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

Murray Stahl, a Director of Texas Pacific Land Corp (TPL) and Chairman/CEO/CIO of Horizon Kinetics Asset Management LLC, has increased his beneficial ownership in TPL common stock through recent purchases under a pre-arranged Rule 10b5-1 plan.

Summary

• Murray Stahl, a Director of Texas Pacific Land Corp (TPL), acquired additional shares of TPL common stock on June 10, 2025.
• The purchases were made at prices of $1,122.81 and $1,108.46 per share.
• These transactions were executed pursuant to a Rule 10b5-1 plan adopted on November 21, 2024.
• Following these transactions, Murray Stahl's total beneficial ownership, including direct and various indirect holdings through entities like Horizon Kinetics Hard Assets, HORIZON CREDIT OPPORTUNITY FUND LP, HORIZON COMMON INC, POLESTAR OFFSHORE FUND LTD, Horizon Kinetics Asset Management LLC, CDK PARTNERS LP, CDK FUND LTD, Spouse, FROMEX Equity Corp, and FRMO Corp, amounts to 1,166,141 shares.
• Horizon Kinetics Asset Management LLC (HKAM), where Mr. Stahl serves as Chairman, Chief Executive Officer, and Chief Investment Officer, previously reported beneficial ownership of 3,578,173 shares as of December 18, 2024.
• Mr. Stahl disclaims beneficial ownership over shares reported by HKAM except to the extent of his pecuniary interest and does not exercise investment discretion with respect to the Issuer's securities.
• A reduction of 50 shares was noted for Horizon Kinetics Asset Management LLC's reported shares, due to a client in-kind redemption without consideration.

Sentiment

Score: 8

Explanation: The sentiment is positive due to a director increasing their stake in the company, which typically signals confidence in the company's future performance and valuation. The purchases being part of a Rule 10b5-1 plan also indicates a pre-meditated positive view.

Positives

• A Director, Murray Stahl, increased his beneficial ownership in Texas Pacific Land Corp, which can be interpreted as a sign of confidence in the company's future prospects.
• The purchases were made under a pre-arranged Rule 10b5-1 plan, indicating a planned acquisition strategy rather than a reactive one.

Future Outlook

The document does not provide explicit forward-looking statements or guidance regarding the company's future performance, but the insider purchases may signal management's positive outlook.

Management Comments

• Murray Stahl disclaims beneficial ownership over the shares reported by Horizon Kinetics Asset Management LLC 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.

Industry Context

This Form 4 filing reflects an insider transaction, specifically an increase in beneficial ownership by a director. Such transactions are closely watched by investors as they can indicate management's confidence in the company's valuation and future prospects, irrespective of broader industry trends.

Related Party Transactions

• Murray Stahl's indirect beneficial ownership includes shares held through entities like Horizon Kinetics Asset Management LLC, Horizon Kinetics Hard Assets, HORIZON CREDIT OPPORTUNITY FUND LP, HORIZON COMMON INC, POLESTAR OFFSHORE FUND LTD, CDK PARTNERS LP, CDK FUND LTD, FROMEX Equity Corp, and FRMO Corp, where he holds various roles or interests.

Stakeholder Impact

• Shareholders may view the director's increased stake as a positive indicator of management's confidence, potentially leading to increased investor interest and positive share price movement.

Key Dates

Recommendation

Keywords

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