Horizon Kinetics (TPL) adds to Texas Pacific Land stake with open-market buy

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC, a more than 10% owner of Texas Pacific Land Corp, reported a small open-market purchase of 1 share of Common Stock at $435.13 per share. After this transaction, it directly owned 3,479,375 shares of the company’s common stock.

The filing characterizes this as an open-market purchase, indicating a net increase in Horizon Kinetics’ directly held position. A related footnote explains prior beneficial ownership disclosures and notes that Murray Stahl does not exercise investment discretion over the issuer’s securities.

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

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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)
02/18/2026

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	02/18/2026		P		1	A	$435.13	3,479,375(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	02/19/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transaction did Horizon Kinetics report for Texas Pacific Land Corp (TPL)?

Horizon Kinetics Asset Management LLC reported buying 1 share of Texas Pacific Land Corp common stock. The Form 4 shows an open-market purchase of a single share, documenting a modest increase in its directly held position in the company.

At what price did Horizon Kinetics buy Texas Pacific Land Corp (TPL) shares?

Horizon Kinetics purchased the TPL share at $435.13 per share. The transaction was an open-market purchase of common stock, and the reported price reflects the per-share consideration paid in that specific trade disclosed in the Form 4.

How many Texas Pacific Land Corp (TPL) shares does Horizon Kinetics hold after this trade?

After the reported transaction, Horizon Kinetics directly held 3,479,375 TPL common shares. This total includes the additional 1 share acquired in the open-market purchase, as disclosed in the Form 4’s post-transaction ownership figure.

Is Horizon Kinetics a major shareholder of Texas Pacific Land Corp (TPL)?

Yes, Horizon Kinetics Asset Management LLC is identified as a more than 10% owner of TPL. The Form 4 flags the reporting person as a ten percent owner, indicating a significant existing stake in Texas Pacific Land Corp.

What does the Form 4 say about Murray Stahl’s role in Texas Pacific Land Corp (TPL) holdings?

The footnote states that Murray Stahl does not exercise investment discretion over TPL securities. It references prior Schedule 13D disclosures and clarifies his direct and indirect interests while emphasizing he is not making investment decisions for the issuer’s shares.

Was the Texas Pacific Land Corp (TPL) insider transaction a buy or a sell?

The reported insider transaction was a buy. The Form 4 lists transaction code “P” and describes it as an open-market purchase, classifying the activity as a net acquisition of TPL common stock rather than a sale or disposition.