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 an open-market purchase of 1 share on July 17, 2026.
• The share was bought at $420.15, for a total reported cost of $420.15. This is a purchase (P) rather than a sale; however, a single-share transaction is immaterial in size.

Key Details

• Transaction date and price: 2026-07-17, purchase at $420.15 per share (total ~$420).
• Shares owned after transaction: HKAM reported owning 10,109,933 shares in a Schedule 13D filed May 7, 2026; this purchase adds 1 share (bringing that reported total to 10,109,934).
• Footnote: The filing references HKAM’s Schedule 13D (filed May 7, 2026) disclosing its beneficial ownership; the Form 4 states the extent of HKAM’s pecuniary interest in those shares.
• Timeliness: The Form 4 was filed on July 20, 2026 for a July 17 transaction (filed three days after the trade); Form 4s are normally due within two business days, so this filing appears late.

Context

• This is an institutional holder (10% owner), not an executive officer transaction; institutional small purchases like a single-share buy are typically not material and may reflect rounding, administrative reasons, or other non-disclosable motives.
• Purchase transactions can be viewed as a bullish signal when sizable; given the 1-share size here, the trade itself should not be interpreted as a meaningful change in insider sentiment.