Horizon Kinetics Asset Management LLC

Name: HORIZON KINETICS ASSET MANAGEMENT LLC 13F holdings, Q1 2025
Creator: HORIZON KINETICS ASSET MANAGEMENT LLC
Published: 2025-05-15

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

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%
IRM Iron Mountain Inc. filed as IRON MTN INC DEL	0.03%	32,455	$2.8M	Reduce -1.4%
RTX RTX Corp.	0.03%	20,519	$2.7M	Reduce -0.5%
CAT Caterpillar Inc.	0.03%	7,918	$2.6M	Reduce -0.3%
EMR Emerson Electric Co.	0.03%	23,462	$2.6M	Reduce -0.8%
PFE Pfizer Inc.	0.03%	100,026	$2.5M	Reduce -0.7%
LBRT Liberty Energy Inc.	0.03%	158,914	$2.5M	Reduce -29.3%
NVDA Nvidia Corp.	0.03%	22,060	$2.4M	Reduce -8.7%
LVS Las Vegas Sands Corp.	0.03%	61,780	$2.4M	Add +2.3%
FIS Fidelity National Info Serv	0.03%	30,440	$2.3M	Add +0.3%
WPC WP Carey Inc.	0.03%	34,750	$2.2M	Reduce -1.1%
VRSK Verisk Analytics Inc.	0.02%	7,000	$2.1M	No change
OPLN Openlane Inc.	0.02%	106,857	$2.1M	No change
EQT Eqt Corp.	0.02%	38,404	$2.1M	New
BAC Bank of America Corp. filed as BANK AMERICA CORP	0.02%	48,950	$2.0M	Reduce -0.6%
RCG Renn Fund Inc.	0.02%	800,989	$2.0M	Add +10.3%
SPHR Sphere Entertainment Co.	0.02%	62,205	$2.0M	Add +1.3%
CRAI Cra International Inc.	0.02%	11,594	$2.0M	Reduce -7.5%
HON Honeywell International Inc.	0.02%	9,481	$2.0M	No change
SON Sonoco Products Co.	0.02%	41,730	$2.0M	Add +5.6%
PFN PIMCO Income Strategy FD II	0.02%	257,327	$1.9M	No change
BATRK Atlanta Braves Holdings in-C	0.02%	47,684	$1.9M	Reduce -8.6%
TD Toronto-Dominion Bank	0.02%	31,250	$1.9M	Add +1.0%
NRP Natural Resource Partners LP	0.02%	18,025	$1.9M	Reduce -2.0%
FTLF Fitlife Brands Inc.	0.02%	154,456	$1.9M	No change
TELFY Telefonica SA-Spon ADR	0.02%	390,578	$1.8M	Reduce -0.2%
WT Wisdomtree Inc.	0.02%	201,093	$1.8M	Reduce -1.6%
PDI PIMCO Dynamic Income Fund	0.02%	86,378	$1.7M	Reduce -0.5%
SAN Banco Santander SA-Spon ADR	0.02%	250,510	$1.7M	Add +0.1%
VOO Vanguard S&P 500 ETF	0.02%	3,187	$1.6M	Reduce -5.9%
ARLP Alliance Resource Partners	0.02%	59,392	$1.6M	Add +8.5%
BR Broadridge Financial Solutio	0.02%	6,599	$1.6M	Add +186.0%
NAD Nuveen Quality Municipal Inc.	0.02%	138,117	$1.6M	No change
V Visa Inc. Class A	0.02%	4,539	$1.6M	No change
CSW CSW Industrials Inc.	0.02%	5,400	$1.6M	No change
RIO Rio Tinto PLC-Spon ADR	0.02%	25,966	$1.6M	Add +6.6%
ROK Rockwell Automation Inc.	0.02%	6,015	$1.6M	No change
BAH Booz Allen Hamilton Holdings	0.02%	14,702	$1.5M	Add +5.5%
GSK GSK PLC-Spon ADR	0.02%	38,665	$1.5M	Reduce -3.0%
MSGE Madison Square Garden Entert	0.02%	44,505	$1.5M	Reduce -10.1%
GDLC Grayscale Coindesk 5 ETF	0.02%	41,029	$1.4M	No change
AAPL Apple Inc.	0.02%	6,363	$1.4M	Reduce -20.5%
PCH Potlatchdeltic Corp.	0.02%	31,270	$1.4M	Reduce -28.2%
NVS Novartis AG-Sponsored ADR	0.02%	12,547	$1.4M	No change
MMM 3M Co.	0.02%	9,475	$1.4M	Reduce -1.0%
REZI Resideo Technologies Inc.	0.02%	78,262	$1.4M	Reduce -0.1%
SEE Sealed Air Corp.	0.02%	47,550	$1.4M	Add +9.4%
ABT Abbott Laboratories	0.02%	10,041	$1.3M	No change
EOG EOG Resources Inc.	0.02%	10,293	$1.3M	Add +0.7%
GE General Electric filed as GE AEROSPACE	0.01%	6,497	$1.3M	Add +0.8%
LIN Linde PLC	0.01%	2,750	$1.3M	Add +11.8%
MCD McDonald's Corp.	0.01%	4,046	$1.3M	No change
RYAM Rayonier Advanced Materials	0.01%	215,500	$1.2M	Reduce -0.1%
JFR Nuveen Floating Rate Income	0.01%	143,818	$1.2M	No change
SIRI Sirius XM Holdings Inc.	0.01%	52,911	$1.2M	Reduce -14.8%
DHR Danaher Corp.	0.01%	5,744	$1.2M	Reduce -14.0%
CMS CMS Energy Corp.	0.01%	15,675	$1.2M	No change
GDXJ Vaneck Junior Gold Miners	0.01%	20,550	$1.2M	Reduce -8.2%
SEG Seaport Entertainment Group	0.01%	54,456	$1.2M	Reduce -1.0%
VRT Vertiv Holdings Co. Class A	0.01%	16,140	$1.2M	Add +3.0%
PFL PIMCO Income Strategy Fund	0.01%	135,486	$1.2M	No change
BATRA Atlanta Braves Holdings in-A	0.01%	26,401	$1.2M	No change
RYN Rayonier Inc.	0.01%	41,382	$1.2M	Reduce -25.3%
RMT Royce Micro-Cap Trust Inc.	0.01%	136,840	$1.2M	Reduce -0.3%
MTA Metalla Royalty & Streaming	0.01%	401,541	$1.1M	No change
BNT Brookfield Wealth Solutions	0.01%	21,878	$1.1M	Reduce -0.8%
AMGN Amgen Inc.	0.01%	3,597	$1.1M	No change
SVXY Proshares Short Vix St Futur	0.01%	24,344	$1.1M	Reduce -7.5%
NVO Novo-Nordisk A/S-Spons ADR	0.01%	15,716	$1.1M	No change
GLD SPDR Gold Shares	0.01%	3,736	$1.1M	Reduce -0.5%
KRP Kimbell Royalty Partners LP	0.01%	76,374	$1.1M	Add +0.6%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP	0.01%	12,064	$1.0M	No change
RQI Cohen & Steers Qual Inc. RLTY	0.01%	78,227	$983K	Add +0.5%
XES SS SPDR S&P Og Eqp & Serv	0.01%	13,686	$977K	Reduce -18.1%
OIH Vaneck Oil Services ETF	0.01%	3,691	$968K	No change
ADI Analog Devices Inc.	0.01%	4,751	$958K	Reduce -0.1%
VXF Vanguard Extended Market ETF	0.01%	5,557	$957K	Reduce -57.0%
XFRAX BlackRock Fltng RT Inc. Strat	0.01%	73,870	$954K	No change
BGC BGC Group Inc. Class A	0.01%	103,969	$953K	Reduce -28.5%
SLV iShares Silver Trust	0.01%	30,690	$951K	No change
AZN Astrazeneca PLC-Spons ADR	0.01%	12,856	$945K	Reduce -0.2%
NEM Newmont Corp.	0.01%	19,483	$941K	Reduce -2.8%
DGX Quest Diagnostics Inc.	0.01%	5,550	$939K	Reduce -0.9%
FHI Federated Hermes Inc.	0.01%	22,862	$932K	Reduce -8.9%
BP BP PLC-Spons ADR	0.01%	27,414	$926K	Add +0.4%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS	0.01%	3,650	$908K	No change
EBAY eBay Inc.	0.01%	13,235	$896K	Reduce -0.8%
QCOM Qualcomm Inc.	0.01%	5,682	$873K	Reduce -0.7%
WY Weyerhaeuser Co.	0.01%	28,936	$847K	Reduce -5.4%
APYX Apyx Medical Corp.	0.01%	615,000	$843K	No change
BIP Brookfield Infrastructure Pa	0.01%	27,971	$833K	Reduce -0.7%
GOOG Alphabet Inc. Class C	0.01%	5,317	$831K	Reduce -0.5%
DOW Dow Inc.	0.01%	23,371	$816K	Add +68.5%
GM General Motors Co.	0.01%	17,343	$816K	Reduce -2.8%
BRK.A Berkshire Hathaway Inc. Class A	0.01%	1	$798K	No change
NSC Norfolk Southern Corp.	0.01%	3,368	$798K	No change
MPC Marathon Petroleum Corp.	0.01%	5,470	$797K	Reduce -1.8%
ALNY Alnylam Pharmaceuticals Inc.	0.01%	2,880	$778K	No change
MDLZ Mondelez International Inc. Class A	0.01%	11,278	$765K	Reduce -4.3%
ALKS Alkermes PLC	0.01%	23,033	$761K	No change
SPY SS SPDR S&P 500 ETF Trust-US	0.01%	1,337	$748K	Reduce -9.1%
GOOGL Alphabet Inc. Class A	0.01%	4,830	$747K	Add +0.3%
SYK Stryker Corp.	0.01%	2,000	$745K	No change
NRK Nuveen NY Amt-FR Muni Inc.	0.01%	71,483	$736K	No change
VMI Valmont Industries	0.01%	2,575	$735K	No change
DSL Doubleline Income Solutions	0.01%	57,717	$728K	Reduce -1.1%
JPM JPMorgan Chase & Co.	0.01%	2,915	$715K	Reduce -22.2%
GBX Greenbrier Companies Inc.	0.01%	13,950	$715K	No change
SBLK Star Bulk Carriers Corp.	0.01%	45,892	$714K	Add +18.8%
HODL Vaneck Bitcoin ETF	0.01%	30,520	$711K	No change
TW Tradeweb Markets Inc. Class A	0.01%	4,753	$706K	No change
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO	0.01%	1,957	$676K	No change
GS Goldman Sachs Group Inc.	0.01%	1,193	$652K	No change
KKR KKR & Co. Inc.	0.01%	5,358	$619K	No change
MUE BlackRock Munihold QLT FD II	0.01%	61,530	$615K	No change
LEN Lennar Corp. Class A	0.01%	5,306	$609K	Reduce -7.7%
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM	0.01%	10,500	$591K	No change
IWM iShares Russell 2000 ETF	0.01%	2,960	$590K	New
BSV Vanguard Short-Term Bond ETF	0.01%	7,478	$585K	No change
LLYVK Liberty Media Corp.-Liberty-C	0.01%	8,501	$579K	Reduce -56.6%
KVUE Kenvue Inc.	0.01%	23,962	$575K	Add +6.2%
DIS The Walt Disney Co. filed as DISNEY WALT CO	0.01%	5,705	$563K	No change
ENB Enbridge Inc.	0.01%	12,532	$555K	No change
HKHC Horizon Kinetics Holding Cor	0.01%	16,224	$550K	Add +0.3%
BTZ BlackRock Credit Allocation	0.01%	51,023	$547K	No change
ETCG Grayscale Ethereum Classic T	0.01%	70,851	$542K	Reduce -0.3%
TQQQ Proshares Ultrapro QQQ	0.01%	9,054	$519K	New
IAU iShares Gold Trust	0.01%	8,690	$512K	No change
XMVTX BlackRock Munivest Fund II	0.01%	47,926	$507K	No change
L Loews Corp.	0.01%	5,497	$505K	Reduce -0.8%
RSP Invesco S&P 500 Equal Weight	0.01%	2,912	$504K	Reduce -43.1%
C Citigroup Inc.	0.01%	7,089	$503K	Add +15.1%
GDX Vaneck Gold Miners ETF	0.01%	10,741	$494K	Reduce -3.5%
MYI BlackRock Muniyield QLTY III	0.01%	44,854	$493K	No change
XBKNX BlackRock Invest QLTY Muni	0.01%	42,157	$484K	No change
SQQQ Proshares TR	0.01%	12,596	$483K	New
LADR Ladder Capital Corp.-REIT	0.01%	42,000	$479K	Add +2.4%
NZF Nuveen Municipal Credit Inc.	0.01%	38,952	$476K	Reduce -0.6%
REGN Regeneron Pharmaceuticals	0.01%	735	$466K	No change
WOOD iShares Global Timber & Fore	0.01%	6,153	$464K	Reduce -2.3%
KHC The Kraft Heinz Co.	0.01%	15,160	$461K	Add +5.9%
GEV GE Vernova Inc.	0.01%	1,509	$461K	Add +1.6%
XPNFX PIMCO New York Muni Inc. FD	0.01%	58,956	$442K	No change
DBL Doubleline Opport Credit	0.01%	28,236	$441K	Reduce -1.3%
NAN Nuveen NY QLTY Muni Inc.	0.01%	38,119	$434K	No change
BIIB Biogen Inc.	0.01%	3,169	$434K	No change
NBH Neuberger Municipal Fund Inc.	0.01%	41,529	$432K	No change
NBB Nuveen Taxable Municipal Inc.	0.00%	26,210	$420K	No change
FBTC Fidelity Wise Origin Bitcoin	0.00%	5,791	$417K	Reduce -1.5%
PHYS Sprott Physical Gold Trust	0.00%	16,621	$400K	No change
OXY Occidental Petroleum Corp.	0.00%	8,062	$398K	Add +2.6%
XMQTX BlackRock Muniyield QLTY II	0.00%	39,579	$396K	No change
M Macy's Inc.	0.00%	31,500	$396K	Add +3.3%
KRBN KS Global Carbon Stratgy ETF	0.00%	13,525	$382K	Reduce -45.9%
IONS Ionis Pharmaceuticals Inc.	0.00%	12,476	$376K	No change
FMN Federated Herm Prem Muni Inc.	0.00%	34,360	$373K	Reduce -2.0%
CRSP Crispr Therapeutics AG	0.00%	10,682	$364K	No change
DORM Dorman Products Inc.	0.00%	3,000	$362K	No change
VTI VG Morningstar TS MKT ETF-US	0.00%	1,302	$358K	Reduce -3.7%
AWR American States Water Co. filed as AMER STATES WTR CO	0.00%	4,468	$352K	No change
AMG Affiliated Managers Group	0.00%	2,085	$350K	Add +17.5%
AMT American Tower Corp.	0.00%	1,600	$348K	No change
META Meta Platforms Inc. Class A	0.00%	598	$345K	Add +2.6%
T AT&T Inc.	0.00%	12,092	$342K	Add +16.3%
PEP Pepsico Inc.	0.00%	2,273	$341K	Reduce -1.7%
XEFRX Eaton Vance Sr FLTG Rate TR	0.00%	27,801	$341K	No change
TFPM Triple Flag Precious Met	0.00%	17,548	$336K	Add +35.1%
AFL Aflac Inc.	0.00%	3,000	$334K	No change
CNP Centerpoint Energy Inc.	0.00%	9,133	$331K	Reduce -5.2%
NVG Nuveen Amt-FR Muni CRDT	0.00%	26,276	$325K	Reduce -1.1%
MKTX Marketaxess Holdings Inc.	0.00%	1,494	$323K	No change
VZ Verizon Communications Inc.	0.00%	6,973	$316K	Add +19.6%
CNS Cohen & Steers Inc.	0.00%	3,789	$304K	Reduce -7.7%
MOV Movado Group Inc.	0.00%	18,173	$304K	Reduce -0.5%
CL Colgate-Palmolive Co.	0.00%	3,102	$291K	No change
NFLX Netflix Inc.	0.00%	311	$290K	Reduce -19.4%
PBH Prestige Consumer Healthcare	0.00%	3,247	$279K	No change
NVIR Horizon Kin Enrg & Remed ETF	0.00%	8,899	$271K	Add +1.0%
GPC Genuine Parts Co.	0.00%	2,250	$268K	Reduce -4.7%
CQP Cheniere Energy Partners LP	0.00%	4,000	$264K	No change
GEHC GE Healthcare Technology	0.00%	3,264	$263K	Reduce -0.5%
BWXT BWX Technologies Inc.	0.00%	2,665	$263K	Reduce -0.9%
PCM PCM Fund Inc.	0.00%	40,252	$260K	No change
AWK American Water Works Co. Inc.	0.00%	1,734	$256K	No change
ETN Eaton Corp. PLC	0.00%	925	$251K	Reduce -5.1%
URI United Rentals Inc.	0.00%	400	$251K	New
BGT BlackRock Fltng RT Inc. TR	0.00%	19,778	$246K	No change
EXE Expand Energy Corp.	0.00%	2,203	$245K	No change
ADP Automatic Data Processing	0.00%	800	$244K	No change
IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA	0.00%	3,050	$237K	No change
RA Brookfield Real Assets Incom	0.00%	17,614	$232K	No change
XENWX Eaton Vance New York Municip	0.00%	24,358	$231K	No change
PWR Quanta Services Inc.	0.00%	900	$229K	No change
JPC Nuveen Prefered & Income Opp	0.00%	28,250	$225K	Reduce -1.0%
EIM Eaton Vance Municipal Bond	0.00%	22,431	$224K	No change
LLYVA Liberty Media Corp.-Liberty-A	0.00%	3,194	$215K	Reduce -31.4%
IQI Invesco Quality Muni Inc. TR	0.00%	22,115	$214K	No change
AMZN Amazon.com Inc.	0.00%	1,125	$214K	Add +0.1%
B Barrick Gold Corp.	0.00%	10,600	$206K	New
NEE Nextera Energy Inc.	0.00%	2,860	$203K	No change
DAL Delta Air Lines Inc.	0.00%	4,600	$201K	No change
WYNN WYNN Resorts Ltd.	0.00%	2,401	$200K	Reduce -6.5%
NIM Nuveen Select Maturit Muni	0.00%	21,500	$200K	No change
MHD BlackRock Muniholdings Fund	0.00%	16,653	$196K	No change
SMR Nuscale Power Corp.	0.00%	13,550	$192K	No change
NMZ Nuveen Muni Hi Inc. Opport	0.00%	17,322	$189K	No change
PML PIMCO Municipal Income FD II	0.00%	23,325	$189K	No change
EVF Eaton Vance Senior Income TR	0.00%	32,130	$188K	No change
XBNYX BlackRock New York Muni Inc.	0.00%	18,237	$185K	No change
XEVVX Eaton Vance Ltd. Durat Inc.	0.00%	15,668	$156K	No change
KYN Kayne Anderson Energy Infra	0.00%	12,032	$154K	Reduce -0.5%
EFT Eaton Vance Fltng RT Inc. TR	0.00%	12,000	$151K	No change
BLE BlackRock Muni Inc. TR II	0.00%	14,426	$150K	No change
HLN Haleon PLC-ADR	0.00%	14,082	$145K	No change
REPL Replimune Group Inc.	0.00%	14,396	$140K	No change
CXE MFS High Income Municipal TR	0.00%	34,614	$128K	Reduce -2.3%
BCYC Bicycle Therapeutics PLC-ADR	0.00%	14,396	$122K	No change
OIA Invesco Municipal Income Opp	0.00%	19,911	$120K	No change
VNDA Vanda Pharmaceuticals Inc.	0.00%	25,912	$119K	No change
VTN Invesco TR for Invest GRD NY	0.00%	10,414	$109K	No change
NUV Nuveen Municipal Value	0.00%	12,350	$108K	No change
NTLA Intellia Therapeutics Inc.	0.00%	14,596	$104K	Add +1.4%
EVN Eaton Vance Muni Inc. TR	0.00%	10,014	$103K	No change
LTRN Lantern Pharma Inc.	0.00%	28,791	$102K	No change
ETHE Grayscale Ethereum Staking E	0.00%	6,683	$102K	No change
XEVMX Eaton Vance Cal Muni Bond	0.00%	10,679	$99K	No change
TSVT 2SEVENTY Bio Inc.	0.00%	17,275	$85K	No change
GALT Galectin Therapeutics Inc.	0.00%	53,742	$66K	No change
PYN PIMCO New York Muni FND III	0.00%	10,355	$58K	No change
OIS Oil States International Inc. filed as OIL STS INTL INC	0.00%	11,300	$58K	No change
VVR Invesco Senior Income Trust	0.00%	15,179	$57K	No change
ZCSH The Zcash ETF filed as GRAYSCALE ZCASH	0.00%	15,492	$46K	No change
TTI Tetra Technologies Inc.	0.00%	13,600	$46K	No change
EVLV Evolv Technologies Holdings	0.00%	13,500	$42K	No change
HIO Western Asset Hi Inc. Opport	0.00%	10,072	$40K	No change
EDIT Editas Medicine Inc.	0.00%	31,720	$37K	No change
ALLO Allogene Therapeutics Inc.	0.00%	19,194	$28K	No change
BITF Bitfarms Ltd./Canada	0.00%	18,300	$14K	No change
PACB Pacific Biosciences of Calif	0.00%	11,517	$14K	No change
ETH Grayscale Ethereum Staking M	0.00%	665	$11K	No change
GBAT Grayscale Basic Attention TK	0.00%	2,089	$4K	No change
MANA Grayscale Decentraland Trust	0.00%	691	$3K	No change

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