HORIZON KINETICS ASSET MANAGEMENT LLC 4

What Happened
Horizon Kinetics Asset Management LLC, reported as a 10% owner of Texas Pacific Land Corp (TPL), made an open-market purchase of 1 share on February 4, 2026 at $345.07 per share, for a total cost of about $345. This was a purchase (not a sale) but is de minimis in size.

Key Details

• Transaction date and type: 2026-02-04, open market purchase (Code P).
• Price and value: $345.07 per share; total ≈ $345.
• Shares owned after transaction: beneficial ownership reported as 3,578,174 shares (3,578,173 prior reported + 1 share acquired).
• Footnote: A Schedule 13D amendment (filed Dec 18, 2024) disclosed beneficial ownership of 3,578,173 shares and noted a three-for-one stock split effective Dec 22, 2025. It also notes Murray Stahl’s direct (7,848) and indirect (~156,083) interests; Mr. Stahl does not exercise investment discretion.
• Filing timeliness: Report filed 2026-02-05 for a 2026-02-04 transaction (appears timely).

Context
This is an institutional purchase by a 10% owner, not an executive or officer. The trade is extremely small (1 share) and therefore likely immaterial for assessing insider conviction; retail investors typically focus more on larger, meaningful purchases by insiders or controlling holders.