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 on 2026-03-20 at $533.81 per share (total ≈ $534). The reported transaction code is P (purchase), indicating an open market or private purchase. This was a buy rather than a sale, but the dollar value is minimal.

Key Details

• Transaction date and price: 2026-03-20 — 1 share at $533.81 (total ≈ $534).
• Filing date / timeliness: Report filed 2026-03-23 for the 2026-03-20 transaction (filed in the normal reporting window).
• Shares owned after transaction: The filer previously reported beneficial ownership of 3,578,173 shares (per a Schedule 13D amendment filed Dec 18, 2024, adjusted for a 3-for-1 split effective Dec 22, 2025); the purchase increases that total to 3,578,174 shares.
• Footnote: The Schedule 13D disclosure notes Murray Stahl’s direct and indirect interests (7,848 direct; ~156,083 indirect) and states Mr. Stahl does not exercise investment discretion over the issuer’s securities.
• Transaction type code: P = Purchase (open market or private purchase).

Context
This is an institutional purchase by a large holder (10% owner), not an executive insider. The single-share size is negligible relative to Horizon Kinetics’ reported stake and may reflect allocation or administrative reasons; while purchases can be more informative than sales, the dollar amount here is immaterial.