LandBridge Gains 5.5M-Share Passive Holder as Horizon Kinetics Files 13G

Rhea-AI Filing Summary

Schedule 13G filing: Horizon Kinetics Asset Management LLC (HKAM), a Delaware-based investment adviser, reports beneficial ownership of 5,498,925 Class A shares of LandBridge Co LLC (CUSIP 514952100) as of 06/30/2025.

The holding equals 23.6 % of the outstanding class. HKAM has sole voting and dispositive power over the entire block; no shared power is disclosed. The firm certifies the shares were “acquired and are held in the ordinary course of business” and “not held for the purpose of changing or influencing control,” allowing the position to be reported on a passive Schedule 13G under Rule 13d-1(b). This filing supersedes HKAM’s prior Schedule 13D for the same stake.

With the switch to a 13G, HKAM is formally designated as an Investment Adviser (Type IA) filer. No group status, subsidiaries, or additional beneficial owners are reported. Signature: Jay Kesslen, General Counsel, dated 07/23/2025.

Positive

• Horizon Kinetics discloses a 23.6 % stake (5.50 M shares) in LandBridge, indicating significant institutional ownership.
• Filing under Rule 13d-1(b) classifies the holding as passive, limiting immediate control-change risk.

Negative

• Single investor controls nearly one-quarter of the float, posing potential liquidity and overhang risks if shares are sold.

Insights

Portfolio Manager

TL;DR Passive 13G shows Horizon Kinetics controls 23.6 % of LB without activist intent—large but non-threatening stake.

HKAM’s 5.5 M-share position is sizable for a relatively young issuer, concentrating nearly a quarter of the float in one institutional holder. The re-characterisation from 13D to 13G removes the prospect of near-term activism, implying the manager is content with existing governance. Although passive, the block could still influence voting outcomes given its magnitude. Liquidity considerations arise: any future reduction by HKAM could pressure the share price, but the disclosure itself does not mandate sales. Overall, market impact is modest unless the firm changes stance.

Corporate Governance Expert

TL;DR 13G filing lowers control-change risk; single-holder concentration remains a governance watch-point.

The certification that holdings are not for control purposes aligns with passive ownership norms, reducing defensive concerns for LandBridge’s board. The absence of group members, subsidiaries, or shared voting power simplifies ownership structure. However, the 23.6 % stake gives HKAM effective veto potential on key shareholder resolutions under simple majority thresholds. Investors should monitor any future re-filing back to 13D, which would signal a strategic shift. At present, governance impact is neutral but concentration risk persists.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

LandBridge Co LLC

(Name of Issuer)

Class A Common Stock

(Title of Class of Securities)

514952100

(CUSIP Number)

06/30/2025

(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 5,498,925.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 5,498,925.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,498,925.00

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)

23.6 %

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, HOUSTON, TEXAS, 77056.
Item 2.
(a)	Name of person filing: Horizon Kinetics Asset Management On June 30, 2024, Horizon Kinetics Asset Management LLC (HKAM) acquired beneficial ownership of more than five percent of the outstanding Class A Shares Representing Limited Liability Company Interest (Shares) of LandBridge Co LLC (LB) and reported its beneficial ownership of such shares on a Schedule 13D, although HKAM was eligible to file a Schedule 13G pursuant to Rule 13d-1(b) under the Securities Exchange Act of 1934, as amended, at such time.? HKAM is now reporting its beneficial ownership of Shares on a Schedule 13G pursuant to Rule 13d-1(b), which filing supersedes and replaces the Schedule 13D, as amended, previously filed by HKAM.
(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 Common Stock
(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: 5498925
(b)	Percent of class: 23.6 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 5498925
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 5498925
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
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:	07/23/2025

FAQ

How many LandBridge (LB) Class A shares does Horizon Kinetics own?

Horizon Kinetics reports beneficial ownership of 5,498,925 Class A shares.

What percentage of LandBridge’s Class A stock does this represent?

The stake equals 23.6 % of the outstanding Class A shares.

Is Horizon Kinetics an active or passive investor in LandBridge?

The Schedule 13G, filed under Rule 13d-1(b), certifies that the holding is passive and not aimed at influencing control.

Why did Horizon Kinetics switch from a Schedule 13D to a Schedule 13G?

HKAM states it was eligible for 13G as an investment adviser and the new filing supersedes the earlier 13D.

When was the ownership level triggering this filing reached?

HKAM crossed the 5 % threshold on 06/30/2024, with the 13G reflecting holdings as of 06/30/2025.