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

Murray Stahl, a director and 10% owner of Texas Pacific Land Corp, reports purchasing additional shares through various entities under Horizon Kinetics, as part of a pre-arranged Rule 10b5-1 plan.

Summary

• On May 16, 2025, Murray Stahl, a director of Texas Pacific Land Corp (TPL) and affiliated with Horizon Kinetics, reported acquiring additional shares of TPL common stock.
• The purchases were made through various entities 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 approximately $1,423.98, with one transaction at $1,401.49.
• These transactions were executed under a Rule 10b5-1 plan adopted on November 21, 2024.
• Following these transactions, the total number of shares beneficially owned by Stahl and related entities is substantial, including both direct and indirect holdings.
• Stahl disclaims beneficial ownership over certain shares except to the extent of his pecuniary interest.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. The purchases indicate confidence by a major shareholder, but the structured nature of the transactions under a 10b5-1 plan tempers any strong positive reaction.

Positives

• The purchases indicate continued investment and confidence in Texas Pacific Land Corp by a significant shareholder.
• The use of a Rule 10b5-1 plan suggests a structured and pre-planned approach to these transactions, mitigating concerns about insider 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.

Industry Context

Texas Pacific Land Corp. is a unique company due to its historical origins and significant land holdings in Texas. Insider transactions are always closely watched in the context of such companies, especially given the potential for long-term value appreciation tied to energy and land development.

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 origins and asset base.
• However, similar filings for companies like Viper Energy Partners (VNOM) or Black Stone Minerals (BSM) can provide context on how other natural resource companies' insiders manage their holdings.
• The scale of Horizon Kinetics' holdings is substantial compared to typical insider ownership in similarly sized companies.

Stakeholder Impact

• The continued investment by a major shareholder like Murray Stahl could be viewed positively by other shareholders.
• The transactions themselves are unlikely to have a direct impact on employees, customers, suppliers, or creditors.

Key Dates

Keywords

Texas Pacific Land Corp, TPL, Murray Stahl, Horizon Kinetics, Share Acquisition, Rule 10b5-1, Beneficial Ownership, SEC Form 4