HORIZON KINETICS ASSET MANAGEMENT LLC 4

What Happened
Horizon Kinetics Asset Management LLC, reported as a 10% beneficial owner of Texas Pacific Land Corporation (TPL), made an open-market/private purchase (code P) of 1 share on March 30, 2026, at $494.25 per share (filing reports total $494). This was a purchase (a bullish-type transaction in form), though the trade size is immaterial.

Key Details

• Transaction date and price: 2026-03-30 — 1 share at $494.25 (total reported $494).
• Transaction type: Purchase (code P), open market or private purchase per the Form 4.
• Shares owned after transaction: HKAM reported 10,050,070 beneficial shares in an amended Schedule 13D filed March 26, 2026; this 1-share purchase would increase that to ~10,050,071 beneficial shares.
• Footnote: The March 26, 2026 Schedule 13D amendment (referenced in the Form 4) reports HKAM’s beneficial ownership of 10,050,070 shares and discloses Murray Stahl’s direct (~24,728) and indirect (~277,326) holdings. Mr. Stahl is a TPL director but does not exercise investment discretion for HKAM’s holdings.
• Filing timeliness: Form 4 filed 2026-03-31 for a 2026-03-30 transaction (no late filing indicated).

Context
This filing involves a 10% institutional holder rather than an individual executive. While purchases can be more informative than sales, the purchase of a single share is immaterial and should not be interpreted alone as a meaningful signal; retail investors should weigh this alongside the Schedule 13D details and other insider activity.