Major Asset Managers Increasing Bets on U.S. 'Energy Landowners'... Maintaining Approximately $2 Billion Stake

Horizon Kinetics Asset Management, a U.S. asset manager, has consecutively acquired Texas Pacific Land Corp (NYSE: TPL) common shares on the open market during April and May, boosting its direct holdings to approximately 3.42 million shares—about $1.48 billion (roughly KRW 2 trillion), as disclosed in recent filings. According to related Form 4 submissions and an amended Schedule 13D, the firm now reports broad voting power and economic interests in roughly 9.97 million TPL shares in total.

TPL has also been active operationally and on the governance front. Alongside its Q1 2026 earnings release, the company announced agreements to sell land and arrange concurrent financing and water-supply contracts totaling about $42.5 million (approximately KRW 55 billion) to a developer of power plants for data centers. On May 5, TPL appointed Peter Doyle as a new director. Investor focus further sharpened after the recent passing of Murray Stahl, a major shareholder and longtime board member.

Texas Pacific Land Corp owns extensive acreage and oil-and-gas royalty rights across Texas’s Permian Basin and operates water-resource businesses that support hydrocarbon production. Since converting from a trust into a corporation in 2021, TPL has leveraged its energy assets, landholdings, and water-infrastructure capabilities to drive cash-flow growth.