10% Shareholder Acquires Additional Stake in U.S. Land Royalty Company, Valuation Exceeds 2 Trillion Won

Between March 16 and 18, Horizon Kinetics Asset Management—an investor holding more than 10% of Texas Pacific Land Corp. (TPL)—disclosed that it made consecutive open-market purchases of common stock. These acquisitions occurred at approximately $525–$532 per share, raising its direct holdings modestly to about 3.468 million shares. Based on the share price at the time, the total position was valued at roughly $1.8 billion (around ₩2 trillion). The filing’s transaction code “P,” denoting an open-market purchase, confirms that these were genuine additional buys rather than compensatory issuances.

In an April 9 filing, the company announced the passing of director Murray Stahl, who led its largest shareholder group and served on the board. TPL paid tribute to him as a long-term shareholder who had contributed to the company’s growth for decades. Recently, Texas Pacific Land entered a strategic partnership with Bolt Data & Energy to develop a large-scale AI data-center campus on its West Texas land, committing about $50 million (approximately ₩650 billion). At the same time, the company executed a 3-for-1 stock split and established a $500 million (around ₩650 billion) revolving credit facility, thereby securing resources for both growth investments and shareholder returns.

Texas Pacific Land Corp., a member of the S&P 500, owns roughly 880,000 acres in West Texas. It derives most of its revenue from oil and gas royalties in the Permian Basin, water-service fees, and pipeline and power-line usage charges. Horizon Kinetics, a New York-based asset manager, is known as an activist investor that previously pressured TPL to convert its trust structure into a standard corporation. As one of the company’s largest shareholders with millions of shares, it continues to exert steady influence over TPL’s governance and strategic direction.