets LLC, Horizon Credit Opportunity Fund LP, Horizon Common Inc, and Polestar Offshore Fund Ltd.
• Horizon Kinetics Asset Management LLC (HKAM) manages some of these accounts, but Stahl does not participate in investment decisions regarding TPL securities within HKAM.

Sentiment

Score: 6

Explanation: The sentiment is neutral. The document simply reports transactions and doesn't offer any positive or negative outlook. The continued investment by a major shareholder could be seen as a slightly positive signal.

Positives

• The purchases indicate a continued investment and confidence in Texas Pacific Land Corp by Murray Stahl and Horizon Kinetics.

Future Outlook

The document does not contain specific forward-looking statements regarding the company's future performance.

Industry Context

Texas Pacific Land Corp is a unique company that owns a significant amount of land in Texas, benefiting from oil and gas royalties and other land-related income. Increased investment from a major shareholder like Horizon Kinetics could signal confidence in the company's long-term prospects within the energy and land management sectors.

Comparison to Industry Standards

• Texas Pacific Land Corp's unique business model makes direct comparisons challenging.
• However, its performance can be benchmarked against other land holding companies and royalty trusts.
• Companies like Viper Energy Partners LP (VNOM) and Black Stone Minerals, L.P. (BSM) operate in the royalty and mineral interest space, but their focus is narrower than TPL's broader land ownership.
• TPL's high stock price and significant land holdings distinguish it from many peers.

Stakeholder Impact

• The increased stake by Horizon Kinetics could be viewed positively by shareholders, potentially increasing investor confidence.
• The transactions themselves have a limited direct impact on employees, customers, suppliers, or creditors.

Key Dates