HORIZON KINETICS ASSET MANAGEMENT LLC 4

What Happened

• Horizon Kinetics Asset Management LLC (a reported 10% owner of Texas Pacific Land Corp, ticker TPL) made an open-market purchase of 1 share on February 25, 2026 at $510.65 per share, a total cost of about $511. This filing (Form 4) was submitted on February 26, 2026. A purchase (code P) is shown — purchases can be seen as a bullish signal, though this trade is minimal in size.

Key Details

• Transaction date: 2026-02-25; Filing date: 2026-02-26 (timely).
• Transaction code: P (purchase); 1 share acquired at $510.65; total ≈ $511.
• Reported beneficial ownership (per HKAM’s prior Schedule 13D amendment) was 3,578,173 shares; after this purchase it would be 3,578,174 shares.
• Footnote: A Schedule 13D amendment filed Dec 18, 2024 (updated to reflect a 3-for-1 stock split effective Dec 22, 2025) discloses HKAM’s beneficial ownership and notes Murray Stahl’s direct and indirect interests; Mr. Stahl does not exercise investment discretion.
• Insider type: 10% institutional owner (not an executive officer). No 10b5-1 plan or tax-withholding note was reported.

Context

• This is an institutional buy by a large holder rather than an executive trade; the size (1 share, ~$511) is immaterial relative to HKAM’s reported stake and should be viewed as a routine small purchase rather than a clear directional signal.