Form 4: Texas Pacific Land Director and 10% Owner Report Minor Share Purchases Under 10b5-1 Plan

A recent SEC Form 4 filing reveals that Murray Stahl, a director and 10% owner of Texas Pacific Land Corp, along with affiliated entities, made minor share purchases totaling 10 shares on June 20, 2025, under a pre-arranged Rule 10b5-1 plan.

Summary

• Murray Stahl, a director of Texas Pacific Land Corp (TPL) and associated with 10% owner Horizon Kinetics Asset Management LLC (HKAM), reported recent share purchases.
• On June 20, 2025, a total of 10 common shares of TPL were acquired across various accounts, including 3 shares directly by Murray Stahl.
• The purchases were executed at prices of $1,081.81 and $1,083.15 per share.
• These transactions were made pursuant to a Rule 10b5-1 plan adopted on November 21, 2024.
• Following these transactions, Murray Stahl directly beneficially owns 8,226 shares.
• Horizon Kinetics Asset Management LLC (HKAM) previously reported beneficial ownership of 3,578,173 shares as of December 18, 2024.
• Mr. Stahl disclaims beneficial ownership over shares reported by HKAM except to the extent of his pecuniary interest and states he does not exercise investment discretion over the Issuer's securities.

Sentiment

Score: 6

Explanation: While insider purchases are generally positive, the extremely small volume of shares purchased (10 shares total) significantly limits the positive signal. It's more of a neutral, compliance-driven filing.

Positives

• Insider purchases, even small ones, can signal a degree of confidence in the company's future prospects from a director and significant shareholder.
• The transactions were conducted under a Rule 10b5-1 plan, indicating pre-planned, non-discretionary trades, which helps mitigate concerns about opportunistic insider trading.

Negatives

• The extremely small number of shares purchased (total of 10 shares) makes the financial impact negligible and limits the signal of confidence, suggesting it is primarily a technical compliance filing rather than a significant new investment.

Future Outlook

No specific future outlook or guidance is provided in this transactional filing.

Management Comments

• "Mr. Stahl does not exercise investment discretion with respect to the securities of the Issuer."
• "The amount of common shares of the Issuer reported excludes partnerships and other accounts in which Mr. Stahl has a controlling interest and are reported separately. 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."
• "Mr. Stahl disclaims beneficial ownership over the shares reported except to the extent of his pecuniary interest, if any."

Industry Context

This filing is specific to Texas Pacific Land Corp and its insiders. While insider purchases can generally be seen as a positive signal, the extremely small volume of shares purchased in this instance means it offers very little insight into broader industry trends or TPL's competitive position. It primarily serves as a compliance update for a director and significant shareholder.

Related Party Transactions

• The reported share purchases by Murray Stahl, a director, and entities affiliated with Horizon Kinetics Asset Management LLC, a 10% owner, constitute related party transactions. These transactions are conducted under a Rule 10b5-1 plan.

Stakeholder Impact

• Shareholders: The purchases, though small, might be perceived as a minor vote of confidence from a director and significant shareholder. However, the negligible volume means minimal direct impact on share price or liquidity.
• Management/Employees: No direct impact.
• Customers/Suppliers/Creditors: No direct impact.

Key Dates

Recommendation

Keywords

Texas Pacific Land Corp, TPL, Murray Stahl, Horizon Kinetics Asset Management, HKAM, SEC Form 4, insider trading, share purchase, 10b5-1 plan, beneficial ownership, director, 10% owner