HORIZON KINETICS ASSET MANAGEMENT LLC 4

What Happened
Horizon Kinetics Asset Management LLC, a reported 10% owner of Texas Pacific Land Corporation (NYSE: TPL), acquired 1 share on March 31, 2026 in an open-market/private purchase at $470.18 per share (total ~$470). The transaction was reported on a Form 4 (transaction code P = Purchase). While purchases can be viewed positively by investors, this is a single-share acquisition and is immaterial in size.

Key Details

• Transaction date and price: 2026-03-31, 1 share at $470.18 (total ~$470). Transaction code: P (Purchase), open market/private purchase.
• Shares owned after transaction: Schedule 13D (filed 2026-03-26) reported beneficial ownership of 10,050,070 shares; this 1-share purchase would bring beneficial ownership to 10,050,071 shares.
• Footnote: Per the Schedule 13D amendment (filed 2026-03-26), HKAM reported beneficial ownership of 10,050,070 shares, which includes Murray Stahl’s direct ownership of ~24,728 shares and indirect ownership of ~277,326 shares. Mr. Stahl is a director of the issuer but does not exercise investment discretion over HKAM’s holdings.
• Filing timeliness: Form 4 filed on 2026-04-01 for a 2026-03-31 transaction (not late under standard reporting windows).

Context
This trade was executed by a large institutional/10% owner rather than an individual officer executing personal trades. Given the extremely small size (one share), the transaction is likely administrative and provides little actionable signal about the holder’s view of TPL.