HORIZON KINETICS ASSET MANAGEMENT LLC 4

What Happened

• Horizon Kinetics Asset Management LLC (a reported 10% owner of Texas Pacific Land Corp, ticker TPL) purchased 1 share of TPL in an open-market/private purchase on March 6, 2026.
• The trade was for 1 share at $526.43 per share, a total of about $526 — a small incremental purchase (a purchase can be interpreted as a modest bullish action, though the size here is de minimis).

Key Details

• Transaction date and price: 2026-03-06 — Purchase (code P) of 1 share at $526.43.
• Report filed: Form 4 filed on 2026-03-09 (reports generally must be filed within two business days of the transaction; review filing timeliness if timing is material to you).
• Shares owned after transaction: HKAM previously reported beneficial ownership of 3,578,173 shares in a Schedule 13D amendment filed Dec 18, 2024 (the footnote states this figure and has been adjusted to reflect a 3-for-1 split effective Dec 22, 2025); the 1-share purchase is incremental to that reported position.
• Notable footnote: The Schedule 13D discloses Murray Stahl’s direct and indirect interests (7,848 direct; ~156,083 indirect) and notes Mr. Stahl does not exercise investment discretion over the Issuer’s securities.

Context

• This is an institutional/10% owner transaction, not an executive officer sale or grant. Institutional purchases can be informative, but a single-share purchase of this size is economically negligible and should be viewed accordingly.
• No options, awards, gifts, or tax-withholding mechanics are involved in this filing.