HORIZON KINETICS ASSET MANAGEMENT LLC 4

What Happened
Horizon Kinetics Asset Management LLC, reported as a 10% beneficial owner of Texas Pacific Land Corp (TPL), made a small purchase of TPL stock — 3 shares at $449.00 per share on 2026-04-08, for a total of $1,347. This transaction is a purchase (code P), which is a direct acquisition rather than a sale or derivative exercise.

Key Details

• Transaction date: 2026-04-08; Price: $449.00 per share; Total value: $1,347.
• Transaction type: Open market or private purchase (Form 4 code P).
• Shares owned after transaction: Horizon Kinetics reported beneficial ownership of 10,050,070 shares on a Schedule 13D filed 2026-03-26; this purchase adds 3 shares (total reported 10,050,073).
• Footnote: The Form 4 references a Schedule 13D (filed 3/26/2026) disclosing the extent of Horizon Kinetics' pecuniary interest.
• Filing timeliness: Reported on Form 4 filed 2026-04-09 for a 2026-04-08 transaction — appears timely.

Context
This is an institutional purchase by a 10% owner, not an executive insider trade. The dollar size is very small ($1.3k) relative to their reported stake, so it likely has limited informational significance on its own. For retail investors, purchases can be noteworthy, but consider the size and the fact the holder is an institutional investor disclosed via Schedule 13D.