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 27, 2026 at $517.29 per share, for a total reported cost of $517. This is a straight purchase (transaction code P) — purchases can be viewed as more informative than routine sales, though a single-share purchase is economically immaterial.

Key Details

• Transaction date and price: 2026-02-27, purchase at $517.29 per share (total ~$517).
• Shares owned after transaction: Prior Schedule 13D reported beneficial ownership of 3,578,173 shares; adding this purchase increases reported holdings to 3,578,174 shares (per the Schedule 13D disclosure reflected in the footnote).
• Notable footnote: HKAM’s Schedule 13D (filed Dec 18, 2024) discloses beneficial ownership of 3,578,173 shares and notes Murray Stahl’s direct interest in 7,848 shares and indirect interest in ~156,083 shares. Holdings disclosed reflect a 3-for-1 stock split effective Dec 22, 2025. Mr. Stahl does not exercise investment discretion for HKAM.
• Timeliness: Form 4 filed 2026-03-02 reporting the 2026-02-27 trade; filing appears timely under the two-business-day SEC reporting rule.
• Nature of filer: This is an institutional 10% owner (not a company executive); institutional purchases may reflect portfolio adjustments rather than insider sentiment.

Context

• This was a nominal open-market purchase of a single share by an institutional 10% holder. The size is immaterial economically, so it should not be taken as a strong signal by itself. The filing mainly updates reported holdings and references prior Schedule 13D disclosures and the recent stock split.