HORIZON KINETICS ASSET MANAGEMENT LLC 4

What Happened

• Horizon Kinetics Asset Management LLC (a reported 10% owner of Texas Pacific Land Corp, ticker TPL) made a small open-market purchase: 1 share acquired on 2026-01-26 at $341.94, a total cost of $341.94 (reported as $342).
• This is a purchase (buy), which is generally considered more informative than routine sales, but the size here is immaterial.

Key Details

• Transaction type: Purchase (code P), open market/private purchase.
• Transaction date and price: 2026-01-26 at $341.94 per share.
• Shares owned after transaction: Beneficial ownership previously reported as 3,578,173 shares (per HKAM’s Schedule 13D amendment); this filing reflects one additional share = 3,578,174 shares.
• Footnote: The Schedule 13D amendment (filed Dec 18, 2024) reported beneficial ownership figures and notes a three-for-one stock split effective Dec 22, 2025; Murray Stahl does not exercise investment discretion over the Issuer’s securities.
• Filing timeliness: Reported on Form 4 with period of report 2026-01-26 and filed 2026-01-27 (within the typical Form 4 reporting window).

Context

• This is institutional (10% owner) activity, not an executive officer personally trading; small one-share purchases can reflect administrative adjustments, rounding after a split, or minor portfolio housekeeping rather than a meaningful signal of conviction.