HORIZON KINETICS ASSET MANAGEMENT LLC 4

What Happened
Horizon Kinetics Asset Management LLC, reported as a 10% beneficial owner of Texas Pacific Land Corporation (TPL), made an open-market purchase of 1 share on February 19, 2026 at $469.18 per share (total ≈ $469). The transaction is coded "P" (purchase), a buy rather than a sale, but the size is nominal.

Key Details

• Transaction date and price: 2026-02-19, 1 share at $469.18 (total ≈ $469).
• Filing date / timeliness: Form 4 filed 2026-02-20 (covers 2026-02-19) — appears timely.
• Shares owned / prior disclosure: HKAM previously reported beneficial ownership of 3,578,173 shares in an amended Schedule 13D (Dec 18, 2024, adjusted for a 3-for-1 split effective Dec 22, 2025). This Form 4 reports a 1-share purchase on top of that position.
• Notable footnote: The Schedule 13D amendment discloses Murray Stahl’s direct and indirect interests but states Mr. Stahl does not exercise investment discretion with respect to the issuer’s securities.
• Transaction code: P = Purchase.

Context
This is an institutional purchase by a 10% owner, not an executive’s personal trade. The single-share buy is immaterial in size relative to HKAM’s reported stake and does not by itself indicate a change in ownership strategy.