Horizon Kinetics (TPL) reports small open-market buy in Texas Pacific Land

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 common stock. On this Form 4, the firm bought 1 share at $469.18 per share. Following this transaction, its direct holdings increased to 3,479,376 shares of Texas Pacific Land common stock.

A related footnote references an earlier Schedule 13D showing larger beneficial ownership figures and explains that amounts reflect a three-for-one stock split effective December 22, 2025, while noting that Murray Stahl does not exercise investment discretion over the issuer’s securities.

Insider Trade Summary

Net Buyer: 1 shares ($469)

Net Buy 1 txn

Insider HORIZON KINETICS ASSET MANAGEMENT LLC

Role 10% Owner

Bought 1 shs ($469.18)

Type	Security	Shares	Price	Value
Purchase	Common Stock	1	$469.18	$469.18

Holdings After Transaction: Common Stock — 3,479,376 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)
02/19/2026

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	02/19/2026		P		1	A	$469.18	3,479,376(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	02/20/2026
	** 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 report in this Texas Pacific Land (TPL) Form 4?

Horizon Kinetics Asset Management LLC reported an open-market purchase of 1 share of Texas Pacific Land common stock. The trade was executed at a price of $469.18 per share and is classified as a direct ownership transaction.

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

After the reported transaction, Horizon Kinetics Asset Management LLC directly owns 3,479,376 shares of Texas Pacific Land common stock. This figure reflects the updated direct holdings immediately following the 1-share open-market purchase disclosed on this Form 4.

Was the Texas Pacific Land (TPL) trade by Horizon Kinetics a buy or a sell?

The transaction was a buy. Horizon Kinetics Asset Management LLC executed an open-market purchase of 1 share of Texas Pacific Land common stock, coded as “P,” indicating a purchase in an open market or private transaction.

What price did Horizon Kinetics pay per Texas Pacific Land (TPL) share?

Horizon Kinetics Asset Management LLC paid $469.18 per share for the 1 share of Texas Pacific Land common stock. This reported price represents the transaction’s per-share execution value in the open-market purchase disclosed in the Form 4.

What does the footnote about Horizon Kinetics and Texas Pacific Land (TPL) explain?

The footnote explains that a prior Schedule 13D amendment showed beneficial ownership of 3,578,173 shares and references a three-for-one stock split effective December 22, 2025. It also states that Murray Stahl does not exercise investment discretion over the issuer’s securities.