U.S. Land Royalty Large Caps: Major Shareholder Asset Management Firm Acquires 2 Trillion Won Stake in 2 Weeks

On April 2, 14 and 17, Horizon Kinetics Asset Management—majority shareholder of U.S. land and energy royalty company Texas Pacific Land Corp. (TPL)—acquired additional common shares through open-market purchases. After these transactions, Horizon Kinetics’ direct stake is valued at roughly $1.4–$1.5 billion (about ₩2 trillion), and its amended Schedule 13D/A filing shows beneficial ownership of approximately 10 million shares, or just over a 14% stake.

The company recently disclosed the death of board member Murray Stahl, who represented the controlling shareholder. His passing triggered a sharp sell-off, but the stock then rebounded more than 8% in a short span, amplifying volatility. With first-quarter results due May 6, investors are focusing on the potential upside for data-center and power-infrastructure demand, given TPL’s vast West Texas landholdings, water resources and related infrastructure.

Headquartered in Dallas and included in the S&P 500, Texas Pacific Land owns about 880,000 acres and oil and gas royalty rights across the Permian Basin in West Texas. Operating an asset-light model, the company’s primary revenue streams are royalties from energy firms, easements and water-treatment and supply services. Its long-time controlling shareholder, Horizon Kinetics, holds a mid-teens percentage stake and has maintained significant influence over strategy and governance.