Form 4: Murray Stahl of Horizon Kinetics Acquires Additional Shares of Texas Pacific Land Corp

Murray Stahl, a director and 10% owner of Texas Pacific Land Corp, reports the acquisition of additional shares through various entities associated with Horizon Kinetics.

Summary

• On March 11, 2025, Murray Stahl, a director of Texas Pacific Land Corp, reported the purchase of additional shares of the company's common stock.
• The purchases were made through various entities associated with Horizon Kinetics, including Horizon Kinetics Hard Assets, Horizon Credit Opportunity Fund LP, Horizon Common Inc, and Polestar Offshore Fund Ltd.
• The price per share for these transactions was $1,380.09, except for one transaction at $1,342.65.
• These purchases were executed under a Rule 10b5-1 plan adopted on November 21, 2024.
• Following these transactions, Mr. Stahl's beneficial ownership includes direct and indirect holdings through various entities, including Horizon Kinetics Asset Management LLC, Horizon Kinetics Hard Assets II LLC, CDK Partners LP, CDK Fund Ltd, Spouse, FROMEX Equity Corp, and FRMO Corp.
• Mr. Stahl disclaims beneficial ownership over shares managed by HKAM, except to the extent of his pecuniary interest.

Sentiment

Score: 6

Explanation: The sentiment is neutral to slightly positive. The director's purchase of shares is generally a positive sign, but the transactions were pre-planned under a Rule 10b5-1 plan, reducing the impact of the news.

Positives

• The director's purchase of additional shares could be interpreted as a positive signal about the company's prospects.
• The use of a pre-arranged Rule 10b5-1 plan suggests a planned and orderly approach to these transactions.

Management Comments

• Mr. Stahl disclaims beneficial ownership over the shares reported except to the extent of his pecuniary interest, if any.

Industry Context

Directors and major shareholders frequently buy and sell shares in their own companies. These transactions are closely watched by investors as they can provide insights into the insider's perspective on the company's value and future prospects. Form 4 filings are a standard part of this process, ensuring transparency.

Comparison to Industry Standards

• Texas Pacific Land Corp is a unique company due to its historical land ownership and royalty interests in the Permian Basin.
• Comparable companies might include other land and royalty companies, such as Viper Energy Partners LP or Black Stone Minerals, L.P., but the direct comparison is limited due to TPL's specific business model and scale.

Stakeholder Impact

• The director's purchase of shares could have a slightly positive impact on shareholder sentiment.

Key Dates