Horizon Kinetics Asset Management LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 12, 2025), Horizon Kinetics Asset Management LLC reported 349 stock positions worth $8.4 billion. Its top holding was Texas Pacific Land (TPL) at 44.8% of the portfolio, followed by Grayscale Bitcoin Trust ETF (GBTC, 14.6%) and Landbridge Co. LLC-A (LB, 4.4%). Compared with Q1 2025, it opened 17 new positions, sold out of 9, added to 98 and reduced 145. The biggest buy was a new position in Cheniere Energy (LNG) and the biggest sale Texas Pacific Land (TPL, shares −0%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001056823
- Portfolio Value
- $8.4B (Q2 2025)
- SEC Filing
- 0001056823-25-000019 ↗ filed Aug 12, 2025
Holdings Value
Holdings 349 stocks · $8.4B
| TPL Texas Pacific Land Corp. | 44.83% | 3,577,531 | $3.8B | Reduce -0.5% |
| GBTC Grayscale Bitcoin Trust ETF | 14.64% | 14,551,191 | $1.2B | Reduce -1.0% |
| LB Landbridge Co. LLC-A | 4.41% | 5,498,925 | $371.6M | Add +0.2% |
| WPM Wheaton Precious Metals Corp. | 3.18% | 2,985,486 | $268.1M | Add +1.0% |
| HE Hawaiian Electric Inds | 2.05% | 16,281,709 | $173.1M | Add +28.6% |
| FNV Franco-Nevada Corp. | 2.03% | 1,043,546 | $171.1M | Add +2.6% |
| ICE Intercontinental Exchange Inc. | 1.81% | 831,758 | $152.6M | Add +1.6% |
| BTC Grayscale Bitcoin Mini ETF | 1.74% | 3,072,369 | $146.7M | Add +0.4% |
| LNG Cheniere Energy Inc. | 1.40% | 484,912 | $118.1M | New |
| CBOE Cboe Global Markets Inc. | 1.14% | 412,717 | $96.2M | Reduce -1.3% |
| CACI Caci International Inc. Class A | 0.91% | 161,672 | $77.1M | Reduce -14.8% |
| PBT Permian Basin Royalty Trust | 0.86% | 5,839,825 | $72.8M | Add +41.3% |
| BN Brookfield Corp. | 0.86% | 1,173,001 | $72.6M | Reduce -3.1% |
| MSB Mesabi Trust | 0.84% | 2,960,590 | $70.9M | Add +2.0% |
| CVEO Civeo Corp. | 0.79% | 2,881,033 | $66.5M | Reduce -3.0% |
| VNOM Viper Energy Inc. | 0.77% | 1,711,181 | $65.2M | Add +6.1% |
| IBIT iShares Bitcoin Trust ETF | 0.70% | 961,927 | $58.9M | Add +10.5% |
| MSTR Strategy Inc. filed as MICROSTRATEGY INC | 0.70% | 145,499 | $58.8M | Reduce -9.9% |
| AN Autonation Inc. | 0.62% | 261,774 | $52.0M | Reduce -6.7% |
| CCJ Cameco Corp. | 0.59% | 675,700 | $50.2M | Add +6.8% |
| ARIS WATER SOLUTIONS INC-A | 0.59% | 2,095,604 | $49.6M | Add +43.1% |
| LYV Live Nation Entertainment Inc. | 0.56% | 311,116 | $47.1M | Reduce -4.6% |
| OR Or Royalties Inc. | 0.55% | 1,817,501 | $46.7M | Add +6.7% |
| DBRG Digitalbridge Group Inc. | 0.44% | 3,617,965 | $37.4M | Add +5.0% |
| CME Cme Group Inc. | 0.42% | 127,398 | $35.1M | Reduce -0.7% |
| MRSH Marsh & McLennan Cos | 0.41% | 156,787 | $34.3M | Add +5.5% |
| SAND Sandstorm Gold Ltd. | 0.41% | 3,644,651 | $34.3M | Reduce -0.8% |
| ACGP Associated Capital Group - A | 0.39% | 866,379 | $32.5M | Reduce -4.6% |
| GLXY Galaxy Digital Inc. Class A | 0.35% | 1,364,267 | $29.9M | New |
| PAG Penske Automotive Group Inc. | 0.35% | 171,327 | $29.4M | Reduce -7.3% |
| BG Bunge Global SA | 0.33% | 351,309 | $28.2M | Add +7.0% |
| HHH Howard Hughes Holdings Inc. | 0.33% | 416,373 | $28.1M | Reduce -4.7% |
| TRC Tejon Ranch Co. | 0.33% | 1,647,497 | $27.9M | Add +99.9% |
| SJT San Juan Basin Royalty TR | 0.33% | 4,594,502 | $27.5M | Add +86.0% |
| CCL Carnival Corp. | 0.32% | 969,428 | $27.3M | Reduce -10.7% |
| ADM Archer-Daniels-Midland Co. | 0.32% | 505,969 | $26.7M | Reduce -0.1% |
| JOE The St Joe Co. | 0.31% | 555,891 | $26.5M | Add +1.0% |
| DMLP Dorchester Minerals LP | 0.30% | 916,849 | $25.5M | Add +0.5% |
| WFG West Fraser Timber Co. Ltd. | 0.27% | 304,838 | $22.3M | Add +5.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.24% | 42,526 | $20.7M | Reduce -1.4% |
| WTM White Mountains Insurance GP | 0.23% | 10,971 | $19.7M | Reduce -3.3% |
| IPAR Interparfums Inc. | 0.22% | 139,780 | $18.4M | Reduce -5.0% |
| VUSB Vanguard Ultra Short Bond Et | 0.21% | 362,083 | $18.1M | Reduce -8.4% |
| RCL Royal Caribbean Cruises Ltd. | 0.21% | 56,172 | $17.6M | Reduce -0.7% |
| STR Sitio Royalties Corp. Class A | 0.20% | 921,938 | $16.9M | Add +4.1% |
| SII Sprott Inc. | 0.17% | 212,898 | $14.7M | Add +7.0% |
| OSK Oshkosh Corp. | 0.17% | 124,206 | $14.1M | Reduce -10.6% |
| VGSH Vanguard Short-Term Treasury | 0.17% | 237,388 | $14.0M | Reduce -0.2% |
| RGLD Royal Gold Inc. | 0.15% | 72,892 | $13.0M | Reduce -2.3% |
| RPRX Royalty Pharma PLC Class A | 0.15% | 353,471 | $12.7M | Add +7.3% |
| SPAQ Horizon Kinetics Spac Active | 0.14% | 113,124 | $11.9M | Reduce -14.0% |
| BAM Brookfield Asset Mgmt-A | 0.14% | 213,573 | $11.8M | Reduce -5.7% |
| RBA RB Global Inc. | 0.14% | 110,030 | $11.7M | Reduce -0.7% |
| MA Mastercard Inc. Class A | 0.13% | 19,957 | $11.2M | Add +1.7% |
| WMB Williams Cos Inc. | 0.13% | 171,915 | $10.8M | Reduce -0.4% |
| FWONK Liberty Media Corp. Class C | 0.11% | 89,065 | $9.3M | Reduce -8.7% |
| WEN The Wendy's Co. | 0.09% | 699,342 | $8.0M | Reduce -8.2% |
| ET Energy Transfer LP | 0.09% | 439,947 | $8.0M | Add +7.5% |
| LBRDK Liberty Broadband-C | 0.09% | 74,613 | $7.3M | Reduce -13.0% |
| SBR Sabine Royalty Trust | 0.09% | 109,521 | $7.3M | Reduce -7.4% |
| AB Alliancebernstein Holding LP | 0.08% | 164,892 | $6.7M | Add +42.2% |
| PM Philip Morris International | 0.08% | 35,214 | $6.4M | Reduce -8.0% |
| NDAQ Nasdaq Inc. | 0.07% | 69,496 | $6.2M | Reduce -32.8% |
| FCX Freeport-McMoran Inc. | 0.07% | 142,847 | $6.2M | Add +0.3% |
| ELS Equity Lifestyle Properties | 0.07% | 97,128 | $6.0M | Reduce -3.4% |
| SAIC Science Applications Inte | 0.07% | 53,005 | $6.0M | Add +2.1% |
| BCHG Grayscale Bitcoin Cash Trust | 0.07% | 1,541,264 | $5.9M | Add +2.3% |
| MSFT Microsoft Corp. | 0.07% | 11,851 | $5.9M | Reduce -5.9% |
| XOM Exxon Mobil Corp. | 0.07% | 54,253 | $5.8M | Reduce -0.4% |
| SPGI S&P Global Inc. | 0.06% | 10,186 | $5.4M | Reduce -34.6% |
| MSGS Madison Square Garden Sports | 0.06% | 24,838 | $5.2M | Reduce -17.7% |
| EPD Enterprise Products Partners | 0.06% | 162,451 | $5.0M | Add +23.0% |
| MKL Markel Group Inc. | 0.06% | 2,416 | $4.8M | Reduce -3.2% |
| BCDF Horizon Kin Blockchain Dev | 0.06% | 150,778 | $4.7M | Add +14.3% |
| BKKT Bakkt Inc. filed as BAKKT HOLDINGS INC | 0.06% | 335,279 | $4.7M | Reduce -0.1% |
| BX Blackstone Inc. | 0.05% | 29,999 | $4.5M | Reduce -0.7% |
| ABBV Abbvie Inc. | 0.05% | 23,710 | $4.4M | Reduce -1.9% |
| INFL Horizon Kinetics Infl Benef | 0.05% | 102,956 | $4.3M | Add +4.7% |
| KLAC KLA Corp. | 0.05% | 4,776 | $4.3M | Reduce -0.2% |
| EXP Eagle Materials Inc. | 0.05% | 20,161 | $4.1M | Reduce -10.1% |
| LHX L3HARRIS Technologies Inc. | 0.05% | 16,050 | $4.0M | No change |
| CSCO Cisco Systems Inc. | 0.05% | 56,641 | $3.9M | No change |
| NTR Nutrien Ltd. | 0.05% | 66,245 | $3.9M | Add +1.0% |
| FWONA Liberty Media Corp. Class A | 0.05% | 40,236 | $3.8M | Reduce -1.6% |
| XNEAX Nuveen Amt-FR QLTY Muni Inc. | 0.04% | 339,465 | $3.7M | Reduce -1.2% |
| MO Altria Group Inc. | 0.04% | 63,147 | $3.7M | Reduce -0.1% |
| LTCN Grayscale Litecoin Trust | 0.04% | 542,478 | $3.6M | Add +5.3% |
| BSM Black Stone Minerals LP | 0.04% | 268,638 | $3.5M | No change |
| CRL Charles River Laboratories | 0.04% | 22,260 | $3.4M | Reduce -35.1% |
| IRM Iron Mountain Inc. filed as IRON MTN INC DEL | 0.04% | 32,455 | $3.3M | No change |
| FNF Fidelity National Financial | 0.04% | 58,461 | $3.3M | Add +0.7% |
| NVDA Nvidia Corp. | 0.04% | 20,710 | $3.3M | Reduce -6.1% |
| LLY Eli Lilly & Co. | 0.04% | 4,106 | $3.2M | Reduce -3.5% |
| EMR Emerson Electric Co. | 0.04% | 23,692 | $3.2M | Add +1.0% |
| BUR Burford Capital Ltd. | 0.04% | 212,489 | $3.0M | Reduce -20.1% |
| CMRE Costamare Inc. | 0.04% | 331,100 | $3.0M | Add +2.9% |
| CAT Caterpillar Inc. | 0.04% | 7,729 | $3.0M | Reduce -2.4% |
| AMLP Alerian MLP ETF | 0.04% | 61,357 | $3.0M | Add +0.0% |
| JNJ Johnson & Johnson | 0.04% | 19,302 | $2.9M | Reduce -1.6% |
| RTX RTX Corp. | 0.03% | 20,099 | $2.9M | Reduce -2.0% |
Options reported separately and not counted above: VXX calls ($1.4M), VIXY calls ($458K), PROSHARES TR II calls ($238K).
Portfolio Sells Q1 2025 → Q2 2025
| TPL Texas Pacific Land Corp. | Reduce -0.5% | 44.83% | −9.92 |
| HHH Howard Hughes Holdings Inc. | Reduce -4.7% | 0.33% | −0.04 |
| WEN The Wendy's Co. | Reduce -8.2% | 0.09% | −0.03 |
| SPGI S&P Global Inc. | Reduce -34.6% | 0.06% | −0.03 |
| CRL Charles River Laboratories | Reduce -35.1% | 0.04% | −0.02 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -1.4% | 0.24% | −0.02 |
| WTM White Mountains Insurance GP | Reduce -3.3% | 0.23% | −0.02 |
| NDAQ Nasdaq Inc. | Reduce -32.8% | 0.07% | −0.02 |
| ACGP Associated Capital Group - A | Reduce -4.6% | 0.39% | −0.01 |
| TPH Tri Pointe Homes Inc. | Reduce -30.5% | 0.03% | −0.01 |
| VUSB Vanguard Ultra Short Bond Et | Reduce -8.4% | 0.21% | −0.01 |
| SPAQ Horizon Kinetics Spac Active | Reduce -14.0% | 0.14% | −0.01 |
| KMI Kinder Morgan Inc. | Reduce -37.1% | 0.02% | −0.01 |
| EXP Eagle Materials Inc. | Reduce -10.1% | 0.05% | −0.01 |
| LBRT Liberty Energy Inc. | Reduce -6.0% | 0.02% | −0.01 |
| PTEN Patterson-Uti Energy Inc. | Reduce -1.2% | 0.02% | −0.01 |
| IWM iShares Russell 2000 ETF | Sold out | 0.00% | −0.01 |
| ABBV Abbvie Inc. | Reduce -1.9% | 0.05% | −0.01 |
| ELS Equity Lifestyle Properties | Reduce -3.4% | 0.07% | −0.01 |
| MSGS Madison Square Garden Sports | Reduce -17.7% | 0.06% | −0.01 |
| SBR Sabine Royalty Trust | Reduce -7.4% | 0.09% | −0.01 |
| KHC The Kraft Heinz Co. | Sold out | 0.00% | −0.01 |
| CVX Chevron Corp. | Reduce -1.9% | 0.03% | −0.01 |
| XOM Exxon Mobil Corp. | Reduce -0.4% | 0.07% | −0.01 |
| KRP Kimbell Royalty Partners LP | Reduce -39.9% | 0.01% | −0.00 |
| BUR Burford Capital Ltd. | Reduce -20.1% | 0.04% | −0.00 |
| XES SS SPDR S&P Og Eqp & Serv | Reduce -29.1% | 0.01% | −0.00 |
| RYN Rayonier Inc. | Reduce -10.2% | 0.01% | −0.00 |
| CMS CMS Energy Corp. | Reduce -21.6% | 0.01% | −0.00 |
| PBH Prestige Consumer Healthcare | Sold out | 0.00% | −0.00 |
| EXE Expand Energy Corp. | Sold out | 0.00% | −0.00 |
| PCH Potlatchdeltic Corp. | Reduce -3.6% | 0.01% | −0.00 |
| JNJ Johnson & Johnson | Reduce -1.6% | 0.04% | −0.00 |
| LLY Eli Lilly & Co. | Reduce -3.5% | 0.04% | −0.00 |
| NEE Nextera Energy Inc. | Sold out | 0.00% | −0.00 |
| WYNN WYNN Resorts Ltd. | Sold out | 0.00% | −0.00 |
| DHR Danaher Corp. | Reduce -15.0% | 0.01% | −0.00 |
| KKR KKR & Co. Inc. | Reduce -40.7% | 0.01% | −0.00 |
| KYN Kayne Anderson Energy Infra | Sold out | 0.00% | −0.00 |
| SEG Seaport Entertainment Group | Reduce -2.2% | 0.01% | −0.00 |
| AMGN Amgen Inc. | Reduce -3.9% | 0.01% | −0.00 |
| EBAY eBay Inc. | Reduce -24.2% | 0.01% | −0.00 |
| SON Sonoco Products Co. | Reduce -0.8% | 0.02% | −0.00 |
| ALKS Alkermes PLC | Reduce -4.2% | 0.01% | −0.00 |
| WY Weyerhaeuser Co. | Reduce -2.3% | 0.01% | −0.00 |
| AZN Astrazeneca PLC-Spons ADR | Reduce -7.0% | 0.01% | −0.00 |
| KRBN KS Global Carbon Stratgy ETF | Reduce -29.9% | 0.00% | −0.00 |
| REGN Regeneron Pharmaceuticals | Reduce -4.1% | 0.00% | −0.00 |
| TSVT 2SEVENTY Bio Inc. | Sold out | 0.00% | −0.00 |
| SIRI Sirius XM Holdings Inc. | Reduce -11.1% | 0.01% | −0.00 |
Portfolio Buys Q1 2025 → Q2 2025
| LNG Cheniere Energy Inc. | New | 1.40% | +1.40 |
| WPM Wheaton Precious Metals Corp. | Add +1.0% | 3.18% | +0.54 |
| HE Hawaiian Electric Inds | Add +28.6% | 2.05% | +0.46 |
| BTC Grayscale Bitcoin Mini ETF | Add +0.4% | 1.74% | +0.46 |
| PBT Permian Basin Royalty Trust | Add +41.3% | 0.86% | +0.39 |
| GLXY Galaxy Digital Inc. Class A | New | 0.35% | +0.35 |
| CCJ Cameco Corp. | Add +6.8% | 0.59% | +0.30 |
| IBIT iShares Bitcoin Trust ETF | Add +10.5% | 0.70% | +0.23 |
| ICE Intercontinental Exchange Inc. | Add +1.6% | 1.81% | +0.19 |
| FNV Franco-Nevada Corp. | Add +2.6% | 2.03% | +0.19 |
| TRC Tejon Ranch Co. | Add +99.9% | 0.33% | +0.18 |
| SJT San Juan Basin Royalty TR | Add +86.0% | 0.33% | +0.17 |
| OR Or Royalties Inc. | Add +6.7% | 0.55% | +0.14 |
| DBRG Digitalbridge Group Inc. | Add +5.0% | 0.44% | +0.09 |
| SII Sprott Inc. | Add +7.0% | 0.17% | +0.07 |
| ARIS WATER SOLUTIONS INC-A | Add +43.1% | 0.59% | +0.05 |
| BG Bunge Global SA | Add +7.0% | 0.33% | +0.05 |
| RPRX Royalty Pharma PLC Class A | Add +7.3% | 0.15% | +0.03 |
| BCHG Grayscale Bitcoin Cash Trust | Add +2.3% | 0.07% | +0.03 |
| AB Alliancebernstein Holding LP | Add +42.2% | 0.08% | +0.03 |
| JOE The St Joe Co. | Add +1.0% | 0.31% | +0.02 |
| BCDF Horizon Kin Blockchain Dev | Add +14.3% | 0.06% | +0.01 |
| VRT Vertiv Holdings Co. Class A | Add +4.3% | 0.03% | +0.01 |
| FCX Freeport-McMoran Inc. | Add +0.3% | 0.07% | +0.01 |
| WFG West Fraser Timber Co. Ltd. | Add +5.6% | 0.27% | +0.01 |
| MA Mastercard Inc. Class A | Add +1.7% | 0.13% | +0.01 |
| NTR Nutrien Ltd. | Add +1.0% | 0.05% | +0.01 |
| NRK Nuveen NY Amt-FR Muni Inc. | Add +96.7% | 0.02% | +0.01 |
| EMR Emerson Electric Co. | Add +1.0% | 0.04% | +0.01 |
| EPD Enterprise Products Partners | Add +23.0% | 0.06% | +0.01 |
| GOOGL Alphabet Inc. Class A | Add +62.0% | 0.02% | +0.01 |
| XMVFX BlackRock Munivest Fund | New | 0.01% | +0.01 |
| MYI BlackRock Muniyield QLTY III | Add +132.5% | 0.01% | +0.01 |
| ET Energy Transfer LP | Add +7.5% | 0.09% | +0.01 |
| NAD Nuveen Quality Municipal Inc. | Add +37.8% | 0.03% | +0.01 |
| CMDB Costamare Bulkers Holding | New | 0.01% | +0.01 |
| AAPL Apple Inc. | Add +42.4% | 0.02% | +0.01 |
| SAN Banco Santander SA-Spon ADR | Add +1.5% | 0.03% | +0.01 |
| INFL Horizon Kinetics Infl Benef | Add +4.7% | 0.05% | +0.01 |
| MTA Metalla Royalty & Streaming | Add +1.0% | 0.02% | +0.01 |
| JAPN Horizon Kinetics Japan Owner | New | 0.01% | +0.01 |
| BAC Bank of America Corp. | Add +3.9% | 0.03% | +0.01 |
| AVGO Broadcom Inc. | New | 0.00% | +0.00 |
| LVS Las Vegas Sands Corp. | Add +0.3% | 0.03% | +0.00 |
| MOD Modine Manufacturing Co. | New | 0.00% | +0.00 |
| ERII Energy Recovery Inc. | New | 0.00% | +0.00 |
| RCG Renn Fund Inc. | Add +9.6% | 0.03% | +0.00 |
| EQT Eqt Corp. | Add +4.4% | 0.03% | +0.00 |
| BR Broadridge Financial Solutio | Add +17.6% | 0.02% | +0.00 |
| CTAS Cintas Corp. | New | 0.00% | +0.00 |
Options Activity Q1 2025 → Q2 2025
| VXX Ipath Series B S&P 500 Vix | call | Add +1.0% | 10,100 | $1.4M |
| VIXY Proshares Vix Short-Term Fut | call | Add +7.0% | 6,100 | $458K |
| DIREXION SHS ETF TR | call | Sold out | 3,900 | $273Kbefore exit |
| PROSHARES TR II | call | Add +4.2% | 2,500 | $238K |
| DIREXION SHS ETF TR | call | Sold out | 6,600 | $205Kbefore 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 2025 → Q2 2025
| LNG Cheniere Energy Inc. | COM NEW · principal | Sold out | 484,096 | $112.0Mbefore 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 |