Form 4: Murray Stahl and Horizon Kinetics Increase Stake in Texas Pacific Land Corp (TPL)

Murray Stahl, through various entities including Horizon Kinetics, reports increased beneficial ownership in Texas Pacific Land Corp (TPL) following recent stock purchases.

Summary

• Murray Stahl, a director of Texas Pacific Land Corp (TPL), along with Horizon Kinetics Asset Management LLC, reported changes in beneficial ownership of TPL shares.
• On March 20, 2025, several entities associated with Stahl purchased TPL common stock at a price of $1,370 per share.
• These entities include Horizon Kinetics Hard Assets (2 shares), Horizon Credit Opportunity Fund LP (1 share), Horizon Common Inc (2 shares), and Polestar Offshore Fund Ltd (1 share at $1,374.63).
• Following these transactions, Stahl's indirect beneficial ownership through Horizon Kinetics Hard Assets is 325,683 shares, through Horizon Credit Opportunity Fund LP is 5,549 shares, directly is 8,037 shares, through Horizon Common Inc is 5,608 shares, and through Polestar Offshore Fund Ltd is 129,214 shares.
• Horizon Kinetics Asset Management LLC beneficially owns 635,193 shares, Horizon Kinetics Hard Assets II LLC owns 4,416 shares, CDK Partners LP owns 7,452 shares, CDK Fund Ltd owns 16,647 shares, Stahl's spouse owns 180 shares, FROMEX Equity Corp owns 5,490 shares, and FRMO Corp owns 24,024 shares.
• These purchases were made pursuant to a Rule 10b5-1 plan adopted on November 21, 2024.

Sentiment

Score: 7

Explanation: The sentiment is moderately positive due to increased insider ownership, which often signals confidence in the company's future. However, the transactions are part of a pre-arranged plan, which tempers the strength of the signal.

Positives

• Increased insider ownership can be seen as a positive signal, indicating confidence in the company's future prospects.
• The purchases were made under a pre-arranged trading plan, suggesting a consistent investment strategy.

Future Outlook

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

Management Comments

• Mr. Stahl disclaims beneficial ownership over the shares reported except to the extent of his pecuniary interest, if any.
• Mr. Stahl does not exercise investment discretion with respect to the securities of the Issuer.

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 land sales. Insider transactions are closely watched by investors for signals about management's confidence in the company's prospects.

Comparison to Industry Standards

• Comparing insider ownership levels and transaction patterns to those of similar land and royalty companies like Viper Energy Partners LP (VNOM) or Black Stone Minerals, L.P. (BSM) can provide context.
• Analyzing the frequency and size of insider transactions relative to the company's market capitalization can offer insights into the significance of these activities.

Stakeholder Impact

• Increased insider ownership could positively influence shareholder sentiment.
• The transactions themselves have a limited direct impact on employees, customers, suppliers, or creditors.

Key Dates

Keywords

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