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 due to purchases made under a Rule 10b5-1 plan.

Summary

• This Form 4 filing reports changes in beneficial ownership of Texas Pacific Land Corp (TPL) common stock by Murray Stahl, a director and 10% owner, and Horizon Kinetics Asset Management LLC.
• On April 1, 2024, several entities associated with Horizon Kinetics purchased TPL common stock at a price of $571.09 per share.
• These purchases were made pursuant to a Rule 10b5-1 plan adopted on September 14, 2023.
• Murray Stahl's beneficial ownership includes direct holdings and indirect holdings through various entities such as Horizon Kinetics Hard Assets LLC, Horizon Credit Opportunity Fund LP, Horizon Common Inc, and Polestar Offshore Fund Ltd.
• Horizon Kinetics Asset Management LLC (HKAM) reported beneficial ownership of 1,271,975 shares in a previous filing.
• Murray Stahl's direct interest is 2,474 shares and his indirect interest is approximately 53,550 shares.
• Mr. Stahl serves as Chairman, Chief Executive Officer and Chief Investment Manager of HKAM but does not participate in investment decisions with respect to the securities of the Issuer.

Sentiment

Score: 6

Explanation: The sentiment is neutral as the document primarily reports transactions under a pre-existing plan. There are no explicit positive or negative indicators, but continued investment by insiders can be viewed as a mildly positive sign.

Positives

• The purchases indicate a continued investment in Texas Pacific Land Corp by Murray Stahl and Horizon Kinetics.
• The use of a pre-arranged Rule 10b5-1 plan suggests a disciplined and transparent approach to trading.

Management Comments

• Mr. Stahl does not exercise investment discretion with respect to the securities of the issuer.

Industry Context

Form 4 filings are standard disclosures required by the SEC to provide transparency regarding the trading activities of company insiders. This filing indicates ongoing investment activity by a significant shareholder and director in Texas Pacific Land Corp.

Comparison to Industry Standards

• Form 4 filings are a standard practice for publicly traded companies and their insiders, ensuring transparency and compliance with SEC regulations.
• The use of a Rule 10b5-1 plan is a common strategy employed by insiders to manage their trading activities and avoid accusations of insider trading.

Stakeholder Impact

• The reported transactions may have a minor positive impact on shareholder confidence due to the continued investment by a director and significant shareholder.

Key Dates