HORIZON KINETICS ASSET MANAGEMENT LLC 4

What Happened
Horizon Kinetics Asset Management LLC (a reported 10% owner of Texas Pacific Land Corp., ticker TPL) purchased 1 share in an open-market transaction on February 17, 2026 at $425.55 per share (total ≈ $426). The Form 4 was filed on February 18, 2026.

Key Details

• Transaction type: Open market purchase (Code P).
• Transaction date and price: 2026-02-17 at $425.55 per share.
• Shares acquired: 1 share; total value ≈ $426.
• Shares owned after transaction: HKAM previously reported beneficial ownership of 3,578,173 shares in an amended Schedule 13D (Dec 18, 2024); this purchase would increase that to 3,578,174 (see footnote regarding split adjustments).
• Footnote: HKAM’s Schedule 13D (Dec 18, 2024) discloses beneficial ownership and notes a three‑for‑one stock split effective Dec 22, 2025. The filing also notes Murray Stahl does not exercise investment discretion over the issuer’s securities.
• Filing timeliness: Transaction on 2/17/2026, Form 4 filed 2/18/2026 (filed promptly).

Context
This is an institutional purchase by a 10% holder rather than an officer/director trade. While purchases can be more informative than sales, this single-share open-market buy is de minimis relative to HKAM’s reported multi-million‑share stake and should be viewed accordingly.