Texas Pacific Land Director Adds Shares at $1,040 Amid $3.7B Holdings
Murray Stahl, Director of Texas Pacific Land Corp (TPL), and Horizon Kinetics Asset Management LLC reported multiple share acquisitions on June 24, 2025.
Rhea-AI Filing Summary
Murray Stahl, Director of Texas Pacific Land Corp (TPL), and Horizon Kinetics Asset Management LLC reported multiple share acquisitions on June 24, 2025. The transactions were executed under a Rule 10b5-1 plan established on November 21, 2024.
Key transaction details:
- Purchased shares at prices of $1,039.48 and $1,046.14 per share
- Acquisitions made through various entities including Horizon Kinetics Hard Assets (325,813 shares), POLESTAR OFFSHORE FUND (129,279 shares), and Horizon Kinetics Asset Management LLC (637,762 shares)
- Stahl holds both direct ownership (8,232 shares) and indirect ownership through multiple investment vehicles
Per a December 18, 2024 Schedule 13D amendment, HKAM beneficially owned 3,578,173 shares, while Stahl held 7,848 shares directly and approximately 156,083 shares indirectly. Stahl disclaims beneficial ownership except for his pecuniary interest as CEO and Chief Investment Officer of HKAM.
Positive
- Multiple insider purchases executed at market price (~$1,039-1,046) through various investment vehicles, demonstrating continued confidence in the company
- Total beneficial ownership by Horizon Kinetics Asset Management LLC remains substantial at over 637,000 shares, indicating long-term institutional commitment
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 ($10K)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Purchase | Common Stock | 2 | $1,039.48 | $2K |
| Purchase | Common Stock | 1 | $1,039.48 | $1K |
| Purchase | Common Stock | 3 | $1,039.48 | $3K |
| Purchase | Common Stock | 2 | $1,039.48 | $2K |
| Purchase | Common Stock | 1 | $1,039.48 | $1K |
| Purchase | Common Stock | 1 | $1,046.14 | $1K |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Common Stock — 325,813 shares (Indirect, Horizon Kinetics Hard Assets);
Common Stock — 5,614 shares (Indirect, HORIZON CREDIT OPPORTUNITY FUND LP);
Common Stock — 8,232 shares (Direct);
Common Stock — 5,738 shares (Indirect, HORIZON COMMON INC);
Common Stock — 129,279 shares (Indirect, POLESTAR OFFSHORE FUND LTD);
Common Stock — 637,762 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?
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 24, 2025 purchase made under a 10b5-1 plan?
Yes, according to footnote 2 in the filing, the purchases made on June 24, 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.
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