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

Director Murray Stahl of Texas Pacific Land Corp. reported several small purchases of common stock on June 17, 2025, executed under a pre-arranged Rule 10b5-1 trading plan.

Summary

• Murray Stahl, a Director of Texas Pacific Land Corp. (TPL) and Chairman, CEO, and CIO of Horizon Kinetics Asset Management LLC (HKAM), reported transactions involving TPL common stock.
• The transactions occurred on June 17, 2025, and were purchases (P) of common stock.
• Shares were acquired at prices of $1,109.52 and $1,087.71 per share.
• The purchases were made pursuant to a Rule 10b5-1 plan adopted on November 21, 2024.
• Following these transactions, Murray Stahl's direct beneficial ownership is 8,220 shares.
• Indirect beneficial ownership includes shares held through various entities managed by Horizon Kinetics, such as Horizon Kinetics Hard Assets (325,805 shares), HORIZON CREDIT OPPORTUNITY FUND LP (5,610 shares), HORIZON COMMON INC (5,730 shares), POLESTAR OFFSHORE FUND LTD (129,275 shares), Horizon Kinetics Asset Management LLC (637,758 shares), CDK PARTNERS LP (7,452 shares), CDK FUND LTD (16,647 shares), Spouse (180 shares), FROMEX Equity Corp (5,490 shares), and FRMO Corp (24,024 shares).
• Mr. Stahl disclaims beneficial ownership over shares reported except to the extent of his pecuniary interest, if any, and does not exercise investment discretion with respect to the Issuer's securities.
• As of December 18, 2024, HKAM reported beneficial ownership of 3,578,173 shares, with Murray Stahl having a direct interest in 7,848 shares and an indirect interest in approximately 156,083 shares.

Sentiment

Score: 7

Explanation: The sentiment is moderately positive due to insider buying, even if the individual transaction amounts are small and part of a pre-planned strategy. Insider purchases generally signal confidence in the company's future.

Positives

• The reported transactions are purchases of common stock by a director, which can signal confidence in the company's future prospects.
• The purchases were made under a Rule 10b5-1 plan, indicating a pre-planned investment strategy rather than a reaction to immediate market events.

Future Outlook

The document does not provide explicit forward-looking statements or guidance beyond the execution of pre-planned transactions under a Rule 10b5-1 plan.

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."

Industry Context

This Form 4 filing reflects routine insider trading activity, specifically purchases, which is a common occurrence across various industries. It does not provide broader industry trends but indicates continued investment by a key insider in the land and natural resources sector.

Related Party Transactions

• The transactions involve Murray Stahl, a Director of Texas Pacific Land Corp., and entities managed by Horizon Kinetics Asset Management LLC, where Mr. Stahl serves as Chairman, CEO, and CIO, and which is also a 10% owner of TPL. This constitutes related party dealings.

Stakeholder Impact

• Shareholders may view the director's purchases as a sign of continued confidence in the company's value and future performance.
• The transactions, being part of a 10b5-1 plan, suggest a structured and pre-determined investment approach by management.

Key Dates

Recommendation

Keywords

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