Form 4: Texas Pacific Land Director and 10% Owner Increases Stake Through Planned Stock Purchases

Murray Stahl, a Director and 10% owner of Texas Pacific Land Corp (TPL), along with affiliated entities, has increased beneficial ownership of TPL common stock through recent purchases under a pre-arranged 10b5-1 plan.

Summary

• Murray Stahl, a Director and 10% owner of Texas Pacific Land Corp (TPL), reported several purchases of TPL common stock on June 5, 2025.
• These purchases were made pursuant to a Rule 10b5-1 plan adopted on November 21, 2024.
• Direct purchases by Murray Stahl included 8,196 shares at $1,112.96 per share.
• Indirect purchases were made through various entities, including Horizon Kinetics Hard Assets (2 shares at $1,112.96), HORIZON CREDIT OPPORTUNITY FUND LP (1 share at $1,112.96), HORIZON COMMON INC (2 shares at $1,112.96), and POLESTAR OFFSHORE FUND LTD (1 share at $1,112.96).
• An additional indirect purchase of 1 share at $1,106.87 was made through Horizon Kinetics Asset Management LLC.
• Following these transactions, Murray Stahl's beneficial ownership includes 8,196 direct shares and significant indirect holdings through various funds and entities, totaling hundreds of thousands of shares.
• Horizon Kinetics Asset Management LLC (HKAM) previously reported beneficial ownership of 3,578,173 shares as of December 18, 2024, with Mr. Stahl having a direct interest in 7,848 shares and an indirect interest in approximately 156,083 shares.
• Mr. Stahl disclaims beneficial ownership over shares reported except to the extent of his pecuniary interest and does not exercise investment discretion with respect to the Issuer's securities.

Sentiment

Score: 8

Explanation: The sentiment is highly positive due to significant insider buying by a director and 10% owner, indicating strong confidence in the company's future, further reinforced by the use of a 10b5-1 plan.

Positives

• A Director and 10% owner, Murray Stahl, along with affiliated entities, increased their stake in Texas Pacific Land Corp, signaling confidence in the company's future prospects.
• The purchases were made under a Rule 10b5-1 plan, indicating a pre-planned and systematic approach to increasing ownership rather than opportunistic trading.

Future Outlook

The adoption and execution of a Rule 10b5-1 plan suggest a structured approach to future stock acquisitions by the reporting person and affiliated entities, indicating a long-term positive outlook on the company's value.

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

Insider buying, particularly by a director and significant shareholder, is generally interpreted by the market as a strong signal of management's confidence in the company's intrinsic value and future performance, often leading to positive investor sentiment.

Stakeholder Impact

• Shareholders: The insider purchases may instill greater confidence among existing and potential shareholders, potentially leading to increased demand for the stock.
• Investors: Provides a positive signal regarding the company's valuation and future outlook from a key insider.

Next Steps

• Continued execution of the Rule 10b5-1 plan for future stock acquisitions by Murray Stahl and affiliated entities.

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