HORIZON KINETICS ASSET MANAGEMENT LLC 4

What Happened
Horizon Kinetics Asset Management LLC, reported as a >10% holder of Texas Pacific Land Corp (TPL), made an open-market/private purchase of 1 share on March 19, 2026 at $527.28 per share (total ≈ $527). This was a purchase (transaction code P), not a sale.

Key Details

• Transaction date and price: 2026-03-19, 1 share at $527.28 (open-market/private purchase, code P).
• Total value: approximately $527.28.
• Shares owned after transaction: reported beneficial ownership was 3,578,173 shares per the Schedule 13D amendment; after this 1-share purchase the total is 3,578,174 shares (reflects a 3-for-1 split effective Dec 22, 2025 as noted in filing).
• Notable footnote: A Dec 18, 2024 Schedule 13D amendment (adjusted for the 2025 split) reported HKAM’s beneficial ownership and disclosed Murray Stahl’s direct and indirect interests; the filing states Mr. Stahl does not exercise investment discretion.
• Timeliness: The Form 4 was filed on 2026-03-20 for a 2026-03-19 transaction (filed promptly).

Context
This was an institutional 10% owner making a single-share purchase; the size is de minimis and generally not a strong signal of changed sentiment by itself. The filing and footnote clarify this is an institutional holder (HKAM) and note related disclosures about beneficial ownership and a prior Schedule 13D; no options, gifts, or tax-withholding events were involved.