10% Owner Horizon Kinetics Purchases 1 Share of Texas Pacific Land Corp ($TPL)

Executive Summary

On September 4, 2026, Horizon Kinetics Asset Management LLC, a 10% beneficial owner of Texas Pacific Land Corp ($TPL), filed a Form 4 disclosing an open-market purchase of 1 share of Common Stock executed on September 3, 2026, at a price of $367.61 per share.

Key Transaction Details

• Reporting Entity: Horizon Kinetics Asset Management LLC
• Relationship: 10% Owner
• Security: Common Stock
• Transaction Type: Open Market Purchase (Code P)
• Shares Acquired: 1 share
• Price Per Share: $367.61
• Total Transaction Value: $367.61
• Post-Transaction Direct Ownership: 3,390,840 shares

Footnotes & Structural Changes

• Footnote 1 references a Schedule 13D amendment filed on May 7, 2026, indicating aggregate beneficial ownership of 10,109,933 shares across related entities/accounts.
• Footnote 2 highlights that post-transaction reported holdings reflect an addition of 148,095 shares resulting from client accounts moving to a performance fee structure, which alters pecuniary interest reporting rather than reflecting open-market block buying.

Significance Assessment

• Significance Level: Low
• The open-market trade represents a nominal purchase of a single share ($367.61). While Horizon Kinetics remains a major long-term institutional stakeholder in TPL, this transaction carries minimal market signal on its own.