U.S. 'Permian' Landowner Major Shareholder Continues to Acquire Billions in Shares

Horizon Kinetics Asset Management LLC, a U.S. asset manager, slightly increased its direct stake in Texas Pacific Land Corp. (TPL) by purchasing common shares on the open market for three consecutive days from March 16 to 18, bringing its holdings to the high 3.46 million-share range. According to filings, all transactions were coded “P,” with an average purchase price between $524 and $532 per share. Based on current market prices, Horizon Kinetics’ direct TPL holdings are valued at approximately $1.85 billion (around KRW 2.7 trillion). These Form 4 filings also reaffirm the historical holdings detailed in the 3-for-1 stock split effective December 22, 2025, and the December 2024 Schedule 13D.

Subsequently, Horizon Kinetics continued its trend of incremental accumulation as a long-term major shareholder, disclosing further small purchases of TPL common shares—one share at a time—in additional Form 4 filings in early to mid-April. The recently filed amended Schedule 13D indicates that, on an economic-interest basis, the combined direct and indirect holdings of Horizon Kinetics and related parties exceed 10 million shares.

Texas Pacific Land Corp., a constituent of the S&P 500, owns approximately 870,000 acres of surface land and mineral rights in Texas’s Permian Basin, generating revenue through oil and gas royalties and the provision of water services to oil fields. Recognized as one of the largest private landowners in the United States, the company has disclosed Horizon Kinetics as a key long-term shareholder with an approximate 15% stake.