Form 4: Texas Pacific Land Director Murray Stahl Increases Stake Through Rule 10b5-1 Plan

Texas Pacific Land Corp Director Murray Stahl reported recent purchases of common stock, increasing his direct and indirect beneficial ownership, executed under a pre-arranged Rule 10b5-1 trading plan.

Summary

• Murray Stahl, a Director of Texas Pacific Land Corp (TPL), reported the acquisition of additional common stock on June 11, 2025.
• These purchases were made at prices of $1,110.94 and $1,114.69 per share.
• The transactions were executed pursuant to a Rule 10b5-1 trading plan adopted on November 21, 2024.
• Following these transactions, Mr. Stahl directly beneficially owns 8,208 shares of TPL common stock.
• Mr. Stahl also has indirect beneficial ownership through various entities, including Horizon Kinetics Hard Assets (325,797 shares), HORIZON CREDIT OPPORTUNITY FUND LP (5,606 shares), HORIZON COMMON INC (5,722 shares), POLESTAR OFFSHORE FUND LTD (129,271 shares), CDK PARTNERS LP (7,452 shares), CDK FUND LTD (16,647 shares), his Spouse (180 shares), FROMEX Equity Corp (5,490 shares), and FRMO Corp (24,024 shares).
• Horizon Kinetics Asset Management LLC (HKAM), where Mr. Stahl serves as Chairman, CEO, and CIO, reported beneficial ownership of 3,578,173 shares as of December 18, 2024, though Mr. Stahl disclaims beneficial ownership over these shares except for his pecuniary interest and does not exercise investment discretion over them.

Sentiment

Score: 7

Explanation: The purchase of shares by a director, even under a pre-arranged plan, generally indicates confidence in the company's future, leading to a positive sentiment score.

Positives

• A director's purchase of company stock, even if pre-arranged, can signal confidence in the company's future prospects.
• The transactions were conducted under a Rule 10b5-1 plan, indicating a pre-planned and transparent approach to insider trading.

Future Outlook

The document does not provide any forward-looking statements or guidance regarding the company's future performance or strategic direction, focusing solely on insider transaction disclosures.

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.
• Mr. Stahl disclaims beneficial ownership over the shares reported except to the extent of his pecuniary interest, if any.

Industry Context

This Form 4 filing details an insider transaction for Texas Pacific Land Corp, a company primarily involved in land and resource management. While the filing itself does not provide industry-specific context, insider purchases can be viewed within the broader investment landscape as a signal of confidence, particularly in sectors like real estate or natural resources where long-term asset value is key.

Related Party Transactions

• The filing details indirect beneficial ownership through various entities managed by Horizon Kinetics Asset Management LLC, where Murray Stahl serves as Chairman, CEO, and CIO. While these are disclosed as part of his beneficial ownership, the transactions themselves are direct purchases by the reporting person or entities under his indirect beneficial ownership, rather than new related party transactions in the traditional sense beyond the ownership structure.

Stakeholder Impact

• Shareholders may view the director's purchase as a positive sign of confidence in the company's future performance and valuation.

Key Dates

Recommendation

Keywords

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