Acquisition of Over 10% Stake in Texas Land and Oil Company... Direct Holdings Exceed 1.9 Trillion Won

Horizon Kinetics Asset Management LLC, a major shareholder holding over 10% of Texas Pacific Land Corp (TPL), made additional open‐market purchases of common stock on May 20, May 28 and June 3. Following these transactions, its direct holdings rose to approximately 3.39 million shares, representing a direct equity stake valued at about $1.39 billion (₩1.9 trillion) based on public filings. In an amended Schedule 13D filing, Horizon Kinetics reported beneficial ownership of roughly 10.1 million shares—including indirect holdings—underscoring its ongoing, long‐term accumulation strategy.

On May 20 alone, Horizon Kinetics purchased additional shares at an average price of $395.93 per share, modestly increasing its direct stake in a transaction valued at approximately $0.79 million (₩1.1 billion). Data from investor information platforms and public disclosures confirm that Horizon Kinetics has been steadily net‐buying TPL shares throughout 2026.

Meanwhile, TPL announced its first‐quarter 2026 results in early May, reporting revenue and earnings per share that exceeded market expectations. The company also declared a cash dividend of $0.60 per share, payable to shareholders of record as of June 15. In its earnings release, TPL reaffirmed its focus on expanding land and mineral rights, as well as its water‐management business, in the West Texas oilfields.

Originally spun off from the Texas & Pacific Railway’s bankruptcy, Texas Pacific Land Corp has grown into a leading U.S. land and resource management company. It owns extensive acreage, oil and gas royalty interests, and surface rights across the Permian Basin in West Texas. Horizon Kinetics is one of TPL’s largest institutional investors, having maintained a long‐term stake of around 10% for several years.