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Texas Pacific Land Trust (TPL): Murray Stahl Adds More Shares to Texas-Sized Position

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Murray Stahl‘s Horizon Asset Management has added some shares to its position in Texas Pacific Land Trust (NYSE:TPL) according to a new 13D filing with the SEC. The filing shows that Horizon Kinetics now owns 20.3% of the company’s shares, 1.65 million in all, up from 1.62 million at the end of 2015. The position in the land trust was Mr. Stahl’s fourth-most valuable one at the end of December, valued at over $211 million.

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Kinetics Advisers 54,462 54,462 54,462 0.7%
Horizon Asset Management 645,772 645,772 645,772 8.0%
Kinetics Asset Management 946,567 946,567 946,567 11.7%
Horizon Kinetics 1,646,801 1,646,801 1,646,801 20.3%
Date of Transaction Buy Sale Aggregate Amount of Shares Average Price Per Share Horizon Asset Management
Murray Stahl
Murray Stahl
Horizon Asset Management

Page 1 of 12 SEC Filing


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

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. ________)*

(Name of Issuer)
Texas Pacific Land
Trust

(Title of Class of Securities)
Sub-share
Certificates

(CUSIP Number)
882610108

Name, Address and Telephone Number of Person Authorized to

Receive Notices and Communications)
Jay Kesslen
c/o Horizon Kinetics LLC
470 Park Avenue
South

New York, NY 10016

(Date of Event which Requires Filing of this Statement)

March 7, 2016

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).

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