HORIZON KINETICS ASSET MANAGEMENT LLC 4

What Happened Horizon Kinetics Asset Management LLC (a reported 10% owner of Texas Pacific Land) purchased 1 share of Texas Pacific Land (TPL) in an open-market transaction on February 12, 2026. The share was acquired at $413.24 per share, for a total cash outlay of approximately $413. This is recorded as a purchase (transaction code P) on the Form 4 filed Feb 13, 2026.

Key Details

• Transaction date and price: Feb 12, 2026 — 1 share at $413.24 (total ≈ $413).
• Transaction type: Open-market purchase (code P).
• Shares owned after transaction: Filing references beneficial ownership of 3,578,173 shares in a prior Schedule 13D; after this 1-share purchase the aggregate reported total would be 3,578,174 shares per the filing.
• Footnote: A Schedule 13D amendment (filed Dec 18, 2024) discloses HKAM’s beneficial ownership and notes a three-for-one stock split effective Dec 22, 2025; Murray Stahl’s direct/indirect interests are separately noted and he does not exercise investment discretion for HKAM.
• Timeliness: Report filed the day after the transaction; no late-filing indication in this record.

Context This filing reports activity by a major institutional holder (10% owner), not an executive. Institutional purchases can signal portfolio adjustments but do not by themselves indicate management sentiment. The note about the Schedule 13D and the 2025 stock split clarifies the basis for the reported beneficial ownership totals.