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), purchased 1 share on July 13, 2026. The open-market/private purchase was executed at $411.10 per share for a total of $411.10. This was a purchase (a bullish action in form), though the dollar amount is immaterial.

Key Details

• Transaction date: July 13, 2026; filing date: July 14, 2026 (appears timely).
• Transaction type/code: Purchase (P) — open market or private purchase.
• Price and amount: 1 share at $411.10, total ~$411.10.
• Shares owned after transaction: reported beneficial ownership on Schedule 13D was 10,109,933 (amended May 7, 2026); this purchase would bring that total to 10,109,934.
• Footnote: HKAM filed a Schedule 13D amendment on May 7, 2026 reporting beneficial ownership of 10,109,933 shares; the filing says HKAM’s pecuniary interest is disclosed therein.
• No indication this filing was late.

Context This transaction was made by a 10% institutional holder, not a company executive. Single-share purchases by large holders are often administrative or nominal and are economically immaterial, so they should be interpreted cautiously. Purchases can be more informative than sales, but this specific trade is too small to signal a meaningful change in position.