Horizon Kinetics Asset Management LLC (TPL) reports small Texas Pacific Land stock buy

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC, a more than 10% owner of Texas Pacific Land Corp (TPL), reported a small open-market purchase of common stock. On February 10, 2026, it bought 1 share at $388.01 per share, increasing its directly held position to 3,479,370 shares.

The footnote references an earlier Schedule 13D amendment noting 3,578,173 shares of beneficial ownership, as well as Murray Stahl’s separate direct and indirect interests. It also notes a three-for-one stock split effective December 22, 2025 and states that Mr. Stahl does not exercise investment discretion over these securities.

Insider Trade Summary

Net Buyer: 1 shares ($388)

Net Buy 1 txn

Insider HORIZON KINETICS ASSET MANAGEMENT LLC

Role 10% Owner

Bought 1 shs ($388.01)

Type	Security	Shares	Price	Value
Purchase	Common Stock	1	$388.01	$388.01

Holdings After Transaction: Common Stock — 3,479,370 shares (Direct)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

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).

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^*

HORIZON KINETICS ASSET MANAGEMENT LLC

(Last) (First) (Middle)

470 PARK AVENUE SOUTH

4TH FLOOR SOUTH

(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)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
02/10/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	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	02/10/2026		P		1	A	$388.01	3,479,370(1)	D

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

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 and reflects a three-for-one stock split effective December 22, 2025. Mr. Stahl does not exercise investment discretion with respect to the securities of the Issuer.

	/s/ Jay Kesslen, attorney-in-fact	02/11/2026
	** 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).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Horizon Kinetics Asset Management LLC report in this TPL Form 4?

Horizon Kinetics Asset Management LLC reported buying 1 share of Texas Pacific Land Corp common stock at $388.01 on February 10, 2026. This transaction modestly increased its already large direct ownership position disclosed in the filing.

How many Texas Pacific Land Corp shares does Horizon Kinetics hold after the transaction?

After the reported purchase, Horizon Kinetics Asset Management LLC directly holds 3,479,370 shares of Texas Pacific Land Corp common stock. This figure reflects its position following the February 10, 2026 transaction of 1 additional share at $388.01.

At what price was the Texas Pacific Land Corp share purchased in this filing?

The filing shows Horizon Kinetics Asset Management LLC purchased 1 share of Texas Pacific Land Corp common stock at $388.01. This per-share price is specifically disclosed in the non-derivative transaction table for the February 10, 2026 trade.

What does the Form 4 say about Horizon Kinetics’ beneficial ownership in TPL?

A referenced Schedule 13D amendment noted beneficial ownership of 3,578,173 shares by Horizon Kinetics Asset Management LLC. The Form 4 also states the extent of its pecuniary interest reflects a three-for-one stock split effective December 22, 2025.

What role does Murray Stahl have in relation to the reported TPL shares?

The footnote states Murray Stahl had a direct interest in 7,848 shares and an indirect interest in about 156,083 shares. It also clarifies that Mr. Stahl does not exercise investment discretion over the issuer’s securities reported by Horizon Kinetics Asset Management LLC.

How did a stock split affect the Texas Pacific Land Corp share figures in this filing?

The filing notes that the extent of Horizon Kinetics Asset Management LLC’s pecuniary interest in shares reflects a three-for-one stock split effective December 22, 2025. This means the disclosed share numbers incorporate the impact of that split on prior holdings.

Who signed the Form 4 for Horizon Kinetics Asset Management LLC?

The Form 4 was signed by Jay Kesslen as attorney-in-fact on behalf of the reporting person. This indicates Kesslen was authorized to execute the Section 16 filing related to Texas Pacific Land Corp on the entity’s behalf.