Major Shareholder of U.S. Energy Land Company Continues Stock Purchases in March, Maintaining Trillions-Won Bet

Horizon Kinetics Asset Management disclosed in a U.S. Securities and Exchange Commission filing that it acquired an additional approximately 3.46 million shares of Texas Pacific Land Corp. (NYSE: TPL) common stock in open-market purchases on March 4, 16 and 17. The shares were bought at prices ranging from $524 to $530 per share, bringing the total value of its direct holdings to about $1.84–$1.85 billion (roughly KRW 2.48–2.50 trillion). This transaction reaffirms the major shareholder’s significant economic stake in TPL.

As a holder of more than 10% of TPL’s outstanding shares, Horizon Kinetics reported these transactions on Form 4 under code “P,” indicating cash purchases in the market rather than equity awards. The firm maintained its net‐buying trend throughout March, adding more TPL shares on March 26 and 27, a period during which TPL’s stock exhibited short‐term strength amid analyst upgrades.

Separately, on February 18 TPL announced its fiscal 2025 fourth-quarter and full-year results, delivering record annual revenue, net income and free cash flow, and declaring a 12.5% increase in its regular quarterly dividend.

Texas Pacific Land Corp. is a U.S.–listed real estate and energy royalty company that owns approximately 860,000 acres in the Permian Basin, Texas. It generates revenue from oil and gas royalties, its water‐services business, and surface‐use and easement fees.

Horizon Kinetics, known for its long‐term value‐investment approach and as one of TPL’s largest shareholder groups, highlighted TPL as a core holding in its recently released annual letter, underscoring the company’s business model and asset value.