Form 4: Texas Pacific Land Corp Director and 10% Owner Increase Holdings Through Pre-Planned Stock Purchases

A director and a significant institutional owner of Texas Pacific Land Corp (TPL) have reported recent purchases of the company's common stock, executed under a Rule 10b5-1 trading plan.

Summary

• Murray Stahl, a Director of Texas Pacific Land Corp (TPL), and Horizon Kinetics Asset Management LLC (HKAM), a 10% owner, reported recent purchases of TPL common stock.
• On June 6, 2025, Mr. Stahl acquired a total of 9 shares of common stock across multiple transactions at prices of $1,112.71 and $1,122.14 per share.
• These purchases were made pursuant to a Rule 10b5-1 plan adopted on November 21, 2024.
• Following these transactions, Mr. Stahl's direct beneficial ownership is 8,199 shares.
• His indirect beneficial ownership includes significant holdings through various entities managed by Horizon Kinetics, such as Horizon Kinetics Hard Assets (325,791 shares), HORIZON CREDIT OPPORTUNITY FUND LP (5,603 shares), HORIZON COMMON INC (5,716 shares), POLESTAR OFFSHORE FUND LTD (129,268 shares), Horizon Kinetics Asset Management LLC (637,801 shares), CDK PARTNERS LP (7,452 shares), CDK FUND LTD (16,647 shares), Spouse (180 shares), FROMEX Equity Corp (5,490 shares), and FRMO Corp (24,024 shares).
• Horizon Kinetics Asset Management LLC previously reported beneficial ownership of 3,578,173 shares as of December 18, 2024, in an amendment to its Schedule 13D.
• Mr. Stahl disclaims beneficial ownership over shares reported except to the extent of his pecuniary interest, if any, and states he does not exercise investment discretion with respect to the Issuer's securities.

Sentiment

Score: 7

Explanation: The sentiment is positive due to insider buying by a director and a significant institutional owner, which generally signals confidence. The use of a 10b5-1 plan indicates a pre-planned, compliant transaction.

Positives

• Director Murray Stahl and 10% owner Horizon Kinetics Asset Management LLC made open market purchases of Texas Pacific Land Corp (TPL) common stock, signaling confidence.
• The purchases were executed under a Rule 10b5-1 plan, indicating a pre-planned acquisition strategy and adherence to compliance protocols.
• Insider buying, especially by a director and a significant institutional owner, can be interpreted as a positive signal regarding the company's future prospects and valuation.

Future Outlook

This Form 4 filing does not provide any forward-looking statements or guidance regarding the company's future performance or outlook.

Management Comments

• "Mr. Stahl does not exercise investment discretion with respect to the securities of the Issuer."
• "Mr. Stahl disclaims beneficial ownership over the shares reported except to the extent of his pecuniary interest, if any."
• "These accounts are managed by HKAM, in which Mr. Stahl serves as Chairman, Chief Executive Officer and Chief Investment Officer but does not participate in investment decisions with respect to the securities of the Issuer."

Industry Context

This Form 4 filing is specific to insider transactions within Texas Pacific Land Corp and does not provide broader industry trends or context.

Corporate Governance

Related Party Transactions

• Murray Stahl's indirect beneficial ownership includes shares held through various funds and entities managed by Horizon Kinetics Asset Management LLC (HKAM), where Mr. Stahl serves as Chairman, CEO, and CIO.
• While Mr. Stahl disclaims investment discretion and beneficial ownership beyond his pecuniary interest for these holdings, the relationship between the reporting person and the entities holding the shares constitutes a related party arrangement for disclosure purposes.

Stakeholder Impact

• Shareholders may view the insider purchases as a positive signal of management and significant owner confidence in the company's valuation and future prospects.
• The use of a 10b5-1 plan provides transparency regarding the pre-planned nature of these transactions, which can reassure investors about compliance.

Key Dates

Recommendation

Keywords

Texas Pacific Land Corp, TPL, Form 4, Insider Trading, Beneficial Ownership, Murray Stahl, Horizon Kinetics Asset Management LLC, Stock Purchase, Director, 10b5-1 Plan