Form 4: Texas Pacific Land Corp Director and 10% Owner Murray Stahl Increases Stake Through Significant Stock Purchases

Murray Stahl, a Director and 10% owner of Texas Pacific Land Corp (TPL), has significantly increased his beneficial ownership in the company through multiple common stock purchases totaling over 780,000 shares.

Summary

• Murray Stahl, a Director and 10% owner of Texas Pacific Land Corp (TPL), reported multiple purchases of TPL common stock on June 26, 2025.
• The transactions were executed under a Rule 10b5-1 plan adopted on November 21, 2024.
• Shares were acquired at prices of $1,045.81 and $1,064.53 per share.
• The purchases increased Mr. Stahl's direct beneficial ownership to 8,238 shares and his indirect beneficial ownership through various entities, including Horizon Kinetics Hard Assets, HORIZON CREDIT OPPORTUNITY FUND LP, HORIZON COMMON INC, POLESTAR OFFSHORE FUND LTD, Horizon Kinetics Asset Management LLC, CDK PARTNERS LP, CDK FUND LTD, Spouse, FROMEX Equity Corp, and FRMO Corp.
• Horizon Kinetics Asset Management LLC (HKAM), where Mr. Stahl serves as Chairman, CEO, and CIO, reported beneficial ownership of 3,578,173 shares as of December 18, 2024, as noted in an amendment to its Schedule 13D.

Sentiment

Score: 8

Explanation: The sentiment is highly positive due to significant insider buying by a key director and 10% owner, signaling strong confidence in the company's future performance and valuation.

Positives

• Significant insider buying by a Director and 10% owner, Murray Stahl, signals strong confidence in the company's future prospects.
• The purchases were made at substantial prices, indicating a belief in the current valuation and potential for appreciation.
• The transactions were conducted under a Rule 10b5-1 plan, suggesting a pre-planned and systematic approach to increasing ownership.

Future Outlook

The document does not provide explicit forward-looking statements or guidance beyond the reported transactions.

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.

Industry Context

This Form 4 filing details specific insider trading activity for Texas Pacific Land Corp and does not provide broader industry trends or context.

Related Party Transactions

• The reported stock purchases by Murray Stahl, a Director and 10% owner, and entities associated with Horizon Kinetics Asset Management LLC, constitute related party transactions.

Stakeholder Impact

• Shareholders may view the significant insider purchases as a positive signal, potentially increasing investor confidence and demand for the stock.
• The increased ownership by a major stakeholder could align management and shareholder interests more closely.

Key Dates

Recommendation

Keywords

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