HORIZON KINETICS ASSET MANAGEMENT LLC 4

What Happened Horizon Kinetics Asset Management LLC (reported as a 10% owner) purchased 1 share of Texas Pacific Land Corp (TPL) on 2026-03-23 at $529.07 per share, a total outlay of $529.07. The transaction is reported as a purchase (code P) — an open-market/private purchase type — and represents a very small, incremental buy rather than a large-scale accumulation.

Key Details

• Transaction date and price: 2026-03-23, 1 share at $529.07 (total ~$529).
• Shares owned after transaction: reported beneficial ownership was 3,578,173 shares (per HKAM’s prior Schedule 13D) — after this 1-share purchase that would be 3,578,174 shares. Ownership figures reflect a 3-for-1 stock split effective 12/22/2025.
• Footnote: HKAM’s Schedule 13D (amended 12/18/2024) discloses beneficial ownership and notes Murray Stahl’s direct and indirect interests; Mr. Stahl does not exercise investment discretion for the issuer’s securities.
• Filing timeliness: Form 4 was filed 2026-03-24 for a 2026-03-23 transaction, which is within the typical two-business-day reporting window (i.e., timely).

Context This filing comes from an institutional 10% owner, not a company executive. The purchase size (1 share) is immaterial relative to HKAM’s disclosed stake and is unlikely by itself to signal a meaningful change in insider sentiment. The Schedule 13D footnote and the reported split provide context for the larger ownership picture.