U.S. Land Royalty Public Company Expands Stake with Major Shareholder Cash Injection

On June 15, Horizon Kinetics Asset Management, a major shareholder of Texas Pacific Land Corp (TPL), filed a notice of open-market purchases at approximately $369.40 per share, increasing its direct holdings to about 3.39 million shares. At this price, the value of its direct stake is roughly $1.25 billion (approximately KRW 1.75 trillion). Combined with the roughly 10.1 million voting shares previously disclosed, the firm continues to maintain a substantial strategic position. Horizon Kinetics had earlier added to its stake via open-market purchases on May 20 and June 3 at share prices of about $395.93 and $406.72, respectively.

In its Q1 2026 earnings report released in early May, the company beat market expectations for both revenue and earnings per share. On the same day, Peter Doyle was appointed to the board of directors. In April, the company also announced the passing of Murray Stahl, CEO of Horizon Kinetics and the company’s largest shareholder, who served on the board.

Texas Pacific Land Corp is one of the largest private landowners in Texas, generating revenue through oil and gas royalties, surface‐use rights, and water services. Founded as a land trust during the late 19th-century bankruptcy proceedings of the Texas and Pacific Railway, its core income now derives from royalties tied to energy production on its extensive holdings in the Texas Permian Basin.