HORIZON KINETICS ASSET MANAGEMENT LLC 4

What Happened
Horizon Kinetics Asset Management LLC (a reported 10% owner of Texas Pacific Land, ticker TPL) purchased 1 share of TPL in an open-market/private transaction on February 20, 2026. The reported price was $504.28 per share, with the filing reporting a transaction value of $504. This was a purchase (not a sale).

Key Details

• Transaction date: 2026-02-20; reported on Form 4 filed 2026-02-23.
• Price and size: 1 share at $504.28 (reported value $504).
• Shares owned after transaction: reported beneficial ownership increases from 3,578,173 to 3,578,174 shares.
• Footnote: HKAM previously reported beneficial ownership of 3,578,173 shares (Schedule 13D amendment dated Dec 18, 2024); that figure reflects a 3-for-1 split effective Dec 22, 2025. The footnote also notes Murray Stahl’s direct and indirect interests and that he does not exercise investment discretion.
• Timeliness: Filed within the required period (Form 4 filed 2026-02-23 for a 2026-02-20 transaction).

Context
This is an institutional (10% owner) purchase of a single share—financially de minimis relative to the firm’s reported stake. Purchases by large holders can be notable, but a one-share buy is likely administrative or immaterial to the holder’s overall position; the filing is factual and does not indicate motivation.