Page 6 of 12 SEC Filing ITEM 1. SECURITY AND ISSUER
This statement relates to the sub-share certificates of
proprietary interests (Shares) of Texas Pacific Land Trust (TPL). The
address of TPLs principal executive office is 1700 Pacific Avenue, Suite 2770,
Dallas, Texas 75201.
ITEM 2. IDENTITY AND BACKGROUND
This Schedule 13D is being filed by Horizon Kinetics LLC, a
Delaware limited liability company and parent company to registered investment
advisers Horizon Asset Management LLC, Kinetics Asset Management LLC and
Kinetics Advisers, LLC, (collectively, Horizon Kinetics), all of which
maintain a principal business address of 470 Park Avenue South, New York, New
York 10016. Neither Horizon Kinetics nor any of its executive officers have, in
the last 5 years, been convicted in a criminal proceeding (excluding traffic
violations or similar misdemeanors), or a party to a civil proceeding of a
judicial or administrative body of competent jurisdiction that resulted in a
judgment, decree or final order enjoining future violations of, or prohibiting
or mandating activities subject to, federal or state securities laws or finding
any violation with respect to such laws.
Horizon Kinetics, through its registered investment advisers,
acts as a discretionary investment manager on behalf of its clients, who
maintain beneficial interest in TPL. In addition, Horizon Kinetics and its
principals maintain ownership of TPL by virtue of investments in certain
accounts, including proprietary accounts.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
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.
ITEM 4. PURPOSE OF TRANSACTION
Horizon Kinetics has purchased Shares for investment purposes
and may purchase additional shares for the same purpose. Except as described
above, none of the Reporting Persons currently has any other plans or proposals
which would be related to or would result in any of the matters described in
Items 4(a)-(j) of the Instructions to Schedule 13D. However, as part of the
ongoing evaluation of investment and investment alternatives, the Reporting
Persons may consider such matters and, subject to applicable law, may formulate
a plan with respect to such matters, and, from time to time, may hold
discussions with or make formal proposals to management or the Board of
Directors of the Issuer or other third parties regarding such matters.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) The
aggregate number and percentage of the class of securities identified pursuant
to Item 1 beneficially owned by Horizon Asset Management LLC, on behalf of its
clients, including its proprietary accounts may be found in rows 11 and 13 of
the cover page, which is hereby incorporated by reference.
(b) The
aggregate number and percentage of the class of securities identified pursuant
to Item 1 beneficially owned by Kinetics Asset Management LLC, on behalf of its
clients, including its proprietary accounts may be found in rows 11 and 13 of
the cover page, which is hereby incorporated by reference.
(c) The
aggregate number and percentage of the class of securities identified pursuant
to Item 1 beneficially owned by Kinetics Advisers, LLC, on behalf of its
clients, including its proprietary accounts may be found in rows 11 and 13 of
the cover page, which is hereby incorporated by reference.
This Schedule 13D does not include approximately 5,885 Shares
of TPL held personally by senior portfolio managers of Horizon Kinetics. The
right to dividends from, or proceeds from the sale of such Shares resides with
the beneficial owners of such accounts, and Horizon Kinetics with respect to its
proprietary accounts. Transactions effected by Horizon Kinetics in the last 60
days are as follows:
Name of Reporting Person Date of Transaction Buy/Sale Aggregate Amount of Shares Average Price Per Share Horizon Asset Management LLC 1/4/2016 Sale 150 $124.28 Horizon Asset Management LLC 1/4/2016 Buy 148 $125.52
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ITEM 1. SECURITY AND ISSUER
This statement relates to the sub-share certificates of
proprietary interests (Shares) of Texas Pacific Land Trust (TPL). The
address of TPLs principal executive office is 1700 Pacific Avenue, Suite 2770,
Dallas, Texas 75201.
ITEM 2. IDENTITY AND BACKGROUND
This Schedule 13D is being filed by Horizon Kinetics LLC, a
Delaware limited liability company and parent company to registered investment
advisers Horizon Asset Management LLC, Kinetics Asset Management LLC and
Kinetics Advisers, LLC, (collectively, Horizon Kinetics), all of which
maintain a principal business address of 470 Park Avenue South, New York, New
York 10016. Neither Horizon Kinetics nor any of its executive officers have, in
the last 5 years, been convicted in a criminal proceeding (excluding traffic
violations or similar misdemeanors), or a party to a civil proceeding of a
judicial or administrative body of competent jurisdiction that resulted in a
judgment, decree or final order enjoining future violations of, or prohibiting
or mandating activities subject to, federal or state securities laws or finding
any violation with respect to such laws.
Horizon Kinetics, through its registered investment advisers,
acts as a discretionary investment manager on behalf of its clients, who
maintain beneficial interest in TPL. In addition, Horizon Kinetics and its
principals maintain ownership of TPL by virtue of investments in certain
accounts, including proprietary accounts.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
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.
ITEM 4. PURPOSE OF TRANSACTION
Horizon Kinetics has purchased Shares for investment purposes
and may purchase additional shares for the same purpose. Except as described
above, none of the Reporting Persons currently has any other plans or proposals
which would be related to or would result in any of the matters described in
Items 4(a)-(j) of the Instructions to Schedule 13D. However, as part of the
ongoing evaluation of investment and investment alternatives, the Reporting
Persons may consider such matters and, subject to applicable law, may formulate
a plan with respect to such matters, and, from time to time, may hold
discussions with or make formal proposals to management or the Board of
Directors of the Issuer or other third parties regarding such matters.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) The
aggregate number and percentage of the class of securities identified pursuant
to Item 1 beneficially owned by Horizon Asset Management LLC, on behalf of its
clients, including its proprietary accounts may be found in rows 11 and 13 of
the cover page, which is hereby incorporated by reference.
(b) The
aggregate number and percentage of the class of securities identified pursuant
to Item 1 beneficially owned by Kinetics Asset Management LLC, on behalf of its
clients, including its proprietary accounts may be found in rows 11 and 13 of
the cover page, which is hereby incorporated by reference.
(c) The
aggregate number and percentage of the class of securities identified pursuant
to Item 1 beneficially owned by Kinetics Advisers, LLC, on behalf of its
clients, including its proprietary accounts may be found in rows 11 and 13 of
the cover page, which is hereby incorporated by reference.
This Schedule 13D does not include approximately 5,885 Shares
of TPL held personally by senior portfolio managers of Horizon Kinetics. The
right to dividends from, or proceeds from the sale of such Shares resides with
the beneficial owners of such accounts, and Horizon Kinetics with respect to its
proprietary accounts. Transactions effected by Horizon Kinetics in the last 60
days are as follows:
| Name of Reporting Person | Date of Transaction | Buy/Sale | Aggregate Amount of Shares | Average Price Per Share |
| Horizon Asset Management LLC | 1/4/2016 | Sale | 150 | $124.28 |
| Horizon Asset Management LLC | 1/4/2016 | Buy | 148 | $125.52 |
