Form 4: Texas Pacific Land Director and Affiliates Report Over 1.1 Million Share Purchases Under 10b5-1 Plan

Texas Pacific Land Corp Director Murray Stahl and affiliated entities, including Horizon Kinetics Asset Management LLC, reported the acquisition of over 1.1 million shares of common stock on June 23, 2025, through a pre-arranged 10b5-1 plan.

Summary

• Murray Stahl, a Director of Texas Pacific Land Corp (TPL), along with affiliated entities, reported significant purchases of TPL common stock.
• On June 23, 2025, a total of 1,112,428 shares of TPL common stock were acquired across multiple accounts, including Horizon Kinetics Hard Assets, HORIZON CREDIT OPPORTUNITY FUND LP, HORIZON COMMON INC, POLESTAR OFFSHORE FUND LTD, and Horizon Kinetics Asset Management LLC.
• The purchases were made at prices of $1,098.7 per share for 469,417 shares and $1,088.01 per share for 637,761 shares.
• These transactions were executed pursuant to a Rule 10b5-1 plan adopted on November 21, 2024.
• Following these transactions, Murray Stahl's direct and indirect beneficial ownership, including through various Horizon Kinetics funds and other entities, totals 1,166,721 shares.
• Horizon Kinetics Asset Management LLC (HKAM) is also reported as a 10% owner, with a previous beneficial ownership of 3,578,173 shares as of December 18, 2024.
• Mr. Stahl disclaims beneficial ownership over shares managed by HKAM where he does not participate in investment decisions, except to the extent of his pecuniary interest.

Sentiment

Score: 8

Explanation: The significant insider buying by a director and a major shareholder (Horizon Kinetics Asset Management LLC) through a pre-planned 10b5-1 program indicates strong confidence in the company's valuation and future prospects. This is a highly positive signal for investors.

Positives

• Significant insider buying by a Director and affiliated entities, indicating confidence in the company's future prospects.
• The purchases were made under a Rule 10b5-1 plan, suggesting a pre-planned, systematic approach to accumulation rather than a reactive trade.
• The substantial volume of shares acquired (over 1.1 million) represents a notable increase in insider holdings.

Future Outlook

The document does not provide explicit forward-looking statements or guidance, but the insider purchases under a 10b5-1 plan suggest a long-term positive outlook from the reporting persons.

Industry Context

This Form 4 filing, detailing significant insider purchases, suggests a strong belief in the long-term value of Texas Pacific Land Corp within its industry. While the document itself does not provide industry-specific context, such insider activity is often interpreted by the market as a positive signal, potentially indicating management's confidence in the company's future performance relative to its peers in the land and natural resources sector.

Related Party Transactions

• The transactions involve purchases by entities affiliated with Murray Stahl, a director, and Horizon Kinetics Asset Management LLC, a 10% owner, which are considered related parties. The purchases were made through various funds and accounts managed by Horizon Kinetics, where Mr. Stahl holds leadership positions.

Stakeholder Impact

• Shareholders: The significant insider buying could be interpreted as a positive signal, potentially increasing investor confidence and demand for the stock.
• Employees, Customers, Suppliers, Creditors: No direct impact on these stakeholders is indicated by this specific filing, which focuses solely on stock ownership changes.

Key Dates

Recommendation

Keywords

Texas Pacific Land Corp, TPL, Murray Stahl, Horizon Kinetics, Insider Buying, Form 4, SEC Filing, Share Purchase, 10b5-1 Plan, Beneficial Ownership, Director Stock Purchase