Horizon Kinetics Continues “One‑Share‑a‑Day” Accumulation at Texas Pacific Land, Betting on Data‑Center Growth and Royalty Income

Insider Buying Frenzy at Texas Pacific Land Corp (TPL) On February 11, 2026, Horizon Kinetics Asset Management LLC (HKAM) executed a fresh purchase of 1 share of TPL common stock at $407.53, bringing the firm’s holding to 3,479,371 shares. While the nominal purchase size is small, it is part of a broader, disciplined buying cadence that has characterized HKAM’s activity over the past two months.

What the Pattern Tells Investors HKAM’s buying rhythm is notable for its consistency and incremental size. Starting in early January, the firm has steadily increased its stake by one share each trading day, often buying at the same or a slightly lower price point than the preceding day. This “one‑share a day” approach suggests a strategic accumulation rather than a market‑timed spree. The most recent purchase at $407.53 is only marginally below the closing price of $413.54, implying a willingness to buy near market value even when the stock is in a bullish trend. For investors, HKAM’s disciplined accumulation may be a sign of confidence in TPL’s long‑term prospects, especially given the company’s expanding data‑center portfolio and steady royalty income.

Implications for TPL’s Future The steady accumulation by an institutional investor can have a stabilizing effect on TPL’s share price, especially in a sector where valuation metrics such as P/E (58.01) and a 52‑week high of $487.59 can create volatility. HKAM’s presence also signals that sophisticated investors view TPL’s land‑based energy assets—and its strategic partnership with Bolt Data and Energy—as attractive long‑term value drivers. Should TPL continue to capitalize on its data‑center development and maintain its royalty stream, the stock could sustain the current upward trajectory, potentially nudging the market closer to its 52‑week high.

Profile: Horizon Kinetics Asset Management LLC HKAM is a seasoned institutional investor with a track record of systematic, incremental buying in publicly traded companies. Over the past year, the firm has repeatedly purchased single shares of TPL, often at prices that track the daily closing level or slightly below. Their transactions have been cleanly executed on Form 4 filings, indicating no insider status but a consistent investment thesis. Historically, HKAM has focused on companies with robust cash flows and growth potential, as evidenced by their long‑standing stake in TPL and other energy‑sector holdings. The firm’s methodical approach suggests a belief in TPL’s steady dividend profile and asset‑backed growth strategy rather than a speculative play on short‑term price swings.

Bottom Line for Investors While the current transaction is a small incremental purchase, it is part of a broader, disciplined accumulation strategy that may signal confidence in TPL’s asset base and data‑center initiatives. For investors, HKAM’s buying cadence could provide a modest buffer against market volatility and an endorsement of TPL’s long‑term value proposition. Keeping an eye on future Form 4 filings and the firm’s overall portfolio adjustments will help gauge whether this incremental buying will translate into a meaningful stake that could influence corporate governance or strategic decisions.