Horizon Kinetics buys TPL common stock

Horizon Kinetics Asset Management LLC, a 10% owner of Texas Pacific Land Corp, reported a small open-market purchase of common stock.

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC, a 10% owner of Texas Pacific Land Corp, reported a small open-market purchase of common stock. The firm bought 1 share on February 11, 2026 at $407.53 per share, bringing its directly held beneficial ownership to 3,479,371 shares.

Insider Trade Summary

Net Buyer: 1 shares

Net Buy 1 txn

Insider HORIZON KINETICS ASSET MANAGEMENT LLC

Role 10% Owner

Bought 1 shs ($407.53)

Type	Security	Shares	Price	Value
Purchase	Common Stock	1	$407.53	$407.53

Holdings After Transaction: Common Stock — 3,479,371 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 in TPL stock?

Horizon Kinetics Asset Management LLC reported an open-market purchase of 1 share of Texas Pacific Land Corp common stock. The transaction occurred on February 11, 2026 and is recorded as a routine Form 4 insider trade by a 10% beneficial owner.

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

Horizon Kinetics Asset Management LLC purchased the 1 reported Texas Pacific Land Corp share at a price of $407.53. This was an open-market transaction, with the price per share explicitly disclosed in the Form 4 insider trading report for the February 11, 2026 trade.

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

After the February 11, 2026 transaction, Horizon Kinetics Asset Management LLC beneficially owns 3,479,371 shares of Texas Pacific Land Corp common stock. This figure represents the firm’s directly held position as reported in the Form 4 following the small incremental purchase.

What is Horizon Kinetics’ relationship to Texas Pacific Land Corp (TPL)?

Horizon Kinetics Asset Management LLC is identified as a 10% owner of Texas Pacific Land Corp. This status means it beneficially owns more than ten percent of the company’s outstanding common stock, triggering ongoing Section 16 insider reporting obligations for its share transactions.

What does the Form 4 footnote say about Horizon Kinetics’ TPL holdings?

The footnote references a December 18, 2024 Schedule 13D amendment noting 3,578,173 shares beneficially owned by Horizon Kinetics Asset Management LLC, and separate interests held by Murray Stahl. It also notes a three-for-one stock split effective December 22, 2025 affecting the reported share figures.

Does Murray Stahl control investment decisions for Texas Pacific Land Corp shares?

The filing states that Murray Stahl does not exercise investment discretion with respect to Texas Pacific Land Corp securities. While his direct and indirect interests are described in the Schedule 13D context, the Form 4 attributes the reported transaction and holdings to Horizon Kinetics Asset Management LLC.

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Accepted by SEC EDGAR 02/12/2026 - 11:18 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)
02/11/2026

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	02/11/2026		P		1	A	$407.53	3,479,371(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	02/12/2026
	** 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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