HORIZON KINETICS ASSET MANAGEMENT LLC 4

What Happened
Horizon Kinetics Asset Management LLC (a 10% owner of Texas Pacific Land Corp, ticker TPL) purchased 1 share in an open-market transaction on March 2, 2026 at $524.01 per share (total ≈ $524). This filing (Form 4) reports a purchase (code P), which is a straightforward buy rather than a sale or derivative transaction.

Key Details

• Transaction date: 2026-03-02; Price: $524.01; Shares bought: 1; Total value ≈ $524.01.
• Filing date: 2026-03-03 (period of report 2026-03-02) — appears timely.
• Prior disclosure (Schedule 13D, amended Dec 18, 2024) showed HKAM beneficially owned 3,578,173 shares; after this 1-share purchase that would be ~3,578,174 shares (per F1, holdings reflect a 3-for-1 split effective Dec 22, 2025).
• Footnote F1 clarifies the Schedule 13D holdings and notes Murray Stahl’s reported direct and indirect interests; F2 notes a separate reduction of 10,277 shares delivered without consideration as part of a client in‑kind redemption.
• Transaction code: P = Purchase (open market/private purchase).

Context
Horizon Kinetics is an institutional 10% owner, not an executive — institutional buys can reflect portfolio adjustments rather than individual insider conviction. A single-share purchase of this size is immaterial on its own but is still reported because of the filer’s status. There’s no indication this was an option exercise, gift, or tax-withholding event, and the filing shows no lateness flag.