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 28, 2026 at $393.09, costing $393.09 in total. The Form 4 was filed on July 29, 2026. This was a purchase (code P).

Key Details

• Transaction date and price: 2026-07-28, 1 share at $393.09 (total ~$393).
• Shares owned after transaction: Per a May 7, 2026 Schedule 13D amendment, HKAM reported beneficial ownership of 10,109,933 shares; adding this 1-share purchase would bring that total to 10,109,934 shares.
• Footnote: The Schedule 13D amendment (filed May 7, 2026) discloses HKAM’s reported beneficial ownership and the extent of its pecuniary interest in those shares.
• Filing timeliness: Form 4 was filed the day after the reported transaction (filed 2026-07-29 for a 2026-07-28 transaction); no late filing flag appears.

Context

• HKAM is an institutional 10% owner, not an executive officer; institutional purchases can reflect portfolio adjustments rather than insider sentiment.
• The purchase is de minimis relative to HKAM’s reported ~10.1 million-share position, so this single-share acquisition by itself is unlikely to indicate a meaningful change in intent.