Texas Pacific Land Director Expands Massive 3.5M Share Position Through Investment Firm

Rhea-AI Filing Summary

Director Murray Stahl and Horizon Kinetics Asset Management LLC (HKAM) reported multiple purchases of Texas Pacific Land Corp (TPL) shares on June 18, 2025. The transactions were executed pursuant to a Rule 10b5-1 plan adopted on November 21, 2024.

Key transaction details:

• Multiple purchases at $1,080.51 per share across various entities including Horizon Kinetics Hard Assets (2 shares), HORIZON CREDIT OPPORTUNITY FUND LP (1 share), and direct ownership (3 shares)
• HKAM acquired 1 share at $1,077.52, bringing their beneficial ownership to 637,759 shares
• Total HKAM beneficial ownership previously reported was 3,578,173 shares as of December 18, 2024

Stahl serves as Chairman, CEO, and CIO of HKAM but does not participate in investment decisions regarding TPL securities. He disclaims beneficial ownership except for his pecuniary interest.

Positive

• Director Murray Stahl and related entities made multiple open market purchases of TPL shares at approximately $1,080 per share, demonstrating insider confidence
• The purchases were made under a pre-planned 10b5-1 trading plan established in November 2024, indicating structured accumulation rather than opportunistic buying
• Horizon Kinetics Asset Management LLC maintains a significant 10% ownership position, with beneficial ownership of over 3.5 million shares, showing long-term institutional commitment

Negative

• None.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

STAHL MURRAY

(Last) (First) (Middle)

C/O HORIZON KINETICS LLC

470 PARK AVE S 8TH FL S

(Street)

NEW YORK NY 10016

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Texas Pacific Land Corp [ TPL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/18/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	06/18/2025		P		2	A	$1,080.51	325,807(1)(2)	I	Horizon Kinetics Hard Assets
Common Stock	06/18/2025		P		1	A	$1,080.51	5,611(1)(2)	I	HORIZON CREDIT OPPORTUNITY FUND LP
Common Stock	06/18/2025		P		3	A	$1,080.51	8,223(1)(2)	D
Common Stock	06/18/2025		P		2	A	$1,080.51	5,732(1)(2)	I	HORIZON COMMON INC
Common Stock	06/18/2025		P		1	A	$1,080.51	129,276(1)(2)	I	POLESTAR OFFSHORE FUND LTD
Common Stock	06/18/2025		P		1	A	$1,077.52	637,759(1)(3)	I	Horizon Kinetics Asset Management LLC
Common Stock								7,452(1)	I	CDK PARTNERS LP
Common Stock								16,647(1)	I	CDK FUND LTD
Common Stock								180(1)	I	Spouse
Common Stock								5,490(1)	I	FROMEX Equity Corp
Common Stock								24,024(1)	I	FRMO Corp

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

STAHL MURRAY

(Last) (First) (Middle)

C/O HORIZON KINETICS LLC

470 PARK AVE S 8TH FL S

(Street)

NEW YORK NY 10016

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

HORIZON KINETICS ASSET MANAGEMENT LLC

(Last) (First) (Middle)

470 PARK AVENUE SOUTH

4TH FLOOR SOUTH

(Street)

NEW YORK NY 10016

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. On December 18, 2024, Horizon Kinetics Asset Management LLC (HKAM) filed an amendment to its Schedule 13D, in which it noted beneficial ownership of 3,578,173 shares and Murray Stahl's direct interest in 7,848 shares and his indirect interest in approximately 156,083 shares. The extent of HKAM's pecuniary interest in the shares beneficially owned is disclosed herein. Mr. Stahl does not exercise investment discretion with respect to the securities of the Issuer.

2. Purchased pursuant to a Rule 10b5-1 plan adopted on November 21, 2024.

3. 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. These accounts are managed by HKAM, in which Mr. Stahl serves as Chairman, Chief Executive Officer and Chief Investment Officer but does not participate in investment decisions 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.

	/s/ Jay Kesslen, attorney-in-fact	06/20/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

How many TPL shares did Murray Stahl purchase on June 18, 2025?

On June 18, 2025, Murray Stahl acquired multiple blocks of TPL shares across different entities: 2 shares for Horizon Kinetics Hard Assets, 1 share for HORIZON CREDIT OPPORTUNITY FUND LP, 3 shares directly, 2 shares for HORIZON COMMON INC, 1 share for POLESTAR OFFSHORE FUND LTD, and 1 share for Horizon Kinetics Asset Management LLC. The purchases were made at prices of $1,080.51 and $1,077.52 per share.

What is Murray Stahl's total beneficial ownership position in TPL?

According to the filing's explanatory notes, as of December 18, 2024, Murray Stahl held 7,848 shares directly and approximately 156,083 shares indirectly. Additionally, Horizon Kinetics Asset Management LLC (HKAM), where Stahl serves as Chairman, CEO, and CIO, reported beneficial ownership of 3,578,173 shares, though Stahl disclaims beneficial ownership of HKAM's shares except for his pecuniary interest.

Was TPL insider Murray Stahl's June 18, 2025 purchase made under a 10b5-1 plan?

Yes, according to footnote 2 in the filing, the purchases made on June 18, 2025, were executed pursuant to a Rule 10b5-1 plan that was adopted on November 21, 2024.

What positions does Murray Stahl hold at TPL and Horizon Kinetics?

According to the filing, Murray Stahl serves as a Director of TPL. At Horizon Kinetics Asset Management LLC (HKAM), he serves as Chairman, Chief Executive Officer and Chief Investment Officer, though the filing notes he does not participate in investment decisions regarding TPL securities.