HORIZON KINETICS ASSET MANAGEMENT LLC 4

What Happened
Horizon Kinetics Asset Management LLC, reported as a 10% owner of Texas Pacific Land Corporation (TPL), made an open-market purchase of 1 share on February 26, 2026 at $507.39 per share (total ≈ $507). This transaction is a purchase (potentially bullish in nature), but the size—one share—is de minimis and likely routine.

Key Details

• Transaction date and price: 2026-02-26, open-market purchase at $507.39 per share (total ≈ $507). Transaction code: P (Purchase).
• Shares owned after transaction: HKAM reported beneficial ownership of 3,578,173 shares in its prior Schedule 13D; after this 1-share buy the total would be 3,578,174 shares (the Schedule 13D figures reflect a 3-for-1 split effective Dec 22, 2025).
• Footnote: On Dec 18, 2024 HKAM amended a Schedule 13D showing beneficial ownership of 3,578,173 shares, 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 securities.
• Timeliness: Form filed Feb 27, 2026 covering the Feb 26, 2026 transaction—file appears timely (no late filing indicated).

Context

• This is an institutional (10% owner) purchase, not an executive/director trade.
• The purchase size is immaterial (one share), so it’s unlikely to signal a change in investor intent; retail investors should treat it as administrative/routine unless larger follow-up trades appear.