Horizon Kinetics Discloses Client In-Kind Redemption of TPL Shares

Transaction Overview

On November 3, 2026, Horizon Kinetics Asset Management LLC, a 10% beneficial owner of Texas Pacific Land Corp ($TPL), filed a Form 4 reporting a disposition of 961 shares of Common Stock on November 2, 2026.

Transaction Details

• Transaction Code: J (Other)
• Shares Disposed: 961 shares
• Price Per Share: $0.00 (Delivered without consideration)
• Post-Transaction Direct Ownership: 3,363,242 shares
• Nature of Transfer: According to footnote (F2), the reduction reflects shares delivered without consideration pursuant to a client in-kind redemption.

Market Significance

• Significance Level: Low
• Rationale: This disposition does not represent an open-market sale or an active investment decision regarding the fundamental outlook of Texas Pacific Land Corp. It was an administrative distribution of shares to fulfill a client's in-kind redemption request. The volume of 961 shares is negligible relative to Horizon Kinetics' direct holdings of over 3.36 million shares and aggregate beneficial ownership exceeding 10.1 million shares.