0001519418-16-000030.txt : 20161208 0001519418-16-000030.hdr.sgml : 20161208 20161207180050 ACCESSION NUMBER: 0001519418-16-000030 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20161208 DATE AS OF CHANGE: 20161207 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: TEXAS PACIFIC LAND TRUST CENTRAL INDEX KEY: 0000097517 STANDARD INDUSTRIAL CLASSIFICATION: OIL ROYALTY TRADERS [6792] IRS NUMBER: 750279735 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-38472 FILM NUMBER: 162040039 BUSINESS ADDRESS: STREET 1: 1700 PACIFIC AVE STREET 2: STE 2770 CITY: DALLAS STATE: TX ZIP: 75201 BUSINESS PHONE: 2149695530 MAIL ADDRESS: STREET 1: 1700 PACIFIC AVE STREET 2: STE 2770 CITY: DALLAS STATE: TX ZIP: 75201 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Horizon Kinetics LLC CENTRAL INDEX KEY: 0001519418 IRS NUMBER: 450642972 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 470 PARK AVENUE SOUTH STREET 2: 4TH FLOOR SOUTH CITY: NEW YORK STATE: NY ZIP: 10016 BUSINESS PHONE: 646-495-7347 MAIL ADDRESS: STREET 1: 470 PARK AVENUE SOUTH STREET 2: 4TH FLOOR SOUTH CITY: NEW YORK STATE: NY ZIP: 10016 SC 13D/A 1 sched13da.htm Horizon Asset Management LLC - Schedule 13D/A - Filed by newsfilecorp.com

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

SCHEDULE 13D

Under the Securities Exchange Act of 1934
(Amendment No. 1)

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)

December 5, 2016
(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. [   ]

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 person’s 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).



1. Names of Reporting Persons.
Kinetics Advisers, LLC
13-4121163
2. Check the Appropriate Box if a Member of a Group
(a) [   ]
(b) [   ]
 
3. SEC Use Only
4. Source of Funds
WC
5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)
[   ]
6. Citizenship or Place of Organization
New York
  7. Sole Voting Power
  50,914
Number of Shares  
Beneficially 8. Shared Voting Power
Owned by  
Each Reporting  
Person With: 9. Sole Dispositive Power
  50,914
   
  10. Shared Dispositive Power
   
 
11. Aggregate Amount Beneficially Owned by Each Reporting Person
50,914
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
[   ]
13. Percent of Class Represented by Amount in Row (11)
0.6%
14. Type of Reporting Person
IA



1. Names of Reporting Persons.
Horizon Asset Management LLC
13-3776334
2. Check the Appropriate Box if a Member of a Group
(a) [   ]
(b) [   ]
 
3. SEC Use Only
4. Source of Funds
WC
 
5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)
[   ]
6. Citizenship or Place of Organization
Delaware
  7. Sole Voting Power
  758,729
Number of Shares  
Beneficially 8. Shared Voting Power
Owned by  
Each Reporting  
Person With: 9. Sole Dispositive Power
  758,729
   
  10. Shared Dispositive Power
   
 
11. Aggregate Amount Beneficially Owned by Each Reporting Person
758,729
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
[   ]
13. Percent of Class Represented by Amount in Row (11)
9.5%
14. Type of Reporting Person
IA



1. Names of Reporting Persons.
Kinetics Asset Management LLC
13-3878346
2. Check the Appropriate Box if a Member of a Group
(a) [   ]
(b) [   ]
 
3. SEC Use Only
4. Source of Funds
WC
 
5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)
[   ]
6. Citizenship or Place of Organization
Delaware
  7. Sole Voting Power
  891,139
Number of Shares  
Beneficially 8. Shared Voting Power
Owned by  
Each Reporting  
Person With: 9. Sole Dispositive Power
  891,139
   
  10. Shared Dispositive Power
   
 
11. Aggregate Amount Beneficially Owned by Each Reporting Person
891,139
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
[   ]
13. Percent of Class Represented by Amount in Row (11)
11.2%
14. Type of Reporting Person
IA



1. Names of Reporting Persons.
Horizon Kinetics LLC
45-0642972
2. Check the Appropriate Box if a Member of a Group
(a) [ ]
(b) [ ]
 
3. SEC Use Only
4. Source of Funds
OO
 
5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)
[   ]
6. Citizenship or Place of Organization
Delaware
  7. Sole Voting Power
   
Number of Shares  
Beneficially 8. Shared Voting Power
Owned by 1,700,782
Each Reporting  
Person With: 9. Sole Dispositive Power
   
   
  10. Shared Dispositive Power
  1,700,782
 
11. Aggregate Amount Beneficially Owned by Each Reporting Person
1,700,782
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
[X]
13. Percent of Class Represented by Amount in Row (11)
21.4%
14. Type of Reporting Person
OO


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 TPL’s 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 $505 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 7,519 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 business days are as follows:

Name of Reporting
Person
Date of Transaction
Buy/Sale
Aggregate Amount
of Securities
Average Price Per
Share
Horizon Asset
Management LLC
9/12/2016
Buy
1306
201.21
Horizon Asset
Management LLC
9/12/2016
Sale
54
201.50



Kinetics Asset
Management LLC
9/12/2016
Sale
1044
201.50
Horizon Asset
Management LLC
9/13/2016
Buy
1325
199.65
Horizon Asset
Management LLC
9/13/2016
Sale
54
199.70
Kinetics Asset
Management LLC
9/13/2016
Buy
100
199.70
Kinetics Asset
Management LLC
9/13/2016
Sale
1018
199.70
Horizon Asset
Management LLC
9/14/2016
Buy
2089
203.92
Horizon Asset
Management LLC
9/14/2016
Sale
54
205.70
Kinetics Asset
Management LLC
9/14/2016
Buy
100
205.66
Kinetics Asset
Management LLC
9/14/2016
Sale
1018
205.70
Horizon Asset
Management LLC
9/15/2016
Buy
3112
212.46
Horizon Asset
Management LLC
9/15/2016
Sale
54
212.25
Kinetics Asset
Management LLC
9/15/2016
Buy
100
212.25
Kinetics Asset
Management LLC
9/15/2016
Sale
1024
212.25
Horizon Asset
Management LLC
9/16/2016
Buy
2913
217.87
Horizon Asset
Management LLC
9/16/2016
Sale
54
215.49
Kinetics Asset
Management LLC
9/16/2016
Buy
100
215.23
Kinetics Asset
Management LLC
9/16/2016
Sale
1030
215.49
Horizon Asset
Management LLC
9/19/2016
Buy
1122
218.22
Horizon Asset
Management LLC
9/19/2016
Sale
54
218.30
Kinetics Asset
Management LLC
9/19/2016
Buy
100
218.29
Kinetics Asset
Management LLC
9/19/2016
Sale
1046
218.30
Horizon Asset
Management LLC
9/20/2016
Buy
1157
218.50
Horizon Asset
Management LLC
9/20/2016
Sale
54
215.95
Kinetics Asset
Management LLC
9/20/2016
Buy
100
215.95
Kinetics Asset
Management LLC
9/20/2016
Sale
346
215.95
Horizon Asset
Management LLC
9/21/2016
Buy
1188
218.04
Horizon Asset
Management LLC
9/21/2016
Sale
54
217.43
Kinetics Asset
Management LLC
9/21/2016
Buy
100
217.38



Kinetics Asset
Management LLC
9/21/2016
Sale
1042
217.43
Horizon Asset
Management LLC
9/22/2016
Buy
542
219.78
Horizon Asset
Management LLC
9/22/2016
Sale
54
219.75
Kinetics Asset
Management LLC
9/22/2016
Buy
100
219.75
Kinetics Asset
Management LLC
9/22/2016
Sale
326
219.75
Horizon Asset
Management LLC
9/23/2016
Buy
387
220.16
Horizon Asset
Management LLC
9/23/2016
Sale
58
220.50
Kinetics Asset
Management LLC
9/23/2016
Buy
100
220.50
Kinetics Asset
Management LLC
9/23/2016
Sale
338
220.50
Horizon Asset
Management LLC
9/26/2016
Buy
394
224.13
Horizon Asset
Management LLC
9/26/2016
Sale
58
225.13
Kinetics Asset
Management LLC
9/26/2016
Buy
100
226.50
Kinetics Asset
Management LLC
9/26/2016
Sale
338
225.13
Horizon Asset
Management LLC
9/27/2016
Buy
1769
225.98
Horizon Asset
Management LLC
9/27/2016
Sale
58
225.15
Kinetics Asset
Management LLC
9/27/2016
Buy
100
226.96
Kinetics Asset
Management LLC
9/27/2016
Sale
1042
225.15
Horizon Asset
Management LLC
9/28/2016
Buy
1506
230.92
Horizon Asset
Management LLC
9/28/2016
Sale
58
230.19
Kinetics Asset
Management LLC
9/28/2016
Buy
100
231.75
Kinetics Asset
Management LLC
9/28/2016
Sale
1042
230.19
Horizon Asset
Management LLC
9/29/2016
Buy
1811
234.26
Horizon Asset
Management LLC
9/29/2016
Sale
446
233.14
Kinetics Asset
Management LLC
9/29/2016
Buy
106
233.82
Kinetics Asset
Management LLC
9/29/2016
Sale
1052
233.82
Horizon Asset
Management LLC
9/30/2016
Buy
2684
239.97
Horizon Asset
Management LLC
9/30/2016
Sale
56
241.61
Kinetics Asset
Management LLC
9/30/2016
Buy
112
241.13



Kinetics Asset
Management LLC
9/30/2016
Sale
420
241.61
Horizon Asset
Management LLC
10/3/2016
Buy
14725
236.42
Horizon Asset
Management LLC
10/3/2016
Sale
56
236.21
Kinetics Asset
Management LLC
10/3/2016
Buy
112
237.70
Kinetics Asset
Management LLC
10/3/2016
Sale
12055
236.21
Horizon Asset
Management LLC
10/4/2016
Buy
1357
243.64
Horizon Asset
Management LLC
10/4/2016
Sale
56
240.12
Kinetics Asset
Management LLC
10/4/2016
Buy
112
240.12
Kinetics Asset
Management LLC
10/4/2016
Sale
420
240.12
Horizon Asset
Management LLC
10/5/2016
Buy
1485
249.72
Horizon Asset
Management LLC
10/5/2016
Sale
56
248.82
Kinetics Asset
Management LLC
10/5/2016
Buy
112
252.60
Kinetics Asset
Management LLC
10/5/2016
Sale
1247
248.82
Horizon Asset
Management LLC
10/6/2016
Buy
7371
248.16
Horizon Asset
Management LLC
10/6/2016
Sale
56
248.11
Kinetics Asset
Management LLC
10/6/2016
Buy
116
248.21
Kinetics Asset
Management LLC
10/6/2016
Sale
5966
248.11
Horizon Asset
Management LLC
10/7/2016
Buy
2553
258.26
Horizon Asset
Management LLC
10/7/2016
Sale
56
258.41
Kinetics Asset
Management LLC
10/7/2016
Buy
116
258.50
Kinetics Asset
Management LLC
10/7/2016
Sale
2453
258.41
Horizon Asset
Management LLC
10/10/2016
Buy
819
261.97
Horizon Asset
Management LLC
10/10/2016
Sale
56
261.33
Kinetics Asset
Management LLC
10/10/2016
Buy
116
261.97
Kinetics Asset
Management LLC
10/10/2016
Sale
882
261.33
Horizon Asset
Management LLC
10/11/2016
Buy
393
258.78
Horizon Asset
Management LLC
10/11/2016
Sale
56
258.15
Kinetics Asset
Management LLC
10/11/2016
Buy
116
258.65



Kinetics Asset
Management LLC
10/11/2016
Sale
398
258.15
Horizon Asset
Management LLC
10/12/2016
Buy
333
264.29
Horizon Asset
Management LLC
10/12/2016
Sale
56
264.38
Kinetics Asset
Management LLC
10/12/2016
Buy
116
264.30
Kinetics Asset
Management LLC
10/12/2016
Sale
398
264.38
Horizon Asset
Management LLC
10/13/2016
Buy
1666
269.96
Horizon Asset
Management LLC
10/13/2016
Sale
2139
269.31
Kinetics Asset
Management LLC
10/13/2016
Buy
116
269.96
Kinetics Asset
Management LLC
10/13/2016
Sale
282
269.31
Horizon Asset
Management LLC
10/14/2016
Buy
1450
276.90
Horizon Asset
Management LLC
10/14/2016
Sale
940
273.59
Kinetics Asset
Management LLC
10/14/2016
Buy
116
276.95
Kinetics Asset
Management LLC
10/14/2016
Sale
915
274.51
Horizon Asset
Management LLC
10/17/2016
Buy
339
277.75
Horizon Asset
Management LLC
10/17/2016
Sale
128
277.58
Kinetics Asset
Management LLC
10/17/2016
Buy
116
277.58
Kinetics Asset
Management LLC
10/17/2016
Sale
282
277.58
Horizon Asset
Management LLC
10/18/2016
Buy
317
276.42
Horizon Asset
Management LLC
10/18/2016
Sale
128
276.66
Kinetics Asset
Management LLC
10/18/2016
Buy
116
277.00
Kinetics Asset
Management LLC
10/18/2016
Sale
282
276.66
Horizon Asset
Management LLC
10/19/2016
Buy
302
279.38
Horizon Asset
Management LLC
10/19/2016
Sale
237
275.55
Kinetics Asset
Management LLC
10/19/2016
Buy
116
277.25
Kinetics Asset
Management LLC
10/19/2016
Sale
282
277.10
Horizon Asset
Management LLC
10/20/2016
Buy
298
281.55
Horizon Asset
Management LLC
10/20/2016
Sale
128
281.57
Kinetics Asset
Management LLC
10/20/2016
Buy
116
281.57



Kinetics Asset
Management LLC
10/20/2016
Sale
282
281.57
Horizon Asset
Management LLC
10/21/2016
Buy
348
282.72
Horizon Asset
Management LLC
10/21/2016
Sale
128
282.45
Kinetics Asset
Management LLC
10/21/2016
Buy
116
282.45
Kinetics Asset
Management LLC
10/21/2016
Sale
282
282.45
Horizon Asset
Management LLC
10/24/2016
Buy
423
295.69
Horizon Asset
Management LLC
10/24/2016
Sale
56
294.49
Kinetics Asset
Management LLC
10/24/2016
Buy
146
295.77
Kinetics Asset
Management LLC
10/24/2016
Sale
286
294.49
Horizon Asset
Management LLC
10/25/2016
Sale
56
300.85
Kinetics Asset
Management LLC
10/25/2016
Sale
282
300.85
Horizon Asset
Management LLC
10/26/2016
Sale
68
301.12
Kinetics Asset
Management LLC
10/26/2016
Sale
282
301.12
Horizon Asset
Management LLC
10/28/2016
Buy
445
267.42
Horizon Asset
Management LLC
10/28/2016
Sale
512
267.74
Kinetics Asset
Management LLC
10/28/2016
Buy
116
267.61
Horizon Asset
Management LLC
10/31/2016
Buy
729
267.69
Horizon Asset
Management LLC
10/31/2016
Sale
688
266.50
Kinetics Asset
Management LLC
10/31/2016
Buy
116
267.64
Kinetics Asset
Management LLC
10/31/2016
Sale
24
266.07
Horizon Asset
Management LLC
11/1/2016
Buy
438
266.09
Horizon Asset
Management LLC
11/1/2016
Sale
488
265.95
Kinetics Asset
Management LLC
11/1/2016
Buy
116
266.64
Kinetics Asset
Management LLC
11/1/2016
Sale
24
265.95
Horizon Asset
Management LLC
11/2/2016
Buy
5
258.80
Horizon Asset
Management LLC
11/2/2016
Sale
29
259.80
Kinetics Asset
Management LLC
11/2/2016
Buy
118
264.98
Kinetics Asset
Management LLC
11/2/2016
Sale
29
259.80



Horizon Asset
Management LLC
11/3/2016
Buy
79
260.24
Horizon Asset
Management LLC
11/3/2016
Sale
29
256.22
Kinetics Asset
Management LLC
11/3/2016
Buy
116
260.53
Kinetics Asset
Management LLC
11/3/2016
Sale
29
256.22
Horizon Asset
Management LLC
11/4/2016
Buy
531
252.40
Horizon Asset
Management LLC
11/4/2016
Sale
29
251.84
Kinetics Asset
Management LLC
11/4/2016
Buy
116
253.58
Kinetics Asset
Management LLC
11/4/2016
Sale
29
251.84
Horizon Asset
Management LLC
11/7/2016
Buy
66
253.14
Horizon Asset
Management LLC
11/7/2016
Sale
107
250.96
Kinetics Asset
Management LLC
11/7/2016
Buy
116
252.94
Kinetics Asset
Management LLC
11/7/2016
Sale
29
252.20
Horizon Asset
Management LLC
11/8/2016
Buy
2283
252.34
Horizon Asset
Management LLC
11/8/2016
Sale
58
251.17
Kinetics Asset
Management LLC
11/8/2016
Buy
116
252.00
Kinetics Asset
Management LLC
11/8/2016
Sale
29
251.17
Horizon Asset
Management LLC
11/9/2016
Buy
185
252.59
Horizon Asset
Management LLC
11/9/2016
Sale
356
250.87
Kinetics Asset
Management LLC
11/9/2016
Buy
116
252.75
Horizon Asset
Management LLC
11/10/2016
Buy
823
280.65
Horizon Asset
Management LLC
11/10/2016
Sale
741
267.53
Kinetics Asset
Management LLC
11/10/2016
Buy
116
282.84
Kinetics Asset
Management LLC
11/10/2016
Sale
29
266.00
Horizon Asset
Management LLC
11/11/2016
Buy
127
285.05
Horizon Asset
Management LLC
11/11/2016
Sale
29
285.09
Kinetics Asset
Management LLC
11/11/2016
Buy
116
284.99
Kinetics Asset
Management LLC
11/11/2016
Sale
47
285.09
Horizon Asset
Management LLC
11/14/2016
Buy
297
282.50



Horizon Asset
Management LLC
11/14/2016
Sale
223
280.10
Kinetics Asset
Management LLC
11/14/2016
Buy
116
282.00
Kinetics Asset
Management LLC
11/14/2016
Sale
29
277.91
Horizon Asset
Management LLC
11/15/2016
Buy
376
285.04
Horizon Asset
Management LLC
11/15/2016
Sale
150
283.62
Kinetics Asset
Management LLC
11/15/2016
Buy
116
284.80
Kinetics Asset
Management LLC
11/15/2016
Sale
29
283.98
Horizon Asset
Management LLC
11/16/2016
Buy
1007
280.26
Horizon Asset
Management LLC
11/16/2016
Sale
440
279.42
Kinetics Asset
Management LLC
11/16/2016
Buy
116
281.17
Kinetics Asset
Management LLC
11/16/2016
Sale
29
279.10
Horizon Asset
Management LLC
11/17/2016
Buy
1307
290.09
Horizon Asset
Management LLC
11/17/2016
Sale
37
283.72
Kinetics Asset
Management LLC
11/17/2016
Buy
116
287.00
Kinetics Asset
Management LLC
11/17/2016
Sale
29
282.36
Horizon Asset
Management LLC
11/18/2016
Buy
1723
289.40
Horizon Asset
Management LLC
11/18/2016
Sale
29
289.77
Kinetics Asset
Management LLC
11/18/2016
Buy
116
290.72
Kinetics Asset
Management LLC
11/18/2016
Sale
29
289.77
Horizon Asset
Management LLC
11/21/2016
By
178
293.46
Horizon Asset
Management LLC
11/21/2016
Sale
99
293.35
Kinetics Asset
Management LLC
11/21/2016
Buy
116
294.23
Kinetics Asset
Management LLC
11/21/2016
Sale
29
293.35
Horizon Asset
Management LLC
11/22/2016
Buy
211
290.75
Horizon Asset
Management LLC
11/22/2016
Sale
99
290.48
Kinetics Asset
Management LLC
11/22/2016
Buy
116
290.24
Kinetics Asset
Management LLC
11/22/2016
Sale
29
290.48
Horizon Asset
Management LLC
11/23/2016
Buy
153
287.32



Horizon Asset
Management LLC
11/23/2016
Sale
101
287.05
Kinetics Asset
Management LLC
11/23/2016
Buy
116
287.78
Kinetics Asset
Management LLC
11/23/2016
Sale
29
287.05
Horizon Asset
Management LLC
11/25/2016
Buy
748
293.01
Horizon Asset
Management LLC
11/25/2016
Sale
125
290.66
Kinetics Asset
Management LLC
11/25/2016
Buy
116
292.55
Kinetics Asset
Management LLC
11/25/2016
Sale
29
290.66
Horizon Asset
Management LLC
11/28/2016
Buy
1670
291.29
Horizon Asset
Management LLC
11/28/2016
Sale
801
291.26
Kinetics Asset
Management LLC
11/28/2016
Buy
116
292.20
Kinetics Asset
Management LLC
11/28/2016
Sale
29
291.26
Horizon Asset
Management LLC
11/29/2016
Buy
878
290.68
Horizon Asset
Management LLC
11/29/2016
Sale
629
290.73
Kinetics Asset
Management LLC
11/29/2016
Buy
558
289.62
Kinetics Asset
Management LLC
11/29/2016
Sale
29
290.73
Horizon Asset
Management LLC
11/30/2016
Buy
918
296.06
Horizon Asset
Management LLC
11/30/2016
Sale
685
294.60
Kinetics Asset
Management LLC
11/30/2016
Buy
116
295.39
Kinetics Asset
Management LLC
11/30/2016
Sale
29
294.60
Horizon Asset
Management LLC
12/1/2016
Buy
831
296.72
Horizon Asset
Management LLC
12/1/2016
Sale
682
294.16
Kinetics Asset
Management LLC
12/1/2016
Buy
616
293.39
Kinetics Asset
Management LLC
12/1/2016
Sale
29
294.16
Horizon Asset
Management LLC
12/2/2016
Buy
90
295.40
Horizon Asset
Management LLC
12/2/2016
Sale
269
295.18
Kinetics Asset
Management LLC
12/2/2016
Buy
616
295.19
Kinetics Asset
Management LLC
12/2/2016
Sale
29
294.58
Horizon Asset
Management LLC
12/5/2016
Buy
169
303.76



Horizon Asset
Management LLC
12/5/2016
Sale
59
300.37
Kinetics Asset
Management LLC
12/5/2016
Buy
616
301.89
Kinetics Asset
Management LLC
12/5/2016
Sale
77
304.38

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.

Dated: December 7, 2016 /s/ Jay Kesslen
  Jay Kesslen
  General Counsel & Chief Compliance Officer
  Horizon Kinetics LLC
   
  /s/ Jay Kesslen
  Jay Kesslen
  General Counsel & Chief Compliance Officer
  Horizon Asset Management LLC
   
  /s/ Jay Kesslen
  Jay Kesslen
  General Counsel & Chief Compliance Officer
  Kinetics Asset Management LLC
   
  /s/ Jay Kesslen
  Jay Kesslen
  General Counsel & Chief Compliance Officer
  Kinetics Advisers, LLC


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 December 7, 2016.

  /s/ Jay Kesslen
  Jay Kesslen
  General Counsel & Chief Compliance Officer
  Horizon Kinetics LLC
   
  /s/ Jay Kesslen
  Jay Kesslen
  General Counsel & Chief Compliance Officer
  Horizon Asset Management LLC
   
  /s/ Jay Kesslen
  Jay Kesslen
  General Counsel & Chief Compliance Officer
  Kinetics Asset Management LLC
   
  /s/ Jay Kesslen
  Jay Kesslen
  General Counsel & Chief Compliance Officer
  Kinetics Advisers, LLC