Major Shareholder of 'U.S. Energy Landowner' Continues to Acquire Shares Worth 2.7 Trillion Won

On March 4, 16 and 17, Horizon Kinetics Asset Management reported to the U.S. Securities and Exchange Commission that it had repurchased Texas Pacific Land Corp. (TPL) common stock in the open market, bringing its direct holdings to approximately 3.46 million shares—just over 10% of the company. The disclosed purchase price ranged from about $524 to $530 per share, which at an exchange rate of KRW 1,470 per dollar values the stake at roughly $1.8 billion (around KRW 2.7 trillion). The total transaction size is estimated in the hundreds of billions of Korean won.

In its fourth-quarter and full-year 2025 results, Texas Pacific Land reported record revenue, net income and free cash flow. The company also raised its regular dividend by 12.5% and announced a strategic partnership with Bolt Data & Energy to develop a large-scale data center campus on its West Texas holdings.

Texas Pacific Land Corp. is a land-and-royalty company owning about 880,000 acres in West Texas, deriving most of its revenue from oil and gas royalties and industrial water sales. It began as a land trust formed after a railroad company’s bankruptcy and later converted into a publicly traded company under pressure from activist investors such as Horizon Kinetics.