Wall Street Firm Targets Permian 'Land King', Acquires Stake Worth 1.8 Trillion Won

Over February 6, 9 and 10, Horizon Kinetics Asset Management added to its open-market holdings of Texas Pacific Land Corporation (NYSE: TPL) common stock, increasing its direct stake to approximately 3,479,000 shares. At current prices, that position is valued at roughly $1.3 billion (about KRW 1.8 trillion). In a single transaction on the 10th, the firm acquired some 348,000 shares at an average price of $388 per share, investing about $135 million (approximately KRW 180 billion). The filing notes that the 3-for-1 stock split effective December 22, 2025, has been reflected and that Murray Stahl’s personal holdings are segregated from the firm’s investment-decision authority.

In a February 17 market analysis, TPL was spotlighted as the “landlord of the Permian,” delivering very high profit margins through oil and gas royalties and water-services in the Permian Basin. The report highlighted that, alongside increasing production volumes, TPL’s water-treatment and recycling business has emerged as a key growth driver.

TPL traces its roots to a land trust established during the 1888 bankruptcy of the Texas & Pacific Railway. Today, it is a publicly traded S&P 500 company owning over 800,000 acres of land and mineral rights in West Texas’s Permian Basin. Its core revenue streams include oil and gas royalties, land and commercial leases, and water services. By providing land and infrastructure to external operators—rather than directly developing oilfields—TPL generates cash flow through royalties, pipeline and power-line easements, and water supply and treatment fees. This capital-light business model has enabled the company to maintain consistently high margins.