Major Shareholder of U.S. Land Royalty Stocks Acquires Additional Billions in Holdings

According to filings with the U.S. Securities and Exchange Commission covering March 16–18, 2026, U.S. asset manager Horizon Kinetics Asset Management LLC has quietly increased its direct stake in Texas Pacific Land Corp (NYSE: TPL) by purchasing common shares in the open market, bringing its total holdings to roughly 3.467 million shares.

Although the exact share counts for each transaction were not specified, the purchases occurred at approximately $524–$532 per share. Based on post-transaction disclosures, Horizon Kinetics’ direct equity position is now valued at about $1.85 billion (approximately ₩2.5 trillion), representing a significant investment.

TPL’s stock has seen heightened volatility recently, including a drop of over 15% in a short span, after news broke that the CEO of the investment group associated with Horizon Kinetics’ principal shareholder and TPL board member, the late Murray Stahl, had died unexpectedly.

The company also announced strategic expansions into AI infrastructure, large-scale seawater desalination, and an energy data hub. Although fourth-quarter and first-quarter 2026 revenues grew, earnings lagged expectations, causing further share-price fluctuations.

Texas Pacific Land Corporation is an S&P 500–listed real estate and resource company that owns about 880,000 acres of land in West Texas. Its core operations center on royalties from oil and gas production, as well as land and water-resource management.

Horizon Kinetics and the late Murray Stahl have long been recognized as major, long-term shareholders of Texas Pacific Land. This latest round of open-market purchases is viewed as a continuation of their concentrated investment strategy.