HORIZON KINETICS ASSET MANAGEMENT LLC 4

What Happened
Horizon Kinetics Asset Management LLC (a reported 10% owner of Texas Pacific Land Corporation, ticker TPL) made a purchase of 1 share on March 25, 2026, at $538.37 per share (total ~$538). The transaction was reported on an SEC Form 4 filed March 26, 2026. This was a purchase (code P); purchases can be more informative than sales, but this is a very small, likely immaterial, transaction.

Key Details

• Transaction date and type: 2026-03-25 — open market/private purchase (code P).
• Price and amount: 1 share at $538.37; total value ≈ $538.37.
• Filing date / timeliness: Form 4 filed 2026-03-26 (filed the next day). No late filing indicated.
• Shares owned after transaction: HKAM previously disclosed beneficial ownership of 3,578,173 shares in a Schedule 13D amendment (filed Dec 18, 2024) adjusted for a 3-for-1 split effective Dec 22, 2025; this 1-share purchase would imply holdings of ~3,578,174 shares (assuming no other changes).
• Notable footnote: The Schedule 13D notes Murray Stahl’s direct interest (7,848 shares) and indirect interest (~156,083 shares) and states Mr. Stahl does not exercise investment discretion with respect to the issuer’s securities. The filing indicates HKAM is a 10% owner.
• No 10b5‑1 plan, tax-withholding, or option-exercise details were disclosed in this Form 4.

Context
This filing reflects institutional buying by a major shareholder, but the size—one share worth ~$538—is immaterial relative to HKAM’s disclosed multi-million‑share stake. For retail investors, large purchases or consistent buying by insiders/institutions can be noteworthy; single-share trades like this are typically routine or administrative and should not be over-interpreted.