HORIZON KINETICS ASSET MANAGEMENT LLC 4

What Happened

• Horizon Kinetics Asset Management LLC, a reported 10% owner of Texas Pacific Land Corporation (TPL), made an open-market purchase of 1 share on March 24, 2026 at $534.94 per share (total ≈ $534.94). This was a purchase rather than a sale.

Key Details

• Transaction date and price: 2026-03-24, open-market purchase at $534.94 per share.
• Shares acquired: 1 share (total value ≈ $535).
• Shares owned after transaction: beneficial ownership reported as 3,578,174 shares (reflects prior reported 3,578,173 shares plus this 1-share purchase; ownership figures reflect a 3-for-1 stock split effective Dec 22, 2025 per footnote).
• Filing timeliness: Form 4 filed 2026-03-25 (one day after the trade), indicating a timely filing.
• Notable footnote: A Dec 18, 2024 Schedule 13D amendment reported HKAM’s beneficial ownership and noted Murray Stahl’s direct/indirect interests; the footnote states Mr. Stahl does not exercise investment discretion over the issuer’s securities.

Context

• This was an institutional purchase by a 10% owner, not a company executive. The acquired amount (1 share, ~$535) is negligible relative to HKAM’s multi-million-share position, so the trade should be viewed as routine rather than a material change in holdings.