HORIZON KINETICS ASSET MANAGEMENT LLC 4

What Happened

• Horizon Kinetics Asset Management LLC (reported 10% owner) purchased 1 share of Texas Pacific Land Corporation (TPL) in an open-market/private purchase (code P) on February 13, 2026 at $426.38 per share, for a total of $426.38.
• This was a purchase (potentially a bullish action in general), but the size—one share—is immaterial and likely routine.

Key Details

• Transaction date and price: Feb 13, 2026 — 1 share at $426.38.
• Shares owned after transaction: based on HKAM’s prior Schedule 13D amendment (footnote), HKAM reported beneficial ownership of 3,578,173 shares; adding this purchase yields 3,578,174 shares beneficially owned.
• Footnote: the 13D amendment (filed Dec 18, 2024) discloses the 3-for-1 stock split effective Dec 22, 2025 and notes Murray Stahl’s reported direct and indirect interests; Mr. Stahl does not exercise investment discretion for the issuer’s securities.
• Filing timeliness: Form 4 was filed Feb 17, 2026. Given the Feb 16 federal holiday (Presidents’ Day), this filing falls within the standard two-business-day reporting window.

Context

• Horizon Kinetics is an institutional 10% beneficial owner, not an individual executive — institutional filings can reflect portfolio activity rather than insider sentiment.
• A one-share purchase is de minimis and should not be taken as a meaningful signal of a change in conviction or strategy.