Texas Pacific Land Director Adds to $3.5B Position Through Multiple Entities
Director Murray Stahl and Horizon Kinetics Asset Management LLC (HKAM) reported multiple purchases of Texas Pacific Land Corp (TPL) shares on June 20, 2025.
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 20, 2025. The transactions were executed under a Rule 10b5-1 plan adopted on November 21, 2024.
Key transaction details:
- Purchases made at prices of $1,081.81 and $1,083.15 per share
- Shares acquired across multiple entities including Horizon Kinetics Hard Assets (325,809 shares), HKAM (637,760 shares), and Polestar Offshore Fund (129,277 shares)
- Stahl holds direct ownership of 8,226 shares and various indirect positions through affiliated entities
As disclosed in a December 18, 2024 Schedule 13D amendment, HKAM beneficially owns 3,578,173 shares, while Stahl holds 7,848 shares directly and approximately 156,083 shares indirectly. Stahl, who serves as Chairman, CEO, and CIO of HKAM, does not exercise investment discretion over the Issuer's securities and disclaims beneficial ownership except for his pecuniary interest.
Positive
- Director Murray Stahl and related entities made multiple open market purchases of TPL shares at ~$1,081-1,083 per share through a pre-planned 10b5-1 program, demonstrating continued confidence in the company
- Horizon Kinetics Asset Management LLC maintains a significant position of 637,760 shares, indicating strong institutional commitment to the company
Negative
- None.
Insider Trade Summary
Net Buyer: 10 shares
Net Buy
11 txns
Insider
STAHL MURRAY, HORIZON KINETICS ASSET MANAGEMENT LLC
Role
Director | 10% Owner
Bought
10 shs ($11K)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Purchase | Common Stock | 2 | $1,081.81 | $2K |
| Purchase | Common Stock | 1 | $1,081.81 | $1K |
| Purchase | Common Stock | 3 | $1,081.81 | $3K |
| Purchase | Common Stock | 2 | $1,081.81 | $2K |
| Purchase | Common Stock | 1 | $1,081.81 | $1K |
| Purchase | Common Stock | 1 | $1,083.15 | $1K |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Common Stock — 325,809 shares (Indirect, Horizon Kinetics Hard Assets);
Common Stock — 5,612 shares (Indirect, HORIZON CREDIT OPPORTUNITY FUND LP);
Common Stock — 8,226 shares (Direct);
Common Stock — 5,734 shares (Indirect, HORIZON COMMON INC);
Common Stock — 129,277 shares (Indirect, POLESTAR OFFSHORE FUND LTD);
Common Stock — 637,760 shares (Indirect, Horizon Kinetics Asset Management LLC);
Common Stock — 7,452 shares (Indirect, CDK PARTNERS LP);
Common Stock — 16,647 shares (Indirect, CDK FUND LTD);
Common Stock — 180 shares (Indirect, Spouse);
Common Stock — 5,490 shares (Indirect, FROMEX Equity Corp);
Common Stock — 24,024 shares (Indirect, FRMO Corp)
Footnotes (3)
- F1. 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.
- F2. Purchased pursuant to a Rule 10b5-1 plan adopted on November 21, 2024.
- F3. 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.
FAQ
What is Murray Stahl's total beneficial ownership position in TPL as of June 2025?
Following the transactions, Murray Stahl's beneficial ownership includes 8,226 shares held directly, plus indirect ownership through various entities including 325,809 shares through Horizon Kinetics Hard Assets, 637,760 shares through Horizon Kinetics Asset Management LLC, and additional holdings through various other entities. According to a December 2024 Schedule 13D amendment, HKAM reported beneficial ownership of 3,578,173 shares total.
Was TPL insider Murray Stahl's June 20, 2025 purchase made under a 10b5-1 plan?
Yes, according to footnote 2 in the filing, the purchases were made 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.
AI-generated analysis. How Rhea-AI works. Not financial advice.
