Horizon Kinetics Strengthens 'Mega Bet' with Over $1 Billion Acquisition of Texas Pacific Land Shares

1. Two Consecutive Large Purchases…Direct Stake Worth Approximately $1 Billion

Horizon Kinetics Asset Management LLC’s (Horizon Kinetics) “focused accumulation” of Texas Pacific Land Corporation (TPL) shares was disclosed in back-to-back SEC Form 4 filings on January 7 and 8. After these open-market purchases, Horizon Kinetics’ direct holding rose to 3,488,094 shares, representing an equity position valued at roughly $1.02 billion (based on a recent trading price of $291.90 per share). This substantial, long-term commitment to a single company underscores both strong confidence in TPL’s fundamentals and its attractive valuation—an event likely to draw attention from institutional and retail investors alike.

2. January 8 Purchase at $291.90…Raises Direct Holding to 3.49 Million Shares

According to the January 9 SEC Form 4, Horizon Kinetics acquired additional TPL common stock on January 8 at approximately $291.90 per share in the open market. Post-trade, the firm’s direct stake reached 3,488,094 shares. While interpretations vary, the total transaction value is estimated at about $1.018 billion, bringing the post-trade stake’s market value to a range of $1.00–$1.08 billion. Notably, some analyses reveal a block purchase of roughly 100,000 shares (approximately $29.19 million), indicating a single-trade commitment of significant capital.

3. January 7 Purchase of 3,480 Shares at $286.30…Average Cost Rises

A separate Form 4 filed on January 8 confirmed that Horizon Kinetics bought 3,480 shares of TPL at $286.30 on January 7. That trade—worth about $996,324—lifted the firm’s holding to 3,488,093 shares, valued at approximately $996 million. Through these two consecutive purchases, Horizon Kinetics modestly increased its average acquisition price while rapidly expanding its position in TPL.

4. Post 3-for-1 Stock Split and Amended Schedule 13D…“Very Heavy Concentration” Signal

All recent Form 4 filings reference the December 18, 2024 amendment to the Schedule 13D and the 3-for-1 stock split effective December 22, 2025. Disclosures clarify that both the reported share count and pecuniary interest are adjusted on a post-split basis. They also note that Murray Stahl is associated with the reporting group but does not exercise investment decision-making authority on TPL matters. These details reaffirm Horizon Kinetics as the principal investor holding a very large—and growing—concentrated position in TPL, underscoring its role as a core stakeholder in any long-term equity story or governance discussions.

5. Investor Takeaway: Strong “Insider-Level” Buying Signal…Monitor Near-Term Volatility

The consecutive purchases by a “10%+ shareholder and quasi-insider institution” serve as a powerful psychological support for TPL’s stock. Horizon Kinetics—known for its large-cap value and long-term investment style—deploying tens of millions of dollars at these levels signals an optimistic view on TPL’s mid- to long-term fundamentals and the value of its energy assets. Since these transactions are open-market buys rather than a capital-raising event, they should be viewed as a supply-and-governance catalyst rather than immediate financial-metric improvement. Investors should be prepared for potential short-term price swings following large block trades, while evaluating whether this strengthened major-shareholder alignment can drive a re-rating of TPL’s valuation in upcoming disclosures and earnings reports.