Form 4: Texas Pacific Land Director Murray Stahl and Affiliates Increase Holdings Through Rule 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, acquired additional shares of common stock through pre-arranged trading plans.

Summary

• Murray Stahl, a Director and 10% Owner of Texas Pacific Land Corp (TPL), along with several affiliated entities, reported acquiring additional shares of TPL common stock.
• The transactions occurred on May 23, 2025, with shares purchased at prices of $1,267.64 and $1,268.02 per share.
• Specific purchases include 2 shares by Horizon Kinetics Hard Assets, 1 share by HORIZON CREDIT OPPORTUNITY FUND LP, 3 shares directly by Murray Stahl, 2 shares by HORIZON COMMON INC, 1 share by POLESTAR OFFSHORE FUND LTD, and 1 share by Horizon Kinetics Asset Management LLC.
• These purchases were executed pursuant to a Rule 10b5-1 plan adopted on November 21, 2024.
• Following these transactions, the beneficial ownership of TPL common stock by Murray Stahl and related entities includes: 325,773 shares by Horizon Kinetics Hard Assets, 5,594 shares by HORIZON CREDIT OPPORTUNITY FUND LP, 8,172 shares directly by Murray Stahl, 5,698 shares by HORIZON COMMON INC, 129,259 shares by POLESTAR OFFSHORE FUND LTD, 633,376 shares by Horizon Kinetics Asset Management LLC, 4,416 shares by HORIZON KINETICS HARD ASSETS II LLC, 7,452 shares by CDK PARTNERS LP, 16,647 shares by CDK FUND LTD, 180 shares indirectly through a spouse, 5,490 shares by FROMEX Equity Corp, and 24,024 shares by FRMO Corp.
• Horizon Kinetics Asset Management LLC (HKAM) previously reported beneficial ownership of 3,578,173 shares in an amended Schedule 13D filing on December 18, 2024, with Murray Stahl's direct interest at 7,848 shares and indirect interest at approximately 156,083 shares at that time.
• Mr. Stahl disclaims beneficial ownership over the reported shares except to the extent of his pecuniary interest and states he does not exercise investment discretion with respect to the Issuer's securities.

Sentiment

Score: 8

Explanation: The sentiment is positive due to significant insider buying by a director and 10% owner, indicating strong confidence in the company's valuation and future. The purchases being under a 10b5-1 plan further reinforces a strategic, rather than opportunistic, positive outlook.

Positives

• Insider buying by a director and significant shareholder (Murray Stahl and affiliated entities) signals confidence in the company's future prospects.
• The purchases were made under a Rule 10b5-1 plan, indicating a pre-planned investment strategy rather than opportunistic trading, which can be viewed positively by investors.

Negatives

• The individual transaction sizes reported in the table (1-3 shares per entity) are very small, which might be perceived as a weak signal of conviction if not for the substantial total beneficial ownership reported.

Future Outlook

The document does not provide explicit forward-looking statements or guidance regarding the company's future performance or strategic direction. However, insider purchases can implicitly suggest 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

Insider buying, particularly by a director and significant owner, is often interpreted by the market as a positive signal, suggesting that those closest to the company believe its stock is undervalued or that strong performance is anticipated. This can instill confidence among other investors, aligning management's interests with shareholders.

Corporate Governance

Related Party Transactions

• The reported transactions involve a director and 10% owner (Murray Stahl) and entities affiliated with him (Horizon Kinetics Hard Assets, HORIZON CREDIT OPPORTUNITY FUND LP, HORIZON COMMON INC, POLESTAR OFFSHORE FUND LTD, Horizon Kinetics Asset Management LLC, HORIZON KINETICS HARD ASSETS II LLC, CDK PARTNERS LP, CDK FUND LTD, Spouse, FROMEX Equity Corp, FRMO Corp), which are by definition related party transactions.

Stakeholder Impact

• Shareholders: May view the insider purchases as a positive signal, potentially increasing confidence in the stock and its future performance.
• Investors: Provides insight into management's belief in the company's value, which could influence investment decisions.

Key Dates

Recommendation

Keywords

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