Form 4: Texas Pacific Land Director Murray Stahl and Horizon Kinetics Entities Increase Holdings Through Rule 10b5-1 Plan

Texas Pacific Land Corp Director Murray Stahl and affiliated Horizon Kinetics entities have reported additional purchases of common stock, executed under a pre-arranged Rule 10b5-1 trading plan.

Summary

• Murray Stahl, a Director of Texas Pacific Land Corp (TPL), and entities affiliated with Horizon Kinetics Asset Management LLC, a 10% owner, reported purchases of TPL common stock.
• The transactions occurred on May 28, 2025, and were executed under a Rule 10b5-1 plan adopted on November 21, 2024.
• A total of 10 shares were acquired across several entities and directly by Mr. Stahl, with prices of $1,249.94 per share for most transactions and $1,234.6 per share for one transaction by Horizon Kinetics Asset Management LLC.
• Following these transactions, the beneficial ownership across various Horizon Kinetics-affiliated entities and Mr. Stahl's direct holdings, as reported in this filing, totals 1,166,101 shares.
• Horizon Kinetics Asset Management LLC previously reported beneficial ownership of 3,578,173 shares as of December 18, 2024, as noted in an amendment to its Schedule 13D.
• Mr. Stahl disclaims beneficial ownership over shares reported 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: 7

Explanation: The sentiment is moderately positive due to insider purchases by a director and affiliated entities, indicating confidence. However, the individual transaction sizes are very small, which slightly tempers the overall positive signal.

Positives

• A Director and affiliated significant shareholders are increasing their stake in Texas Pacific Land Corp, which can signal confidence in the company's future prospects.
• The purchases were made pursuant to a Rule 10b5-1 plan, indicating pre-planned, non-discretionary transactions designed to comply with insider trading regulations.

Negatives

• The individual transaction sizes reported (1-3 shares per transaction) are very small, which might limit the perceived significance of the insider buying compared to the overall beneficial ownership.

Future Outlook

No specific future outlook or guidance is provided in this Form 4 filing, beyond the existence of a Rule 10b5-1 plan for future transactions.

Management Comments

• "Mr. Stahl does not exercise investment discretion with respect to the securities of the Issuer."
• "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."
• "Mr. Stahl disclaims beneficial ownership over the shares reported except to the extent of his pecuniary interest, if any."

Industry Context

This filing reflects routine insider trading disclosures. For Texas Pacific Land Corp, which primarily manages land and mineral rights, insider purchases could be interpreted as a positive signal regarding the long-term value of its assets or its operational strategy within the land and natural resources sector.

Corporate Governance

Related Party Transactions

• The transactions involve Murray Stahl, a Director, and various entities affiliated with Horizon Kinetics Asset Management LLC, where Mr. Stahl serves as Chairman, CEO, and CIO. These entities are considered related parties.

Stakeholder Impact

• Shareholders: Insider purchases by a director and significant shareholder (Horizon Kinetics) can be seen as a positive indicator, potentially boosting investor confidence and share price.
• Management: The use of a Rule 10b5-1 plan demonstrates adherence to best practices for insider trading compliance.

Next Steps

• Continued monitoring of future Form 4 filings for additional insider transactions by Murray Stahl and Horizon Kinetics entities.

Key Dates

Recommendation

Keywords

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