Horizon Kinetics Asset Management LLC, identified in filings as a roughly 10% owner of Texas Pacific Land Corp (NYSE: TPL), reported a purchase of one share of TPL common stock on February 13, 2026. The reported price per share was $426.38 and the transaction value was listed as $426. Following this reported trade, Horizon Kinetics' direct ownership in Texas Pacific Land stands at 3,479,373 shares.
Separately, Texas Pacific Land Corporation disclosed a strategic collaboration with Bolt Data & Energy aimed at developing large-scale data center campuses on TPL-held acreage in West Texas. Under the terms provided in the company announcement, TPL will invest $50 million in the initiative while Bolt has raised $150 million in capital for the effort. As part of the agreement, Texas Pacific Land will receive an equity stake, warrants and a right of first refusal to provide water services to projects affiliated with Bolt.
The company also outlined corporate action affecting its shareholders: a three-for-one stock split with an effective split date of December 22, 2025. The record date for determining shareholders of record is December 12, 2025, and trading on a split-adjusted basis is set to begin on December 23, 2025.
Analyst coverage noted in recent disclosures includes Texas Capital Securities reiterating a Buy rating with a $390 price target. KeyBanc has initiated coverage with an Overweight rating and a $1,050 price target. The company has been described in the announcements as holding significant land and royalty interests in Texas, producing revenue from sources that include oil, natural gas and water royalties.
These items - the small reported purchase by a sizeable shareholder, the capitalized partnership with Bolt, the announced stock split timetable and recent analyst activity - were all presented in TPL's disclosures. Together they illustrate corporate actions and third-party engagement that the company has publicized in recent communications.
Summary
Horizon Kinetics reported buying one share of TPL on February 13, 2026, at $426.38, bringing its direct stake to 3,479,373 shares. Texas Pacific Land announced a partnership with Bolt Data & Energy to develop data center campuses on West Texas land, including a $50 million TPL investment and Bolt's $150 million capital raise. The deal grants TPL equity, warrants and a right of first refusal to supply water to Bolt projects. A three-for-one stock split is scheduled with key dates in December 2025. Recent analyst notes include a Buy from Texas Capital Securities ($390 target) and an Overweight initiation from KeyBanc ($1,050 target).
Key points
- Insider activity: Horizon Kinetics, a roughly 10% holder, reported a one-share purchase at $426.38 and holds 3,479,373 shares post-transaction.
- Strategic partnership: TPL committed $50 million to a data center development partnership with Bolt Data & Energy, which has raised $150 million for the effort; TPL will receive equity, warrants and a right of first refusal to supply water to affiliated projects.
- Capital structure and coverage: A three-for-one stock split is scheduled with December 12, 2025 as the record date and split-adjusted trading to start December 23, 2025; analysts from Texas Capital Securities and KeyBanc have published Buy and Overweight stances with $390 and $1,050 targets respectively.
Risks and uncertainties
- Execution of the Bolt partnership depends on the planned capital commitments - TPL's $50 million and Bolt's $150 million capital raise - as outlined in the announcement.
- The planned three-for-one stock split alters share count and will change how trading is quoted beginning December 23, 2025; shareholders should note the specified record and effective dates.
- Company revenues cited are tied to land and royalty interests, with income streams including oil, natural gas and water royalties, as noted in the disclosures.