Form 4: Texas Pacific Land Director and 10% Owner Report Increased Beneficial Ownership

Murray Stahl, a Director and 10% owner of Texas Pacific Land Corp, along with Horizon Kinetics Asset Management LLC, reported recent acquisitions and an increase in beneficial ownership of the company's common stock.

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 2, 2025, several small purchases of TPL common stock were made at prices of $1,145.89 and $1,117.26 per share, pursuant to a Rule 10b5-1 plan adopted on November 21, 2024.
• These purchases included 2 shares indirectly through Horizon Kinetics Hard Assets, 1 share indirectly through HORIZON CREDIT OPPORTUNITY FUND LP, 3 shares directly, 2 shares indirectly through HORIZON COMMON INC, and 1 share indirectly through POLESTAR OFFSHORE FUND LTD, all at $1,145.89.
• An additional 1 share was acquired indirectly through Horizon Kinetics Asset Management LLC at $1,117.26.
• The reported change in beneficial ownership also reflects an increase of 4,416 shares from HK Hard Assets II LLC, which were previously reported as a separate line item.
• Following these transactions and adjustments, the total beneficial ownership includes significant indirect holdings through various Horizon Kinetics entities, such as 325,783 shares via Horizon Kinetics Hard Assets, 637,797 shares via Horizon Kinetics Asset Management LLC, and 129,264 shares via POLESTAR OFFSHORE FUND LTD, among others.
• As of December 18, 2024, HKAM had filed an amendment to its Schedule 13D, noting beneficial ownership of 3,578,173 shares, with Murray Stahl's direct interest at 7,848 shares and indirect interest at approximately 156,083 shares.
• Mr. Stahl disclaims beneficial ownership over the reported shares except to the extent of his pecuniary interest, and he does not exercise investment discretion with respect to the securities of the Issuer.

Sentiment

Score: 7

Explanation: The sentiment is positive due to insider buying by a director and significant shareholder, indicating confidence. While individual transaction sizes are small, the overall beneficial ownership and the reclassification of shares reflect a continued commitment.

Positives

• A Director and 10% owner, Murray Stahl and Horizon Kinetics Asset Management LLC, reported acquisitions of common stock, signaling continued confidence in Texas Pacific Land Corp.
• The purchases were made under a Rule 10b5-1 plan, indicating a pre-planned and systematic approach to increasing holdings.
• The reported increase of 4,416 shares from HK Hard Assets II LLC, though a reclassification, adds to the overall beneficial ownership reported by the insider group.

Future Outlook

The document does not provide explicit forward-looking statements or guidance regarding the company's future performance, but the insider purchases may signal a positive outlook from management.

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 filing reflects an insider transaction, which is a common occurrence in publicly traded companies. It indicates a director and significant shareholder's continued investment in the company, which can be viewed positively by the market, irrespective of broader industry trends.

Related Party Transactions

• The transactions involve Murray Stahl, a Director, and Horizon Kinetics Asset Management LLC, a 10% owner, where Mr. Stahl serves as Chairman, CEO, and CIO. The indirect holdings are through various funds and entities managed by HKAM, establishing a related party context for these transactions.

Stakeholder Impact

• Shareholders may interpret the insider buying as a positive signal of management's and significant owners' confidence in the company's future prospects, potentially leading to increased investor interest.
• The continued substantial ownership by Horizon Kinetics Asset Management LLC reinforces stability for long-term investors.

Key Dates

Recommendation

Keywords

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