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

Murray Stahl, a director of Texas Pacific Land Corp, and Horizon Kinetics Asset Management LLC, a 10% owner, have increased their beneficial ownership of TPL common stock through a series of pre-arranged transactions.

Summary

• Murray Stahl, a director of Texas Pacific Land Corp (TPL), and Horizon Kinetics Asset Management LLC (HKAM), a 10% owner, reported changes in their beneficial ownership of TPL common stock.
• On June 13, 2025, multiple purchases of TPL Common Stock were executed at prices of $1,117.50 and $1,110.05 per share.
• These transactions were conducted pursuant to a Rule 10b5-1 plan adopted on November 21, 2024.
• Following these transactions, the total beneficial ownership reported includes 325,801 shares indirectly held by Horizon Kinetics Hard Assets, 5,608 shares indirectly held by HORIZON CREDIT OPPORTUNITY FUND LP, 8,214 shares directly held by Murray Stahl, 5,726 shares indirectly held by HORIZON COMMON INC, and 129,273 shares indirectly held by POLESTAR OFFSHORE FUND LTD, all purchased on June 13, 2025.
• Additionally, Horizon Kinetics Asset Management LLC indirectly holds 637,756 shares, CDK PARTNERS LP holds 7,452 shares, CDK FUND LTD holds 16,647 shares, Murray Stahl's spouse holds 180 shares, FROMEX Equity Corp holds 5,490 shares, and FRMO Corp holds 24,024 shares.
• As of December 18, 2024, HKAM had reported beneficial ownership of 3,578,173 shares, with Murray Stahl having a direct interest in 7,848 shares and an indirect interest in approximately 156,083 shares.
• Mr. Stahl disclaims beneficial ownership over the reported shares except to the extent of his pecuniary interest, if any, and does not exercise investment discretion with respect to the Issuer's securities.

Sentiment

Score: 7

Explanation: The sentiment is positive due to significant insider buying by a director and a 10% owner, especially when conducted under a pre-planned Rule 10b5-1 arrangement, which suggests confidence in the company's long-term value.

Positives

• A director and a significant 10% owner (Horizon Kinetics Asset Management LLC) are increasing their stake in Texas Pacific Land Corp, which can signal confidence in the company's future prospects.
• The purchases were made pursuant to a Rule 10b5-1 plan, indicating a pre-planned investment strategy rather than a reaction to immediate, non-public information.

Future Outlook

The document primarily reports past transactions and current beneficial ownership. The adoption of a Rule 10b5-1 plan suggests a pre-determined strategy for future stock acquisitions or sales, but no specific forward-looking guidance on company performance is provided.

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. While not directly related to broader industry trends, insider buying can sometimes be interpreted as a positive signal for the company's prospects within its sector, particularly in the land and natural resources industry where TPL operates.

Corporate Governance

Related Party Transactions

• Purchases of common stock by Murray Stahl, a director of Texas Pacific Land Corp, and Horizon Kinetics Asset Management LLC, a 10% owner, are considered related party transactions due to their affiliations with the issuer.

Stakeholder Impact

• Shareholders: The increased ownership by a director and a significant institutional investor may be viewed as a positive signal, potentially influencing investor confidence and stock valuation.
• Management: The transactions, particularly those under a 10b5-1 plan, demonstrate alignment of interests between management/significant shareholders and the company's performance.

Key Dates

Keywords

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