Horizon Kinetics buys Texas Pacific Land share

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.

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 12, 2026, the firm bought 1 share at a price of $413.24 per share.

After this transaction, Horizon Kinetics Asset Management LLC directly beneficially owned 3,479,372 shares of Texas Pacific Land common stock. A related disclosure notes prior beneficial ownership figures and that a three-for-one stock split of the issuer’s shares was effective on December 22, 2025.

Insider Trade Summary

Net Buyer: 1 shares

Net Buy 1 txn

Insider HORIZON KINETICS ASSET MANAGEMENT LLC

Role 10% Owner

Bought 1 shs ($413.24)

Type	Security	Shares	Price	Value
Purchase	Common Stock	1	$413.24	$413.24

Holdings After Transaction: Common Stock — 3,479,372 shares (Direct)

Footnotes (1)

1. 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 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.

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 in an open-market transaction on February 12, 2026, at a price of $413.24 per share, as disclosed in a Form 4 insider trading report.

How many Texas Pacific Land (TPL) shares does Horizon Kinetics own after this Form 4 transaction?

After the February 12, 2026 trade, Horizon Kinetics Asset Management LLC beneficially owned 3,479,372 shares of Texas Pacific Land common stock. The filing lists this as direct ownership following the reported open-market purchase of a single additional share.

What was the purchase price in Horizon Kinetics’ latest Texas Pacific Land (TPL) Form 4 filing?

The reported transaction price was $413.24 per share. Horizon Kinetics Asset Management LLC purchased 1 share of Texas Pacific Land common stock at this price in an open-market transaction dated February 12, 2026, according to the Form 4 filing.

What type of insider is Horizon Kinetics Asset Management LLC for Texas Pacific Land (TPL)?

Horizon Kinetics Asset Management LLC is identified as a more than 10% owner of Texas Pacific Land Corp. This status makes it a reporting person under Section 16 rules, requiring Form 4 filings for its transactions in the company’s equity securities.

What does the Form 4 footnote say about prior Texas Pacific Land (TPL) ownership?

The footnote notes a December 18, 2024 Schedule 13D amendment reporting beneficial ownership of 3,578,173 shares and describing Murray Stahl’s separate direct and indirect interests. It also states the ownership figures reflect a three-for-one stock split effective December 22, 2025.

Does Murray Stahl control investment decisions for Texas Pacific Land (TPL) shares in this filing?

The footnote explicitly states that Murray Stahl does not exercise investment discretion with respect to Texas Pacific Land securities. The reporting person on the Form 4 is Horizon Kinetics Asset Management LLC, which is treated as the entity holding the pecuniary interest described.

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Accepted by SEC EDGAR 02/13/2026 - 11:00 AM Learn about SEC filing dates

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)
02/12/2026

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	02/12/2026		P		1	A	$413.24	3,479,372(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	02/13/2026
	** 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.
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