TPL Director Murray Stahl Signals Confidence with Strategic Stock Purchases

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.

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)
06/20/2025

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	06/20/2025		P		2	A	$1,081.81	325,809(1)(2)	I	Horizon Kinetics Hard Assets
Common Stock	06/20/2025		P		1	A	$1,081.81	5,612(1)(2)	I	HORIZON CREDIT OPPORTUNITY FUND LP
Common Stock	06/20/2025		P		3	A	$1,081.81	8,226(1)(2)	D
Common Stock	06/20/2025		P		2	A	$1,081.81	5,734(1)(2)	I	HORIZON COMMON INC
Common Stock	06/20/2025		P		1	A	$1,081.81	129,277(1)(2)	I	POLESTAR OFFSHORE FUND LTD
Common Stock	06/20/2025		P		1	A	$1,083.15	637,760(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	06/23/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
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FAQ

How many TPL shares did Murray Stahl purchase on June 20, 2025?

On June 20, 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 $1,081.81 and $1,083.15 per share.

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.