Since it is a string, (said by @Rajesh), just create a div element and appent to it.
get All the p tags using querySelectorAll and then use forEach function.
Check the innerHTML for /TEXT/ and if found, push it into array.
In the below program, the array a contains the 2 matching tags
var str="<p>1 bla bla <em>bla</em> bla bla</p><p>2 bla bla <em>bla</em> bla TEXT bla</p><p>3 bla bla <em>bla</em> bla bla</p><p>4 bla bla <em>bla</em> bla TEXT bla</p><p>5 bla bla <em>bla</em> bla bla</p>";
var div=document.createElement("div");
div.innerHTML=str;
var a=[];
div.querySelectorAll("p").forEach(x=>{if(/TEXT/.test(x.innerHTML)) a.push(x);});
console.log(a);
 
 
If you don't want the <p></p> tags, just push the textContent
var str="<p>1 bla bla <em>bla</em> bla bla</p><p>2 bla bla <em>bla</em> bla TEXT bla</p><p>3 bla bla <em>bla</em> bla bla</p><p>4 bla bla <em>bla</em> bla TEXT bla</p><p>5 bla bla <em>bla</em> bla bla</p>";
var div=document.createElement("div");
div.innerHTML=str;
var a=[];
div.querySelectorAll("p").forEach(x=>{if(/TEXT/.test(x.innerHTML)) a.push(x.textContent);});
console.log(a);