Form 4: Texas Pacific Land Director Murray Stahl Reports Future Stock Purchases Under 10b5-1 Plan

Texas Pacific Land Corp Director and 10% owner Murray Stahl, along with Horizon Kinetics Asset Management LLC, reported future common stock purchases totaling 9 shares at prices around $1,120.52 to $1,120.64, executed under a pre-arranged Rule 10b5-1 trading plan.

Summary

• Murray Stahl, a Director and 10% owner of Texas Pacific Land Corp (TPL), reported the acquisition of 9 shares of common stock on June 4, 2025.
• The shares were purchased at prices of $1,120.52 and $1,120.64 per share.
• These transactions were made pursuant to a Rule 10b5-1 plan adopted on November 21, 2024.
• The reported beneficial ownership includes direct holdings by Murray Stahl and indirect holdings through various entities managed by Horizon Kinetics Asset Management LLC (HKAM), where Mr. Stahl serves as Chairman, CEO, and CIO.
• As of December 18, 2024, HKAM reported beneficial ownership of 3,578,173 shares, while Murray Stahl's direct interest was 7,848 shares and indirect interest approximately 156,083 shares.
• Mr. Stahl disclaims beneficial ownership over the reported shares except to the extent of his pecuniary interest, and he does not exercise investment discretion with respect to the Issuer's securities in the managed accounts.

Sentiment

Score: 5

Explanation: The sentiment is neutral. While an insider purchase can be positive, the small transaction amounts, the pre-planned nature via a 10b5-1 plan, and the explicit disclaimers regarding investment discretion and pecuniary interest suggest this is a technical compliance filing rather than a strong signal of new conviction.

Positives

• The purchase of shares by an insider, even if small and pre-planned, can be viewed as a minor signal of confidence in the company's future prospects.

Future Outlook

The document does not provide any forward-looking statements or guidance regarding the company's operational or financial performance, focusing solely on insider stock transactions.

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.
• Accounts managed by HKAM, where Mr. Stahl serves as Chairman, Chief Executive Officer and Chief Investment Officer, are reported separately, and he does not participate in investment decisions with respect to the securities of the Issuer in these accounts.

Industry Context

This Form 4 filing is a routine disclosure of insider stock transactions and does not provide broader industry context or trends. It reflects specific ownership changes within Texas Pacific Land Corp.

Related Party Transactions

• The reported transactions involve indirect beneficial ownership through entities managed by Horizon Kinetics Asset Management LLC, where Murray Stahl holds key leadership positions (Chairman, CEO, CIO), indicating related party dealings for reporting purposes.

Stakeholder Impact

• Shareholders may view the insider purchases, even if small and pre-planned, as a minor reaffirmation of confidence by a key director and significant owner.

Key Dates

Keywords

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