Horizon Kinetics Asset Management LLC reported the purchase of a single share of Texas Pacific Land Corp common stock (NYSE: TPL) on February 2, 2026. The trade was executed at $338.12 per share, for a total outlay of $338. Following the filing that disclosed the transaction, Horizon Kinetics' reported stake in Texas Pacific Land stands at 3,479,364 shares.
Separately, Texas Pacific Land released its third-quarter 2025 financial results, failing to meet consensus estimates on both the earnings and revenue lines. The company reported earnings per share of $5.27, below the expected $5.69 - a gap quantified as a 7.38% shortfall versus forecast. Quarterly revenue totaled $203 million, underperforming the $210 million consensus by 3.3%.
In corporate development news, Texas Pacific Land disclosed a strategic partnership with Bolt Data & Energy to pursue development of large-scale data center campuses across land it controls. Bolt, whose co-founder includes former Google CEO Eric Schmidt, announced a fundraising round totaling $150 million; Texas Pacific Land is contributing $50 million as part of that financing. As part of the arrangement, Texas Pacific Land will receive an equity stake in Bolt, warrants, and a right of first refusal to supply water to projects associated with Bolt.
The company also provided details on an upcoming stock split. A three-for-one split will take effect on December 22, 2025, and shares will begin trading on a split-adjusted basis on the following trading day.
On the analyst front, KeyBanc has started coverage of Texas Pacific Land with an Overweight rating and set a price target of $1,050.00.
Below are the key takeaways, sectors affected, and risks explicitly reflected in the company disclosures and filings.
Key points
- Horizon Kinetics purchased one share of TPL at $338.12 on Feb. 2, 2026 and now reports ownership of 3,479,364 shares - a filing-level disclosure of an incremental trade.
- Texas Pacific Land missed third-quarter 2025 expectations on both EPS ($5.27 actual vs. $5.69 expected) and revenue ($203 million actual vs. $210 million expected).
- The company committed $50 million to Bolt Data & Energy as part of a $150 million capital raise, securing equity, warrants, and a right of first refusal to supply water to Bolt-affiliated data center projects; KeyBanc initiated coverage with an Overweight rating and a $1,050.00 target.
Sectors impacted
- Real estate/land management - through land holdings and development activity.
- Data centers and technology infrastructure - via the Bolt partnership to develop campuses.
- Water resources/energy support services - given the right of first refusal to supply water to projects.
Risks and uncertainties
- Earnings and revenue shortfalls - Q3 2025 results missed consensus on both EPS and revenue, highlighting near-term financial performance risk for investors.
- Execution risk on large-scale development - pursuing data center campus projects introduces project execution and capital deployment uncertainties tied to real estate and infrastructure development.
- Concentration of corporate actions - the combination of an equity investment in Bolt, warrants, water supply rights, and a stock split represent simultaneous strategic moves that carry integration and operational uncertainties.
This report reflects the companies' filings and announcements as stated. No additional forecasts or external commentary are included beyond those disclosures.