Major Shareholder of Texas Permian Basin Land Acquires Additional $20 Billion Stake

According to filings on March 4, 16 and 17, Horizon Kinetics Asset Management acquired additional common shares of Texas Pacific Land Corp (NYSE: TPL) in the open market at an average price of approximately $524–$530 per share. During this period, Horizon Kinetics’ direct stake totaled about 3.46 million shares—valued in the mid-$1.8 billion range (roughly ₩2.5 trillion)—preserving its status as a more-than-10% shareholder. These filings incorporate the effects of a 3-for-1 stock split effective December 22, 2025, and explicitly note that Murray Stahl does not exercise investment decision-making authority over these securities.

In a separate March 30 filing, Horizon Kinetics disclosed an additional purchase of TPL shares worth about $1.04 million (approximately ₩1.4 billion), underscoring continued share accumulation so far this year. A small supplementary acquisition was also reported on March 20, reflecting several months of consistent net buying by this major shareholder.

Texas Pacific Land is a real estate and resource management company that owns roughly 870,000 acres in West Texas’s Permian Basin. It generates the majority of its revenue from oil and gas royalties and water sales, and is a component of the S&P 500 Index. Horizon Kinetics, a U.S. asset manager, was co-founded by Murray Stahl—who sits on Texas Pacific Land’s board—and has long been a significant, long-term investor in the company.