Form 4: Texas Pacific Land Corp Director Murray Stahl Reports Minor Share Purchases Under Pre-Arranged Plan

Murray Stahl, a Director of Texas Pacific Land Corp (TPL) and associated with 10% owner Horizon Kinetics Asset Management LLC, reported the acquisition of a small number of TPL common shares through pre-scheduled transactions.

Summary

• Murray Stahl, a Director of Texas Pacific Land Corp (TPL) and a reporting person associated with Horizon Kinetics Asset Management LLC (a 10% owner), reported several small purchases of TPL common stock.
• The transactions occurred on June 18, 2025, with shares acquired at prices of $1,080.51 and $1,077.52 per share.
• The total number of shares acquired in these specific transactions was minimal, including 2 shares, 1 share, 3 shares, 2 shares, and 1 share across various indirect and direct holdings.
• These purchases were executed pursuant to a Rule 10b5-1 plan, which was adopted on November 21, 2024, indicating pre-scheduled transactions.
• Following these transactions, the beneficial ownership of TPL common stock by Murray Stahl and associated entities remains substantial, with Horizon Kinetics Asset Management LLC having previously reported beneficial ownership of 3,578,173 shares as of December 18, 2024.
• Mr. Stahl's direct interest was 7,848 shares, and his indirect interest was approximately 156,083 shares as of the December 18, 2024 Schedule 13D amendment.

Sentiment

Score: 5

Explanation: The sentiment is neutral. While it's an insider purchase, the very small volume of shares acquired and the pre-scheduled nature via a 10b5-1 plan suggest it's a routine transaction rather than a strong signal of new confidence or significant market insight.

Positives

• The transactions represent insider buying, which can signal confidence in the company's future prospects, even if the acquired volume is small.
• The purchases were made under a Rule 10b5-1 plan, demonstrating a structured and pre-planned approach to share acquisition.

Future Outlook

The document does not contain any forward-looking statements or guidance regarding the company's future performance or strategic direction.

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

Insider transactions, such as those reported in a Form 4, are a routine part of corporate disclosure. While large, open-market purchases by insiders can signal strong confidence, small, pre-scheduled acquisitions under a 10b5-1 plan are generally less indicative of new, significant insights into the company's immediate prospects.

Related Party Transactions

• The reported transactions involve a Director (Murray Stahl) and a 10% owner (Horizon Kinetics Asset Management LLC) purchasing shares from the issuer, which are inherently related party dealings as defined by SEC regulations for insider reporting.

Stakeholder Impact

• Shareholders: The impact is minimal given the small volume of shares purchased. It may offer a slight positive signal of continued insider alignment, but does not suggest significant new developments.

Key Dates

Keywords

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