Horizon Kinetics Q4 2025 Commentary

2026-02-03 03:25:00 ET

Introduction: Questions That Answer Themselves

Speakers should take a beat once in a while—for breath and for questions. The most relevant question on any agenda must be, for the person who asked it, their question. The start of a year is a fine season to take that beat, so this Commentary centers on questions that recently came our way. Let us begin with two verbatim client questions, from October and December, which were publicly answered shortly thereafter by TPL itself.

• Why isn’t Texas Pacific Land Corp. building data centers or having them built on their land?

• You know that TPL and LandBridge are supposed to have all the ingredients for data centers. But now it must be that is very suspect and there is some doubt about that.

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