Horizon Kinetics Asset Management LLC
In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 11, 2026), Horizon Kinetics Asset Management LLC reported 348 stock positions worth $8.8 billion. Its top holding was Texas Pacific Land (TPL) at 48.6% of the portfolio, followed by Grayscale Bitcoin Trust ETF (GBTC, 6.3%) and Landbridge Co. LLC-A (LB, 5.2%). Compared with Q1 2026, it opened 15 new positions, sold out of 18, added to 65 and reduced 166. The biggest buy was Miami International (MIAX, shares +127%) and the biggest sale Texas Pacific Land (TPL, shares −2%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001056823
- Portfolio Value
- $8.8B (Q2 2026)
- SEC Filing
- 0001398344-26-014047 ↗ filed Aug 11, 2026
Holdings Value
Holdings 348 stocks · $8.8B
| TPL Texas Pacific Land Corp. | 48.64% | 9,802,899 | $4.3B | Reduce -2.1% |
| GBTC Grayscale Bitcoin Trust ETF | 6.27% | 12,139,990 | $552.6M | Reduce -13.3% |
| LB Landbridge Co. LLC-A | 5.23% | 5,821,263 | $461.3M | Add +2.9% |
| HE Hawaiian Electric Inds | 3.44% | 22,395,397 | $303.0M | Add +3.5% |
| MIAX Miami International Holdings | 3.30% | 7,842,173 | $291.4M | Add +127.2% |
| WBI Waterbridge Infrastruc Class A | 2.97% | 7,650,237 | $262.2M | Add +4.2% |
| WPM Wheaton Precious Metals Corp. | 2.15% | 1,686,903 | $189.5M | Reduce -4.2% |
| PBT Permian Basin Royalty Trust | 1.91% | 6,729,289 | $168.5M | Add +5.5% |
| FNV Franco-Nevada Corp. | 1.83% | 773,418 | $161.2M | Add +2.1% |
| BTC Grayscale Bitcoin Mini ETF | 1.79% | 6,067,993 | $157.5M | Add +102.0% |
| ICE Intercontinental Exchange Inc. | 1.37% | 984,701 | $121.2M | Add +17.4% |
| CBOE Cboe Global Markets Inc. | 1.14% | 414,634 | $100.6M | Add +1.1% |
| LNG Cheniere Energy Inc. | 1.09% | 402,040 | $96.1M | Reduce -4.3% |
| MSB Mesabi Trust | 0.92% | 3,219,382 | $81.5M | Add +2.5% |
| CVEO Civeo Corp. | 0.91% | 2,290,991 | $80.2M | Reduce -2.6% |
| CACI Caci International Inc. Class A | 0.81% | 153,743 | $71.2M | Reduce -0.6% |
| CCJ Cameco Corp. | 0.81% | 697,741 | $71.1M | Add +7.0% |
| VNOM Viper Energy Inc. Class A | 0.79% | 1,652,125 | $70.1M | Reduce -0.6% |
| BN Brookfield Corp. | 0.77% | 1,587,339 | $67.6M | Add +1.0% |
| CME Cme Group Inc. | 0.71% | 283,774 | $62.7M | Add +5.0% |
| OR Or Royalties Inc. | 0.69% | 1,915,799 | $60.6M | Add +9.2% |
| WHK Whitehawk Minerals Corp. Class A | 0.49% | 1,552,705 | $43.2M | New |
| AN Autonation Inc. | 0.45% | 212,917 | $39.6M | Reduce -5.4% |
| TRC Tejon Ranch Co. | 0.43% | 2,011,689 | $37.6M | Add +5.7% |
| JOE The St Joe Co. | 0.42% | 592,608 | $37.1M | Add +9.2% |
| EROK Eaglerock Land LLC Class A | 0.41% | 1,684,213 | $35.8M | New |
| HKHC Horizon Kinetics Holding Cor | 0.40% | 1,075,416 | $35.5M | No change |
| GLXY Galaxy Digital Inc. Class A | 0.38% | 1,236,051 | $33.8M | Reduce -1.2% |
| BG Bunge Global SA | 0.34% | 284,079 | $30.3M | Reduce -15.7% |
| IBIT iShares Bitcoin Trust ETF | 0.32% | 837,308 | $27.9M | Add +5.5% |
| SII Sprott Inc. | 0.30% | 232,217 | $26.1M | Add +12.2% |
| WTM White Mountains Insurance GP | 0.29% | 12,206 | $25.3M | Reduce -6.9% |
| PAG Penske Automotive Group Inc. | 0.28% | 139,067 | $24.9M | Reduce -2.4% |
| RBA RB Global Inc. | 0.28% | 211,349 | $24.6M | Add +13.2% |
| SJT San Juan Basin Royalty TR | 0.27% | 7,494,020 | $24.1M | Add +7.4% |
| MRSH Marsh & McLennan Cos | 0.26% | 139,983 | $23.3M | Reduce -7.5% |
| VUSB Vanguard Ultra Short Bond Et | 0.26% | 461,108 | $23.0M | Add +36.0% |
| DMLP Dorchester Minerals LP | 0.24% | 852,651 | $21.5M | Reduce -0.9% |
| RPRX Royalty Pharma PLC Class A | 0.22% | 344,861 | $19.3M | Add +1.2% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.21% | 37,231 | $18.6M | Reduce -2.1% |
| LYV Live Nation Entertainment Inc. | 0.21% | 100,989 | $18.5M | Reduce -35.7% |
| TFPM Triple Flag Precious Met | 0.17% | 506,677 | $15.2M | Add +22.6% |
| IPAR Interparfums Inc. | 0.17% | 130,333 | $14.6M | Reduce -5.8% |
| OSK Oshkosh Corp. | 0.15% | 88,816 | $13.6M | Reduce -23.3% |
| RCL Royal Caribbean Cruises Ltd. | 0.14% | 39,414 | $12.5M | Reduce -23.8% |
| CCL Carnival Corp. Ltd. | 0.14% | 428,340 | $12.2M | Reduce -55.3% |
| MSTR Strategy Inc. | 0.13% | 129,774 | $11.3M | Reduce -6.8% |
| TW Tradeweb Markets Inc. Class A | 0.11% | 97,740 | $9.7M | Add +1750.1% |
| WMB Williams Cos Inc. | 0.11% | 128,678 | $9.6M | Reduce -7.0% |
| MSGS Madison Square Garden Sports | 0.11% | 23,221 | $9.3M | Reduce -0.5% |
| RGLD Royal Gold Inc. | 0.10% | 46,068 | $9.2M | Reduce -2.3% |
| MA Mastercard Inc. Class A | 0.10% | 17,681 | $9.1M | Reduce -9.4% |
| AB Alliancebernstein Holding LP | 0.10% | 248,496 | $8.8M | Add +14.3% |
| BAM Brookfield Asset Mgmt-A | 0.10% | 189,299 | $8.5M | Reduce -0.1% |
| SBR Sabine Royalty Trust | 0.09% | 111,796 | $8.2M | Add +0.6% |
| ET Energy Transfer LP | 0.09% | 404,287 | $7.7M | Add +1.4% |
| SPHR Sphere Entertainment Co. | 0.09% | 44,657 | $7.7M | Reduce -3.5% |
| FRMI Fermi Inc. | 0.09% | 824,227 | $7.5M | Add +54.8% |
| WES Western Midstream Partners L | 0.09% | 172,227 | $7.5M | Add +1.5% |
| FWONK Liberty Media Corp. Class C | 0.08% | 76,118 | $7.2M | Reduce -6.0% |
| SPAQ Horizon Kinetics Spac Active | 0.08% | 71,541 | $6.7M | Reduce -0.6% |
| AMLP Alerian MLP ETF | 0.08% | 128,940 | $6.7M | Add +21.1% |
| LBRT Liberty Energy Inc. | 0.07% | 234,806 | $6.1M | Reduce -18.5% |
| KLAC KLA Corp. | 0.07% | 19,855 | $6.0M | Reduce -8.0% |
| NRP Natural Resource Partners LP | 0.07% | 60,951 | $5.9M | Add +5.3% |
| FCX Freeport-McMoran Inc. | 0.06% | 89,581 | $5.6M | Reduce -2.5% |
| SAIC Science Applications Inte | 0.06% | 51,007 | $5.6M | Add +0.8% |
| NDAQ Nasdaq Inc. | 0.06% | 70,934 | $5.6M | Add +0.3% |
| JAPN Horizon Kinetics Japan Owner | 0.06% | 244,972 | $5.5M | Add +7.5% |
| BCDF Horizon Kin Blockchain Dev | 0.06% | 179,946 | $5.4M | Add +8.4% |
| XOM Exxon Mobil Corp. | 0.06% | 38,037 | $5.2M | Reduce -4.2% |
| ABBV Abbvie Inc. | 0.05% | 18,887 | $4.8M | Reduce -1.7% |
| LLY Eli Lilly & Co. | 0.05% | 3,824 | $4.6M | Reduce -3.6% |
| INFL Horizon Kinetics Infl Benef | 0.05% | 90,957 | $4.5M | Reduce -9.4% |
| VGSH Vanguard Short-Term Treasury | 0.05% | 72,932 | $4.2M | Reduce -26.1% |
| CAT Caterpillar Inc. | 0.05% | 3,931 | $4.2M | Reduce -4.5% |
| EPD Enterprise Products Partners | 0.05% | 112,333 | $4.1M | Reduce -2.2% |
| MKL Markel Group Inc. | 0.05% | 2,064 | $4.0M | Reduce -1.8% |
| CSCO Cisco Systems Inc. | 0.05% | 34,266 | $4.0M | Reduce -8.6% |
| HHH Howard Hughes Holdings Inc. | 0.04% | 55,500 | $4.0M | Reduce -71.7% |
| JNJ Johnson & Johnson | 0.04% | 15,508 | $3.9M | Reduce -1.3% |
| MRK Merck & Co. Inc. | 0.04% | 28,151 | $3.6M | Reduce -0.8% |
| PM Philip Morris International | 0.04% | 19,624 | $3.6M | Reduce -0.6% |
| VRT Vertiv Holdings Co. Class A | 0.04% | 10,515 | $3.5M | Reduce -4.6% |
| NTR Nutrien Ltd. | 0.04% | 50,527 | $3.2M | Reduce -1.4% |
| CMRE Costamare Inc. | 0.04% | 222,350 | $3.1M | Add +0.2% |
| MTA Metalla Royalty & Streaming | 0.03% | 404,297 | $3.1M | No change |
| SU Suncor Energy Inc. | 0.03% | 56,237 | $3.0M | No change |
| XNEAX Nuveen Amt-FR QLTY Muni Inc. | 0.03% | 254,046 | $3.0M | Reduce -14.3% |
| BR Broadridge Financial Solutio | 0.03% | 21,706 | $3.0M | Reduce -2.1% |
| OPLN Openlane Inc. | 0.03% | 71,030 | $2.9M | Reduce -0.4% |
| CTRI Centuri Holdings Inc. | 0.03% | 96,043 | $2.9M | New |
| BCHG Grayscale Bitcoin Cash Trust | 0.03% | 1,950,062 | $2.9M | Add +31.1% |
| ARLP Alliance Resource Partners | 0.03% | 120,451 | $2.9M | Add +15.0% |
| MSGE Madison Square Garden Entert | 0.03% | 35,041 | $2.8M | Reduce -1.9% |
| WT Wisdomtree Inc. | 0.03% | 166,115 | $2.8M | Reduce -1.1% |
| MO Altria Group Inc. | 0.03% | 38,957 | $2.8M | No change |
| RCG Renn Fund Inc. | 0.03% | 929,018 | $2.8M | Add +1.9% |
| TD Toronto-Dominion Bank | 0.03% | 22,450 | $2.7M | Reduce -0.2% |
| LHX L3HARRIS Technologies Inc. | 0.03% | 9,153 | $2.7M | No change |
Options reported separately and not counted above: IPATH SERIES B S&P calls ($4K).
Other holdings (2): bonds, preferreds, convertibles and warrants · $96K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| ENERGY TRANSFER LP (ET 9.25 PERP I) | 9.250% FXD PFD I | 8,300 | $95K | No change |
| COHEN & STEERS QUALITY-R | RIGHT 07/15/2026 | 50,033 | $745 | No change |
Total filed on the 13F, all lines: $8.8B.
Portfolio Sells Q1 2026 → Q2 2026
| TPL Texas Pacific Land Corp. | Reduce -2.1% | 48.64% | −2.85 |
| GBTC Grayscale Bitcoin Trust ETF | Reduce -13.3% | 6.27% | −1.74 |
| WPM Wheaton Precious Metals Corp. | Reduce -4.2% | 2.15% | −0.35 |
| LNG Cheniere Energy Inc. | Reduce -4.3% | 1.09% | −0.20 |
| DBRG Digitalbridge Group Inc. | Reduce -98.7% | 0.00% | −0.15 |
| CCL Carnival Corp. Ltd. | Reduce -55.3% | 0.14% | −0.13 |
| BG Bunge Global SA | Reduce -15.7% | 0.34% | −0.12 |
| CACI Caci International Inc. Class A | Reduce -0.6% | 0.81% | −0.10 |
| HHH Howard Hughes Holdings Inc. | Reduce -71.7% | 0.04% | −0.09 |
| MSTR Strategy Inc. | Reduce -6.8% | 0.13% | −0.06 |
| BOXX Alpha Architect 1-3 MNTH Box | Sold out | 0.00% | −0.06 |
| VNOM Viper Energy Inc. Class A | Reduce -0.6% | 0.79% | −0.05 |
| LYV Live Nation Entertainment Inc. | Reduce -35.7% | 0.21% | −0.05 |
| CMSG Consensus MNG & Seigniorage | Sold out | 0.00% | −0.05 |
| TPH Tri Pointe Homes Inc. | Sold out | 0.00% | −0.04 |
| PTEN Patterson-Uti Energy Inc. | Sold out | 0.00% | −0.03 |
| OSK Oshkosh Corp. | Reduce -23.3% | 0.15% | −0.03 |
| AN Autonation Inc. | Reduce -5.4% | 0.45% | −0.03 |
| RGLD Royal Gold Inc. | Reduce -2.3% | 0.10% | −0.03 |
| WTM White Mountains Insurance GP | Reduce -6.9% | 0.29% | −0.03 |
| ADM Archer-Daniels-Midland Co. | Reduce -51.7% | 0.02% | −0.02 |
| LBRT Liberty Energy Inc. | Reduce -18.5% | 0.07% | −0.02 |
| MRSH Marsh & McLennan Cos | Reduce -7.5% | 0.26% | −0.02 |
| SEE Sealed Air Corp. | Sold out | 0.00% | −0.02 |
| VGSH Vanguard Short-Term Treasury | Reduce -26.1% | 0.05% | −0.01 |
| XOM Exxon Mobil Corp. | Reduce -4.2% | 0.06% | −0.01 |
| RCL Royal Caribbean Cruises Ltd. | Reduce -23.8% | 0.14% | −0.01 |
| WEN The Wendy's Co. | Reduce -59.6% | 0.01% | −0.01 |
| HUBB Hubbell Inc. | Reduce -53.7% | 0.01% | −0.01 |
| DMLP Dorchester Minerals LP | Reduce -0.9% | 0.24% | −0.01 |
| CRAI Cra International Inc. | Reduce -62.5% | 0.00% | −0.01 |
| EXP Eagle Materials Inc. | Reduce -36.6% | 0.03% | −0.01 |
| MYI BlackRock Muniyield QLTY III | Reduce -34.4% | 0.02% | −0.01 |
| NTR Nutrien Ltd. | Reduce -1.4% | 0.04% | −0.01 |
| FTLF Fitlife Brands Inc. | Reduce -6.1% | 0.02% | −0.01 |
| NAD Nuveen Quality Municipal Inc. | Reduce -34.8% | 0.01% | −0.01 |
| CVX Chevron Corp. | Reduce -1.6% | 0.03% | −0.01 |
| TQQQ Proshares Ultrapro QQQ | Sold out | 0.00% | −0.01 |
| SQQQ Proshares Ultrapro Short QQQ | Sold out | 0.00% | −0.01 |
| BR Broadridge Financial Solutio | Reduce -2.1% | 0.03% | −0.01 |
| INFL Horizon Kinetics Infl Benef | Reduce -9.4% | 0.05% | −0.01 |
| MHD BlackRock Muniholdings Fund | Reduce -55.4% | 0.00% | −0.00 |
| CRL Charles River Laboratories | Reduce -41.7% | 0.02% | −0.00 |
| EQT Eqt Corp. | Reduce -2.9% | 0.02% | −0.00 |
| L Loews Corp. | Reduce -63.0% | 0.00% | −0.00 |
| ELS Equity Lifestyle Properties | Reduce -37.5% | 0.01% | −0.00 |
| SLV iShares Silver Trust | Reduce -0.3% | 0.02% | −0.00 |
| AWR American States Water Co. | Sold out | 0.00% | −0.00 |
| GIS General Mills Inc. | Reduce -28.0% | 0.01% | −0.00 |
| SPGI S&P Global Inc. | Reduce -20.8% | 0.01% | −0.00 |
Portfolio Buys Q1 2026 → Q2 2026
| MIAX Miami International Holdings | Add +127.2% | 3.30% | +1.85 |
| LB Landbridge Co. LLC-A | Add +2.9% | 5.23% | +1.00 |
| WBI Waterbridge Infrastruc Class A | Add +4.2% | 2.97% | +0.84 |
| BTC Grayscale Bitcoin Mini ETF | Add +102.0% | 1.79% | +0.81 |
| WHK Whitehawk Minerals Corp. Class A | New | 0.49% | +0.49 |
| PBT Permian Basin Royalty Trust | Add +5.5% | 1.91% | +0.42 |
| EROK Eaglerock Land LLC Class A | New | 0.41% | +0.41 |
| TW Tradeweb Markets Inc. Class A | Add +1750.1% | 0.11% | +0.10 |
| RBA RB Global Inc. | Add +13.2% | 0.28% | +0.09 |
| VUSB Vanguard Ultra Short Bond Et | Add +36.0% | 0.26% | +0.08 |
| BN Brookfield Corp. | Add +1.0% | 0.77% | +0.08 |
| FRMI Fermi Inc. | Add +54.8% | 0.09% | +0.05 |
| JOE The St Joe Co. | Add +9.2% | 0.42% | +0.05 |
| RPRX Royalty Pharma PLC Class A | Add +1.2% | 0.22% | +0.04 |
| CCJ Cameco Corp. | Add +7.0% | 0.81% | +0.04 |
| TRC Tejon Ranch Co. | Add +5.7% | 0.43% | +0.04 |
| CTRI Centuri Holdings Inc. | New | 0.03% | +0.03 |
| AMRZ Amrize Ltd. | New | 0.02% | +0.02 |
| TFPM Triple Flag Precious Met | Add +22.6% | 0.17% | +0.02 |
| AMLP Alerian MLP ETF | Add +21.1% | 0.08% | +0.02 |
| SAIC Science Applications Inte | Add +0.8% | 0.06% | +0.01 |
| RDW Redwire Corp. | New | 0.01% | +0.01 |
| AB Alliancebernstein Holding LP | Add +14.3% | 0.10% | +0.01 |
| WES Western Midstream Partners L | Add +1.5% | 0.09% | +0.01 |
| KMB Kimberly-Clark Corp. | New | 0.01% | +0.01 |
| JAPN Horizon Kinetics Japan Owner | Add +7.5% | 0.06% | +0.01 |
| RMT Royce Micro-Cap Trust Inc. | Add +1.4% | 0.02% | +0.01 |
| BCDF Horizon Kin Blockchain Dev | Add +8.4% | 0.06% | +0.01 |
| UPS United Parcel Service Class B | New | 0.01% | +0.01 |
| PAA Plains All Amer Pipeline LP | Add +16.8% | 0.03% | +0.00 |
| ET Energy Transfer LP | Add +1.4% | 0.09% | +0.00 |
| LTCN Grayscale Litecoin Trust | Add +42.4% | 0.03% | +0.00 |
| UNH Unitedhealth Group Inc. | Add +3.0% | 0.01% | +0.00 |
| SON Sonoco Products Co. | Add +7.0% | 0.02% | +0.00 |
| ENB Enbridge Inc. | New | 0.00% | +0.00 |
| DORM Dorman Products Inc. | New | 0.00% | +0.00 |
| META Meta Platforms Inc. Class A | Add +69.7% | 0.01% | +0.00 |
| WTTR Select Water Solutions Inc. | New | 0.00% | +0.00 |
| SBR Sabine Royalty Trust | Add +0.6% | 0.09% | +0.00 |
| FIS Fidelity National Info Serv | Add +120.5% | 0.00% | +0.00 |
| ZCSH The Zcash ETF | Add +17.9% | 0.01% | +0.00 |
| FNF Fidelity National Financial | Add +1.8% | 0.02% | +0.00 |
| SBLK Star Bulk Carriers Corp. | Add +0.6% | 0.01% | +0.00 |
| NSC Norfolk Southern Corp. | Add +1.6% | 0.01% | +0.00 |
| ARLP Alliance Resource Partners | Add +15.0% | 0.03% | +0.00 |
| BUR Burford Capital Ltd. | Add +74.0% | 0.00% | +0.00 |
| RSP Invesco S&P 500 Equal Weight | Add +0.4% | 0.01% | +0.00 |
| MFM Aberdeen Municipal Income | New | 0.00% | +0.00 |
| LEN Lennar Corp. Class A | Add +7.5% | 0.01% | +0.00 |
| TEXX Horizon Kinetics Texas ETF | Add +8.7% | 0.01% | +0.00 |
Options Activity Q1 2026 → Q2 2026
| VXX Ipath Series B S&P 500 Vix | call | Sold out | 10,100 | $758Kbefore exit |
| VIXY Proshares Vix Short-Term Fut | call | Sold out | 6,100 | $244Kbefore exit |
| IPATH SERIES B S&P | call | New | 18,600 | $4K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 348 | $8.8B | TPL, GBTC, LB, HE, MIAX |
| Q1 2026 | 350 | $9.2B | TPL, GBTC, LB, HE, WPM |
| Q4 2025 | 322 | $7.4B | TPL, GBTC, WPM, LB, HE |
| Q3 2025 | 334 | $8.2B | TPL, GBTC, WPM, LB, FNV |
| Q2 2025 | 349 | $8.4B | TPL, GBTC, LB, WPM, HE |
| Q1 2025 | 341 | $8.7B | TPL, GBTC, LB, WPM, FNV |
| Q4 2024 | 344 | $7.9B | TPL, GBTC, LB, WPM, CACI |
| Q3 2024 | 343 | $6.6B | TPL, GBTC, LB, CACI, WPM |
| Q2 2024 | 319 | $5.6B | TPL, GBTC, CACI, WPM, LB |
| Q1 2024 | 316 | $5.2B | TPL, GBTC, CACI, WPM, FNV |