HORIZON KINETICS ASSET MANAGEMENT LLC 4

What Happened

• Horizon Kinetics Asset Management LLC, a reported 10% beneficial owner of Texas Pacific Land Corp (TPL), made two small open-market purchases: 1 share at $526.13 on March 26, 2026 and 1 share at $518.21 on March 27, 2026, for a combined cost of about $1,044. These transactions are purchases (not sales).

Key Details

• Transaction type: P (open market purchase).
• Trades: Mar 26, 2026 — 1 share @ $526.13 ($526); Mar 27, 2026 — 1 share @ $518.21 ($518). Total ≈ $1,044.
• Shares owned after transaction: HKAM reported beneficial ownership of 10,050,070 shares in an amended Schedule 13D filed March 26, 2026; the two-share buys are de minimis relative to that position.
• Relevant footnote: The Schedule 13D shows HKAM’s position includes Murray Stahl’s direct (~24,728) and indirect (~277,326) holdings; Mr. Stahl (a TPL director) does not exercise investment discretion for HKAM’s securities.
• Filing: Form 4 was filed March 30, 2026 (covers transactions on Mar 26–27) and was timely.

Context

• This is an institutional 10% holder making very small open‑market purchases; such minimal buys (2 shares) are negligible relative to HKAM’s reported position and often reflect minor account activity rather than a meaningful change in conviction. For retail investors, larger or repeatedly increasing insider purchases are usually more informative than single-share trades.