Murray Stahl
Director at TPL
Board
About Murray Stahl
Murray Stahl (age 71) has served as an independent director of Texas Pacific Land Corporation (TPL) since January 11, 2021. He is CEO, Chairman and Chief Investment Strategist of Horizon Kinetics Holding Corporation, co‑founder of Horizon Kinetics Asset Management, with 30+ years of investing experience focused on energy and minerals; he chairs Horizon Kinetics’ investment committee. He also serves as CEO of FRMO Corp., President/CEO and Co‑Portfolio Manager of RENN Fund, Inc., and as a Director of Miami International Holdings (MIAX). Prior to co‑founding Horizon Kinetics, he spent 16 years at Bankers Trust as a senior portfolio manager and research analyst overseeing multiple funds and asset allocation groups .
Past Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Bankers Trust Company | Senior Portfolio Manager & Research Analyst | 1978–1994 | Managed Utility Mutual Fund and three Common Trust Funds; member of Equity Strategy Group and Investment Strategy Group |
| Winland Electronics, Inc. | Director | 2015–2020 | Board service |
| IL&FS Securities Services Limited | Director | 2008–2020 | Board service |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Horizon Kinetics Holding Corporation (HKHC) | CEO, Chairman, Chief Investment Strategist | Current | Chairs firm’s investment committee; oversees proprietary research |
| FRMO Corp. (OTC: FRMO) | Chief Executive Officer | Since 2001 | Executive leadership |
| RENN Fund, Inc. (NYSE: RCG) | President, CEO, Co‑Portfolio Manager | Since 2017 | Investment management leadership |
| Miami International Holdings, Inc. (MIAX) | Director | Since July 15, 2025 | Director; prior roles at MIAX Futures and BSX Council noted |
| MSRH, LLC | Director | Current | Board position |
Board Governance
- Committees: Nominating & Corporate Governance (member) and Strategic Acquisitions (member) .
- Committee chairs: Nominating & Corporate Governance chaired by Gen. Donald G. Cook; Strategic Acquisitions chaired by Karl F. Kurz .
- Independence: Board matrix indicates Stahl satisfies NYSE/SEC independence requirements (8 of 9 independent directors) .
- Attendance: In FY2024 the Board met 14 times; all directors attended ≥86% of Board and committee meetings; all directors attended the 2024 annual meeting .
- Executive sessions: Independent directors meet in executive session following regularly scheduled Board meetings .
- Years of service: Director since January 11, 2021 .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual Board Retainer | $230,000 | Paid $105,000 cash and $125,000 restricted stock; restricted stock immediately vests for grants after Oct 31, 2023 |
| Committee Membership Fee | $10,000 per committee | Stahl serves on two committees → $20,000 incremental under policy |
| Committee Chair Fees | Audit $10,000; Nominating $5,000; Compensation $5,000; Strategic Acquisitions $5,000 | Not applicable to Stahl (not a chair) |
| Chair of the Board Fee | $125,000 | Not applicable to Stahl |
| Meeting Fees | None for regularly scheduled meetings | Policy does not pay meeting fees |
| Stock Ownership Guidelines | 5× base cash retainer | Must be met within 5 years; includes unvested time‑based restricted shares |
Performance Compensation
- Directors do not receive performance‑based bonuses or options; compensation consists of cash retainer and restricted stock (now immediately vested for directors) with no meeting fees for regular meetings .
Other Directorships & Interlocks
| Company | Type | Role/Position | Potential Interlock/Notes |
|---|---|---|---|
| Horizon Kinetics (HKHC/HKAM) | Asset Manager | CEO/Chair/CIS (HKHC); HKAM is investment adviser | HKAM beneficially owns 15.6% of TPL; Stahl is TPL director; HKAM acts as discretionary manager; Stahl does not participate in HKAM’s investment decisions re TPL per disclosure |
| RENN Fund (NYSE: RCG) | Public company | President/CEO & Co‑PM | Investment management role |
| FRMO Corp. (OTC: FRMO) | Public company | CEO | Executive leadership |
| MIAX | Exchange/Market infra | Director | Governance role; MIAX affiliates noted |
Expertise & Qualifications
- 30+ years of investment experience, including energy/minerals focus; leadership of investment committee and oversight of proprietary research .
- Board skills matrix indicates financial oversight, risk management, public company board experience, and industry experience across nominees; Stahl is marked as independent and with relevant skills .
Equity Ownership
| Holder/Capacity | Shares Beneficially Owned | % of Class | Notes |
|---|---|---|---|
| Murray Stahl (aggregate) | 1,166,251 | 5.1% | Includes direct and indirect holdings across entities disclosed below |
| Direct (Stahl) | 8,238 | <1% | Personal holdings |
| Spouse | 180 | <1% | Family holding |
| Horizon Common Inc. | 5,742 | <1% | Managed by HKHC/HKAM |
| HKAM | 637,764 | n/a | Shares managed by HKHC via HKAM |
| Polestar Offshore Fund Ltd. | 129,281 | n/a | Managed by HKHC via HKAM |
| CDK Fund Ltd. | 16,647 | n/a | Managed by HKHC via HKAM |
| CDK Partners LP | 7,452 | n/a | Managed by HKHC via HKAM |
| Horizon Kinetics Hard Assets LLC | 325,817 | n/a | Managed by HKHC via HKAM |
| Horizon Credit Opportunity Fund LP | 5,616 | n/a | Managed by HKHC via HKAM |
| FROMEX Equity Corp | 5,490 | n/a | Managed by HKHC via HKAM |
| FRMO Corp. | 24,024 | n/a | Corporate holding |
| Note | — | — | Stahl disclaims beneficial ownership in HKAM‑managed accounts except for pecuniary interest and does not participate in HKAM’s TPL investment decisions . HKAM’s separate 13D shows 3,578,173 TPL shares (15.6%) owned by clients; HKAM has sole voting/dispositive power . |
Governance Assessment
- Strengths
- Independence and board engagement: Independent director with committee roles; Board and committees active (14 Board meetings; committees met respectively 6 and 4 times), and directors maintained ≥86% attendance .
- Skin‑in‑the‑game: Significant beneficial ownership (5.1%), aligning interests with stockholders; broader HKAM client ownership at 15.6% underscores long‑term alignment with value creation .
- Anti‑hedging/pledging controls: Insider Trading Policy prohibits hedging/shorting and requires pre‑approval for pledges/margin; supports alignment with long‑term investors .
- Board refresh and shareholder rights improvements: Declassification completed; special meeting right adopted (25% threshold); proxy access implemented in Aug 2025 .
- Potential Conflicts and Mitigants
- RED FLAG: Dual role as HKHC CEO with HKAM as 15.6% beneficial owner of TPL could introduce perceived conflicts (boardroom influence via a major shareholder). Mitigants: Disclosure clarifies Stahl does not participate in HKAM’s investment decisions regarding TPL; Cooperation Agreement (July 28, 2023) established standstill and non‑disparagement, with nominations coordinated and resignation letters withdrawn .
- Investor Group history: Prior Stockholders’ Agreement (assigned to TPL) and subsequent Cooperation Agreement formalized governance and voting commitments; ongoing standstill applies while Stahl or Oliver remains on the Board .
- Director compensation structure supports independence and time commitment: Retainer‑only model with equity grants (immediate vesting since Oct 31, 2023), no regular meeting fees; clear committee retainers and stock ownership guidelines (5× cash retainer) .
Appendix: TPL Director Compensation Policy (for reference)
| Element | Amount | Vesting/Policy |
|---|---|---|
| Base Retainer (non‑employee) | $230,000 ($105,000 cash; $125,000 restricted stock) | Restricted stock vests immediately for grants after Oct 31, 2023 |
| Chair of the Board | $125,000 | Additional to base retainer |
| Committee Membership | $10,000 per committee | Member fee per committee; chairs receive both member and chair fees |
| Committee Chairs | Audit $10,000; Nominating $5,000; Compensation $5,000; Strategic Acquisitions $5,000 | Paid in addition to member fee |
| Meeting Fees | None | No fees for regularly scheduled meetings |
| Ownership Guidelines | 5× base cash retainer | 5‑year compliance window |
References: TPL 2025 DEF 14A (Sept 26, 2025) ; TPL 2024 DEF 14A/PRE 14A (Sept 24/13, 2024) ; MIAX S‑1/A (Aug 4, 2025) .