Shareholders Over 10% Accumulate $1.8 Billion in U.S. Land and Energy Company Shares

According to filings on February 6, 9 and 10, Horizon Kinetics Asset Management has been steadily buying common stock of Texas Pacific Land Corp (NYSE: TPL), a U.S.-listed land and energy royalty company, on the open market—raising its direct stake to approximately 3.479 million shares. In that process, on the 10th it acquired about 348,000 shares at roughly $388 per share, deploying $135 million (KRW 180 billion). As of the filing, the total value of its direct holdings was estimated at around $1.3 billion (KRW 1.8 trillion). The disclosure reflects the previously amended Schedule 13D and the 3-for-1 stock split effective December 22, 2025, and specifies that Murray Stahl does not exercise investment discretion over these securities and that all economic interests rest with the asset manager.

Recently, Texas Pacific Land reported record fourth-quarter and full-year 2025 results, posting annual revenue of $798.2 million and net income of $481.4 million (approximately KRW 1.08 trillion and KRW 650 billion, respectively), alongside a 12.5% increase in its quarterly dividend. The company also made a lump-sum purchase of 17,306 royalty acres for about $450.7 million (KRW 610 billion) and is pursuing energy- and data-infrastructure expansion by investing $50 million (KRW 67.5 billion) in Bolt Data & Energy to develop a large-scale data-center campus on its land.

Texas Pacific Land is one of the largest private landowners in Texas, controlling roughly 882,000 acres. It does not directly produce oil or gas but generates revenue from royalties, surface-use rights and water-treatment and supply fees tied to Permian Basin oil and gas operations. Horizon Kinetics, known for its concentrated investment in the company, holds over 10% of TPL and has continued to disclose open-market purchases even after the December 22, 2025, 3-for-1 stock split.