Form 4: Texas Pacific Land Director Murray Stahl and Affiliates Increase Stake Through Pre-Planned Purchases

Texas Pacific Land Corp Director Murray Stahl and affiliated entities have increased their beneficial ownership of common stock through pre-planned purchases on May 29, 2025, under a Rule 10b5-1 plan.

Summary

• Murray Stahl, a Director of Texas Pacific Land Corp (TPL), along with Horizon Kinetics Asset Management LLC (HKAM) and other affiliated entities, acquired additional shares of TPL common stock on May 29, 2025.
• The transactions involved purchases of common stock at prices of $1,219.54 and $1,205 per share.
• These purchases were executed pursuant to a Rule 10b5-1 plan adopted on November 21, 2024, indicating pre-scheduled transactions.
• Following these transactions, Murray Stahl's direct beneficial ownership stands at 8,181 shares.
• Indirect beneficial ownership attributed to Murray Stahl through various Horizon Kinetics entities and other related accounts includes: 325,779 shares via Horizon Kinetics Hard Assets, 5,597 shares via HORIZON CREDIT OPPORTUNITY FUND LP, 5,704 shares via HORIZON COMMON INC, 129,262 shares via POLESTAR OFFSHORE FUND LTD, 633,379 shares via Horizon Kinetics Asset Management LLC, 4,416 shares via HORIZON KINETICS HARD ASSETS II LLC, 7,452 shares via CDK PARTNERS LP, 16,647 shares via CDK FUND LTD, 180 shares via Spouse, 5,490 shares via FROMEX Equity Corp, and 24,024 shares via 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.

Sentiment

Score: 7

Explanation: The sentiment is positive due to continued insider buying by a director and affiliated investment entities, indicating confidence in the company. The purchases being under a 10b5-1 plan suggests a pre-determined strategy rather than a reaction to immediate news, but still reflects long-term commitment.

Positives

• The continued acquisition of shares by a director and affiliated entities, even under a Rule 10b5-1 plan, signals ongoing confidence in the company's future prospects.
• The substantial total beneficial ownership by Murray Stahl and Horizon Kinetics entities demonstrates a significant alignment of interests with long-term shareholders.

Future Outlook

The document does not contain any explicit forward-looking statements or guidance regarding the company's future performance or strategic direction beyond the execution of pre-planned stock purchases.

Management Comments

• Murray Stahl disclaims beneficial ownership over the reported shares except to the extent of his pecuniary interest, if any.
• Mr. Stahl does not exercise investment discretion with respect to the securities of the Issuer, despite serving as Chairman, Chief Executive Officer, and Chief Investment Officer of Horizon Kinetics Asset Management LLC.

Industry Context

This Form 4 filing primarily details insider trading activity and does not provide broader industry context or trends. It reflects an individual director's and affiliated investment firm's ongoing investment strategy in Texas Pacific Land Corp.

Related Party Transactions

• Murray Stahl, as a Director of Texas Pacific Land Corp and Chairman, CEO, and CIO of Horizon Kinetics Asset Management LLC (HKAM), has indirect beneficial ownership through various funds and entities managed by HKAM, which can be considered related party transactions.

Stakeholder Impact

• Shareholders may view the continued insider purchases as a positive indicator of management's and significant investors' belief in the company's value, potentially bolstering investor confidence.

Key Dates

Recommendation

Keywords

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