Form 4: Texas Pacific Land Director and Affiliates Increase Holdings Under 10b5-1 Plan

Director Murray Stahl and affiliated entities reported multiple purchases of Texas Pacific Land Corp common stock on June 12, 2025, under a pre-arranged 10b5-1 plan.

Summary

• Murray Stahl, a Director and 10% owner of Texas Pacific Land Corp (TPL), along with Horizon Kinetics Asset Management LLC (a 10% owner), reported the acquisition of a small number of additional TPL common shares.
• The transactions occurred on June 12, 2025, with shares purchased at prices of $1,091.73 and $1,095.95 per share.
• These purchases were executed pursuant to a Rule 10b5-1 plan adopted on November 21, 2024.
• Following these transactions, the total beneficial ownership by Murray Stahl and affiliated entities remains substantial, including 325,799 shares held indirectly by Horizon Kinetics Hard Assets, 637,755 shares indirectly by Horizon Kinetics Asset Management LLC, and 8,211 shares held directly by Mr. Stahl, among other holdings.
• Mr. Stahl disclaims beneficial ownership over shares reported except to the extent of his pecuniary interest and states he does not exercise investment discretion over the Issuer's securities.
• Horizon Kinetics Asset Management LLC previously reported beneficial ownership of 3,578,173 shares in a Schedule 13D amendment filed on December 18, 2024.

Sentiment

Score: 7

Explanation: The purchases by a director and significant shareholder, executed under a pre-arranged 10b5-1 plan, generally signal confidence in the company's future prospects, despite the small individual transaction sizes.

Positives

• A Director and 10% owner, Murray Stahl, along with affiliated entities, continued to acquire shares of Texas Pacific Land Corp common stock, signaling ongoing confidence.
• The purchases were executed under a pre-arranged Rule 10b5-1 plan, indicating a systematic and non-discretionary investment strategy.
• The substantial existing beneficial ownership by these key insiders (e.g., over 3.5 million shares reported by HKAM previously) reinforces their long-term commitment to the company.

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."
• "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."

Industry Context

This Form 4 filing is specific to Texas Pacific Land Corp and its insiders; it does not provide broader industry context or trends.

Stakeholder Impact

• Shareholders: Increased confidence due to continued insider purchases by a director and significant shareholder, signaling belief in the company's value.

Key Dates

Recommendation

Keywords

Texas Pacific Land Corp, TPL, Murray Stahl, Horizon Kinetics, Form 4, insider trading, beneficial ownership, stock purchase, 10b5-1 plan