Form 4: Texas Pacific Land Director and 10% Owner Continue Share Acquisitions Under Rule 10b5-1 Plan

A recent SEC Form 4 filing reveals that Murray Stahl, a Director of Texas Pacific Land Corp, and Horizon Kinetics Asset Management LLC, a 10% owner, have acquired additional common stock in the company as part of a pre-arranged plan.

Summary

• Murray Stahl, a Director of Texas Pacific Land Corp (TPL), and Horizon Kinetics Asset Management LLC (HKAM), a 10% owner, reported the acquisition of a small number of TPL common shares.
• The transactions occurred on May 22, 2025, with shares purchased at prices of $1,339.56 and $1,294.06 per share.
• These purchases, totaling 10 shares across various entities, were made pursuant to a Rule 10b5-1 plan adopted on November 21, 2024.
• Following these transactions, Murray Stahl directly beneficially owns 8,169 shares, and indirectly holds significant stakes through entities like Horizon Kinetics Asset Management LLC (633,375 shares), Horizon Kinetics Hard Assets (325,771 shares), and POLESTAR OFFSHORE FUND LTD (129,258 shares).
• HKAM's beneficial ownership was previously reported as 3,578,173 shares in a Schedule 13D amendment on December 18, 2024, with Mr. Stahl disclaiming investment discretion over these shares except for his pecuniary interest.

Sentiment

Score: 7

Explanation: The acquisition of shares by a director and a 10% owner, especially under a Rule 10b5-1 plan, generally indicates continued confidence in the company's future, which is a positive signal for investors.

Positives

• The continuation of purchases under a Rule 10b5-1 plan indicates a systematic and pre-planned approach to share acquisition by a director and significant shareholder, signaling long-term confidence.
• The substantial total beneficial ownership by Murray Stahl and Horizon Kinetics Asset Management LLC, despite the small number of shares acquired in these specific transactions, demonstrates a continued long-term commitment to Texas Pacific Land Corp.

Future Outlook

The document does not provide forward-looking statements or guidance, as it is a transactional report of insider ownership changes.

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 reflects routine insider trading activity, specifically purchases, which can be interpreted by the market as a sign of confidence from key stakeholders. Such filings are common across all industries for publicly traded companies.

Comparison to Industry Standards

• Form 4 filings are standard regulatory disclosures for insider transactions.
• The reported purchases by a director and a significant shareholder are consistent with typical insider buying patterns observed in the market, though the specific amounts and prices are unique to this transaction.
• No specific comparable companies or projects are mentioned in this filing.

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.

Key Dates

Recommendation

Keywords

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