HORIZON KINETICS ASSET MANAGEMENT LLC 4

What Happened
Horizon Kinetics Asset Management LLC, disclosed as a 10% owner of Texas Pacific Land Corp (TPL), made an open-market/private purchase of 1 share on January 20, 2026 at $334.13 per share (total ≈ $334). This transaction (code P) is a purchase — typically viewed as a bullish signal — but the size is de minimis relative to the manager’s reported holdings.

Key Details

• Transaction date and price: 2026-01-20, 1 share at $334.13 (purchase, code P).
• Shares owned after transaction: reported beneficial ownership rises to 3,578,174 shares (based on prior Schedule 13D position of 3,578,173 shares, adjusted for a 3-for-1 split and plus this 1-share purchase).
• Footnote: A Schedule 13D amendment filed Dec 18, 2024 reported HKAM’s beneficial ownership and disclosed Murray Stahl’s direct (7,848) and indirect (~156,083) interests; the filing notes the ownership figures reflect a 3-for-1 split effective Dec 22, 2025, and that Mr. Stahl does not exercise investment discretion for the issuer.
• Filing timeliness: Form 4 filed 2026-01-21 for the 2026-01-20 transaction (filed next day), indicating a timely report.

Context
This is an institutional purchase by a 10% holder rather than an executive or director trade. While purchases can be more informative than sales, this single-share acquisition (~$334) is immaterial relative to Horizon Kinetics’ reported position and may be administrative or incidental. No options, awards, gifts, or 10b5-1 plan indications are involved.