HORIZON KINETICS ASSET MANAGEMENT LLC 4

What Happened

• Horizon Kinetics Asset Management LLC, a reported 10% owner of Texas Pacific Land Corp (TPL), purchased 1 share in an open-market transaction on February 11, 2026 at $407.53 per share (total ~$408). This was a purchase (buy), though the size is economically negligible.

Key Details

• Transaction date and price: 2026-02-11, open-market purchase at $407.53 per share (total ~$408). Transaction code: P (purchase).
• Shares owned after the transaction: Prior Schedule 13D disclosure reported beneficial ownership of 3,578,173 shares (post 3-for-1 split); adding this 1-share purchase yields 3,578,174 shares beneficially owned as disclosed.
• Notable footnote: HKAM filed an amendment to its Schedule 13D on Dec 18, 2024 noting beneficial ownership and disclosing Murray Stahl’s direct and indirect interests; the reported figures reflect a three-for-one stock split effective Dec 22, 2025. The filing states Mr. Stahl does not exercise investment discretion over the issuer’s securities.
• Timeliness: Report filed on Feb 12, 2026 covering the Feb 11, 2026 transaction — appears timely (no late-filing indication).

Context

• This is an institutional 10% owner transaction, not an executive insider trade. A single-share purchase is de minimis and generally not considered a material signal about the firm’s prospects.