HORIZON KINETICS ASSET MANAGEMENT LLC 4

What Happened Horizon Kinetics Asset Management LLC (reported as a 10% beneficial owner) purchased 1 share of Texas Pacific Land Corp (TPL) in a transaction reported as "P" (open-market or private purchase). The share was acquired on 2026-07-15 at $414.13, a total outlay of roughly $414. This purchase is a straightforward buy (purchase), which for investors is generally more informative than routine insider sales.

Key Details

• Transaction date: 2026-07-15; Price: $414.13 per share; Total value ≈ $414.
• Filing date / Period of report: filed 2026-07-16 for period 2026-07-15 (appears timely).
• Shares owned after transaction: Schedule 13D amendment (filed 5/7/2026) reported beneficial ownership of 10,109,933 shares; adding this 1-share purchase brings that total to 10,109,934 shares.
• Footnote: On May 7, 2026 HKAM filed an amendment to Schedule 13D reporting beneficial ownership of 10,109,933 shares; the filing notes the extent of HKAM’s pecuniary interest in those shares.
• Transaction code: P = purchase (open market or private).

Context This trade was executed by an institutional 10% owner, not an individual executive. Institutional purchases can reflect portfolio adjustments or strategy rather than direct executive views; the single-share size here is immaterial to the holder’s overall position. The filing appears timely (next-day filing), and there are no indications of option exercises, gifts, or tax-withholding in this report.