Small Horizon Kinetics Buy Nudges Murray Stahl’s TPL Ownership Higher
Rhea-AI Filing Summary
Texas Pacific Land (NYSE:TPL) filed a Form 4 reflecting insider activity by Director and 10% owner Murray Stahl and several Horizon Kinetics–affiliated entities on 26 June 2025.
The Rule 10b5-1 transactions comprise 10 common shares purchased at prices ranging from $1,045.81 – $1,064.53, allocated across multiple funds and accounts (Horizon Kinetics Hard Assets, Horizon Credit Opportunity Fund, Horizon Common, Polestar Offshore Fund and Horizon Kinetics Asset Management). After the purchases, the filing reports total direct and indirect beneficial ownership of roughly 1.16 million shares spread among the listed entities.
The incremental share additions are de minimis relative to the existing stake and do not affect the filer’s control percentage or governance position.
Positive
- None.
Negative
- None.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Purchase | Common Stock | 2 | $1,045.81 | $2K |
| Purchase | Common Stock | 1 | $1,045.81 | $1K |
| Purchase | Common Stock | 3 | $1,045.81 | $3K |
| Purchase | Common Stock | 2 | $1,045.81 | $2K |
| Purchase | Common Stock | 1 | $1,045.81 | $1K |
| Purchase | Common Stock | 1 | $1,064.53 | $1K |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
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.
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