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

Texas Pacific Land Corp Director Murray Stahl and affiliated entity Horizon Kinetics Asset Management LLC reported recent purchases of common stock, increasing their beneficial ownership, executed under a pre-arranged Rule 10b5-1 trading plan.

Summary

• Murray Stahl, a Director of Texas Pacific Land Corp (TPL), and Horizon Kinetics Asset Management LLC (HKAM), a 10% owner, reported transactions involving TPL common stock.
• On June 24, 2025, several purchases of TPL common stock were made at prices of $1,039.48 and $1,046.14 per share.
• These purchases were executed under a Rule 10b5-1 plan adopted on November 21, 2024.
• Following these transactions, Murray Stahl's direct beneficial ownership is 8,232 shares.
• Indirect beneficial ownership attributed to Murray Stahl includes shares held by Horizon Kinetics Hard Assets (325,813 shares), HORIZON CREDIT OPPORTUNITY FUND LP (5,614 shares), HORIZON COMMON INC (5,738 shares), POLESTAR OFFSHORE FUND LTD (129,279 shares), Horizon Kinetics Asset Management LLC (637,762 shares), CDK PARTNERS LP (7,452 shares), CDK FUND LTD (16,647 shares), Spouse (180 shares), FROMEX Equity Corp (5,490 shares), and FRMO Corp (24,024 shares).
• 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 shares reported except to the extent of his pecuniary interest and states he does not exercise investment discretion regarding TPL securities.

Sentiment

Score: 7

Explanation: The filing indicates insider purchases of common stock by a director and a significant shareholder, which typically signals confidence in the company's future. The purchases were made under a pre-arranged 10b5-1 plan, suggesting a long-term investment strategy.

Positives

• Insider buying by a Director and a 10% owner (Horizon Kinetics Asset Management LLC) can be interpreted as a positive signal of confidence in the company's future prospects.
• The purchases were made under a pre-arranged Rule 10b5-1 plan, indicating a systematic approach to acquiring shares rather than a reaction to immediate news.

Future Outlook

NA

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

This Form 4 filing indicates continued accumulation of shares by a significant insider and affiliated investment firm in Texas Pacific Land Corp. While specific to TPL, insider buying can broadly signal confidence within the real estate and natural resources sectors, particularly for companies with unique land-based assets like TPL.

Related Party Transactions

• The reported transactions are purchases of common stock by a Director (Murray Stahl) and an affiliated 10% owner (Horizon Kinetics Asset Management LLC), which are by definition related party transactions.
• The purchases were made by various entities associated with Horizon Kinetics, including Horizon Kinetics Hard Assets, HORIZON CREDIT OPPORTUNITY FUND LP, HORIZON COMMON INC, POLESTAR OFFSHORE FUND LTD, CDK PARTNERS LP, CDK FUND LTD, FROMEX Equity Corp, and FRMO Corp, as well as through Murray Stahl's direct and spouse's indirect holdings.

Stakeholder Impact

• Shareholders: May view the insider buying as a positive signal, potentially increasing confidence in the stock and its future performance.
• Management/Employees: Could interpret the insider purchases as a vote of confidence from a key director and investor.

Key Dates

Recommendation

Keywords

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