HORIZON KINETICS ASSET MANAGEMENT LLC 4

What Happened Horizon Kinetics Asset Management LLC, identified as a 10% owner of Texas Pacific Land Corp (TPL), acquired 1 share in an open-market or private purchase on July 27, 2026. The share was bought at $409.31, for a reported transaction value of $409. This is a purchase (generally viewed as a more informative signal than a routine sale), but the dollar size is economically immaterial.

Key Details

• Transaction date and price: 2026-07-27, purchase (code P) of 1 share at $409.31 (reported value $409).
• Shares owned after transaction: reported beneficial ownership was 10,109,933 shares (Schedule 13D, filed May 7, 2026); this purchase increases that by 1 share to 10,109,934.
• Footnote: HKAM filed an amendment to its Schedule 13D on May 7, 2026 reporting beneficial ownership of 10,109,933 shares; the filing notes the extent of HKAM’s pecuniary interest in those shares.
• Filing timeliness: Form 4 was filed on 2026-07-28 covering the 2026-07-27 transaction (timely).

Context This trade comes from an institutional 10% owner, not a company executive. A single-share purchase for ~$409 is likely administrative or de minimis and should not be overinterpreted as a material change in insider sentiment. Purchases by large holders can be notable, but the very small size here is not a strong signal on its own.