HORIZON KINETICS ASSET MANAGEMENT LLC 4

What Happened Horizon Kinetics Asset Management LLC, a reported 10% owner of Texas Pacific Land Corporation (TPL), purchased 1 share in an open-market transaction on 2026-01-21 at $343.48 per share (total ≈ $343). This was a purchase (P) — a small buy that, while technically bullish, is tiny relative to the firm’s disclosed holdings.

Key Details

• Transaction date and price: 2026-01-21, open-market purchase at $343.48 per share.
• Number of shares purchased: 1 share (total value ≈ $343).
• Shares owned after transaction: Based on HKAM’s prior Schedule 13D (reported beneficial ownership of 3,578,173 shares, adjusted for a 3-for-1 split effective 12/22/2025), this purchase would increase that total by one share to 3,578,174.
• Footnote: HKAM’s 12/18/2024 Schedule 13D disclosed beneficial ownership (3,578,173 shares) and noted Murray Stahl’s direct and indirect interests; the filing clarifies the pecuniary interest and that Mr. Stahl does not exercise investment discretion.
• Timeliness: Filed 2026-01-22 for a 2026-01-21 trade — appears timely.

Context This is an institutional purchase by a 10% holder, not an executive insider trade. The size (1 share) is negligible relative to HKAM’s stated position and may reflect administrative rounding or account-level activity rather than a meaningful change in conviction. The earlier Schedule 13D and the 3-for-1 stock split are relevant for interpreting reported ownership totals.