TEXAS PACIFIC LAND CORPORATI

Ticker: TPL CUSIP: 88262P102 Class: COMMON STOCK

STATE OF MICHIGAN RETIREMENT SYSTEM's Holding History (CIK: 0000762152)

Note: Option positions (PUT/CALL) are excluded.

Q4 2025

Shares 19,800 Value ($000) $5,687 Avg Close $305.03 Range $269.23 - $348.98

Q3 2025

Shares 6,500 Value ($000) $6,069 Avg Close $313.93 Range $280.85 - $358.87

Q2 2025

Shares 6,400 Value ($000) $6,761 Avg Close $407.01 Range $327.33 - $475.01

Q1 2025

Shares 6,100 Value ($000) $8,082 Avg Close $443.26 Range $370.80 - $485.16

Q4 2024

Shares 6,100 Value ($000) $6,746 Avg Close $405.98 Range $287.42 - $585.53

Q3 2024

Shares 5,600 Value ($000) $4,955 Avg Close $272.35 Range $239.54 - $317.56

Q2 2024

Shares 5,600 Value ($000) $4,112 Avg Close $204.79 Range $180.83 - $260.64

Q1 2024

Shares 1,200 Value ($000) $694 Avg Close $167.28 Range $151.82 - $189.69

Q4 2023

Shares 400 Value ($000) $629 Avg Close $184.83 Range $158.97 - $216.01

Q3 2023

Shares 400 Value ($000) $729 Avg Close $183.20 Range $138.95 - $211.69

Q2 2023

Shares 500 Value ($000) $658 Avg Close $155.33 Range $136.53 - $197.68

Q1 2023

Shares 500 Value ($000) $851 Avg Close $201.35 Range $165.57 - $247.74

Q4 2022

Shares 500 Value ($000) $1,172 Avg Close $255.92 Range $193.66 - $293.76

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	19,800	$5,687	$305.03	$269.23 - $348.98
Q3 2025	6,500	$6,069	$313.93	$280.85 - $358.87
Q2 2025	6,400	$6,761	$407.01	$327.33 - $475.01
Q1 2025	6,100	$8,082	$443.26	$370.80 - $485.16
Q4 2024	6,100	$6,746	$405.98	$287.42 - $585.53
Q3 2024	5,600	$4,955	$272.35	$239.54 - $317.56
Q2 2024	5,600	$4,112	$204.79	$180.83 - $260.64
Q1 2024	1,200	$694	$167.28	$151.82 - $189.69
Q4 2023	400	$629	$184.83	$158.97 - $216.01
Q3 2023	400	$729	$183.20	$138.95 - $211.69
Q2 2023	500	$658	$155.33	$136.53 - $197.68
Q1 2023	500	$851	$201.35	$165.57 - $247.74
Q4 2022	500	$1,172	$255.92	$193.66 - $293.76