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

Murray Stahl, a director and 10% owner of Texas Pacific Land Corp, along with Horizon Kinetics Asset Management LLC, reported changes in beneficial ownership of TPL common stock.

Summary

• On February 24, 2025, Murray Stahl, a director of Texas Pacific Land Corp (TPL), reported transactions involving the company's common stock.
• These transactions involved purchases of TPL common stock at a price of $1,349.2 per share.
• The purchases were made through various entities associated with Horizon Kinetics, including Horizon Kinetics Hard Assets LLC, Horizon Credit Opportunity Fund LP, Horizon Common Inc, and Polestar Offshore Fund Ltd.
• Murray Stahl also reported indirect beneficial ownership through Horizon Kinetics Asset Management LLC and other entities.
• The filing indicates that these purchases were made pursuant to a Rule 10b5-1 plan adopted on November 21, 2024.
• Following the reported transactions, Murray Stahl's beneficial ownership includes direct and indirect holdings through various entities.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing, so the sentiment is neutral.

Management Comments

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

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 filing provides transparency to shareholders regarding insider transactions.
• The increased stake by Murray Stahl and Horizon Kinetics could be viewed positively by investors.

Key Dates