Form 4: HORIZON KINETICS ASSET reports purchase transactions in TPL

Rhea-AI Filing Summary

HORIZON KINETICS ASSET MANAGEMENT LLC reported open-market purchase transactions in a Form 4 filing for TPL. The filing lists transactions totaling 1 shares at a weighted average price of $426.38 per share. Following the reported transactions, holdings were 3,479,373 shares.

Insider Trade Summary

Net Buyer: 1 shares ($426)

Net Buy 1 txn

Insider HORIZON KINETICS ASSET MANAGEMENT LLC

Role 10% Owner

Bought 1 shs ($426.38)

Type	Security	Shares	Price	Value
Purchase	Common Stock	1	$426.38	$426.38

Holdings After Transaction: Common Stock — 3,479,373 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)
02/13/2026

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	02/13/2026		P		1	A	$426.38	3,479,373(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	02/17/2026
	** 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 insider transaction did Horizon Kinetics report in TPL stock?

Horizon Kinetics Asset Management LLC reported buying 1 share of Texas Pacific Land common stock at $426.38. The trade occurred on February 13, 2026, and was classified as an open-market purchase under transaction code P.

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

After the reported transaction, Horizon Kinetics Asset Management LLC directly beneficially owned 3,479,373 shares of Texas Pacific Land common stock. This figure reflects its holdings immediately following the February 13, 2026 open-market purchase of 1 additional share.

What price was paid per share in the latest Horizon Kinetics TPL purchase?

The reported open-market purchase price was $426.38 per share of Texas Pacific Land common stock. Only 1 share was acquired at this price, according to the Form 4 insider transaction disclosure for February 13, 2026.

What prior beneficial ownership did Horizon Kinetics disclose in Texas Pacific Land?

A prior Schedule 13D amendment dated December 18, 2024 noted Horizon Kinetics Asset Management LLC’s beneficial ownership of 3,578,173 Texas Pacific Land shares, plus Murray Stahl’s direct holdings of 7,848 shares and indirect interest in approximately 156,083 shares.

How did the Texas Pacific Land stock split affect the reported holdings?

The filing states that the beneficial ownership figures reflect a three-for-one stock split that became effective on December 22, 2025. This means the share counts disclosed incorporate the adjusted amounts following that split.

Does Murray Stahl control investment decisions over Texas Pacific Land shares?

The disclosure specifies that Murray Stahl does not exercise investment discretion over Texas Pacific Land securities. Investment discretion and the extent of Horizon Kinetics Asset Management LLC’s pecuniary interest are described in connection with its beneficial ownership.