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 24, 2026 in an open market/private purchase at $423.94 per share (total ≈ $423.94). The Form 4 reflecting this purchase was filed on July 27, 2026. This was a purchase (transaction code P); the size of the purchase (one share) is immaterial and does not by itself indicate a meaningful change in holdings or sentiment.

Key Details

• Transaction date: 2026-07-24 (reported on Form 4 filed 2026-07-27).
• Transaction type/code: Open market or private purchase (P).
• Price and value: $423.94 per share; total ≈ $423.94 (rounded to $424 in filing).
• Shares acquired: 1 share.
• Shares owned after transaction: Based on HKAM’s Schedule 13D amendment (filed May 7, 2026) reporting 10,109,933 shares, this purchase would bring the reported total to approximately 10,109,934 shares. (See footnote F1 in the filing.)
• Footnote F1: On May 7, 2026 HKAM filed an amendment to Schedule 13D reporting beneficial ownership of 10,109,933 shares; the filing discloses the extent of HKAM’s pecuniary interest.
• Timeliness: Form 4 was filed promptly (filed 2026-07-27 for a 2026-07-24 transaction).

Context
Horizon Kinetics is an institutional 10% owner (reported on Schedule 13D), not an officer or director; this transaction reflects institutional trading rather than executive insider trading. Because the purchase was for a single share, it is likely administrative or rounding-related and should be considered immaterial by retail investors. Purchases by large holders can sometimes be noteworthy, but this specific trade is too small to draw meaningful investment conclusions.