Horizon Kinetics Asset Management LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Horizon Kinetics Asset Management LLC reported 341 stock positions worth $8.7 billion. Its top holding was Texas Pacific Land (TPL) at 54.7% of the portfolio, followed by Grayscale Bitcoin Trust ETF (GBTC, 11.0%) and Landbridge Co. LLC-A (LB, 4.5%). Compared with Q4 2024, it opened 6 new positions, sold out of 9, added to 86 and reduced 124. The biggest buy was Hawaiian Electric Inds (HE, shares +432%) and the biggest sale Grayscale Bitcoin Trust ETF (GBTC, shares −3%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001056823
- Portfolio Value
- $8.7B (Q1 2025)
- SEC Filing
- 0001056823-25-000010 ↗ filed May 15, 2025
Holdings Value
Holdings 341 stocks · $8.7B
| TPL Texas Pacific Land Corp. | 54.75% | 3,595,090 | $4.8B | Reduce -0.3% |
| GBTC Grayscale Bitcoin Trust ETF | 11.01% | 14,696,513 | $957.8M | Reduce -3.1% |
| LB Landbridge Co. LLC-A | 4.54% | 5,486,957 | $394.7M | Add +1.6% |
| WPM Wheaton Precious Metals Corp. | 2.64% | 2,956,694 | $229.5M | Add +0.9% |
| FNV Franco-Nevada Corp. | 1.84% | 1,016,774 | $160.2M | Add +2.9% |
| ICE Intercontinental Exchange Inc. | 1.62% | 818,261 | $141.2M | Add +1.7% |
| HE Hawaiian Electric Inds | 1.59% | 12,657,000 | $138.6M | Add +431.9% |
| BTC Grayscale Bitcoin Mini ETF | 1.28% | 3,060,636 | $111.7M | Reduce -0.1% |
| CBOE Cboe Global Markets Inc. | 1.09% | 418,256 | $94.6M | Add +0.9% |
| MSB Mesabi Trust | 0.91% | 2,901,695 | $78.9M | Add +2.1% |
| VNOM Viper Energy Inc. | 0.84% | 1,612,439 | $72.8M | Add +1.4% |
| CACI Caci International Inc. Class A | 0.80% | 189,652 | $69.6M | Reduce -47.2% |
| CVEO Civeo Corp. | 0.79% | 2,971,543 | $68.3M | Reduce -3.0% |
| BN Brookfield Corp. | 0.73% | 1,210,885 | $63.5M | Reduce -0.6% |
| ARIS WATER SOLUTIONS INC-A | 0.54% | 1,464,286 | $46.9M | Add +538.6% |
| MSTR Strategy Inc. filed as MICROSTRATEGY INC | 0.54% | 161,495 | $46.6M | Reduce -2.3% |
| AN Autonation Inc. | 0.52% | 280,493 | $45.4M | Reduce -0.6% |
| LYV Live Nation Entertainment Inc. | 0.49% | 325,976 | $42.6M | Reduce -1.1% |
| PBT Permian Basin Royalty Trust | 0.47% | 4,134,327 | $41.0M | Add +4.8% |
| IBIT iShares Bitcoin Trust ETF | 0.47% | 870,320 | $40.7M | Add +0.7% |
| MRSH Marsh & McLennan Cos | 0.42% | 148,593 | $36.3M | Add +2.7% |
| OR Osisko Gold Royalties Ltd. | 0.41% | 1,703,037 | $36.0M | Add +2.6% |
| ACGP Associated Capital Group - A | 0.40% | 907,945 | $34.8M | Reduce -1.1% |
| CME Cme Group Inc. | 0.39% | 128,253 | $34.0M | Add +1.9% |
| HHH Howard Hughes Holdings Inc. | 0.37% | 437,006 | $32.4M | Reduce -4.7% |
| DBRG Digitalbridge Group Inc. | 0.35% | 3,445,977 | $30.4M | Reduce -23.1% |
| SAND Sandstorm Gold Ltd. | 0.32% | 3,672,796 | $27.7M | Reduce -3.1% |
| DMLP Dorchester Minerals LP | 0.32% | 912,463 | $27.4M | Add +0.4% |
| PAG Penske Automotive Group Inc. | 0.31% | 184,863 | $26.6M | Add +1.0% |
| CCJ Cameco Corp. | 0.30% | 632,707 | $26.0M | Add +2.5% |
| JOE The St Joe Co. | 0.30% | 550,339 | $25.8M | Reduce -2.5% |
| BG Bunge Global SA | 0.29% | 328,171 | $25.1M | Add +2.8% |
| ADM Archer-Daniels-Midland Co. | 0.28% | 506,448 | $24.3M | Reduce -7.2% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.26% | 43,121 | $23.0M | Reduce -1.1% |
| WFG West Fraser Timber Co. Ltd. | 0.26% | 288,632 | $22.2M | Add +2.6% |
| WTM White Mountains Insurance GP | 0.25% | 11,345 | $21.8M | Add +12.4% |
| CCL Carnival Corp. | 0.24% | 1,085,048 | $21.2M | Add +0.1% |
| VUSB Vanguard Ultra Short Bond Et | 0.23% | 395,341 | $19.7M | Add +132.3% |
| STR Sitio Royalties Corp. Class A | 0.20% | 885,494 | $17.6M | Add +2.7% |
| IPAR Interparfums Inc. | 0.19% | 147,121 | $16.8M | Add +0.0% |
| VGSH Vanguard Short-Term Treasury | 0.16% | 237,864 | $14.0M | Add +10.6% |
| SJT San Juan Basin Royalty TR | 0.16% | 2,470,132 | $13.7M | Add +36.1% |
| SPAQ Horizon Kinetics Spac Active | 0.15% | 131,597 | $13.3M | Add +4.9% |
| OSK Oshkosh Corp. | 0.15% | 138,973 | $13.1M | Reduce -0.8% |
| TRC Tejon Ranch Co. | 0.15% | 824,062 | $13.1M | Reduce -3.2% |
| RGLD Royal Gold Inc. | 0.14% | 74,628 | $12.2M | Reduce -0.2% |
| RCL Royal Caribbean Cruises Ltd. | 0.13% | 56,561 | $11.6M | Reduce -1.0% |
| WEN The Wendy's Co. | 0.13% | 762,174 | $11.2M | Reduce -2.6% |
| RBA RB Global Inc. | 0.13% | 110,839 | $11.1M | Add +0.2% |
| BAM Brookfield Asset Mgmt-A | 0.13% | 226,411 | $11.0M | Reduce -3.4% |
| MA Mastercard Inc. Class A | 0.12% | 19,630 | $10.8M | Add +1.8% |
| WMB Williams Cos Inc. | 0.12% | 172,665 | $10.3M | Reduce -0.1% |
| RPRX Royalty Pharma PLC Class A | 0.12% | 329,570 | $10.3M | Add +3.3% |
| SII Sprott Inc. | 0.10% | 198,915 | $8.9M | Add +3.4% |
| FWONK Liberty Media Corp. Class C | 0.10% | 97,530 | $8.8M | Reduce -1.7% |
| SBR Sabine Royalty Trust | 0.09% | 118,281 | $8.0M | Add +7.6% |
| SPGI S&P Global Inc. | 0.09% | 15,570 | $7.9M | Reduce -13.5% |
| NDAQ Nasdaq Inc. | 0.09% | 103,343 | $7.8M | Add +0.1% |
| ET Energy Transfer LP | 0.09% | 409,166 | $7.6M | Add +31.3% |
| LBRDK Liberty Broadband-C | 0.08% | 85,732 | $7.3M | Reduce -1.6% |
| ELS Equity Lifestyle Properties | 0.08% | 100,528 | $6.7M | Reduce -4.2% |
| XOM Exxon Mobil Corp. | 0.07% | 54,459 | $6.5M | Add +0.1% |
| PM Philip Morris International | 0.07% | 38,294 | $6.1M | No change |
| MSGS Madison Square Garden Sports | 0.07% | 30,183 | $5.9M | Reduce -0.3% |
| SAIC Science Applications Inte | 0.07% | 51,922 | $5.8M | Reduce -87.2% |
| FCX Freeport-McMoran Inc. | 0.06% | 142,497 | $5.4M | Add +0.6% |
| CRL Charles River Laboratories | 0.06% | 34,286 | $5.2M | Reduce -42.7% |
| ABBV Abbvie Inc. | 0.06% | 24,157 | $5.1M | Reduce -7.3% |
| EXP Eagle Materials Inc. | 0.06% | 22,422 | $5.0M | Reduce -25.1% |
| MSFT Microsoft Corp. | 0.05% | 12,597 | $4.7M | Reduce -1.4% |
| MKL Markel Group Inc. | 0.05% | 2,496 | $4.7M | Reduce -0.4% |
| EPD Enterprise Products Partners | 0.05% | 132,087 | $4.5M | Add +1.0% |
| AB Alliancebernstein Holding LP | 0.05% | 115,986 | $4.4M | Add +62.7% |
| BX Blackstone Inc. | 0.05% | 30,200 | $4.2M | No change |
| BSM Black Stone Minerals LP | 0.05% | 268,638 | $4.1M | Reduce -2.5% |
| INFL Horizon Kinetics Infl Benef | 0.05% | 98,346 | $4.0M | Add +3.2% |
| TPH Tri Pointe Homes Inc. | 0.05% | 124,012 | $4.0M | No change |
| XNEAX Nuveen Amt-FR QLTY Muni Inc. | 0.04% | 343,632 | $3.8M | Reduce 0.0% |
| MO Altria Group Inc. | 0.04% | 63,197 | $3.8M | No change |
| FNF Fidelity National Financial | 0.04% | 58,071 | $3.8M | Add +0.0% |
| BCDF Horizon Kin Blockchain Dev | 0.04% | 131,939 | $3.7M | Add +8.0% |
| BMY Bristol-Myers Squibb Co. | 0.04% | 59,813 | $3.6M | Reduce -1.1% |
| BCHG Grayscale Bitcoin Cash Trust | 0.04% | 1,506,729 | $3.6M | Add +3.5% |
| LLY Eli Lilly & Co. | 0.04% | 4,257 | $3.5M | No change |
| BUR Burford Capital Ltd. | 0.04% | 266,106 | $3.5M | Reduce -22.4% |
| CSCO Cisco Systems Inc. | 0.04% | 56,641 | $3.5M | No change |
| LTCN Grayscale Litecoin Trust | 0.04% | 515,218 | $3.4M | Reduce -0.3% |
| CVX Chevron Corp. | 0.04% | 20,246 | $3.4M | Add +3.0% |
| LHX L3HARRIS Technologies Inc. | 0.04% | 16,050 | $3.4M | Reduce -2.5% |
| FWONA Liberty Media Corp. Class A | 0.04% | 40,870 | $3.3M | Reduce -8.8% |
| NTR Nutrien Ltd. | 0.04% | 65,575 | $3.3M | Reduce -2.2% |
| KLAC KLA Corp. | 0.04% | 4,787 | $3.3M | Reduce -0.8% |
| JNJ Johnson & Johnson | 0.04% | 19,612 | $3.3M | Add +0.1% |
| AMLP Alerian MLP ETF | 0.04% | 61,330 | $3.2M | Add +0.5% |
| CMRE Costamare Inc. | 0.04% | 321,640 | $3.2M | Add +0.0% |
| MRK Merck & Co. Inc. | 0.04% | 34,074 | $3.1M | Add +1.5% |
| SU Suncor Energy Inc. | 0.03% | 77,944 | $3.0M | No change |
| KMI Kinder Morgan Inc. | 0.03% | 104,408 | $3.0M | Add +0.7% |
| BKKT Bakkt Inc. filed as BAKKT HOLDINGS INC | 0.03% | 335,752 | $2.9M | Reduce -8.7% |
| PTEN Patterson-Uti Energy Inc. | 0.03% | 345,030 | $2.8M | Reduce -0.7% |
Options reported separately and not counted above: VXX calls ($1.1M), VIXY calls ($428K), DIREXION SHS ETF TR calls ($273K), DIREXION SHS ETF TR calls ($205K), PROSHARES TR II calls ($134K).
Other holdings (1): bonds, preferreds, convertibles and warrants · $112.0M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| LNG Cheniere Energy Inc. | COM NEW · principal | 484,096 | $112.0M | Reduce -1.1% |
Total filed on the 13F, all lines: $8.8B.
Portfolio Sells Q4 2024 → Q1 2025
| GBTC Grayscale Bitcoin Trust ETF | Reduce -3.1% | 11.01% | −3.16 |
| CACI Caci International Inc. Class A | Reduce -47.2% | 0.80% | −1.03 |
| SAIC Science Applications Inte | Reduce -87.2% | 0.07% | −0.51 |
| BTC Grayscale Bitcoin Mini ETF | Reduce -0.1% | 1.28% | −0.34 |
| DBRG Digitalbridge Group Inc. | Reduce -23.1% | 0.35% | −0.29 |
| BN Brookfield Corp. | Reduce -0.6% | 0.73% | −0.15 |
| CVEO Civeo Corp. | Reduce -3.0% | 0.79% | −0.09 |
| AN Autonation Inc. | Reduce -0.6% | 0.52% | −0.08 |
| BKKT Bakkt Inc. | Reduce -8.7% | 0.03% | −0.08 |
| CRL Charles River Laboratories | Reduce -42.7% | 0.06% | −0.08 |
| HHH Howard Hughes Holdings Inc. | Reduce -4.7% | 0.37% | −0.07 |
| MSTR Strategy Inc. | Reduce -2.3% | 0.54% | −0.07 |
| ADM Archer-Daniels-Midland Co. | Reduce -7.2% | 0.28% | −0.07 |
| MRX Marex UK Holdings Ltd. | Sold out | 0.00% | −0.06 |
| LYV Live Nation Entertainment Inc. | Reduce -1.1% | 0.49% | −0.05 |
| LTCN Grayscale Litecoin Trust | Reduce -0.3% | 0.04% | −0.04 |
| EXP Eagle Materials Inc. | Reduce -25.1% | 0.06% | −0.04 |
| BAM Brookfield Asset Mgmt-A | Reduce -3.4% | 0.13% | −0.03 |
| WEN The Wendy's Co. | Reduce -2.6% | 0.13% | −0.03 |
| RCL Royal Caribbean Cruises Ltd. | Reduce -1.0% | 0.13% | −0.03 |
| LBRT Liberty Energy Inc. | Reduce -29.3% | 0.03% | −0.03 |
| JOE The St Joe Co. | Reduce -2.5% | 0.30% | −0.02 |
| SPGI S&P Global Inc. | Reduce -13.5% | 0.09% | −0.02 |
| TRC Tejon Ranch Co. | Reduce -3.2% | 0.15% | −0.02 |
| VXF Vanguard Extended Market ETF | Reduce -57.0% | 0.01% | −0.02 |
| MSGS Madison Square Garden Sports | Reduce -0.3% | 0.07% | −0.02 |
| OSK Oshkosh Corp. | Reduce -0.8% | 0.15% | −0.02 |
| XMUIX BlackRock Municipal Income | Sold out | 0.00% | −0.02 |
| FWONK Liberty Media Corp. Class C | Reduce -1.7% | 0.10% | −0.02 |
| BUR Burford Capital Ltd. | Reduce -22.4% | 0.04% | −0.01 |
| MSFT Microsoft Corp. | Reduce -1.4% | 0.05% | −0.01 |
| NVDA Nvidia Corp. | Reduce -8.7% | 0.03% | −0.01 |
| IRM Iron Mountain Inc. | Reduce -1.4% | 0.03% | −0.01 |
| ELS Equity Lifestyle Properties | Reduce -4.2% | 0.08% | −0.01 |
| LLYVK Liberty Media Corp.-Liberty-C | Reduce -56.6% | 0.01% | −0.01 |
| FWONA Liberty Media Corp. Class A | Reduce -8.8% | 0.04% | −0.01 |
| AAPL Apple Inc. | Reduce -20.5% | 0.02% | −0.01 |
| RYAM Rayonier Advanced Materials | Reduce -0.1% | 0.01% | −0.01 |
| EMR Emerson Electric Co. | Reduce -0.8% | 0.03% | −0.01 |
| D Dominion Energy Inc. | Sold out | 0.00% | −0.01 |
| REZI Resideo Technologies Inc. | Reduce -0.1% | 0.02% | −0.01 |
| CRAI Cra International Inc. | Reduce -7.5% | 0.02% | −0.01 |
| WT Wisdomtree Inc. | Reduce -1.6% | 0.02% | −0.01 |
| CAT Caterpillar Inc. | Reduce -0.3% | 0.03% | −0.01 |
| SEG Seaport Entertainment Group | Reduce -1.0% | 0.01% | −0.01 |
| DHR Danaher Corp. | Reduce -14.0% | 0.01% | −0.01 |
| BGC BGC Group Inc. Class A | Reduce -28.5% | 0.01% | −0.01 |
| RSP Invesco S&P 500 Equal Weight | Reduce -43.1% | 0.01% | −0.01 |
| MSGE Madison Square Garden Entert | Reduce -10.1% | 0.02% | −0.01 |
| PCH Potlatchdeltic Corp. | Reduce -28.2% | 0.02% | −0.01 |
Portfolio Buys Q4 2024 → Q1 2025
| HE Hawaiian Electric Inds | Add +431.9% | 1.59% | +1.30 |
| WPM Wheaton Precious Metals Corp. | Add +0.9% | 2.64% | +0.56 |
| ARIS WATER SOLUTIONS INC-A | Add +538.6% | 0.54% | +0.47 |
| FNV Franco-Nevada Corp. | Add +2.9% | 1.84% | +0.38 |
| LB Landbridge Co. LLC-A | Add +1.6% | 4.54% | +0.14 |
| VUSB Vanguard Ultra Short Bond Et | Add +132.3% | 0.23% | +0.12 |
| ICE Intercontinental Exchange Inc. | Add +1.7% | 1.62% | +0.11 |
| SJT San Juan Basin Royalty TR | Add +36.1% | 0.16% | +0.07 |
| CBOE Cboe Global Markets Inc. | Add +0.9% | 1.09% | +0.07 |
| OR Osisko Gold Royalties Ltd. | Add +2.6% | 0.41% | +0.03 |
| MRSH Marsh & McLennan Cos | Add +2.7% | 0.42% | +0.03 |
| EQT Eqt Corp. | New | 0.02% | +0.02 |
| CME Cme Group Inc. | Add +1.9% | 0.39% | +0.02 |
| AB Alliancebernstein Holding LP | Add +62.7% | 0.05% | +0.02 |
| RPRX Royalty Pharma PLC Class A | Add +3.3% | 0.12% | +0.02 |
| BR Broadridge Financial Solutio | Add +186.0% | 0.02% | +0.01 |
| ET Energy Transfer LP | Add +31.3% | 0.09% | +0.01 |
| IWM iShares Russell 2000 ETF | New | 0.01% | +0.01 |
| TQQQ Proshares Ultrapro QQQ | New | 0.01% | +0.01 |
| SQQQ Proshares TR | New | 0.01% | +0.01 |
| SAN Banco Santander SA-Spon ADR | Add +0.1% | 0.02% | +0.00 |
| WTM White Mountains Insurance GP | Add +12.4% | 0.25% | +0.00 |
| RCG Renn Fund Inc. | Add +10.3% | 0.02% | +0.00 |
| CVX Chevron Corp. | Add +3.0% | 0.04% | +0.00 |
| URI United Rentals Inc. | New | 0.00% | +0.00 |
| VGSH Vanguard Short-Term Treasury | Add +10.6% | 0.16% | +0.00 |
| B Barrick Gold Corp. | New | 0.00% | +0.00 |
| DOW Dow Inc. | Add +68.5% | 0.01% | +0.00 |
| FNF Fidelity National Financial | Add +0.0% | 0.04% | +0.00 |
| SBR Sabine Royalty Trust | Add +7.6% | 0.09% | +0.00 |
| RBA RB Global Inc. | Add +0.2% | 0.13% | +0.00 |
| LIN Linde PLC | Add +11.8% | 0.01% | +0.00 |
| JNJ Johnson & Johnson | Add +0.1% | 0.04% | +0.00 |
| GE General Electric | Add +0.8% | 0.01% | +0.00 |
| TFPM Triple Flag Precious Met | Add +35.1% | 0.00% | +0.00 |
| T AT&T Inc. | Add +16.3% | 0.00% | +0.00 |
| SBLK Star Bulk Carriers Corp. | Add +18.8% | 0.01% | +0.00 |
| TD Toronto-Dominion Bank | Add +1.0% | 0.02% | +0.00 |
| VZ Verizon Communications Inc. | Add +19.6% | 0.00% | +0.00 |
| XOM Exxon Mobil Corp. | Add +0.1% | 0.07% | +0.00 |
| ARLP Alliance Resource Partners | Add +8.5% | 0.02% | +0.00 |
| BP BP PLC-Spons ADR | Add +0.4% | 0.01% | +0.00 |
| KVUE Kenvue Inc. | Add +6.2% | 0.01% | +0.00 |
| C Citigroup Inc. | Add +15.1% | 0.01% | +0.00 |
| INFL Horizon Kinetics Infl Benef | Add +3.2% | 0.05% | +0.00 |
| SII Sprott Inc. | Add +3.4% | 0.10% | +0.00 |
| EPD Enterprise Products Partners | Add +1.0% | 0.05% | +0.00 |
| AMG Affiliated Managers Group | Add +17.5% | 0.00% | −0.00 |
| KHC The Kraft Heinz Co. | Add +5.9% | 0.01% | −0.00 |
| NVIR Horizon Kin Enrg & Remed ETF | Add +1.0% | 0.00% | −0.00 |
Options Activity Q4 2024 → Q1 2025
| VXX Ipath Series B S&P 500 Vix | call | Add +1.0% | 10,000 | $1.1M |
| VIXY Proshares Vix Short-Term Fut | call | Add +1.8% | 5,700 | $428K |
| DIREXION SHS ETF TR | call | Add +11.4% | 3,900 | $273K |
| DIREXION SHS ETF TR | call | Add +8.2% | 6,600 | $205K |
| PROSHARES TR II | call | New | 2,400 | $134K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2024 → Q1 2025
| LNG Cheniere Energy Inc. | COM NEW · principal | Reduce -1.1% | 484,096 | $112.0M |
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 |