Annual report [Section 13 and 15(d), not S-K Item 405]

Real Estate Activity

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Real Estate Activity
 12 Months Ended
Dec. 31, 2025
Real Estate [Abstract]  
Real Estate Activity Real Estate Activity
As of December 31, 2025 and 2024, we owned the following land and real estate (in thousands, except number of acres):
December 31,
2025		 December 31,
2024
Number of Acres Net Book Value Number of Acres Net Book Value
Land (surface rights) (1)
798,626  $ —  798,643  $ — 
Real estate acquired 83,427  179,129  74,493  143,178 
Total real estate 882,053  $ 179,129  873,136  $ 143,178 
(1)Real estate assigned through the Declaration of Trust.
The Assigned land held by TPL was recorded with no value at the time of acquisition. See Note 2, “Summary of Significant Accounting Policies — Real Estate and Royalty Interests Assigned Through the Declaration of Trust” for further information regarding the Assigned land. Real estate acquired includes land parcels which have either been acquired through foreclosure or transactions with third parties.

Land Acquisitions

For the year ended December 31, 2025, we acquired 8,934 acres of land for an aggregate purchase price of $36.0 million.

For the year ended December 31, 2024, we acquired 4,120 acres through a business combination with a fair value of $12.1 million. See further discussion of the business combination in Note 3, “Assets Acquired in a Business Combination.” Additionally, we acquired 1,009 acres of land for an aggregate purchase price of $1.5 million for the year ended December 31, 2024.

Land Sales

For the year ended December 31, 2025, we sold 17 acres of land for an aggregate sales price of $0.8 million. For the year ended December 31, 2024, we sold 439 acres of land for an aggregate sales price of $4.4 million.