HORIZON KINETICS ASSET MANAGEMENT LLC 4

What Happened
Horizon Kinetics Asset Management LLC, a reported 10% beneficial owner of Texas Pacific Land Corp (TPL), purchased 1 share in an open-market/private purchase on April 2, 2026. The share was bought at $443.26, a total outlay of about $443.26. As a purchase, this is a buy (rather than a sale), though the size is immaterial relative to the holder’s total stake.

Key Details

• Transaction date and price: 2026-04-02, 1 share at $443.26 (purchase, code P).
• Shares owned after transaction: Schedule 13D (amended March 26, 2026) reports beneficial ownership of 10,050,070 shares; after this 1-share purchase the total would be 10,050,071 shares.
• Footnote: The March 26, 2026 Schedule 13D shows Horizon Kinetics’ reported position and discloses Murray Stahl’s direct (≈24,728) and indirect (≈277,326) holdings; Mr. Stahl is a TPL director but “does not exercise investment discretion” over Horizon Kinetics’ securities.
• Filing: Form filed April 6, 2026, reporting the April 2 transaction (the filing lists an open-market/private purchase).

Context
This was an institutional purchase by a large 10% holder and not a typical insider executive trade. The single-share size is negligible compared with Horizon Kinetics’ ~10M-share position and likely reflects a routine small open-market buy rather than a meaningful change in ownership or signal about company prospects.