HORIZON KINETICS ASSET MANAGEMENT LLC 4

What Happened
Horizon Kinetics Asset Management LLC, a reported 10% owner of Texas Pacific Land Corporation (NYSE: TPL), made an open-market purchase of 1 share on January 22, 2026 at $345.78 per share (total ≈ $346). The transaction is coded P (purchase). While purchases can be more informative than sales, this acquisition is de minimis in size.

Key Details

• Transaction: Open-market purchase (Code P) of 1 share at $345.78 on 2026-01-22 (total ≈ $346).
• Shares owned after transaction: HKAM previously reported beneficial ownership of 3,578,173 shares (per an amended Schedule 13D) — this purchase would increase that reported holding by one share to approximately 3,578,174. The Schedule 13D figures reflect a 3-for-1 stock split effective 12/22/2025.
• Related persons: The Schedule 13D also notes Murray Stahl’s direct interest of 7,848 shares and indirect interest of ~156,083 shares; the filing states Mr. Stahl does not exercise investment discretion over HKAM’s holdings.
• Filing timeliness: The Form 4 was filed on 2026-01-23 for a 2026-01-22 transaction (filed the next day), which is timely under normal SEC reporting rules.
• Footnote: Holdings and pecuniary interest disclosures reflect the 3-for-1 split; no 10b5‑1 plan or tax-withholding indication is disclosed in this Form 4.

Context
This is an institutional (10% owner) open-market buy of a single share — not an executive-level trade. The dollar amount is immaterial, so it’s unlikely to signal a change in HKAM’s investment stance by itself. For retail investors, larger or repeated insider purchases are generally more meaningful than isolated, very small buys.