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Texas Pacific Land Corp. (TPL)

Texas Pacific Land Corporation is a Delaware corporation and one of the largest landowners in the State of Texas, with approximately 882,000 surface acres principally concentrated in the Permian Basin. It is not an oil and gas producer; it owns the land and the royalty interests underneath it and earns from what operators do there. It was originally organised as Texas Pacific Land Trust under a Declaration of Trust dated 1 February 1888, to hold title to extensive tracts of land in Texas that had been the property of the Texas and Pacific Railway Company, and it reorganised from that business trust into the present corporation on 11 January 2021. Two reportable segments carry the business: Land and Resource Management, and Water Services and Operations.

Texas Pacific Land Corp.

Texas Pacific Land Corporation is a Delaware corporation and one of the largest landowners in the State of Texas, with approximately 882,000 surface acres principally concentrated in the Permian Basin. It is not an oil and gas producer; it owns the land and the royalty interests underneath it and earns from what operators do there. It was originally organised as Texas Pacific Land Trust under a Declaration of Trust dated 1 February 1888, to hold title to extensive tracts of land in Texas that had been the property of the Texas and Pacific Railway Company, and it reorganised from that business trust into the present corporation on 11 January 2021. Two reportable segments carry the business: Land and Resource Management, and Water Services and Operations.

The royalty acres

Alongside the surface acreage the company owns a 1/128th nonparticipating perpetual oil and gas royalty interest under approximately 85,000 acres, a 1/16th interest under approximately 371,000 acres and approximately 33,000 additional net royalty acres normalised to 1/8th, a collective total of approximately 224,000 net royalty acres, also concentrated in the Permian Basin. Because these are royalty interests, they require no capital expenditure or operating expense for well development, but what they pay turns on oil and gas prices and on what the owners and operators of those wells decide to invest and produce. Payment arrives at every stage of a well's life: fixed fee payments for use of the land and sales of caliche while infrastructure is built, sourced or treated produced water and sand sales during drilling and completion, then royalties and saltwater disposal once the well produces.

Land and Resource Management

This segment manages the surface acreage and the royalty acres, and it was 62% of the consolidated total in 2025, with oil and gas royalties alone 52%. Easements make up most of the remainder, mainly for pipelines carrying oil, gas and related hydrocarbons, power lines and utilities, and subsurface wellbores; they typically run 30 years or more and then renew every 10 years with a further payment subject to consumer price index escalators. Other surface income comes from commercial leases on processing, storage and compression facilities and roads, from sales of caliche used in building oil and gas infrastructure and sand used in completions, from occasional land sales, and from land leased to a third party that runs a nonhazardous oilfield solids waste disposal site. Agreements with third parties cover renewables and what the filing calls next generation opportunities, including the evaluation of data centers, power generation, grid-connected batteries and carbon capture, generally on multi-year terms paying royalties, fees, profit shares or rent. Its share of production volumes in 2025 was oil of 4,936 MBbls, natural gas of 23,359 MMcf and NGL of 3,784 MBbls, 12,613 MBoe in total, or 34.6 MBoe a day.

Water Services and Operations

This segment sells full-service water to oil and gas operators in the Permian Basin through the wholly owned subsidiary Texas Pacific Water Resources LLC, covering water sourcing, produced-water treatment, infrastructure development and disposal solutions. It was 38% of the consolidated total in 2025, split between sales of sourced and treated water and produced water royalties, the royalties alone 15% of the consolidated total. Water sales volumes were 278,564 MBbls in 2025, or 763 MBbls a day, and produced water royalty volumes were 1,566,588 MBbls, or 4,292 MBbls a day.

Recent deals

Four asset acquisitions closed in 2025, all in cash: 177 net royalty acres in the Midland Basin in March for $3.5 million; 787 acres in Reeves County, Texas in May for $4.5 million; 8,147 acres in Martin County, Texas in September for $31.4 million; and 17,306 net royalty acres, primarily in the Midland Basin across Martin, Howard, Midland and other counties, in November for $450.7 million. In December 2025 it put $50.0 million into a minority investment in Bolt Data & Energy, under a strategic agreement to develop large scale data center campuses and supporting infrastructure across its land; Bolt raised $150.0 million of capital including that amount, and the company took an equity interest, warrants and a right of first refusal to supply water to Bolt-affiliated projects. A three-for-one stock split took effect on 22 December 2025.

Competition and people

The filing states that the Land and Resource Management segment has few direct peers, that any owner of property in comparable areas is a potential competitor, and that few neighbouring landowners control land positions of similar scale. At 31 December 2025 there were 114 full-time employees, 35 of them employed by the water subsidiary.

From Texas Pacific Land's annual report on Form 10-K for the year ended 31 December 2025. The filing

Compare with another name What $10,000 in Texas Pacific Land became

Latest results

Latest quarterQ3 FY2026ended 30 September 2026 · 10-Q filed 4 November 2026
Revenue
$273 million
+34.6% on the year · +11.1% on the quarter
Q4 FY2024Q3 FY2026
Net income
$167 million
+38.0% on the year · +8.7% on the quarter
Q4 FY2024Q3 FY2026
Diluted EPS
$2.42
+37.8% on the year · +8.5% on the quarter
Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

Last full yearFY2025ended 31 December 2025 · 10-K filed 18 February 2026
Revenue
$798 million
+13.1% on the year
FY2018FY2025
Net income
$481 million
+6.0% on the year
FY2018FY2025
Diluted EPS
$6.97
+6.0% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The years before, in wordsTexas Pacific Land (TPL) reported revenue of $798 million for fiscal 2025, the year ended 31 December 2025, up 13.1% on the year before. Net income was $481 million and diluted earnings per share $6.97. Revenue was $706 million in fiscal 2024, $632 million in fiscal 2023, $667 million in fiscal 2022 and $451 million in fiscal 2021. Net income in the same years was $454 million, $406 million, $446 million and $270 million. Over the twelve months to 30 September 2026, Texas Pacific Land reported revenue of $968 million and net income of $588 million. Revenue grew 21.4% a year, compounded, over the five years to fiscal 2025. Texas Pacific Land declared $2.33 a share in dividends over the last four quarters and had 69 million shares outstanding at the latest filed count. At 30 September 2026 it carried $0 million of debt and $370 million of cash. At the close of 6 November 2026 the market cap of Texas Pacific Land was $18.8 billion, 32.0 times its earnings over the last twelve months.

Ratios

From the filings

ROE32.6%
ROCE40.6%
Operating margin75.5%
Net margin60.7%
FCF marginn/a
Interest cover201.1x
Debt to equity0.00x
Cash conversion1.09x
Share count, last 12 months0.1%
Sales CAGR, 3 years6.1%
Profit CAGR, 3 years2.5%
EPS, TTM$8.51

At the close of 6 November 2026

Price$272.29
Market cap$18.8 billion
Stock P/E32.0x
Price to book10.4x
EV / EBITDA22.8x
Dividend yield0.9%
Market cap / sales19.4x
52-week high$539.79
52-week low$272.29
Price, 1 year-19.2%
Price CAGR, 3 years13.0%
Price CAGR, 5 years12.4%

29 ready-made ratios, from FCF yield to net debt to EBITDA, wait on the Formulas page, each with what it tells you. Browse and add them →

Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on the borrowing lines of Texas Pacific Land Corp.'s balance sheet, added together, finance leases inside them only where the company puts them there; operating leases are a separate line. Nothing here is a valuation or a view.
TPLgreeksoup.ai
Daily prices to 6 November 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
Read moreData provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

Quarterly results

Q4 FY2021 *Q1 FY2022Q2 FY2022Q3 FY2022Q4 FY2022 *Q1 FY2023Q2 FY2023Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026Q3 FY2026
Revenue147147176191153146161158167174172174186196188203212237246273
Operating income126124152162124105120127134136133127143150144149149182192208
Operating margin86%84%86%85%81%72%75%80%80%78%77%73%77%77%77%73%71%77%78%76%
Interest expensen/an/an/an/an/an/an/an/an/an/an/an/an/a0.00.00.00.71.01.01.0
Pre-tax income126124152164128110127135145146146135151154149155152184194210
Tax rate15%21%22%21%22%22%21%22%22%22%22%21%22%22%22%22%19%22%21%20%
Net income79.097.911913099.786.6100106113114115107118121116121123143154167
Net margin54%66%67%68%65%59%63%67%68%66%66%61%64%62%62%60%58%60%63%61%
Diluted EPS$1.13$1.40$1.71$1.87$1.44$1.25$1.45$1.53$1.64$1.66$1.66$1.54$1.71$1.75$1.68$1.76$1.79$2.07$2.23$2.42
Operating cash flow90.710887.711913311584.510811114798.3119127157121155114162173192
Capital expenditure4.93.07.31.86.83.81.45.2n/an/an/an/an/an/an/an/an/an/an/an/a
Free cash flow85.710580.311712611183.1102n/an/an/an/an/an/an/an/an/an/an/an/a
Buybacks8.90.224.433.030.26.819.55.910.210.36.46.16.40.10.08.30.00.00.00.0
Dividends paid21.323.217823.123.225.125.025.025.026.926.925736.837.436.836.836.841.841.441.4
Shares outstanding70m70m70m69m69m69m69m69m69m69m69m69m69m69m69m69m69m69m69m69m
Filing10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss)

FY2018FY2019FY2020 †FY2021FY2022FY2023FY2024FY2025TTM
Revenue300490303451667632706798968
Operating income261400217362562486539592731
Operating margin86.9%81.5%71.8%80.4%84.3%77.0%76.4%74.2%75.5%
Interest expensen/an/an/an/an/a0.00.00.73.6
Pre-tax income262402220363569518579610739
Income tax52.083.543.693.0122112125129152
Effective tax rate19.9%20.8%19.9%25.6%21.5%21.6%21.6%21.1%20.5%
Net income210319176270446406454481588
Net margin69.9%65.0%58.2%59.9%66.9%64.2%64.3%60.3%60.7%
Diluted EPS$2.99$4.57$2.52$3.87$6.42$5.86$6.57$6.97$8.51
Filing10-K10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Revenue by segment FY2018 to FY2025

FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025Share
of the parts, latest year
LRM21136319532050743244149161.5%
WSO88.712710713116019926530738.5%
LRMWSO
300FY2018490FY2019303FY2020451FY2021667FY2022632FY2023706FY2024798FY2025

$ million; hover a block for its figure and share

From the company's 10-Ks, in its own words (latest 10-K).
Read moreEach year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Profit by segment FY2022 to FY2025

The operating profit each segment reports. Costs Texas Pacific Land does not charge to a segment are left out, so the segments can add up to more than the company's own operating profit.

FY2022FY2023FY2024FY2025Margin
FY2025
LRM45936137039480.4%
WSO10312517019864.3%
LRMWSO
562FY2022486FY2023539FY2024592FY2025

$ million; the figure over a bar is all the segments together. Hover a block for its profit, sales and margin.

FY2025Share of salesShare of profit
LRM61%67%
WSO39%33%

Each column adds to 100%. A segment with a bigger share of the profit than of the sales makes more on each dollar it sells.

From the company's 10-Ks, in its own words (latest 10-K).
Read moreEach year's figures come from the most recent 10-K that includes that year. A year is shown only where every segment with sales that year has an operating profit figure. A margin is a segment's operating profit over its own sales.

Revenue by product or service FY2018 to FY2025

FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025Share
of the parts, latest year
Oil and gas royalties12415513828645235737341251.6%
Water sales63.984.954.967.884.711215117021.3%
Produced water royaltiesn/a39.150.658.172.284.310412415.6%
Easements and other surface-related income88.776.241.437.648.370.973.391.811.5%
Land sales4.4n/an/an/a9.76.84.40.80.1%
Land sales and other operating revenuen/a13517.71.0n/an/an/an/an/a
Other operating revenue0.5n/an/an/an/an/an/an/an/a
Sale of oil and gas royalty interests18.9n/an/an/an/an/an/an/an/a
Oil and gas royaltiesWater salesProduced water royalties FY2019 to FY2025Easements and other surface-related incomeLand sales FY2018 to FY2025Land sales and other operating revenue FY2019 to FY2021Sale of oil and gas royalty interests FY2018Other operating revenue FY2018
300FY2018490FY2019303FY2020451FY2021667FY2022632FY2023706FY2024798FY2025

$ million; hover a block for its figure and share; a part named with years is one the company split its revenue into only then

From the company's 10-Ks, in its own words (latest 10-K).
Read moreEach year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Cash flow

FY2018FY2019FY2020 †FY2021FY2022FY2023FY2024FY2025TTM
Operating cash flow195343207265447418491546641
Capital expenditure47.932.25.116.419.0n/an/an/an/a
Free cash flow148311202249428n/an/an/an/a
Free cash flow margin49.2%63.3%66.7%55.2%64.2%n/an/an/an/a
Cash from investing-81.5-112-26.0-15.0-21.4-60.3-472-596-628
Cash from financing-70.0-50.9-202-105-337-145-378-176-176
Depreciation and amortisation2.68.914.416.315.414.825.262.575.4
Share-based compensationn/a0.00.00.08.410.312.515.117.4
Buybacks38.44.40.019.787.842.629.28.40.0
Dividends paid31.746.520285.3247100.0347148161
Dividend per sharen/a$0.19$1.11$1.22n/a$0.48n/a$2.13n/a
Diluted shares, weighted70m70m70m70m70m69m69m69m69m
Shares outstanding at period endn/a70m70m70m69m69m69m69m69m
Filing10-K10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet

FY2018FY2019FY2020 †FY2021FY2022FY2023FY2024FY2025TTM
Funded by
Shareholders' equity2455124856527731,0431,1321,4591,802
Debtn/a0.00.00.00.00.00.00.00.0
Operating lease liabilitiesn/an/a2.01.42.01.20.516.215.2
Other liabilitiesn/a86.084.4111103112115148171
Total liabilities and equityn/a5985727648771,1561,2481,6231,988
Owned
Fixed assetsn/a88.379.379.785.589.6123165192
Intangible assetsn/an/an/an/a0.021.035.232.831.1
Cash and equivalents123304281428511725370145370
Receivablesn/an/an/an/an/an/an/a165170
Other assetsn/a2062112562813217201,1161,226
Total assetsn/a5985727648771,1561,2481,6231,988
Filing10-K10-K10-K10-K10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compoundedn/a21.4%6.1%25.3%
Profit growth, compoundedn/a22.3%2.5%23.3%
Return on equity, averagen/a42.2%37.3%33.0%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Questions

What was Texas Pacific Land's revenue in fiscal 2025?

Texas Pacific Land (TPL) reported revenue of $798 million for fiscal 2025, the year ended 31 December 2025, up 13.1% on the year before.

How much did Texas Pacific Land earn in fiscal 2025?

Net income was $481 million for fiscal 2025, and diluted earnings per share $6.97.

What is Texas Pacific Land's P/E ratio?

At the close of 6 November 2026, Texas Pacific Land traded at 32.0 times its earnings over the twelve months to 30 September 2026.

What is Texas Pacific Land's market cap?

The market cap of Texas Pacific Land was $18.8 billion at the close of 6 November 2026.

Does Texas Pacific Land pay a dividend?

Yes. Texas Pacific Land declared $2.33 a share in dividends over the four quarters to 30 September 2026.

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Essex Property Trust, Inc. ESS$17.5 billion50.556.6%29.5%4.5%1.253.8%
Franklin Templeton Inc. BEN$17.1 billion22.976.9%9.7%7.9%0.203.9%
Kimco Realty Corp. KIM$17.0 billion23.847.4%40.1%3.5%0.834.2%
Host Hotels & Resorts, Inc. HST$16.9 billion17.9814.8%14.8%5.0%0.806.1%
Lamar Advertising Co. LAMR$15.8 billion27.5155.8%32.1%5.1%3.394.3%
Blue OWL Capital Inc. OWL$15.4 billion70.144.9%-105.8%119.9%1.898.7%
Weyerhaeuser Co. WY$15.1 billion33.294.8%11.7%-1.1%0.574.0%
W. P. Carey Inc. WPC$15.0 billion22.437.4%43.8%9.0%1.005.7%
Annaly Capital Management Inc. NLY$14.7 billion13.117.1%n/a28.4%2.4314.9%
Omega Healthcare Investors Inc. OHI$14.6 billion19.3613.8%73.4%14.0%0.735.6%
Sun Communities Inc. SUI$14.4 billionn/a-14.7%4.2%2.9%0.723.7%
Carlyle Group Inc. CG$14.0 billion42.225.4%16.6%-7.6%0.463.5%
Healthpeak Properties, Inc. DOC$14.0 billion37.564.8%4.0%9.4%1.196.0%
Mid-America Apartment Communities, Inc. MAA$13.8 billion36.057.3%n/a1.0%1.105.1%
Regency Centers Corp. REG$13.7 billion26.747.7%72.0%8.4%0.724.0%
American Healthcare REIT, Inc. AHR$13.4 billion118.201.7%20.2%21.5%0.251.7%
SEI Investments Co. SEIC$12.5 billion18.3128.3%29.4%12.8%0.011.0%
Equity Lifestyle Properties Inc. ELS$12.2 billion31.0123.1%26.1%3.2%1.893.4%
Invesco Ltd. IVZ$11.9 billionn/a-2.5%-4.5%13.7%0.103.1%
Udr, Inc. UDR$11.7 billion17.2522.3%52.2%0.6%1.844.7%
American Homes 4 Rent AMH$11.7 billion26.916.7%15.2%3.5%0.773.9%
Stifel Financial Corp. SF$11.4 billion12.2816.1%n/a10.9%0.101.8%
Gaming & Leisure Properties, Inc. GLPI$11.3 billion11.8918.9%79.1%7.3%1.638.2%
Freedom Holding Corp. FRHC$11.0 billionn/an/an/an/an/an/a
Jefferies Financial Group Inc. JEF$10.9 billionn/a8.3%n/a17.7%1.723.4%
Evercore Inc. EVR$10.8 billion15.6339.2%21.3%36.6%0.281.2%
Eastgroup Properties Inc. EGP$10.4 billion32.848.9%40.8%10.4%0.513.3%
Bxp, Inc. BXP$10.4 billion19.4710.3%29.2%2.7%3.204.3%
Houlihan Lokey, Inc. HLI$10.1 billion24.4617.5%20.3%-0.4%0.001.8%
CubeSmart CUBE$10.1 billion29.8114.0%40.8%3.3%1.434.7%
Camden Property Trust CPT$10.0 billion9.2824.6%n/a-1.0%0.934.2%
Janus Living, Inc. JAN$9.9 billionn/a0.2%n/an/a0.00n/a
CareTrust REIT, Inc. CTRE$9.8 billion24.046.8%54.6%43.6%0.393.9%
Federal Realty Investment Trust FRT$9.7 billion22.5313.6%47.7%7.8%1.504.0%
Affiliated Managers Group, Inc. AMG$9.4 billion12.5628.2%15.1%11.8%0.990.0%
Brixmor Property Group Inc. BRX$9.2 billion21.9114.1%n/a5.7%1.764.1%
Ryman Hospitality Properties, Inc. RHP$9.1 billion31.8920.2%19.6%12.9%3.403.6%
Agree Realty Corp. ADC$9.1 billion36.033.5%48.9%17.7%0.543.8%
Morningstar, Inc. MORN$9.1 billion21.3343.4%24.5%9.4%1.640.8%
Lineage, Inc. LINE$8.9 billionn/a-2.1%3.6%1.0%0.795.4%
Virtu Financial, Inc. VIRT$8.4 billion7.9231.1%32.4%26.1%2.381.8%
Rexford Industrial Realty, Inc. REXR$8.1 billionn/a-6.4%39.8%-2.0%0.394.6%
NNN REIT, Inc. NNN$8.0 billion19.598.7%62.9%7.3%1.105.9%
Alexandria Real Estate Equities, Inc. ARE$7.8 billionn/a-9.7%-85.8%-9.9%0.876.4%
Victory Capital Holdings, Inc. VCTR$7.4 billion21.9218.8%40.4%36.9%0.401.6%
InterDigital, Inc. IDCC$7.4 billion31.4625.2%45.1%-12.0%0.251.0%
First Industrial Realty Trust Inc. FR$7.1 billion19.9912.9%41.6%8.5%0.963.6%
Stag Industrial, Inc. STAG$7.1 billion25.967.4%37.7%9.3%0.944.2%
Macerich Co. MAC$7.1 billionn/a-3.6%-12.0%-1.3%1.902.7%
Vornado Realty Trust VNO$6.7 billionn/a0.2%n/a1.6%1.272.1%
Healthcare Realty Trust Inc. HR$6.5 billionn/a-1.1%n/a-5.8%1.045.0%
StoneX Group Inc. SNEX$6.5 billion9.3918.5%n/a48.7%6.97n/a
Rayonier Inc. RYN$6.4 billion37.143.0%12.0%24.1%0.354.9%
Essential Properties Realty Trust, Inc. EPRT$6.2 billion22.745.8%60.6%20.4%0.664.5%
Dolby Laboratories, Inc. DLB$6.1 billion27.598.8%17.7%0.6%0.002.2%
Marketaxess Holdings Inc. MKTX$5.8 billion20.2722.9%39.1%3.9%0.071.9%
StepStone Group Inc. STEP$5.7 billionn/an/a-58.2%48.5%n/a3.1%
SSR Mining Inc. SSRM$5.7 billion24.067.7%40.9%39.4%0.00n/a
Sabra Health Care REIT, Inc. SBRA$5.5 billion75.042.5%n/a23.4%0.865.7%
Outfront Media Inc. OUT$5.4 billion21.0936.6%20.7%9.1%3.594.0%
Galaxy Digital Inc. GLXY$5.3 billionn/a-18.5%-2.3%66.0%1.55n/a
Phillips Edison & Company, Inc. PECO$5.2 billion28.157.5%n/a7.0%1.055.6%
Rithm Capital Corp. RITM$5.2 billionn/an/an/an/a3.5010.8%
Kite Realty Group Trust KRG$5.0 billion15.7112.4%17.4%-7.3%1.024.6%
Hamilton Lane Inc. HLNE$5.0 billion13.2628.2%43.7%18.9%0.27n/a
BGC Group, Inc. BGC$5.0 billion25.5718.0%4.7%27.6%1.600.8%
HA Sustainable Infrastructure Capital, Inc. HASI$5.0 billion40.525.5%n/a22.6%2.364.4%
Cousins Properties Inc. CUZ$4.9 billion328.830.3%68.3%8.5%0.804.3%
Federated Hermes, Inc. FHI$4.7 billion11.5732.5%27.8%13.2%0.272.2%
Howard Hughes Holdings Inc. HHH$4.6 billion30.714.3%18.1%42.8%1.44n/a
Americold Realty Trust COLD$4.6 billion19.307.9%15.1%1.3%1.035.7%
EPR Properties EPR$4.6 billion16.8112.7%59.0%7.3%1.436.1%
Apple Hospitality REIT, Inc. APLE$4.5 billion23.905.9%18.3%3.2%0.475.1%
Tanger Inc. SKT$4.4 billionn/an/an/an/a2.44n/a
Piper Sandler Companies PIPR$4.4 billion15.5321.9%n/a21.1%n/a3.0%
Starwood Property Trust, Inc. STWD$4.4 billionn/a-4.0%-12.7%14.4%3.4015.9%
Lazard, Inc. LAZ$4.2 billion23.2219.5%8.1%9.2%1.785.2%
Kilroy Realty Corp. KRC$4.2 billion149.250.6%n/a-3.6%0.846.0%
Cohen & Steers, Inc. CNS$3.8 billion22.4627.8%32.4%8.6%0.003.6%
Copt Defense Properties CDP$3.7 billion22.2111.0%30.2%7.2%1.673.8%
PJT Partners Inc. PJT$3.7 billion21.2552.5%20.5%10.2%0.000.7%
LXP Industrial Trust LXP$3.6 billion31.545.9%n/a-3.5%0.664.5%
SL Green Realty Corp. SLG$3.6 billionn/a-3.7%61.7%9.7%1.255.2%
Independence Realty Trust, Inc. IRT$3.5 billion57.651.8%16.6%3.1%0.724.7%
Highwoods Properties, Inc. HIW$3.5 billion18.747.8%67.2%5.4%1.486.4%
Miami International Holdings, Inc. MIAX$3.4 billion12.7724.3%10.9%n/a0.00n/a
National Health Investors Inc. NHI$3.4 billion20.5910.6%n/a23.9%0.815.2%
Broadstone Net Lease, Inc. BNL$3.4 billion23.045.1%46.0%8.0%1.016.7%
Acadian Asset Management Inc. AAMI$3.2 billion26.66n/a25.5%27.9%n/a0.3%
Artisan Partners Asset Management Inc. APAM$3.2 billion9.1669.7%33.4%8.7%0.438.1%
WisdomTree, Inc. WT$2.9 billion27.4424.8%39.9%45.2%2.380.6%
DiamondRock Hospitality Co. DRH$2.9 billion17.7710.7%16.6%2.1%0.712.9%
Acadia Realty Trust AKR$2.7 billion70.732.0%53.3%-0.3%0.784.0%
Four Corners Property Trust, Inc. FCPT$2.6 billion21.497.3%n/a10.2%0.966.3%
CoreCivic, Inc. CXW$2.5 billion1.8563.5%9.9%26.9%0.28n/a
InvenTrust Properties Corp. IVT$2.5 billion85.221.6%-7.7%12.6%0.583.1%
LTC Properties Inc. LTC$2.5 billion4.7030.8%58.5%70.4%0.605.1%
Netstreit Corp. NTST$2.4 billion85.411.1%32.5%27.1%0.604.7%
Pebblebrook Hotel Trust PEB$2.4 billionn/a-2.9%3.1%2.8%0.890.2%
SmartStop Self Storage REIT, Inc. SMA$2.2 billion67.122.9%22.9%20.7%1.00n/a
RLJ Lodging Trust RLJ$1.9 billion121.901.7%10.0%4.1%1.034.8%
Douglas Emmett Inc. DEI$1.7 billionn/a-1.1%18.8%1.8%3.147.5%
Diversified Healthcare Trust DHC$1.7 billionn/a-9.9%-2.3%-3.8%1.600.6%
Global Net Lease, Inc. GNL$1.5 billionn/a-3.4%37.9%-21.8%1.7811.0%
CBL & Associates Properties Inc. CBL$1.5 billion6.8150.8%27.2%9.0%4.76n/a
American Assets Trust, Inc. AAT$1.3 billion61.541.9%23.6%1.1%1.526.3%
Alexanders Inc. ALX$1.3 billion6.7883.9%n/a8.2%3.677.1%
UMH Properties, Inc. UMH$1.3 billion298.400.5%n/a8.5%0.976.0%
Digital Turbine, Inc. APPS$1.3 billionn/a-18.3%10.3%19.2%1.85n/a
Medical Properties Trust Inc. MPT$1.1 billion4.405.4%3.7%10.5%2.0019.9%
Easterly Government Properties, Inc. DEA$1.1 billion77.521.1%23.9%11.4%1.288.0%
Ridgepost Capital, Inc. RPC$1.1 billion31.326.8%27.2%8.2%0.921.5%
Oppenheimer Holdings Inc. OPY$974 million12.238.7%7.2%13.9%n/a0.8%
Centerspace CSR$964 million10.7311.5%56.1%-6.0%1.025.4%
Orchid Island Capital, Inc. ORC$960 million98.60-0.5%95.7%74.8%9.2126.8%
Empire State Realty Trust, Inc. ESRT$918 million265.250.3%-4.4%2.0%2.142.6%
Abacus Global Management, Inc. ABX$852 million32.526.5%31.8%65.3%0.76n/a
Virtus Investment Partners, Inc. VRTS$846 million7.2812.7%15.7%-7.2%0.447.5%
CTO Realty Growth, Inc. CTO$783 million17.726.5%37.5%15.9%1.05n/a
Summit Hotel Properties, Inc. INN$755 millionn/a-2.5%9.9%2.4%1.654.6%
Safehold Inc. SAFE$749 million6.584.7%24.9%16.5%1.956.7%
Postal Realty Trust, Inc. PSTL$742 million38.904.7%38.2%22.3%0.944.4%
JBG Smith Properties JBGS$739 millionn/a-20.4%0.8%3.0%2.545.6%
Chatham Lodging Trust CLDT$722 million96.882.2%13.4%3.8%0.562.5%
Saul Centers, Inc. BFS$709 million31.0411.6%66.7%9.2%5.588.3%
PennyMac Mortgage Investment Trust PMT$685 million17.094.6%22.3%-11.5%1.7920.4%
Service Properties Trust SVC$674 million14.03-65.1%-6.1%-15.6%6.352.9%
Chimera Investment Corp. CIM$613 millionn/a-7.9%n/a12.4%4.0923.5%
Brandywine Realty Trust BDN$553 millionn/a-21.5%19.0%3.5%3.739.8%
Universal Health Realty Income Trust UHT$544 million26.9914.5%35.9%-0.0%2.847.6%
TPG RE Finance Trust, Inc. TRTX$512 million17.314.4%n/a-2.4%4.1014.2%
Franklin BSP Realty Trust, Inc. FBRT$470 millionn/a1.4%n/a16.4%2.9215.4%
One Liberty Properties Inc. OLP$446 million18.668.6%48.3%10.7%1.838.5%
BrightSpire Capital, Inc. BRSP$416 million23.862.2%27.0%2.5%2.9819.2%
NexPoint Residential Trust, Inc. NXRT$415 millionn/a-16.6%10.6%0.7%7.2413.0%
Industrial Logistics Properties Trust ILPT$397 millionn/a-14.9%33.7%3.5%9.854.2%
Farmland Partners Inc. FPI$369 million55.002.3%12.4%-5.6%0.5615.8%
Arbor Realty Trust Inc. ABR$299 millionn/a-4.2%n/a-12.9%4.4158.6%
Apollo Commercial Real Estate Finance, Inc. ARI$297 million2.9010.5%35.1%-14.7%n/a43.1%
Mesabi Trust MSB$226 million34.8836.9%n/a-87.6%0.00n/a
North European Oil Royalty Trust NRT$65 millionn/an/an/an/an/an/a
1 company shares its SEC industry code (Oil Royalty Traders); the rest are the names nearest in size in its wider industry, Trading, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

The public record on TPL

Dividends$2.33 a share over the four quarters to 30 September 2026, a 0.86% yield
Filings22 in twelve months: 11 current reports (8-K), about 9 regulation FD disclosure; 4 results of operations; 2 officer or director change; 1 shareholder director nominations; 1 material agreement
Planned insider sales4 Form 144 notices in twelve months, $2.2 million; latest 17 September 2026
Options tapeput/call 0.78 by open interest at the 6 November 2026 close; the straddle prices a 8.6% move to 20 November 2026
13F holders876 funds reported a position for the quarter to 30 June 2026; largest Horizon Kinetics Asset Management LLC
Insider trading5 sales and 224 purchases on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest4.2 million shares short, 14.95 days to cover at 15 October 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Filings

FilingPeriodFiledWhere
10-Q30 September 20264 November 2026EDGAR
10-Q30 June 20265 August 2026EDGAR
10-Q31 March 20266 May 2026EDGAR
10-K31 December 202518 February 2026EDGAR
10-Q30 September 20255 November 2025EDGAR
10-Q30 June 20256 August 2025EDGAR
10-Q31 March 20257 May 2025EDGAR
10-K31 December 202419 February 2025EDGAR
10-Q30 September 20246 November 2024EDGAR
10-Q30 June 20247 August 2024EDGAR

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