HORIZON KINETICS ASSET MANAGEMENT LLC 4

What Happened
Horizon Kinetics Asset Management LLC, reported as a 10% beneficial owner of Texas Pacific Land (TPL), acquired 1 share on July 10, 2026 in an open-market purchase at $385.84 per share (total ≈ $386). This transaction is a purchase (code P), which is generally more informative than routine sales, though this single-share buy is immaterial in size.

Key Details

• Transaction date and price: 2026-07-10, open-market purchase at $385.84 per share (1 share, ≈ $386).
• Shares owned after transaction: HKAM reported 10,109,933 shares in a Schedule 13D amendment filed May 7, 2026; this purchase effectively increases that count by 1 to ~10,109,934. (See footnote F1.)
• Filing: Form 4 filed July 13, 2026 (timely filing).
• Footnote: F1 references a May 7, 2026 Schedule 13D amendment reporting the 10% ownership; the Form 4 discloses the pecuniary interest details.

Context

• This was an institutional purchase by a 10% holder (not an executive). Institutional trades can reflect portfolio adjustments or administrative activity; a single-share buy is likely not a material signal of conviction.
• No options, grants, gifts, or tax-withholding items were involved — just a straightforward open-market purchase.