Horizon Kinetics reports 22.2% passive stake in LandBridge

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC filed an amended Schedule 13G reporting beneficial ownership of 5,632,113 Class A shares of LandBridge Co LLC (LB), representing 22.2% of the class.

The filer reports sole voting and sole dispositive power over 5,632,113 shares and no shared powers. The filing is made on a passive basis, certifying the securities were acquired and are held in the ordinary course and not to change or influence control. The date of the event requiring the filing is 09/09/2025.

Insights

Securities regulation analyst

Large passive stake disclosed: 5,632,113 shares (22.2%).

Horizon Kinetics Asset Management LLC reports beneficial ownership of 5,632,113 Class A shares of LandBridge Co LLC, equal to 22.2% of the class. The filer lists sole voting and sole dispositive power over the same number of shares.

This is a Schedule 13G/A, indicating a passive intent. The certification states the position was acquired and is held in the ordinary course and not for the purpose of influencing control. Actual market impact, if any, depends on future portfolio decisions by the holder.

The event date is 09/09/2025; the amendment formalizes ownership at that time. Subsequent filings may update ownership levels if they change.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

LandBridge Co LLC

(Name of Issuer)

Class A Shares Representing Limited Liability Company Interests

(Title of Class of Securities)

514952100

(CUSIP Number)

09/09/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 514952100

1

Names of Reporting Persons

HORIZON KINETICS ASSET MANAGEMENT LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 5,632,113.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 5,632,113.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,632,113.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

22.2 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: LandBridge Co LLC
(b)	Address of issuer's principal executive offices: 5555 SAN FELIPE STREET, SUITE 1200, 5555 SAN FELIPE STREET, SUITE 1200, HOUSTON, TEXAS, 77056.
Item 2.
(a)	Name of person filing: Horizon Kinetics Asset Management LLC
(b)	Address or principal business office or, if none, residence: 470 Park Ave S, New York, NY 10016
(c)	Citizenship: Delaware
(d)	Title of class of securities: Class A Shares Representing Limited Liability Company Interests
(e)	CUSIP No.: 514952100
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 5,632,113
(b)	Percent of class: 22.2%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 5,632,113
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 5,632,113
	(iv) Shared power to dispose or to direct the disposition of:
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

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.

HORIZON KINETICS ASSET MANAGEMENT LLC

Signature:	/s/Jay Kesslen
Name/Title:	General Counsel
Date:	10/29/2025

FAQ

What stake in LB did Horizon Kinetics report on Schedule 13G/A?

It reported beneficial ownership of 5,632,113 Class A shares, equal to 22.2% of the class.

Does Horizon Kinetics have voting and dispositive power over the LB shares?

Yes. It reports sole voting power over 5,632,113 shares and sole dispositive power over 5,632,113 shares.

Is the Horizon Kinetics filing passive or active?

It is a Schedule 13G/A with a certification that the securities are held in the ordinary course and not to influence control.

What is the event date for Horizon Kinetics’ LB ownership?

The date of the event requiring the filing is 09/09/2025.

What class and CUSIP did the 13G/A cover for LB?

It covers Class A Shares of LandBridge Co LLC with CUSIP 514952100.

Who signed the Schedule 13G/A for Horizon Kinetics?

It was signed by Jay Kesslen, General Counsel, dated 10/29/2025.