Texas Pacific Land (TPL) 10% Owner Horizon Kinetics Buys 1 Share

What Happened
Horizon Kinetics Asset Management LLC, a reported 10% beneficial owner of Texas Pacific Land Corporation (TPL), purchased 1 share in an open market/ private purchase on 2026-09-02 at $363.20 per share (total ~$363). This was a purchase (transaction code P) rather than a sale.

Key Details

• Transaction date and price: 2026-09-02, 1 share at $363.20 ($363 total reported).
• Shares owned after transaction: reported beneficial ownership implied of ~10,109,934 shares (Schedule 13D reported 10,109,933 on May 7, 2026; +1 here).
• Footnote: HKAM filed a Schedule 13D amendment on May 7, 2026 reporting 10,109,933 shares; the filing discloses the extent of HKAM’s pecuniary interest.
• Timeliness: Form 4 filed on 2026-09-03 for a 2026-09-02 transaction — appears timely (not marked late).

Context
This is an institutional (10% owner) purchase rather than an insider executive trade. The single-share size is immaterial in dollar terms and may reflect administrative reasons (rounding/settlement) rather than a substantive change in position. Retail investors should note the purchase but not infer a material change in holdings from this isolated, very small transaction.