HORIZON KINETICS ASSET MANAGEMENT LLC 4

What Happened Horizon Kinetics Asset Management LLC (a reported 10% holder) purchased 1 share of Texas Pacific Land Corp (TPL) in an open-market transaction on January 23, 2026. The reported price was $350.06 per share (total ≈ $350). This was a purchase (a small buy rather than a sale).

Key Details

• Transaction date and price: 2026-01-23 — Open-market purchase (code P) of 1 share at $350.06 per share (reported total ≈ $350).
• Shares owned after transaction: Prior Schedule 13D reported beneficial ownership of 3,578,173 shares (figure reflects a 3-for-1 split effective Dec 22, 2025); after this purchase the beneficial holdings would be 3,578,174 shares.
• Footnotes: The filer’s Dec 18, 2024 Schedule 13D (as amended) disclosed the 3,578,173-share position and noted Murray Stahl’s direct and indirect interests; the filing states Mr. Stahl does not exercise investment discretion for the manager.
• Timeliness: Form 4 was filed on Jan 26, 2026 for the Jan 23 transaction (filed within the normal Form 4 window).

Context This filing arises from an institutional (10% owner) purchase, not an executive officer trade — institutional buys can reflect portfolio adjustments rather than personal trading. The single-share purchase is immaterial in dollar terms and does not, by itself, indicate a change in control or strategy.