Texas Pacific Land Corporation (TPL)

[Enterprising Investor]

Horizon Kinetics LLC beneficially owns 1,646,801 shares (3/07/16)

Controls 20.3 percent.

Horizon Kinetics has acquired Shares of TPL for investment purposes from time to time for more than twenty years on behalf of both its clients as well as its own interest. Horizon Kinetics used client assets to purchase Shares on behalf of its clients, and its own working capital to purchase shares for its proprietary accounts, which has included funds deposited by its personnel. The aggregate purchase price of the Shares collectively purchased by the Reporting Persons was approximately $247 million.

Based on the statement above, the average cost per share paid by Horizon Kinetics over twenty years is about $150 per share.

http://www.sec.gov/Archives/edgar/data/97517/000151941816000025/sch13d-tpl.htm