HORIZON KINETICS ASSET MANAGEMENT LLC 4

What Happened
Horizon Kinetics Asset Management LLC (a reported 10% beneficial owner of Texas Pacific Land Corporation, ticker TPL) purchased 1 share in an open market/private purchase on April 7, 2026. The share was acquired at $447.12 per share for a total of approximately $447. This is a small purchase and, while a purchase is generally viewed as a bullish signal, the size here is de minimis.

Key Details

• Transaction date and price: 2026-04-07, 1 share at $447.12 (total ~$447).
• Shares beneficially owned: HKAM reported 10,050,070 shares on a Schedule 13D filed March 26, 2026; the Form 4 notes that 25,808 shares owned directly by a deceased director (Mr. Stahl) and his wife are no longer subject to Section 16 reporting, which reduces that figure. Accounting for the reduction and this 1-share purchase yields an implied reported total of 10,024,263 shares beneficially owned (10,050,070 − 25,808 + 1).
• Footnote: The filing explains the ownership adjustment following the April 7, 2026 death of director Mr. Stahl; those 25,808 shares are excluded from Section 16 reporting.
• Timeliness: Form 4 was filed April 9, 2026 for a transaction on April 7, 2026 (filed within the typical two-business-day window).

Context
This transaction was by an institutional 10% owner (Horizon Kinetics), not an individual executive; institutions file Schedule 13D for concentrated stakes and their Form 4s can reflect portfolio or administrative trades. Given the single share and small dollar amount, this trade is unlikely to reflect a substantive change in HKAM’s position.