Horizon Kinetics Asset Management LLC

Name: HORIZON KINETICS ASSET MANAGEMENT LLC 13F holdings, Q2 2024
Creator: HORIZON KINETICS ASSET MANAGEMENT LLC
Published: 2024-08-14

Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q1 2024

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 14, 2024), Horizon Kinetics Asset Management LLC reported 319 stock positions worth $5.6 billion. Its top holding was Texas Pacific Land (TPL) at 48.1% of the portfolio, followed by Grayscale Bitcoin Trust ETF (GBTC, 14.1%) and Caci International Class A (CACI, 2.8%). Compared with Q1 2024, it opened 12 new positions, sold out of 10, added to 73 and reduced 130. The biggest buy was a new position in Landbridge Co. LLC-A (LB) and the biggest sale Grayscale Bitcoin Trust ETF (GBTC, shares −0%).

Most Recent 13F: Q2 2026
Location: NEW YORK, NY
CIK: 0001056823
Portfolio Value: $5.6B (Q2 2024)
SEC Filing: 0001056823-24-000016 ↗ filed Aug 14, 2024

Holdings Value

Holdings 319 stocks · $5.6B


TPL Texas Pacific Land Corp.	48.11%	3,694,427	$2.7B	Reduce -2.2%
GBTC Grayscale Bitcoin Trust ETF	14.09%	14,917,448	$794.2M	Reduce -0.4%
CACI Caci International Inc. Class A	2.83%	370,577	$159.4M	Reduce -0.1%
WPM Wheaton Precious Metals Corp.	2.57%	2,761,508	$144.8M	Add +2.9%
LB Landbridge Co. LLC-A	1.93%	4,705,899	$108.9M	New
FNV Franco-Nevada Corp.	1.93%	918,602	$108.9M	Add +2.4%
ICE Intercontinental Exchange Inc.	1.81%	743,788	$101.8M	Add +2.1%
CVEO Civeo Corp.	1.45%	3,285,946	$81.9M	Reduce -1.0%
CBOE Cboe Global Markets Inc.	1.22%	404,239	$68.7M	Reduce -0.6%
VNOM Viper Energy Inc.	0.88%	1,320,385	$49.6M	Add +13.5%
SAIC Science Applications Inte	0.85%	408,206	$48.0M	Add +0.9%
BN Brookfield Corp.	0.85%	1,150,865	$47.8M	Reduce -5.9%
AN Autonation Inc.	0.82%	291,709	$46.5M	Reduce -0.5%
MSB Mesabi Trust	0.80%	2,622,206	$45.2M	Add +0.8%
PBT Permian Basin Royalty Trust	0.74%	3,683,203	$41.5M	Add +3.9%
ADM Archer-Daniels-Midland Co.	0.72%	674,410	$40.8M	Add +8.6%
ACGP Associated Capital Group - A	0.61%	1,011,556	$34.4M	Reduce -2.8%
LYV Live Nation Entertainment Inc.	0.61%	366,259	$34.3M	Reduce -4.1%
CRL Charles River Laboratories	0.59%	160,381	$33.1M	Add +0.7%
HHH Howard Hughes Holdings Inc.	0.58%	503,797	$32.7M	Reduce -4.1%
BG Bunge Global SA	0.55%	287,838	$30.7M	Add +11.2%
JOE The St Joe Co.	0.52%	531,305	$29.1M	Add +5.6%
CME Cme Group Inc.	0.49%	140,612	$27.6M	Reduce -29.5%
DMLP Dorchester Minerals LP	0.49%	891,683	$27.5M	Add +0.2%
PAG Penske Automotive Group Inc.	0.49%	183,981	$27.4M	Reduce -0.8%
MSTR Strategy Inc. filed as MICROSTRATEGY INC	0.46%	18,836	$25.9M	Reduce -0.7%
CCJ Cameco Corp.	0.45%	519,228	$25.5M	Add +12.2%
MRSH Marsh & McLennan Cos	0.45%	119,714	$25.2M	Reduce -5.3%
IBIT iShares Bitcoin Trust ETF	0.44%	720,040	$24.6M	Add +0.4%
OR Osisko Gold Royalties Ltd.	0.39%	1,394,479	$21.7M	Add +12.3%
SAND Sandstorm Gold Ltd.	0.38%	3,985,694	$21.7M	Reduce -10.0%
CCL Carnival Corp.	0.36%	1,091,749	$20.4M	Reduce -0.6%
BRK.B Berkshire Hathaway Inc. Class B	0.33%	45,121	$18.4M	Reduce -0.8%
STR Sitio Royalties Corp. Class A	0.32%	774,950	$18.3M	Add +13.5%
WFG West Fraser Timber Co. Ltd.	0.32%	237,176	$18.2M	Add +12.2%
IPAR Interparfums Inc.	0.32%	155,814	$18.1M	Reduce -1.8%
WEN The Wendy's Co.	0.30%	1,001,832	$17.0M	Reduce -6.0%
NTR Nutrien Ltd.	0.28%	309,102	$15.7M	Add +11.3%
TRC Tejon Ranch Co.	0.28%	908,944	$15.5M	Reduce -3.0%
VUSB Vanguard Ultra Short Bond Et	0.26%	300,704	$14.9M	Add +9.1%
OSK Oshkosh Corp.	0.26%	136,460	$14.8M	Add +0.2%
VGSH Vanguard Short-Term Treasury	0.23%	225,416	$13.1M	Add +4.1%
SPAQ Horizon Kinetics Spac Active	0.21%	122,699	$12.1M	Add +12.3%
RGLD Royal Gold Inc.	0.20%	88,988	$11.1M	Reduce -0.8%
BAM Brookfield Asset Mgmt-A	0.18%	270,292	$10.3M	Reduce -27.1%
BCHG Grayscale Bitcoin Cash Trust filed as BCHG	0.17%	953,437	$9.8M	Reduce -30.9%
MA Mastercard Inc. Class A	0.17%	21,128	$9.3M	Reduce -0.5%
RBA RB Global Inc.	0.16%	117,474	$9.0M	Add +1.2%
RCL Royal Caribbean Cruises Ltd.	0.16%	56,172	$9.0M	Add +0.7%
BKKT Bakkt Inc. filed as BAKKT HOLDINGS INC	0.15%	449,240	$8.5M	New
SPGI S&P Global Inc.	0.15%	18,636	$8.3M	Reduce -0.9%
EXP Eagle Materials Inc.	0.14%	36,348	$7.9M	Reduce -14.2%
ELS Equity Lifestyle Properties	0.14%	117,381	$7.6M	Reduce -6.3%
FWONK Liberty Media Corp. Class C	0.13%	103,424	$7.4M	Reduce -46.4%
SII Sprott Inc.	0.12%	162,313	$6.7M	Add +11.9%
SBR Sabine Royalty Trust	0.11%	99,658	$6.4M	Add +16.0%
FWONA Liberty Media Corp. Class A	0.11%	98,728	$6.3M	Reduce -28.6%
LTCN Grayscale Litecoin Trust	0.11%	295,490	$6.2M	Reduce -35.8%
NDAQ Nasdaq Inc.	0.11%	103,573	$6.2M	Reduce -0.5%
WMB Williams Cos Inc.	0.11%	144,061	$6.1M	Add +0.0%
RPRX Royalty Pharma PLC Class A	0.11%	228,784	$6.0M	Add +14.2%
MSGS Madison Square Garden Sports	0.10%	30,536	$5.7M	Reduce -0.5%
XOM Exxon Mobil Corp.	0.10%	46,939	$5.4M	Add +3.2%
TPH Tri Pointe Homes Inc.	0.09%	139,812	$5.2M	No change
LBRDK Liberty Broadband-C	0.09%	91,582	$5.0M	Reduce -4.8%
LBRT Liberty Energy Inc.	0.09%	236,003	$4.9M	Add +15.0%
FCX Freeport-McMoran Inc.	0.09%	100,942	$4.9M	Reduce -0.7%
BUR Burford Capital Ltd.	0.08%	366,089	$4.8M	Reduce -0.7%
SJT San Juan Basin Royalty TR	0.08%	1,049,055	$4.3M	Add +21.6%
ABBV Abbvie Inc.	0.07%	24,123	$4.1M	Add +0.4%
PTEN Patterson-Uti Energy Inc.	0.07%	394,597	$4.1M	Reduce -1.5%
MKL Markel Group Inc.	0.07%	2,551	$4.0M	Reduce -0.1%
XNEAX Nuveen Amt-FR QLTY Muni Inc.	0.07%	337,336	$3.9M	Reduce -0.5%
LLY Eli Lilly & Co.	0.07%	4,257	$3.9M	Reduce -10.5%
MSFT Microsoft Corp.	0.07%	8,444	$3.8M	Reduce -0.9%
CMRE Costamare Inc.	0.07%	228,100	$3.7M	Reduce -1.1%
XES SS SPDR S&P Og Eqp & Serv	0.06%	38,983	$3.5M	Add +0.3%
MRK Merck & Co. Inc.	0.06%	25,934	$3.2M	Reduce -0.1%
KLAC KLA Corp.	0.05%	3,728	$3.1M	Reduce -4.6%
ET Energy Transfer LP	0.05%	170,622	$2.8M	Reduce -2.3%
INFL Horizon Kinetics Infl Benef	0.05%	84,352	$2.8M	Add +0.8%
AMLP Alerian MLP ETF	0.05%	55,497	$2.7M	Add +4.5%
BSM Black Stone Minerals LP	0.05%	166,138	$2.6M	Reduce -1.0%
FITLIFE BRANDS INC	0.05%	77,228	$2.6M	No change
PCH Potlatchdeltic Corp.	0.05%	64,814	$2.6M	Reduce -8.3%
WTM White Mountains Insurance GP	0.04%	1,365	$2.5M	New
RYN Rayonier Inc.	0.04%	85,166	$2.5M	Add +2.6%
JNJ Johnson & Johnson	0.04%	16,579	$2.4M	Reduce -3.5%
PM Philip Morris International	0.04%	22,714	$2.3M	Reduce -0.7%
BCDF Horizon Kin Blockchain Dev	0.04%	92,222	$2.3M	Add +6.6%
DHR Danaher Corp.	0.04%	9,008	$2.3M	Reduce -0.7%
SU Suncor Energy Inc.	0.04%	58,344	$2.2M	Reduce -1.4%
NVO Novo-Nordisk A/S-Spons ADR	0.04%	15,468	$2.2M	No change
CVX Chevron Corp.	0.04%	14,033	$2.2M	Reduce -0.4%
LHX L3HARRIS Technologies Inc.	0.04%	9,744	$2.2M	Reduce -0.2%
LVS Las Vegas Sands Corp.	0.04%	49,272	$2.2M	Reduce -5.8%
LSXMK Liberty Media Corp.-Liber-New	0.04%	98,358	$2.2M	Reduce -11.3%
IRM Iron Mountain Inc. filed as IRON MTN INC DEL	0.04%	24,100	$2.2M	Reduce -1.6%
CAT Caterpillar Inc.	0.04%	6,473	$2.2M	Reduce -3.0%
FNF Fidelity National Financial	0.04%	42,971	$2.1M	No change
BATRK Atlanta Braves Holdings in-C	0.04%	53,605	$2.1M	Reduce -0.7%
WT Wisdomtree Inc.	0.04%	211,573	$2.1M	Add +0.4%
EMR Emerson Electric Co.	0.04%	18,097	$2.0M	Reduce -1.1%
PFN PIMCO Income Strategy FD II	0.04%	276,534	$2.0M	Reduce -1.1%
KMI Kinder Morgan Inc.	0.04%	99,785	$2.0M	No change
CRAI Cra International Inc.	0.04%	11,465	$2.0M	New
CSCO Cisco Systems Inc.	0.03%	40,812	$1.9M	Add +4.2%
EPD Enterprise Products Partners	0.03%	66,258	$1.9M	Reduce -12.4%
CSW CSW Industrials Inc.	0.03%	7,200	$1.9M	Reduce -10.0%
VRSK Verisk Analytics Inc.	0.03%	7,000	$1.9M	No change
BMY Bristol-Myers Squibb Co.	0.03%	45,018	$1.9M	Add +3.5%
SPHR Sphere Entertainment Co.	0.03%	52,571	$1.8M	Add +6.6%
FIS Fidelity National Info Serv	0.03%	24,340	$1.8M	No change
MO Altria Group Inc.	0.03%	40,056	$1.8M	Add +1.9%
OPLN Openlane Inc.	0.03%	109,414	$1.8M	Reduce 0.0%
AAPL Apple Inc.	0.03%	8,357	$1.8M	Reduce -7.7%
VOO Vanguard S&P 500 ETF	0.03%	3,441	$1.7M	Reduce -3.5%
MHD BlackRock Muniholdings Fund	0.03%	140,030	$1.7M	No change
MSGE Madison Square Garden Entert	0.03%	47,010	$1.6M	Reduce -0.4%
PFE Pfizer Inc.	0.03%	57,445	$1.6M	Add +0.5%
NVDA Nvidia Corp.	0.03%	12,960	$1.6M	Reduce -2.3%
SVXY Proshares Short Vix St Futur	0.03%	25,428	$1.6M	Reduce -3.9%
LLYVK Liberty Media Corp.-Liberty-C	0.02%	35,469	$1.4M	Reduce -16.5%
HON Honeywell International Inc.	0.02%	6,153	$1.3M	No change
TELFY Telefonica SA-Spon ADR	0.02%	310,865	$1.3M	New
NAD Nuveen Quality Municipal Inc.	0.02%	111,432	$1.3M	Reduce -1.9%
OIH Vaneck Oil Services ETF	0.02%	4,120	$1.3M	Reduce -3.9%
REZI Resideo Technologies Inc.	0.02%	65,846	$1.3M	No change
RMT Royce Micro-Cap Trust Inc.	0.02%	138,500	$1.3M	Reduce -0.9%
RTX RTX Corp.	0.02%	12,564	$1.3M	No change
XMUIX BlackRock Municipal Income	0.02%	102,157	$1.3M	No change
NVS Novartis AG-Sponsored ADR	0.02%	11,797	$1.3M	No change
KRP Kimbell Royalty Partners LP	0.02%	76,110	$1.2M	Add +2.0%
ROK Rockwell Automation Inc.	0.02%	4,500	$1.2M	No change
SEE Sealed Air Corp.	0.02%	35,600	$1.2M	Add +1.3%
EXE Expand Energy Corp. filed as CHESAPEAKE ENERGY CORP	0.02%	14,853	$1.2M	New
GDXJ Vaneck Junior Gold Miners	0.02%	28,673	$1.2M	Reduce -0.5%
WPC WP Carey Inc.	0.02%	21,400	$1.2M	Reduce -1.8%
TD Toronto-Dominion Bank	0.02%	21,225	$1.2M	Add +2.2%
BX Blackstone Inc.	0.02%	9,410	$1.2M	Reduce -1.1%
QCOM Qualcomm Inc.	0.02%	5,772	$1.1M	No change
SON Sonoco Products Co.	0.02%	22,650	$1.1M	Add +0.4%
V Visa Inc. Class A	0.02%	4,339	$1.1M	No change
BATRA Atlanta Braves Holdings in-A	0.02%	27,546	$1.1M	Reduce -0.5%
AMGN Amgen Inc.	0.02%	3,597	$1.1M	Reduce -2.2%
MTA Metalla Royalty & Streaming	0.02%	399,807	$1.1M	Add +0.1%
GOOG Alphabet Inc. Class C	0.02%	5,973	$1.1M	Reduce -3.4%
SBLK Star Bulk Carriers Corp.	0.02%	44,417	$1.1M	Add +1.9%
DBL Doubleline Opport Credit	0.02%	69,882	$1.1M	Reduce -1.3%
PDI PIMCO Dynamic Income Fund	0.02%	56,248	$1.1M	Reduce -0.3%
BGC BGC Group Inc. Class A	0.02%	127,213	$1.1M	Reduce -1.9%
ABT Abbott Laboratories	0.02%	10,091	$1.0M	No change
BAC Bank of America Corp. filed as BANK AMERICA CORP	0.02%	26,275	$1.0M	Reduce -3.7%
JFR Nuveen Floating Rate Income	0.02%	120,524	$1.0M	Reduce -0.3%
GE General Electric filed as GE AEROSPACE	0.02%	6,550	$1.0M	Reduce -0.4%
MCD McDonald's Corp.	0.02%	4,046	$1.0M	Reduce -1.5%
MPC Marathon Petroleum Corp.	0.02%	5,920	$1.0M	Reduce -0.8%
KRBN KS Global Carbon Stratgy ETF	0.02%	31,116	$1.0M	Reduce -4.3%
AZN Astrazeneca PLC-Spons ADR	0.02%	12,970	$1.0M	Reduce -3.3%
MDLZ Mondelez International Inc. Class A	0.02%	15,317	$1.0M	Reduce -0.3%
RCG Renn Fund Inc.	0.02%	579,808	$986K	Add +0.9%
ADI Analog Devices Inc.	0.02%	4,311	$984K	Reduce -2.5%
GSK GSK PLC-Spon ADR	0.02%	25,165	$969K	No change
INTC Intel Corp.	0.02%	30,899	$957K	Reduce -4.7%
FHI Federated Hermes Inc.	0.02%	28,239	$928K	Reduce -21.3%
WY Weyerhaeuser Co.	0.02%	32,524	$923K	Reduce -6.9%
GDLC Grayscale Coindesk 5 ETF	0.02%	41,029	$923K	No change
CMS CMS Energy Corp.	0.02%	15,475	$921K	No change
SPY SS SPDR S&P 500 ETF Trust-US	0.02%	1,683	$916K	Reduce -12.2%
GOOGL Alphabet Inc. Class A	0.02%	4,967	$905K	Reduce -1.6%
VXF Vanguard Extended Market ETF	0.02%	5,097	$860K	Add +0.6%
BIP Brookfield Infrastructure Pa	0.02%	31,071	$853K	Reduce -8.0%
CVS CVS Health Corp.	0.01%	14,330	$846K	Add +4.9%
GLD SPDR Gold Shares	0.01%	3,893	$837K	Reduce -1.3%
APYX Apyx Medical Corp.	0.01%	615,000	$824K	No change
SLV iShares Silver Trust	0.01%	30,988	$823K	Reduce -1.9%
JPM JPMorgan Chase & Co.	0.01%	4,067	$823K	Reduce -8.8%
ETCG Grayscale Ethereum Classic T	0.01%	65,735	$817K	Add +1.7%
NEM Newmont Corp.	0.01%	19,361	$811K	Reduce -4.9%
PFL PIMCO Income Strategy Fund	0.01%	99,091	$808K	No change
BNRE.A Brookfield Reinsurance NVS	0.01%	19,181	$802K	No change
DSL Doubleline Income Solutions	0.01%	63,336	$793K	Reduce -1.4%
REGN Regeneron Pharmaceuticals	0.01%	736	$774K	No change
XFRAX BlackRock Fltng RT Inc. Strat	0.01%	59,291	$767K	No change
LEN Lennar Corp. Class A	0.01%	5,110	$766K	Add +0.7%
EBAY eBay Inc.	0.01%	14,076	$756K	Reduce -3.1%
NRK Nuveen NY Amt-FR Muni Inc.	0.01%	66,896	$742K	No change
EOG EOG Resources Inc.	0.01%	5,768	$726K	Reduce -0.9%
BIIB Biogen Inc.	0.01%	3,121	$724K	No change
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP	0.01%	12,064	$723K	Add +2.5%
NSC Norfolk Southern Corp.	0.01%	3,328	$714K	Reduce -3.8%
ALNY Alnylam Pharmaceuticals Inc.	0.01%	2,880	$700K	No change
SYK Stryker Corp.	0.01%	2,000	$681K	No change
LIN Linde PLC	0.01%	1,460	$641K	No change
RYAM Rayonier Advanced Materials	0.01%	116,700	$635K	Add +0.1%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS	0.01%	3,650	$631K	Add +0.6%
DGX Quest Diagnostics Inc.	0.01%	4,550	$623K	No change
BAH Booz Allen Hamilton Holdings	0.01%	4,016	$618K	New
MUE BlackRock Munihold QLT FD II	0.01%	60,430	$616K	No change
BRK.A Berkshire Hathaway Inc. Class A	0.01%	1	$612K	No change
MMM 3M Co.	0.01%	5,950	$608K	No change
IONS Ionis Pharmaceuticals Inc.	0.01%	12,476	$595K	No change
RQI Cohen & Steers Qual Inc. RLTY	0.01%	50,633	$591K	No change
CRSP Crispr Therapeutics AG	0.01%	10,682	$577K	No change
BSV Vanguard Short-Term Bond ETF	0.01%	7,521	$577K	No change
ALKS Alkermes PLC	0.01%	23,033	$555K	No change
WOOD iShares Global Timber & Fore	0.01%	6,985	$547K	Reduce -18.4%
GS Goldman Sachs Group Inc.	0.01%	1,193	$540K	No change
KKR KKR & Co. Inc.	0.01%	5,058	$532K	No change
RIO Rio Tinto PLC-Spon ADR	0.01%	7,896	$521K	Add +2.6%
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO	0.01%	1,996	$518K	No change
PROSHARES TR	0.01%	61,897	$513K	Add +158.8%
RSP Invesco S&P 500 Equal Weight	0.01%	3,061	$503K	Reduce -5.3%
TQQQ Proshares Ultrapro QQQ	0.01%	6,627	$489K	Add +63.5%
MYI BlackRock Muniyield QLTY III	0.01%	42,654	$477K	No change
VMI Valmont Industries	0.01%	1,675	$460K	No change
SEB Seaboard Corp.	0.01%	144	$455K	No change
MOV Movado Group Inc.	0.01%	18,261	$454K	Reduce -2.1%
DIS The Walt Disney Co. filed as DISNEY WALT CO	0.01%	4,537	$451K	Reduce -1.9%
NBH Neuberger Municipal Fund Inc.	0.01%	41,396	$442K	No change
BTZ BlackRock Credit Allocation	0.01%	40,634	$435K	No change
LSXMA Liberty Media Corp. Class A New	0.01%	19,493	$432K	Reduce -6.2%
L Loews Corp.	0.01%	5,771	$431K	No change
TW Tradeweb Markets Inc. Class A	0.01%	4,003	$424K	Add +6.7%
GDX Vaneck Gold Miners ETF	0.01%	12,378	$420K	Reduce -2.2%
NBB Nuveen Taxable Municipal Inc.	0.01%	26,954	$418K	No change
BXMT Blackstone Mortgage Tru Class A	0.01%	23,900	$416K	Reduce -14.2%
FMN Federated Herm Prem Muni Inc.	0.01%	34,959	$400K	Reduce -0.7%
XMQTX BlackRock Muniyield QLTY II	0.01%	38,279	$394K	No change
C Citigroup Inc.	0.01%	6,161	$391K	New
TFPM Triple Flag Precious Met	0.01%	25,097	$389K	Add +8.4%
IAU iShares Gold Trust	0.01%	8,812	$387K	Add +0.3%
CMCSA Comcast Corp. Class A	0.01%	9,661	$378K	Add +0.1%
VTI VG Morningstar TS MKT ETF-US	0.01%	1,405	$376K	Reduce -18.4%
GBX Greenbrier Companies Inc.	0.01%	7,550	$374K	Reduce -16.1%
KO The Coca-Cola Co.	0.01%	5,740	$365K	No change
DOW Dow Inc.	0.01%	6,871	$365K	Reduce -1.7%
PEP Pepsico Inc.	0.01%	2,195	$362K	No change
LLYVA Liberty Media Corp.-Liberty-A	0.01%	9,488	$356K	Reduce -5.0%
BP BP PLC-Spons ADR	0.01%	9,666	$349K	Add +1.5%
NZF Nuveen Municipal Credit Inc.	0.01%	27,945	$345K	Reduce -0.7%
XMVFX BlackRock Munivest Fund	0.01%	46,440	$333K	No change
AWR American States Water Co. filed as AMER STATES WTR CO	0.01%	4,518	$328K	No change
BA The Boeing Co.	0.01%	1,796	$327K	Reduce -74.0%
NTLA Intellia Therapeutics Inc.	0.01%	14,396	$322K	No change
GPC Genuine Parts Co.	0.01%	2,300	$318K	No change
CNS Cohen & Steers Inc.	0.01%	4,306	$312K	Add +2.4%
ETN Eaton Corp. PLC	0.01%	975	$306K	No change
AMT American Tower Corp.	0.01%	1,560	$303K	Add +1.3%
PHYS Sprott Physical Gold Trust	0.01%	16,621	$300K	No change
FBTC Fidelity Wise Origin Bitcoin	0.01%	5,705	$299K	New
META Meta Platforms Inc. Class A	0.01%	581	$293K	Reduce -0.3%
BCYC Bicycle Therapeutics PLC-ADR	0.01%	14,396	$291K	No change
IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA	0.01%	3,050	$290K	No change
CL Colgate-Palmolive Co.	0.01%	2,978	$289K	No change
OXY Occidental Petroleum Corp.	0.01%	4,546	$287K	No change
GEV GE Vernova Inc.	0.01%	1,670	$286K	Add +1.5%
DORM Dorman Products Inc.	0.00%	3,000	$274K	No change
GEHC GE Healthcare Technology	0.00%	3,484	$271K	Add +0.4%
XPNFX PIMCO New York Muni Inc. FD	0.00%	34,357	$269K	No change
AFL Aflac Inc.	0.00%	3,000	$268K	No change
GM General Motors Co.	0.00%	5,750	$267K	No change
KHC The Kraft Heinz Co.	0.00%	8,188	$264K	Reduce -2.8%
BWXT BWX Technologies Inc.	0.00%	2,756	$262K	Reduce -1.1%
XEFRX Eaton Vance Sr FLTG Rate TR	0.00%	20,001	$262K	No change
CNP Centerpoint Energy Inc.	0.00%	8,233	$255K	No change
MKTX Marketaxess Holdings Inc.	0.00%	1,266	$254K	Add +30.6%
NFLX Netflix Inc.	0.00%	375	$253K	Reduce -5.1%
NAN Nuveen NY QLTY Muni Inc.	0.00%	20,838	$234K	No change
VLTO Veralto Corp.	0.00%	2,375	$227K	Reduce -2.5%
AWK American Water Works Co. Inc.	0.00%	1,749	$226K	No change
NVIR Horizon Kin Enrg & Remed ETF	0.00%	7,942	$226K	New
BEAM Beam Therapeutics Inc.	0.00%	9,597	$225K	No change
WIW Western Asst Infl-LNK Opp	0.00%	26,336	$224K	No change
IQI Invesco Quality Muni Inc. TR	0.00%	22,115	$219K	Reduce -1.3%
PBH Prestige Consumer Healthcare	0.00%	3,097	$213K	No change
AMZN Amazon.com Inc.	0.00%	1,096	$212K	Reduce -8.4%
JPST JPMorgan Ultra-Short Income	0.00%	4,172	$211K	No change
ETHE Grayscale Ethereum Staking E	0.00%	6,641	$209K	Add +2.0%
SLB SLB Ltd. filed as SCHLUMBERGER LTD	0.00%	4,419	$208K	Reduce -40.4%
COP Conocophillips	0.00%	1,788	$205K	No change
NEE Nextera Energy Inc.	0.00%	2,860	$203K	New
NIM Nuveen Select Maturit Muni	0.00%	21,500	$194K	No change
SAN Banco Santander SA-Spon ADR	0.00%	41,410	$192K	No change
EIM Eaton Vance Municipal Bond	0.00%	17,692	$187K	No change
PCM PCM Fund Inc.	0.00%	24,532	$182K	No change
NVG Nuveen Amt-FR Muni CRDT	0.00%	14,085	$175K	Reduce -2.6%
BGT BlackRock Fltng RT Inc. TR	0.00%	12,678	$162K	No change
RA Brookfield Real Assets Incom	0.00%	12,081	$154K	Reduce -25.2%
APLD Applied Digital Corp.	0.00%	25,139	$150K	Add +6.7%
EDIT Editas Medicine Inc.	0.00%	31,720	$148K	No change
VNDA Vanda Pharmaceuticals Inc.	0.00%	25,912	$146K	No change
EVF Eaton Vance Senior Income TR	0.00%	21,730	$138K	No change
LTRN Lantern Pharma Inc.	0.00%	28,791	$134K	No change
ASTL Algoma Steel Group Inc.	0.00%	18,962	$132K	Add +0.4%
KYN Kayne Anderson Energy Infra	0.00%	12,689	$131K	Reduce -6.7%
REPL Replimune Group Inc.	0.00%	14,396	$130K	No change
PML PIMCO Municipal Income FD II	0.00%	15,050	$128K	No change
JPC Nuveen Prefered & Income Opp	0.00%	16,714	$125K	No change
GALT Galectin Therapeutics Inc.	0.00%	53,742	$121K	No change
XEVVX Eaton Vance Ltd. Durat Inc.	0.00%	12,417	$121K	No change
VTN Invesco TR for Invest GRD NY	0.00%	10,414	$117K	No change
HLN Haleon PLC-ADR	0.00%	14,082	$116K	No change
NMZ Nuveen Muni Hi Inc. Opport	0.00%	10,369	$112K	No change
CXE MFS High Income Municipal TR	0.00%	27,514	$102K	Reduce -9.8%
NUV Nuveen Municipal Value	0.00%	11,550	$100K	No change
RLMD Relmada Therapeutics Inc.	0.00%	30,000	$90K	No change
ZCSH The Zcash ETF filed as GRAYSCALE ZCASH	0.00%	15,492	$70K	No change
TSVT 2SEVENTY Bio Inc.	0.00%	17,275	$67K	No change
SSP Ew Scripps Co./the-A filed as SCRIPPS E W CO OHIO	0.00%	20,000	$63K	No change
OIS Oil States International Inc. filed as OIL STS INTL INC	0.00%	11,300	$50K	Reduce -10.0%
TTI Tetra Technologies Inc.	0.00%	13,600	$47K	No change
BITF Bitfarms Ltd./Canada	0.00%	18,300	$47K	No change
ALLO Allogene Therapeutics Inc.	0.00%	19,194	$45K	No change
EVLV Evolv Technologies Holdings	0.00%	15,000	$38K	New
BLUEBIRD BIO INC	0.00%	36,468	$36K	No change
GBAT Grayscale Basic Attention TK	0.00%	2,089	$21K	No change
PACB Pacific Biosciences of Calif	0.00%	11,517	$16K	No change
MANA Grayscale Decentraland Trust	0.00%	691	$14K	No change

Options reported separately and not counted above: BARCLAYS BANK PLC calls ($1.1M), PROSHARES VIX SHORT-TERM FUT calls ($504K), DIREXION SHS ETF TR calls ($281K), DIREXION SHS ETF TR calls ($196K).

Other holdings (1): bonds, preferreds, convertibles and warrants · $82.8M (not counted above)

Security	Class	Shares / Principal	Value	Change
LNG Cheniere Energy Inc.	COM NEW · principal	473,369	$82.8M	Add +3.2%

Total filed on the 13F, all lines: $5.7B.

Portfolio Sells Q1 2024 → Q2 2024


GBTC Grayscale Bitcoin Trust ETF	Reduce -0.4%	14.09%	−4.06
CME Cme Group Inc.	Reduce -29.5%	0.49%	−0.33
BCHG Grayscale Bitcoin Cash Trust	Reduce -30.9%	0.17%	−0.27
CVEO Civeo Corp.	Reduce -1.0%	1.45%	−0.26
LTCN Grayscale Litecoin Trust	Reduce -35.8%	0.11%	−0.23
CBOE Cboe Global Markets Inc.	Reduce -0.6%	1.22%	−0.21
LYV Live Nation Entertainment Inc.	Reduce -4.1%	0.61%	−0.17
MSTR Strategy Inc.	Reduce -0.7%	0.46%	−0.16
HHH Howard Hughes Holdings Inc.	Reduce -4.1%	0.58%	−0.15
BN Brookfield Corp.	Reduce -5.9%	0.85%	−0.13
BAM Brookfield Asset Mgmt-A	Reduce -27.1%	0.18%	−0.12
FWONK Liberty Media Corp. Class C	Reduce -46.4%	0.13%	−0.11
IPAR Interparfums Inc.	Reduce -1.8%	0.32%	−0.11
AN Autonation Inc.	Reduce -0.5%	0.82%	−0.11
PAG Penske Automotive Group Inc.	Reduce -0.8%	0.49%	−0.09
WEN The Wendy's Co.	Reduce -6.0%	0.30%	−0.08
EXP Eagle Materials Inc.	Reduce -14.2%	0.14%	−0.08
BAKKT HOLDINGS INC	Sold out	0.00%	−0.07
SAND Sandstorm Gold Ltd.	Reduce -10.0%	0.38%	−0.06
MRSH Marsh & McLennan Cos	Reduce -5.3%	0.45%	−0.05
FWONA Liberty Media Corp. Class A	Reduce -28.6%	0.11%	−0.04
ACGP Associated Capital Group - A	Reduce -2.8%	0.61%	−0.04
BRK.B Berkshire Hathaway Inc. Class B	Reduce -0.8%	0.33%	−0.04
CLB Core Laboratories Inc.	Sold out	0.00%	−0.04
MA Mastercard Inc. Class A	Reduce -0.5%	0.17%	−0.03
BUR Burford Capital Ltd.	Reduce -0.7%	0.08%	−0.03
LSXMK Liberty Media Corp.-Liber-New	Reduce -11.3%	0.04%	−0.02
BA The Boeing Co.	Reduce -74.0%	0.01%	−0.02
PTEN Patterson-Uti Energy Inc.	Reduce -1.5%	0.07%	−0.02
ELS Equity Lifestyle Properties	Reduce -6.3%	0.14%	−0.02
PCH Potlatchdeltic Corp.	Reduce -8.3%	0.05%	−0.02
LBRDK Liberty Broadband-C	Reduce -4.8%	0.09%	−0.02
NDAQ Nasdaq Inc.	Reduce -0.5%	0.11%	−0.02
LVS Las Vegas Sands Corp.	Reduce -5.8%	0.04%	−0.01
RGLD Royal Gold Inc.	Reduce -0.8%	0.20%	−0.01
LLYVK Liberty Media Corp.-Liberty-C	Reduce -16.5%	0.02%	−0.01
INTC Intel Corp.	Reduce -4.7%	0.02%	−0.01
JNJ Johnson & Johnson	Reduce -3.5%	0.04%	−0.01
MRK Merck & Co. Inc.	Reduce -0.1%	0.06%	−0.01
CAT Caterpillar Inc.	Reduce -3.0%	0.04%	−0.01
FHI Federated Hermes Inc.	Reduce -21.3%	0.02%	−0.01
EPD Enterprise Products Partners	Reduce -12.4%	0.03%	−0.01
WY Weyerhaeuser Co.	Reduce -6.9%	0.02%	−0.01
MSGE Madison Square Garden Entert	Reduce -0.4%	0.03%	−0.01
MSGS Madison Square Garden Sports	Reduce -0.5%	0.10%	−0.01
UNP Union Pacific Corp.	Sold out	0.00%	−0.01
MTN Vail Resorts Inc.	Sold out	0.00%	−0.01
SPGI S&P Global Inc.	Reduce -0.9%	0.15%	−0.01
BSM Black Stone Minerals LP	Reduce -1.0%	0.05%	−0.01
BIP Brookfield Infrastructure Pa	Reduce -8.0%	0.02%	−0.01

Portfolio Buys Q1 2024 → Q2 2024


LB Landbridge Co. LLC-A	New	1.93%	+1.93
BKKT Bakkt Inc.	New	0.15%	+0.15
WPM Wheaton Precious Metals Corp.	Add +2.9%	2.57%	+0.14
CCJ Cameco Corp.	Add +12.2%	0.45%	+0.07
WTM White Mountains Insurance GP	New	0.04%	+0.04
BG Bunge Global SA	Add +11.2%	0.55%	+0.04
CRAI Cra International Inc.	New	0.04%	+0.04
TELFY Telefonica SA-Spon ADR	New	0.02%	+0.02
EXE Expand Energy Corp.	New	0.02%	+0.02
VNOM Viper Energy Inc.	Add +13.5%	0.88%	+0.02
SII Sprott Inc.	Add +11.9%	0.12%	+0.02
BAH Booz Allen Hamilton Holdings	New	0.01%	+0.01
RCL Royal Caribbean Cruises Ltd.	Add +0.7%	0.16%	+0.01
SBR Sabine Royalty Trust	Add +16.0%	0.11%	+0.01
SPAQ Horizon Kinetics Spac Active	Add +12.3%	0.21%	+0.01
C Citigroup Inc.	New	0.01%	+0.01
LBRT Liberty Energy Inc.	Add +15.0%	0.09%	+0.01
FBTC Fidelity Wise Origin Bitcoin	New	0.01%	+0.01
PROSHARES TR	Add +158.8%	0.01%	+0.00
NVIR Horizon Kin Enrg & Remed ETF	New	0.00%	+0.00
TQQQ Proshares Ultrapro QQQ	Add +63.5%	0.01%	+0.00
NEE Nextera Energy Inc.	New	0.00%	+0.00
VUSB Vanguard Ultra Short Bond Et	Add +9.1%	0.26%	+0.00
WMB Williams Cos Inc.	Add +0.0%	0.11%	+0.00
APLD Applied Digital Corp.	Add +6.7%	0.00%	+0.00
EVLV Evolv Technologies Holdings	New	0.00%	+0.00
STR Sitio Royalties Corp. Class A	Add +13.5%	0.32%	+0.00
RYAM Rayonier Advanced Materials	Add +0.1%	0.01%	+0.00
TFPM Triple Flag Precious Met	Add +8.4%	0.01%	+0.00
ETHE Grayscale Ethereum Staking E	Add +2.0%	0.00%	+0.00
MKTX Marketaxess Holdings Inc.	Add +30.6%	0.00%	+0.00
RCG Renn Fund Inc.	Add +0.9%	0.02%	+0.00
TW Tradeweb Markets Inc. Class A	Add +6.7%	0.01%	0.00
WT Wisdomtree Inc.	Add +0.4%	0.04%	0.00
KRP Kimbell Royalty Partners LP	Add +2.0%	0.02%	−0.00
BNY Bank of New York Mellon Corp.	Add +2.5%	0.01%	−0.00
IAU iShares Gold Trust	Add +0.3%	0.01%	−0.00
RIO Rio Tinto PLC-Spon ADR	Add +2.6%	0.01%	−0.00
GEV GE Vernova Inc.	Add +1.5%	0.01%	−0.00
MO Altria Group Inc.	Add +1.9%	0.03%	−0.00
AMT American Tower Corp.	Add +1.3%	0.01%	−0.00
ASTL Algoma Steel Group Inc.	Add +0.4%	0.00%	−0.00
BP BP PLC-Spons ADR	Add +1.5%	0.01%	−0.00
CNS Cohen & Steers Inc.	Add +2.4%	0.01%	−0.00
SBLK Star Bulk Carriers Corp.	Add +1.9%	0.02%	−0.00
AMLP Alerian MLP ETF	Add +4.5%	0.05%	−0.00
GEHC GE Healthcare Technology	Add +0.4%	0.00%	−0.00
CMCSA Comcast Corp. Class A	Add +0.1%	0.01%	−0.00
BCDF Horizon Kin Blockchain Dev	Add +6.6%	0.04%	−0.00
VXF Vanguard Extended Market ETF	Add +0.6%	0.02%	−0.00

Options Activity Q1 2024 → Q2 2024


BARCLAYS BANK PLC	call	Reduce -7.1%	39,300	$1.1M
PROSHARES VIX SHORT-TERM FUT	call	Reduce -1.7%	22,900	$504K
DIREXION SHS ETF TR	call	Add +8.7%	20,100	$281K
DIREXION SHS ETF TR	call	Add +29.0%	28,000	$196K
PROSHARES TR II	call	Sold out	12,000	$192Kbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q1 2024 → Q2 2024


LNG Cheniere Energy Inc.	COM NEW · principal	Add +3.2%	473,369	$82.8M
C Citigroup Inc.	COM NEW · principal	Sold out	6,461	$409Kbefore exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages 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