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

Texas Pacific Land Corp Director and 10% owner Murray Stahl, along with Horizon Kinetics Asset Management LLC, reported the acquisition of 10 shares of common stock on June 3, 2025, under a pre-arranged 10b5-1 plan, updating their significant beneficial ownership in the company.

Summary

• Murray Stahl, a Director and 10% owner of Texas Pacific Land Corp (TPL), and Horizon Kinetics Asset Management LLC (HKAM), also a 10% owner, reported transactions involving TPL common stock.
• On June 3, 2025, a total of 10 shares of TPL common stock were acquired through multiple purchases at prices of $1,110.25 and $1,110.62 per share.
• These purchases were made pursuant to a Rule 10b5-1 plan adopted on November 21, 2024.
• Following these transactions, Murray Stahl's reported beneficial ownership, including direct and indirect holdings through various 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, totals 1,166,141 shares.
• Horizon Kinetics Asset Management LLC previously reported beneficial ownership of 3,578,173 shares in a Schedule 13D amendment filed on December 18, 2024.
• Mr. Stahl disclaims beneficial ownership over shares reported except to the extent of his pecuniary interest and does not exercise investment discretion over the Issuer's securities.

Sentiment

Score: 6

Explanation: The sentiment is moderately positive due to insider buying, which generally signals confidence. However, the extremely small number of shares purchased (10 shares) limits the strength of this positive signal, making it more of a routine compliance filing than a strong statement of conviction.

Positives

• Insider buying, even in small amounts, 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 reactive trade.

Negatives

• The number of shares purchased (10 shares) is very small relative to the total beneficial ownership (over 1.1 million shares), suggesting a minimal new investment rather than a significant increase in conviction.

Future Outlook

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

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 is a routine disclosure of insider trading activity, specifically a director's purchase of company stock. It does not provide broader industry context or trends, but rather reflects an individual's investment decision within the real estate and natural resources sector, where Texas Pacific Land Corp operates.

Related Party Transactions

• The filing details indirect beneficial ownership through various entities where Murray Stahl has an interest, such as 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, FROMEX Equity Corp, and FRMO Corp, as well as through his spouse. These represent transactions and holdings related to the reporting person and affiliated entities.

Stakeholder Impact

• Shareholders may view the insider purchases, albeit small, as a positive sign of management's confidence in the company's value, potentially reinforcing investor sentiment.

Key Dates

Recommendation

Keywords

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