TEXAS PACIFIC LAND CORPORATI TPL
COM · Common Stock · CUSIP 88262P102 · ISIN US88262P1021
- SectorFinancials
- IndustryOil Royalty Traders
- HeadquartersDallas, TX
- Websitetexaspacific.com
- FilingsSEC EDGAR
* 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 ($16.4m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $933.45. Options: 11 managers hold calls ($132.3m notional), 11 hold puts ($80.7m).
Trends to Q3 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 429 |
| Q4 2022 | 481 |
| Q1 2023 | 462 |
| Q2 2023 | 428 |
| Q3 2023 | 464 |
| Q4 2023 | 470 |
| Q1 2024 | 475 |
| Q2 2024 | 570 |
| Q3 2024 | 596 |
| Q4 2024 | 686 |
| Q1 2025 | 752 |
| Q2 2025 | 733 |
| Q3 2025 | 713 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q4 2023 | 189 | 199 |
| Q1 2024 | 213 | 206 |
| Q2 2024 | 305 | 206 |
| Q3 2024 | 255 | 249 |
| Q4 2024 | 316 | 267 |
| Q1 2025 | 348 | 291 |
| Q2 2025 | 320 | 342 |
| Q3 2025 | 305 | 335 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q4 2024 | $82.8m | $54.2m | 0.65 |
| Q1 2025 | $217.1m | $137.3m | 0.63 |
| Q2 2025 | $178.6m | $74.9m | 0.42 |
| Q3 2025 | $132.3m | $80.7m | 0.61 |
Biggest buyers
| VANGUARD GROUP INC | Added | +189.8k |
| JPMORGAN CHASE & CO | Added | +49.1k |
| AQR CAPITAL MANAGEMENT LLC | Added | +35.7k |
| BANK OF AMERICA CORP /DE/ | Added | +31.4k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | +31.1k |
| OSAIC HOLDINGS, INC. | Added | +25.2k |
| TD Asset Management Inc | Added | +24.7k |
| STATE STREET CORP | Added | +22.3k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | Added | +21.2k |
| Epoch Investment Partners, Inc. | Added | +20.9k |
Biggest sellers
| ROYAL BANK OF CANADA | Reduced | -73.5k |
| HORIZON KINETICS ASSET MANAGEMENT LLC | Reduced | -72.8k |
| MORGAN STANLEY | Reduced | -44.5k |
| BlackRock, Inc. | Reduced | -42.6k |
| NEUBERGER BERMAN GROUP LLC | Reduced | -35.2k |
| PRICE T ROWE ASSOCIATES INC /MD/ | Reduced | -34.9k |
| TWINBEECH CAPITAL LP | Sold out | -31.1k |
| GEODE CAPITAL MANAGEMENT, LLC | Reduced | -26.4k |
| JANE STREET GROUP, LLC | Reduced | -20.8k |
| FIRST TRUST ADVISORS LP | Reduced | -18.3k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $34.6m37.1k shares |
| D. E. Shaw & Co., Inc. | Reduced | $25.4m27.2k shares |
| JANE STREET GROUP, LLC | Reduced | $21.8m23.3k shares |
| IMC-Chicago, LLC | Added | $21.6m23.1k shares |
| CITADEL ADVISORS LLC | Added | $18.5m19.8k shares |
| WOLVERINE TRADING, LLC | Reduced | $4.8m5.2k shares |
| SIMPLEX TRADING, LLC | Reduced | $3.0m3.2k shares |
| MILLENNIUM MANAGEMENT LLC | Reduced | $1.1m1.2k shares |
| TUDOR INVESTMENT CORP ET AL | Reduced | $746.9k800 shares |
| Walleye Trading LLC | Reduced | $560.2k600 shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $41.3m44.2k shares |
| IMC-Chicago, LLC | New | $11.7m12.5k shares |
| JANE STREET GROUP, LLC | Reduced | $7.8m8.4k shares |
| CITADEL ADVISORS LLC | Added | $7.5m8.0k shares |
| WOLVERINE TRADING, LLC | Added | $6.0m6.5k shares |
| SIMPLEX TRADING, LLC | Unchanged | $2.5m2.7k shares |
| D. E. Shaw & Co., Inc. | New | $2.3m2.5k shares |
| Walleye Capital LLC | Added | $560.2k600 shares |
| MAD RIVER INVESTORS | New | $373.5k400 shares |
| Walleye Trading LLC | Reduced | $373.5k400 shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
HORIZON KINETICS ASSET MANAGEMENT LLC
13D · may seek influence
+0.2 pts · filed 2026-05-07
Stated purposeItem 4 is hereby amended and restated in its entirety to read as follows: HKAM acquired the securities reported herein on behalf of the Managed Accounts for investment purposes. In the ordinary course of its business, HKAM intends to regularly review its equity interest in the Issuer and may, from time to time, acquire additional shares or other securities of the Issuer. While HKAM has no present intention to dispose of all or any portion of the shares beneficially owned by Managed Accounts, it may sell shares from time to time for a number of reasons, not limited to client requests, regulatory or investment limitations or other reasons. Any such sales of securities of the Issuer may be in the open market, privately negotiated transactions or otherwise. On May 5, 2026, Peter Doyle, who s… Full filing |
14.7% |
| BlackRock, Inc. 13G · institution filed 2025-02-05 | 7.9% |
| VANGUARD CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-04-30 | 6.3% |
| STATE STREET CORP 13G · institution +0.1 pts · filed 2025-11-10 | 5.1% |
Fell to 5% or below in the last year: VANGUARD GROUP INC (0.0%, 2026-03-27; now reported by VANGUARD CAPITAL MANAGEMENT LLC)
Insider purchases and sales in Q3 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)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q4 2023 | 3 | $326.7k | 0 | — | — |
| Q1 2024 | 3 | $2.5m | 0 | — | — |
| Q2 2024 | 2 | $83.9k | 0 | — | — |
| Q3 2024 | 1 | $327.1k | 0 | — | — |
| Q4 2024 | 1 | $458.7k | 2 | $760.6k | — |
| Q1 2025 | 2 | $700.1k | 3 | $2.8m | $978.6k |
| Q2 2025 | 1 | $767.8k | 0 | — | — |
| Q3 2025 | 1 | $269.1k | 1 | $150.1k | — |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2025-09-30 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Bought | $9141 share |
| 2025-09-29 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Bought | $9271 share |
| 2025-09-26 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Bought | $9481 share |
| 2025-09-25 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Bought | $9291 share |
| 2025-09-24 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Bought | $9551 share |
| 2025-09-23 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Bought | $8971 share |
| 2025-09-22 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Bought | $8641 share |
| 2025-09-19 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Bought | $8971 share |
| 2025-09-18 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Bought | $9161 share |
| 2025-09-17 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Bought | $9291 share |
| 2025-09-16 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Bought | $9291 share |
| 2025-09-15 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Bought | $9501 share |
| 2025-09-12 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Bought | $9431 share |
| 2025-09-11 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Bought | $9271 share |
| 2025-09-10 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Bought | $9231 share |
| 2025-09-09 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Bought | $9171 share |
| 2025-09-08 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Bought | $9091 share |
| 2025-09-05 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Bought | $9211 share |
| 2025-09-04 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Bought | $9121 share |
| 2025-09-03 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Bought | $9291 share |
| 2025-09-02 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Bought | $9731 share |
| 2025-08-29 | BUFFINGTON STEPHANIE Chief Accounting Officer | Sold | $150.1k162 shares |
| 2025-08-29 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Bought | $9291 share |
| 2025-08-28 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Bought | $9101 share |
| 2025-08-27 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Bought | $9141 share |
| 2025-08-26 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Bought | $8981 share |
| 2025-08-25 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Bought | $9081 share |
| 2025-08-22 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Bought | $9021 share |
| 2025-08-21 | OLIVER ERIC L Director · See Footnote | Bought | $88.1k100 shares |
| 2025-08-21 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Bought | $8891 share |
The latest 30 of 68 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, Q3 2025
| Manager | Shares | Change |
|---|---|---|
| HORIZON KINETICS ASSET MANAGEMENT LLC 39.90% of their portfolio | 3.5m $3.3bn | Reduced -72.8k |
| VANGUARD GROUP INC 0.04% of their portfolio | 2.6m $2.4bn | Added +189.8k |
| BlackRock, Inc. 0.03% of their portfolio | 1.8m $1.7bn | Reduced -42.6k |
| STATE STREET CORP 0.04% of their portfolio | 1.2m $1.1bn | Added +22.3k |
| GEODE CAPITAL MANAGEMENT, LLC 0.03% of their portfolio | 579.3k $539.0m | Reduced -26.4k |
| SoftVest Advisors, LLC 76.41% of their portfolio | 393.6k $367.5m | Added +300 |
| FIRST MANHATTAN CO. LLC. 0.83% of their portfolio | 337.7k $315.3m | Unchanged |
| Invesco Ltd. 0.04% of their portfolio | 283.9k $265.1m | Added +9.4k |
| MORGAN STANLEY 0.01% of their portfolio | 238.1k $222.3m | Reduced -44.5k |
| NORTHERN TRUST CORP 0.02% of their portfolio | 202.4k $189.0m | Reduced -2.8k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.03% of their portfolio | 193.1k $180.3m | Added +8.9k |
| Pacific Heights Asset Management LLC 7.65% of their portfolio | 185.0k $172.7m | Added +20.0k |
| SCHWARTZ INVESTMENT COUNSEL INC 4.81% of their portfolio | 153.4k $143.2m | Reduced -612 |
| DIMENSIONAL FUND ADVISORS LP 0.03% of their portfolio | 147.6k $137.7m | Added +17.1k |
| UBS Group AG 0.03% of their portfolio | 137.2k $128.1m | Reduced -15.3k |
| Legal & General Group Plc 0.03% of their portfolio | 129.1k $120.5m | Reduced -5.1k |
| TD Asset Management Inc 0.09% of their portfolio | 120.9k $112.8m | Added +24.7k |
| Bank of New York Mellon Corp 0.02% of their portfolio | 119.9k $112.0m | Reduced -6.0k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.02% of their portfolio | 112.7k $105.3m | Reduced -158 |
| Douglass Winthrop Advisors, LLC 1.77% of their portfolio | 109.0k $101.8m | Added +6.2k |
| Epoch Investment Partners, Inc. 0.55% of their portfolio | 108.1k $101.0m | Added +20.9k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 101.5k $94.8m | Added +49.1k |
| MAD RIVER INVESTORS 37.91% of their portfolio | 94.8k $88.5m | Reduced -241 |
| York GP, Ltd. 93.09% of their portfolio | 91.7k $85.6m | Reduced -593 |
| AQR CAPITAL MANAGEMENT LLC 0.05% of their portfolio | 90.6k $84.6m | Added +35.7k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.08% of their portfolio | 83.2k $77.7m | Added +21.2k |
| Amundi 0.03% of their portfolio | 81.6k $79.5m | Added +3.4k |
| DEUTSCHE BANK AG\ 0.02% of their portfolio | 65.7k $61.3m | Added +3.2k |
| Focus Partners Wealth 0.09% of their portfolio | 62.9k $58.7m | Reduced -188 |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 62.7k $58.6m | Added +31.4k |
| GOLDMAN SACHS GROUP INC 0.01% of their portfolio | 60.6k $56.6m | Reduced -16.3k |
| Moors & Cabot, Inc. 2.32% of their portfolio | 56.9k $53.2m | Reduced -2.3k |
| Swiss National Bank 0.03% of their portfolio | 56.4k $52.6m | Reduced -2.8k |
| DANSKE BANK A/S 0.13% of their portfolio | 56.3k $52.6m | Added +16.1k |
| Nuveen, LLC 0.01% of their portfolio | 52.0k $48.5m | Reduced -1.6k |
| ROYAL BANK OF CANADA 0.01% of their portfolio | 51.2k $47.8m | Reduced -73.5k |
| PNC Financial Services Group, Inc. 0.03% of their portfolio | 50.5k $47.1m | Reduced -542 |
| EagleClaw Capital Managment, LLC 6.39% of their portfolio | 48.9k $45.7m | Added +1.8k |
| Sumitomo Mitsui Trust Group, Inc. 0.02% of their portfolio | 45.7k $42.6m | Added +610 |
| RENAISSANCE TECHNOLOGIES LLC 0.06% of their portfolio | 45.0k $42.0m | Reduced -18.0k |
| RHUMBLINE ADVISERS 0.03% of their portfolio | 43.8k $40.9m | Added +155 |
| BARCLAYS PLC 0.01% of their portfolio | 41.5k $38.7m | Added +2.0k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.06% of their portfolio | 40.3k $37.6m | Added +31.1k |
| LAWSON KROEKER INVESTMENT MANAGEMENT INC/NE 6.78% of their portfolio | 39.7k $37.1m | Reduced -905 |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.03% of their portfolio | 37.7k $35.2m | Added +477 |
| WELLS FARGO & COMPANY/MN 0.01% of their portfolio | 36.1k $33.7m | Added +4.5k |
| Hodges Capital Management Inc. 2.91% of their portfolio | 36.0k $33.6m | Reduced -1.6k |
| National Pension Service 0.03% of their portfolio | 35.7k $33.3m | Added +3.3k |
| Lagoda Investment Management, L.P. 18.01% of their portfolio | 34.1k $31.8m | Added +305 |
| RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio | 32.9k $30.7m | Added +821 |
| California Public Employees Retirement System 0.02% of their portfolio | 32.9k $30.7m | Reduced -6.4k |
| OSAIC HOLDINGS, INC. 0.04% of their portfolio | 31.8k $29.7m | Added +25.2k |
| HighTower Advisors, LLC 0.03% of their portfolio | 31.6k $29.5m | Added +309 |
| BNP PARIBAS FINANCIAL MARKETS 0.02% of their portfolio | 31.2k $29.1m | Reduced -5.7k |
| Blue Trust, Inc. 0.31% of their portfolio | 29.2k $27.2m | Reduced -588 |
| HSBC HOLDINGS PLC 0.02% of their portfolio | 28.7k $26.8m | Reduced -401 |
| TOCQUEVILLE ASSET MANAGEMENT L.P. 0.38% of their portfolio | 27.9k $26.0m | Added +61 |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 27.6k $25.8m | Reduced -34.9k |
| One Charles Private Wealth Services, LLC 6.32% of their portfolio | 25.8k $24.1m | Reduced -210 |
| RWA WEALTH PARTNERS, LLC 0.25% of their portfolio | 23.7k $22.2m | Unchanged |
| PRINCIPAL FINANCIAL GROUP INC 0.01% of their portfolio | 22.6k $21.1m | Reduced -1.1k |
| STATE OF WISCONSIN INVESTMENT BOARD 0.05% of their portfolio | 21.9k $20.5m | Added +1.4k |
| First Dallas Securities Inc. 7.63% of their portfolio | 21.8k $20.4m | Reduced -1.4k |
| Advisory Services Network, LLC 0.29% of their portfolio | 21.3k $19.8m | Added +58 |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.03% of their portfolio | 20.3k $19.0m | Added +427 |
| US BANCORP \DE\ 0.02% of their portfolio | 19.8k $18.4m | Added +9 |
| Janney Montgomery Scott LLC 0.04% of their portfolio | 19.3k $18.0m | Reduced -274 |
| TWO SIGMA INVESTMENTS, LP 0.03% of their portfolio | 18.8k $17.5m | Added +17.5k |
| SAPIENT CAPITAL LLC 0.25% of their portfolio | 17.9k $16.5m | Added +3.4k |
| ALLIANCEBERNSTEIN L.P. 0.01% of their portfolio | 17.9k $16.7m | Reduced -2.9k |
| CITIGROUP INC 0.01% of their portfolio | 16.8k $15.7m | Reduced -321 |
| FIRST TRUST ADVISORS LP 0.01% of their portfolio | 16.6k $15.5m | Reduced -18.3k |
| HOWLAND CAPITAL MANAGEMENT LLC 0.59% of their portfolio | 16.5k $15.4m | Unchanged |
| LPL Financial LLC 0.00% of their portfolio | 16.3k $15.2m | Added +3.1k |
| AVIVA PLC 0.03% of their portfolio | 16.0k $15.0m | Added +1.1k |
| Aberdeen Group plc 0.02% of their portfolio | 16.0k $14.7m | Added +331 |
| FRANKLIN RESOURCES INC 0.00% of their portfolio | 16.0k $14.9m | Reduced -1.9k |
| MARSHALL WACE, LLP 0.02% of their portfolio | 15.4k $14.4m | Added +10.8k |
| Essex Financial Services, Inc. 0.85% of their portfolio | 15.2k $14.2m | Reduced -58 |
| AMERICAN CENTURY COMPANIES INC 0.01% of their portfolio | 14.9k $13.9m | Added +4.5k |
| CORTLAND ASSOCIATES INC/MO 1.63% of their portfolio | 14.8k $13.8m | Reduced -34 |
| BANK OF MONTREAL /CAN/ 0.01% of their portfolio | 14.7k $13.7m | Added +3.9k |
| MGO ONE SEVEN LLC 0.32% of their portfolio | 14.6k $13.7m | Added +313 |
| Summit Street Capital Management, LLC 1.87% of their portfolio | 14.6k $13.6m | Unchanged |
| Concorde Financial Corp 7.31% of their portfolio | 14.1k $13.2m | Added +107 |
| Korea Investment CORP 0.03% of their portfolio | 14.1k $13.1m | Added +3.1k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.02% of their portfolio | 13.7k $12.8m | Added +180 |
| Mitsubishi UFJ Trust & Banking Corp 0.03% of their portfolio | 13.5k $12.6m | Added +1.3k |
| Mariner, LLC 0.02% of their portfolio | 13.5k $12.6m | Reduced -1.7k |
| Atlas Wealth Partners, LLC 12.69% of their portfolio | 13.3k $12.4m | Added +451 |
| BLI - Banque de Luxembourg Investments 0.36% of their portfolio | 13.3k $12.3m | Unchanged |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.02% of their portfolio | 13.1k $12.6m | Added +397 |
| Lido Advisors, LLC 0.05% of their portfolio | 12.8k $12.0m | Added +87 |
| Fielder Capital Group LLC 2.73% of their portfolio | 12.8k $12.0m | Reduced -43 |
| COMMONWEALTH EQUITY SERVICES, LLC 0.02% of their portfolio | 12.7k $11.8m | Reduced -2.3k |
| CITADEL ADVISORS LLC 0.01% of their portfolio | 12.6k $11.7m | Reduced -7.2k |
| VICTORY CAPITAL MANAGEMENT INC 0.01% of their portfolio | 12.5k $11.7m | Added +5.0k |
| BAR HARBOR WEALTH MANAGEMENT 0.70% of their portfolio | 12.5k $11.7m | Reduced -3.2k |
| ASR Vermogensbeheer N.V. 0.14% of their portfolio | 12.5k $11.6m | Added +863 |
| Cerity Partners LLC 0.02% of their portfolio | 12.1k $11.3m | Added +1.2k |