13D Filing: Horizon Asset Management and Texas Pacific Land Trust (TPL)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 2)

Texas Pacific Land
Trust
(Name of Issuer)

Sub-share Certificates
(Title of Class
of Securities)

882610108
(CUSIP Number)

Jay Kesslen
c/o Horizon Kinetics LLC

470 Park Avenue South
New York, NY 10016
Name, Address and Telephone Number of Person Authorized to
Receive
Notices and Communications)

August 14, 2017
(Date of Event which
Requires Filing of this Statement)

If the filing person has previously filed a statement on
Schedule 13G to report the acquisition that is the subject of this Schedule 13D,
and is filing this schedule because of §§240.13d -1(e), 240.13d -1(f) or 240.13d
-1(g), check the following box. [X]

Note: Schedules filed in paper format shall include a
signed original and five copies of the schedule, including all exhibits. See
Rule.13d-7 for other parties to whom copies are to be sent.

* The remainder of this cover page shall be filled out for a
reporting persons initial filing on this form with respect to the subject class
of securities, and for any subsequent amendment containing information which
would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page
shall not be deemed to be filed for the purpose of Section 18 of the
Securities Exchange Act of 1934 (Act) or otherwise subject to the liabilities
of that section of the Act but shall be subject to all other provisions of the
Act (however, see the Notes).

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 $677 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 9,726 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 listed below. All sales were the result of a client direction or
account limitation, and no sales were made in any proprietary account.

ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR
RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER

There are no known contracts, arrangements, understandings or
relationships with respect to the Shares of TPL.

ITEM 7. MATERIAL TO BE FILED AS EXHIBITS

Attached as Exhibit 1 is the Joint Filing Agreement applicable
to Horizon Kinetics LLC, Horizon Asset Management LLC, Kinetics Asset Management
LLC, and Kinetics Advisers, LLC.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.

Exhibit 1

AGREEMENT OF JOINT FILING

In accordance with Rule 13d-1(k) under the Securities Exchange
Act of 1934, as amended, the undersigned hereby confirm the agreement by and
among them to the joint filing on behalf of them of the Statement on Schedule
13D and any and all further amendments thereto, with respect to the securities
of the above referenced issuer, and that this Agreement be included as an
Exhibit to such filing. This Agreement may be executed in any number of
counterparts each of which shall be deemed to be an original and all of which
together shall be deemed to constitute one and the same Agreement.

IN WITNESS WHEREOF, the undersigned hereby execute this
Agreement as of August 16, 2017