Major Shareholder of U.S. 'Permian Basin Land Rich' Company Acquires Additional 1.9 Trillion Won Stake

Horizon Kinetics Asset Management, a major shareholder in Texas Pacific Land Corp. (TPL), reported to the U.S. Securities and Exchange Commission that it purchased TPL common stock in open‐market transactions on May 20, May 28 and June 3.

Following these trades, Horizon Kinetics’ direct stake remained at approximately 3.39 million shares. According to the amended Schedule 13D filed on May 7, the firm holds more than 10.1 million voting shares, qualifying it as a large shareholder.

Based on the roughly $400-per-share price cited in the filings and current market levels, Horizon Kinetics’ direct holding is valued at about $1.39 billion (approximately KRW 1.9 trillion). The May 20 transaction alone amounted to roughly $790,000 (around KRW 110 million).

On June 8 and 9, Horizon Kinetics filed Form 4 reports disclosing additional, smaller purchases of TPL stock, indicating that it has continued to modestly increase its position. In its first-quarter 2026 earnings release, TPL not only reported results that exceeded market expectations but also announced a land sale and water-supply agreements with a data-center power infrastructure developer.

The company has also signaled an upcoming change in governance following the death of Murray Stahl, founder and CEO of Horizon Kinetics and a member of TPL’s board.

Texas Pacific Land is a publicly traded company that owns extensive land in the West Texas Permian Basin. Its “land and royalty” business model generates revenue from oil and gas royalties, land leases and water-services contracts.

Horizon Kinetics, a New York–based asset manager, has long held TPL as a core, long-term position in its funds and, with over a 10% stake, now stands as a strategic institutional investor in the company.