SANTA FE, N.M. – New Mexico Land Commissioner Stephanie Garcia Richard announced that the State Land Office (NMSLO) has earned around $3.2 billion in revenue in fiscal year 2026 (FY26) – an all-time record for revenue earned in a single fiscal year at the agency. Commissioner Garcia Richard’s commitment to diversifying revenue streams at the agency has paid significant dividends, as the agency also earned the most money ever from non-royalty payments (over $719 million) and from Business Leasing activities in the Commercial Resources Division (over $24 million) in FY26.
The revenue earned by NMSLO benefits New Mexico’s public school, universities, and hospitals, and saves each New Mexico taxpayer around $3,500 annually that they would otherwise have to pay to help fund these institutions. Examples of NMSLO beneficiary institutions include New Mexico State University, the New Mexico School for the Blind and Visually Impaired, and Miners’ Colfax Medical Center.
“I made it clear when I got elected that the State Land Office would be open for business, and the results speak for themselves,” said Commissioner Garcia Richard. “In the past eight years we have made unprecedented amounts of money for our school kids and public institutions thanks to our approach to diversification. As a public school teacher myself, I understand the tremendous impact that this money can have in our classrooms and in the lives of New Mexicans. At the same time, we’ve been able to hold companies that use state lands accountable and ensure our resources are conserved for the benefit of future generations. Everyone working at the State Land Office can be proud of the fact that we have done a great job balancing our dual responsibilities to generate revenue and protect the lands we manage.”
NMSLO earned over $1 billion for the first time ever in 2019 – Commissioner Garcia Richard’s first year in office. The agency has earned at least that amount every year since and exceeded $2 billion in revenue for the first time in FY22. In total, the agency has now earned over $16 billion under Commissioner Garcia Richard’s leadership since 2019. The agency has earned more revenue in the past eight years with Commissioner Garcia Richard in office than it had earned in the previous 30 years combined, even after adjusting for inflation.
NMSLO has traditionally earned the majority of its revenue from oil and gas royalties. Commissioner Garcia Richard has helped NMSLO earn significantly more revenue than ever before by diversifying the agency’s revenue streams through renewable energy development, affordable housing, economic development, outdoor recreation, and other revenue-generating activities on state lands.
Meanwhile, Commissioner Garcia Richard has ensured that state lands can continue generating large amounts of revenue in the decades to come. She established the Accountability & Enforcement program which has led to the plugging of over 900 abandoned oil and gas wells on state lands and a new Environmental Compliance Office to help assess damage to state lands and ensure cleanup.
Beneficiary Institutions by FY26:
- Public Schools: $2.9 billion
- Public Buildings: $53.1 million
- State Penitentiary: $34.5 million
- NMSU: $22.3 million
- UNM: $22.3 million
- NMMI: $19.9 million
- State Hospital: $16.8 million
- Miners’ Colfax Medical Center: $9.1 million
- NM School for the Blind and Visually Impaired: $8.8 million
- NM School for the Deaf: $8.6 million
- New Mexico Tech: $1.8 million
- Charitable, Penal & Reform: $1.6 million
- Saline Lands: $1.5 million
- Water Reservoirs: $1.4 million
- NM Boys School: $643K
- ENMU: $399K
- NMHU: $384K
- WNMU: $384K
- Rio Grande Improvements: $326K
- Northern NM School: $247K
- Carrie Tingley Hospital: $103K
Additional Quotes:
“The State Land Office’s reported FY26 revenue is a significant result for New Mexico’s trust beneficiaries. I commend the employees of the State Land Office for the work behind these results. State trust lands are managed for the benefit of their designated beneficiaries, and this announcement is an opportunity to recognize the value that work provides to public institutions across New Mexico while keeping the long-term stewardship of trust assets in view.”
-Col. David West, Chair of the State Land Trusts Advisory Board
“The extraordinary dedication and stewardship demonstrated by the New Mexico State Land Office deserves tremendous recognition. The revenues produced by the work of those at the NMSLO creates lasting benefits for communities and is especially meaningful to beneficiaries such as NMSBVI. Thanks to the funding generated through the NMSLO’s outstanding work, NMSBVI is able to provide innovative programming, from birth to graduation, for children with visual impairments and blindness in NM. NMSBVI holds a deep gratitude for the work of the NMSLO and cherishes our partnership.”
Dr. Heather Miller, Superintendent, New Mexico School for the Blind and Visually Impaired
New Mexico Land Commissioner Stephanie Garcia Richard has overseen the New Mexico State Land Office since 2019. In that time the agency has earned more than $16 billion for New Mexico public schools, hospitals, and universities. Over 13 million acres of state trust land are leased for a variety of uses, including ranching and farming, renewable energy, business development, mineral development, and outdoor recreation. The State Land Office has a dual mandate to use state trust land to financially support vital public institutions, while simultaneously working to protect the land for future generations.