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

Murray Stahl, through various entities associated with Horizon Kinetics, acquired additional shares of Texas Pacific Land Corp on March 28, 2025, under a pre-arranged Rule 10b5-1 plan.

Summary

• On March 28, 2025, Murray Stahl, a director of Texas Pacific Land Corp, acquired additional shares of the company through entities associated with Horizon Kinetics.
• The purchases were made under a Rule 10b5-1 plan adopted on November 21, 2024.
• The price per share for all transactions was approximately $1,326.21, except for one purchase at $1,311.89.
• The transactions involved several entities, including Horizon Kinetics Hard Assets, HORIZON CREDIT OPPORTUNITY FUND LP, HORIZON COMMON INC, and POLESTAR OFFSHORE FUND LTD.
• Following these transactions, the total number of shares beneficially owned by Stahl and related entities is substantial, including direct and indirect holdings.
• Stahl disclaims beneficial ownership over some of the shares, except to the extent of his pecuniary interest.

Sentiment

Score: 6

Explanation: The sentiment is neutral to slightly positive. The insider buying suggests confidence, but the pre-arranged plan mitigates the impact. The disclaimer of beneficial ownership on some shares adds a layer of complexity.

Positives

• The purchases indicate confidence in Texas Pacific Land Corp by a director and significant shareholder.
• The use of a pre-arranged Rule 10b5-1 plan suggests a disciplined and transparent approach to trading.

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 in some accounts.

Industry Context

Texas Pacific Land Corp is a unique company that owns a significant amount of land in West Texas, benefiting from oil and gas development and related activities. Insider transactions are closely watched as indicators of management's confidence in the company's future prospects.

Comparison to Industry Standards

• Comparing insider transactions at Texas Pacific Land Corp to other land-rich companies or royalty trusts is difficult due to the unique nature of TPL's assets and business model.
• However, monitoring insider activity is a common practice among investors to gauge sentiment, similar to how analysts track insider buying at companies like Berkshire Hathaway or other firms with strong insider ownership.

Stakeholder Impact

• The insider buying could positively influence shareholder sentiment.
• The transactions have no immediate impact on employees, customers, suppliers, or creditors.

Key Dates

Keywords

Texas Pacific Land Corp, Murray Stahl, Horizon Kinetics, share acquisition, Form 4, Rule 10b5-1, beneficial ownership, TPL