Wall Street Asset Manager Acquires More Shares of Permian Land Trust

Horizon Kinetics Asset Management, a U.S. asset manager, disclosed that it purchased additional common shares of Texas Pacific Land Corp. (NYSE: TPL) in three open-market transactions on March 4, 16 and 17.

According to the filing, Horizon Kinetics paid roughly $524–530 per share (approximately ₩700,000) and now holds a direct stake valued at about $1.84–1.85 billion (around ₩2.5 trillion).

The Form 4 and its footnotes clarify that these figures reflect adjustments from a prior Schedule 13D amendment and a 3-for-1 stock split effective December 22, 2025. They also reiterate that co-holder Murray Stahl does not exercise investment discretion over TPL’s securities.

Meanwhile, other institutional investors—including Curated Wealth Partners—have also added to their TPL holdings. Since the start of the year, TPL’s share price has climbed roughly 80%, trading near its 52-week high of about $540 per share (mid-₩700,000). Several analysts have raised their price targets, and investors are keenly awaiting the company’s fourth-quarter and full-year 2025 results, as well as updates on its expanding digital infrastructure and water-services businesses in the Permian Basin.

Texas Pacific Land, an S&P 500 constituent, owns roughly 880,000–900,000 acres in the Permian Basin and derives most of its revenue from oil and gas royalties, water sales and land leases. Horizon Kinetics and co-founder Murray Stahl have been major shareholders for years—each holding more than 10%—and have steadily increased their positions in TPL’s Permian land and royalty assets.