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 30, 2026. The share was acquired at $389.14, a total transaction value of about $389 (the filing rounds this to $389). This was a purchase (code P), which is generally viewed as a direct buy of stock rather than a sale or derivative action.

Key Details

• Transaction date: 2026-07-30; Form 4 filed: 2026-07-31.
• Transaction type: Purchase (open market or private purchase), 1 share at $389.14.
• Reported beneficial ownership previously (per Schedule 13D filed 5/7/2026): 10,109,933 shares; after this 1-share purchase that reported interest would be 10,109,934 shares (as disclosed).
• Footnote: HKAM’s May 7, 2026 Schedule 13D discloses its overall beneficial ownership and pecuniary interest in the reported shares.
• No indication this filing was late; nothing in the filing flags untimely reporting.

Context
This filing reflects institutional ownership activity by a 10% holder (Horizon Kinetics), not an executive or director trade. A single-share purchase is immaterial in size relative to the holder’s total position, but purchases are typically highlighted by investors as a positive signal even when small. The filing is straightforward—no options, awards, gifts, or tax-withholding events were reported.