HORIZON KINETICS ASSET MANAGEMENT LLC 4

What Happened
Horizon Kinetics Asset Management LLC, a reported 10% beneficial owner of Texas Pacific Land Corporation (TPL), purchased 1 share of TPL on April 1, 2026, at $454.04 per share (total ~$454). This transaction was a purchase (a small, likely routine buy) reported on a Form 4 filed April 2, 2026.

Key Details

• Transaction date and price: 2026-04-01; open-market/private purchase (Code P) of 1 share at $454.04.
• Transaction value: approximately $454.
• Beneficial ownership context: HKAM reported holding 10,050,070 shares in an amended Schedule 13D filed March 26, 2026 (per footnote F1); this purchase would increase that total by 1 share.
• Additional note (F2): the filing also notes a reduction of 6,595 shares delivered without consideration as part of a client in‑kind redemption.
• Related party note (F1): the Schedule 13D disclosure includes holdings attributable to Murray Stahl (a TPL director) but states Mr. Stahl does not exercise investment discretion over HKAM’s holdings.
• Filing timeliness: Form 4 was filed the business day after the transaction (filed 2026-04-02 for 2026-04-01), which is within normal reporting deadlines.

Context
This is an institutional purchase by a 10% owner, not an executive or director trading on personal discretion. A 1-share buy is immaterial in dollar and percentage terms and typically carries limited informational weight for investors. The Schedule 13D notes and the in-kind redemption detail provide additional background on HKAM’s broader position and client activity.