HORIZON KINETICS ASSET MANAGEMENT LLC 4

What Happened
Horizon Kinetics Asset Management LLC, a reported 10% beneficial owner of Texas Pacific Land Corp (TPL), purchased 1 share in an open-market/private transaction on July 16, 2026, at $416.05 per share (approximately $416 total). This was a purchase (a bullish signal in principle), though the economic size of the trade is de minimis relative to its reported holdings.

Key Details

• Transaction date and price: 2026-07-16 — Purchase (P) of 1 share at $416.05.
• Shares owned after transaction: Reported Schedule 13D (filed May 7, 2026) showed 10,109,933 shares; this 1-share purchase brings the reported total to 10,109,934 shares.
• Footnote: F1 references HKAM’s May 7, 2026 Schedule 13D disclosing beneficial ownership of 10,109,933 shares; the filing notes the extent of HKAM’s pecuniary interest.
• Timeliness: Form 4 was filed on 2026-07-17 for the 2026-07-16 transaction — appears to be filed timely.

Context
This filing concerns a 10% institutional holder (not a company executive). The single-share purchase ($416) is trivial compared with the holder’s multi-million-share position and may reflect administrative rounding or a small corrective trade; it should be interpreted cautiously and not overread as a major change in ownership stance.