S&P500 'Permian Land' 10% Shareholder Initiates Additional Purchases Worth Billions

Horizon Kinetics Asset Management, which owns more than a 10% stake in Texas Pacific Land Corp. (TPL), the U.S. energy landholder, has acquired additional common shares through open‐market purchases over three consecutive trading days from March 16 to 18.

Those purchases took place at roughly $525–$532 per share, boosting the firm’s direct holdings to about 3.467 million shares. At current prices, that stake is valued at approximately $1.85 billion (about ₩2.4 trillion).

According to regulatory filings, each individual transaction involved “low eight‐figure” sums in U.S. dollars—tens of millions of dollars apiece—equating to several hundred billion won per trade, underscoring the sizable scale of these additional acquisitions.

Texas Pacific Land recently reported record quarterly results in Q4 2025, driven by strong royalty and water‐resource revenues, sending its share price to an all-time high in February. Early 2026 optimism around AI data-center sites, water‐supply operations, and a 12.5% dividend increase propelled the stock up more than 70% year-to-date before a brief pullback, widening its volatility.

An S&P 500–listed land and royalty company, Texas Pacific Land owns roughly 880,000 acres in the western Permian Basin. Its core earnings come from oil royalties and water‐service operations, and it has recently expanded into AI‐infrastructure data centers and the development of integrated energy and data hubs.

Horizon Kinetics, a U.S. asset manager focused on value stocks and real assets, has long been one of TPL’s largest institutional shareholders. Co-founder Murray Stahl serves on TPL’s board, creating a closely aligned governance structure between the manager and the company.