Aug. 12 at 5:46 PM
$TPL: Before you get too worried about Gotham’s misleading notes regarding the growth in Texas Pacific Land Trust’s share price since 2018, here are some things that Gotham seems to have forgotten to mention about Texas Pacific Land Trust:
1. TPL ended June 30, 2025 with over
$1.4B in equity.
2. Further that equity will only continue to grow as TPL is generating net income of
$450-
$500M per year.
3. TPL ended June 30, 2025 with NO long-term debt on their balance sheet.
4. While Horizon Kinetics has taken some profits to broaden the range of their managed holdings, their holdings in TPL are still valued over
$1B.
Do the math yourself and spread the massive equity over the relatively small amount of shares outstanding - 23M shares - so you understand the real value held in your shares. While you are doing that, remind yourself that there is no long-term debt to compromise that equity.
