Texas Pacific Land Corporation (TPL)

[Enterprising Investor]

Not surprised.

Corporation versus trust also means higher costs. That new Board of Directors has to get paid, sourcing potential deals costs money, and stronger investor outreach leads to higher expenses as well. While some of this should be hopefully transitory due to severance costs this year, Texas Pacific Land is still a long way off of its old razor thin corporate cost profile. Shareholders were upset during the 2019 period because the company was wasting money defending itself during the proxy battle, and I think in a vacuum if you told them they'd be spending just as much money on a quarterly basis in 2021, they'd be a bit miffed at the idea.