HORIZON KINETICS ASSET MANAGEMENT LLC 4

What Happened Horizon Kinetics Asset Management LLC, a reported 10% owner of Texas Pacific Land Corporation (TPL), purchased 1 share in an open-market/private purchase on April 6, 2026, at $443.42 (reported value $443). This is a small purchase and, while purchases can be interpreted as a modest bullish signal, the size here is immaterial on its own.

Key Details

• Transaction date and price: Apr 6, 2026 — 1 share at $443.42 (reported as $443).
• Filing date: Apr 7, 2026 (filed the next day; within Form 4 timing requirements).
• Shares owned: HKAM reported beneficial ownership of 10,050,070 shares in a Schedule 13D filed Mar 26, 2026; this 1-share purchase would bring that total to roughly 10,050,071 shares.
• Footnote F1: The Schedule 13D shows HKAM’s reported holdings and notes Murray Stahl (a director of TPL) holds certain direct and indirect shares but does not exercise investment discretion for HKAM.
• Footnote F2: The filing also notes a separate reduction of 49 shares delivered without consideration as part of a client in-kind redemption.

Context This filing reports an institutional (10% owner) purchase rather than an individual executive trade. The transaction size is negligible relative to HKAM’s reported holdings, so it should be viewed as routine paperwork-confirmed insider activity rather than a material signal about company prospects.