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

Murray Stahl, a director and significant shareholder, along with related entities, reported purchasing additional shares of Texas Pacific Land Corp (TPL) on March 25, 2024, under a pre-arranged trading plan.

Summary

• On March 25, 2024, Murray Stahl, a director of Texas Pacific Land Corp (TPL), and related entities including Horizon Kinetics Asset Management LLC (HKAM), Horizon Kinetics Hard Assets LLC, Horizon Credit Opportunity Fund LP, Horizon Common Inc, and Polestar Offshore Fund Ltd, purchased additional shares of TPL common stock.
• The purchases were made at a price of $1,724.56 per share.
• The transactions were executed under a Rule 10b5-1 plan adopted on September 14, 2023.
• Following these transactions, the entities managed by HKAM and in which Mr. Stahl has a controlling interest, hold significant positions in TPL.
• Mr. Stahl's direct and indirect beneficial ownership includes shares held through various entities, with HKAM reporting beneficial ownership of 1,271,975 shares as of February 28, 2024.

Sentiment

Score: 6

Explanation: The sentiment is neutral to slightly positive. The insider buying suggests confidence, but the transactions are part of a pre-arranged plan, so it's not necessarily a strong signal.

Positives

• The increased stake by a director and related entities could be seen as a positive signal about the company's prospects.
• The purchases were made under a pre-arranged trading plan, suggesting a consistent investment strategy.

Management Comments

• 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.

Industry Context

Texas Pacific Land Corp. is a unique company that owns a significant amount of land in Texas and generates revenue from oil and gas royalties and land sales. Insider buying activity is always closely watched by investors.

Stakeholder Impact

• The increased stake by a director and related entities could increase investor confidence.
• The transactions have no immediate impact on employees, customers, suppliers, or creditors.

Key Dates