HORIZON KINETICS ASSET MANAGEMENT LLC 4

What Happened

• Horizon Kinetics Asset Management LLC (reported 10% owner) acquired 1 share of Texas Pacific Land Corp (TPL) on February 23, 2026 at $519.85 per share (total ≈ $520). This was a purchase (Form 4 code P), a small buy in dollar and share terms.

Key Details

• Transaction date and price: 2026-02-23, 1 share at $519.85.
• Shares owned (reported previously): A Schedule 13D amendment filed Dec 18, 2024 (adjusted for a 3-for-1 split effective Dec 22, 2025) reported HKAM’s beneficial ownership as 3,578,173 shares; the Form 4 records this 1-share acquisition.
• Footnote: The 13D notes Murray Stahl’s direct interest of 7,848 shares and indirect interest of ~156,083 shares; Mr. Stahl does not exercise investment discretion over the issuer’s securities.
• Filing timeliness: Form 4 filed Feb 24, 2026 for a Feb 23, 2026 transaction (timely filing).

Context

• This is an institutional/10% owner purchase, not an officer/director trade. The purchase size (one share, ~$520) is immaterial on its own and may reflect rounding or administrative trading rather than a meaningful change in ownership. The Form shows a straight purchase (no options, grants, or tax withholding involved).