Vault-13

TEXAS PAC LD TR TPL

SUB CTF PROP I T · Royalty Trst · CUSIP 882610108

2 institutional holders +0 vs Q1 2025
76,44276.4k shares reported held*
$80.8mreported value*
0 new 0 added 1 reduced 0 sold out net sold ≈ $1.3m (-1.3k shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Implied quarter-end price ≈ $1056.40.

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

0123Q3 22: 3Q4 22: 3Q1 23: 3Q2 23: 3Q3 23: 3Q4 23: 3Q1 24: 2Q2 24: 2Q3 24: 2Q4 24: 2Q1 25: 2Q2 25: 22Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 20223
Q4 20223
Q1 20233
Q2 20233
Q3 20233
Q4 20233
Q1 20242
Q2 20242
Q3 20242
Q4 20242
Q1 20252
Q2 20252

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
202Q3 23: 2 bought or addedQ3 23: 0 cut or sold outQ4 23: 0 bought or addedQ4 23: 1 cut or sold outQ4 23Q1 24: 2 bought or addedQ1 24: 1 cut or sold outQ2 24: 0 bought or addedQ2 24: 2 cut or sold outQ2 24Q3 24: 0 bought or addedQ3 24: 1 cut or sold outQ4 24: 1 bought or addedQ4 24: 1 cut or sold outQ4 24Q1 25: 0 bought or addedQ1 25: 1 cut or sold outQ2 25: 0 bought or addedQ2 25: 1 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 202320
Q4 202301
Q1 202421
Q2 202402
Q3 202401
Q4 202411
Q1 202501
Q2 202501

Biggest buyers

None

Biggest sellers

BEDDOW CAPITAL MANAGEMENT INC Reduced -1,252-1.3k

Insider purchases and sales in Q2 2025

Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.

Officers and directors buying vs selling

Number of people, by quarter (10% owners not included)

BuyingSelling
404Q3 23: 2 buyingQ3 23: 1 sellingQ4 23: 3 buyingQ4 23: 0 sellingQ4 23Q1 24: 3 buyingQ1 24: 0 sellingQ2 24: 2 buyingQ2 24: 0 sellingQ2 24Q3 24: 1 buyingQ3 24: 0 sellingQ4 24: 1 buyingQ4 24: 2 sellingQ4 24Q1 25: 2 buyingQ1 25: 3 sellingQ2 25: 1 buyingQ2 25: 0 sellingQ2 25
Numbers
QuarterBuyingBoughtSellingSoldSold under a plan
Q3 20232$1.7m1$185.2k—
Q4 20233$326.7k0——
Q1 20243$2.5m0——
Q2 20242$83.9k0——
Q3 20241$327.1k0——
Q4 20241$458.7k2$760.6k—
Q1 20252$700.1k3$2.8m$978.6k
Q2 20251$767.8k0——
DateInsiderTradeSharesPrice ValueTheir holding
2025-06-30 HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner Bought 1 $1053.06 $1.1k1 share +<1%
2025-06-27 HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner Bought 1 $1069.00 $1.1k1 share +<1%
2025-06-26 STAHL MURRAY +1 Director Bought plan 3 $1045.81 $3.1k3 shares +<1%
2025-06-26 STAHL MURRAY +1 Director · Horizon Kinetics Hard Assets Bought plan 2 $1045.81 $2.1k2 shares +<1%
2025-06-26 STAHL MURRAY +1 Director · POLESTAR OFFSHORE FUND LTD Bought plan 2 $1045.81 $2.1k2 shares +<1%
2025-06-26 STAHL MURRAY +1 Director Bought plan 1 $1064.53 $1.1k1 share +<1%
2025-06-26 STAHL MURRAY +1 Director · HORIZON CREDIT OPPORTUNITY FUND LP Bought plan 1 $1045.81 $1.0k1 share +<1%
2025-06-26 STAHL MURRAY +1 Director · Horizon Kinetics Asset Management LLC Bought plan 1 $1045.81 $1.0k1 share +<1%
2025-06-25 STAHL MURRAY +1 Director Bought plan 3 $1058.52 $3.2k3 shares +<1%
2025-06-25 STAHL MURRAY +1 Director · Horizon Kinetics Hard Assets Bought plan 2 $1058.52 $2.1k2 shares +<1%
2025-06-25 STAHL MURRAY +1 Director · POLESTAR OFFSHORE FUND LTD Bought plan 2 $1058.52 $2.1k2 shares +<1%
2025-06-25 STAHL MURRAY +1 Director · Horizon Kinetics Asset Management LLC Bought plan 1 $1058.52 $1.1k1 share +<1%
2025-06-25 STAHL MURRAY +1 Director · HORIZON CREDIT OPPORTUNITY FUND LP Bought plan 1 $1058.52 $1.1k1 share +<1%
2025-06-25 STAHL MURRAY +1 Director Bought plan 1 $1050.86 $1.1k1 share +<1%
2025-06-24 STAHL MURRAY +1 Director Bought plan 3 $1039.48 $3.1k3 shares +<1%
2025-06-24 STAHL MURRAY +1 Director · Horizon Kinetics Hard Assets Bought plan 2 $1039.48 $2.1k2 shares +<1%
2025-06-24 STAHL MURRAY +1 Director · POLESTAR OFFSHORE FUND LTD Bought plan 2 $1039.48 $2.1k2 shares +<1%
2025-06-24 STAHL MURRAY +1 Director Bought plan 1 $1046.14 $1.0k1 share +<1%
2025-06-24 STAHL MURRAY +1 Director · Horizon Kinetics Asset Management LLC Bought plan 1 $1039.48 $1.0k1 share +<1%
2025-06-24 STAHL MURRAY +1 Director · HORIZON CREDIT OPPORTUNITY FUND LP Bought plan 1 $1039.48 $1.0k1 share +<1%
2025-06-23 STAHL MURRAY +1 Director Bought plan 3 $1098.70 $3.3k3 shares +<1%
2025-06-23 STAHL MURRAY +1 Director · Horizon Kinetics Hard Assets Bought plan 2 $1098.70 $2.2k2 shares +<1%
2025-06-23 STAHL MURRAY +1 Director · POLESTAR OFFSHORE FUND LTD Bought plan 2 $1098.70 $2.2k2 shares +<1%
2025-06-23 STAHL MURRAY +1 Director · HORIZON CREDIT OPPORTUNITY FUND LP Bought plan 1 $1098.70 $1.1k1 share +<1%
2025-06-23 STAHL MURRAY +1 Director · Horizon Kinetics Asset Management LLC Bought plan 1 $1098.70 $1.1k1 share +<1%
2025-06-23 STAHL MURRAY +1 Director Bought plan 1 $1088.01 $1.1k1 share +<1%
2025-06-20 STAHL MURRAY +1 Director Bought plan 3 $1081.81 $3.2k3 shares +<1%
2025-06-20 STAHL MURRAY +1 Director · Horizon Kinetics Hard Assets Bought plan 2 $1081.81 $2.2k2 shares +<1%
2025-06-20 STAHL MURRAY +1 Director · POLESTAR OFFSHORE FUND LTD Bought plan 2 $1081.81 $2.2k2 shares +<1%
2025-06-20 STAHL MURRAY +1 Director Bought plan 1 $1083.15 $1.1k1 share +<1%

The latest 30 of 362 trades.

Their holding: how much the trade added to or took from the insider's holding (direct, or the trust or fund named). The same trade is sometimes reported by more than one insider, such as a fund and the director who represents it; totals count it once. A value is left blank where the reported price is far from the market price (usually a typo).

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 SANTA MONICA PARTNERS LP 33.26% of their portfolio PALM BEACH GARDENS, FL 53,99154.0k $57.0m $57.0m 33.26% Unchanged
2 BEDDOW CAPITAL MANAGEMENT INC 9.40% of their portfolio JACKSON, WY 22,45122.5k $23.7m $23.7m 9.40% Reduced -1.3k -1,252