Major Shareholder in U.S. Energy Royalty Stocks Continues On-Market Purchases While Retaining Trillions in Holdings

Horizon Kinetics Asset Management, a U.S. asset manager, increased its stake in Texas Pacific Land Corp (TPL) through three open-market purchases on May 28, June 3 and June 15 of this year, acquiring shares at roughly $369 to $406 each and raising its direct holdings to about 3.39 million shares.

In its latest filing, Horizon Kinetics’ directly held position is valued at approximately $1.2–1.4 billion (roughly KRW 1.7–2 trillion). A separate Schedule 13D confirms that, on a beneficial‐ownership basis, the firm controls over 10.1 million TPL shares, reaffirming its status as a large strategic investor.

Because these are small but successive open‐market buys—rather than sales or compensation‐related grants—they are viewed as adjustments to maintain Horizon Kinetics’ existing substantial stake.

A subsequent filing shows that on June 22 Horizon Kinetics made an additional minor purchase of TPL common stock, bringing direct holdings to about 3.393 million shares and keeping it above the 10% insider-shareholder threshold.

Meanwhile, in early May TPL reported Q1 2026 revenue of approximately $236 million and net income near $143 million, and announced its June dividend, underscoring continued strong profitability in its energy-royalty and related businesses.

Texas Pacific Land Corp is a land and energy-royalty company active in Texas’s Permian Basin, providing land, mineral, oil and gas royalties, surface rights and water-resource services. It ranks among the largest landowning public companies in the U.S.

Horizon Kinetics has long been TPL’s largest shareholder group, engaging in shareholder-rights disputes and board-composition negotiations, and participating in board-representation appointments and governance-improvement agreements. These recent consecutive purchases appear to extend its ongoing governance and strategic involvement.