HORIZON KINETICS ASSET MANAGEMENT LLC 4

What Happened

• Horizon Kinetics Asset Management LLC, a reported 10% owner of Texas Pacific Land Corp (TPL), made an open-market/private purchase of 1 share on February 18, 2026 at $435.13 per share (total cost ~$435). This was a purchase (a constructive action rather than a sale).

Key Details

• Transaction date and price: 2026-02-18, 1 share at $435.13.
• Transaction value: approximately $435.
• Beneficial ownership after transaction: approximately 3,578,174 shares (was reported as 3,578,173 in prior Schedule 13D amendment).
• Footnote: A prior Schedule 13D (filed Dec 18, 2024) reported HKAM’s beneficial ownership and noted Murray Stahl’s direct and indirect interests; the figures reflect a 3-for-1 stock split effective Dec 22, 2025. Mr. Stahl does not exercise investment discretion over the issuer’s securities.
• Filing timeliness: Form 4 filed Feb 19, 2026 for a 2026-02-18 transaction (filed the next day).

Context

• HKAM is an institutional 10% owner, not an executive; such institutional purchases are informative but do not indicate an individual insider’s trading decision.
• The purchase size (1 share) is de minimis relative to reported holdings and may reflect administrative/rounding activity rather than a meaningful change in stake.