Major Shareholder of U.S. Energy Land Company Continues Significant Buy of Approximately 2 Trillion Won

Horizon Kinetics Asset Management LLC, which holds more than 10% of Texas Pacific Land Corp. (TPL), a U.S.-listed land and royalty company, reported successive open-market purchases on May 5 and 6 and again on June 3, boosting its direct stake to roughly 3.39 million shares. At an approximate price of $400 per share, this holding is valued at about $1.4–1.5 billion (around ₩2 trillion). According to the related Schedule 13D filing, including affiliated accounts, its total voting stake exceeds 10 million shares, representing a substantial position.

On May 6, TPL announced its first-quarter 2026 results and simultaneously appointed Peter Doyle—co-CEO of Horizon Kinetics’s parent company—to its board, further strengthening ties with its largest shareholder. In addition, the recent passing of Murray Stahl, a long-time TPL director and founder of Horizon Kinetics who had served as the firm’s largest shareholder, has drawn market attention to potential shifts in corporate governance.

Texas Pacific Land Corp. owns about 880,000 acres of land in Texas and generates most of its revenue from royalties on oil and gas development in the Permian Basin, as well as from water and land leases. Horizon Kinetics is a value-oriented asset manager known to hold approximately 14–15% of TPL’s shares, having maintained its position as a long-term investor for several years.