Horizon Kinetics Asset Management LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Horizon Kinetics Asset Management LLC reported 334 stock positions worth $8.2 billion. Its top holding was Texas Pacific Land (TPL) at 39.9% of the portfolio, followed by Grayscale Bitcoin Trust ETF (GBTC, 15.5%) and Wheaton Precious Metals (WPM, 3.8%). Compared with Q2 2025, it opened 11 new positions, sold out of 26, added to 51 and reduced 236. The biggest buy was a new position in Waterbridge Infrastruc Class A (WBI) and the biggest sale Texas Pacific Land (TPL, shares −2%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001056823
- Portfolio Value
- $8.2B (Q3 2025)
- SEC Filing
- 0001056823-25-000029 ↗ filed Nov 14, 2025
Holdings Value
Holdings 334 stocks · $8.2B
| TPL Texas Pacific Land Corp. | 39.90% | 3,504,692 | $3.3B | Reduce -2.0% |
| GBTC Grayscale Bitcoin Trust ETF | 15.52% | 14,181,200 | $1.3B | Reduce -2.5% |
| WPM Wheaton Precious Metals Corp. | 3.81% | 2,792,112 | $312.3M | Reduce -6.5% |
| LB Landbridge Co. LLC-A | 3.66% | 5,632,113 | $300.5M | Add +2.4% |
| FNV Franco-Nevada Corp. | 2.75% | 1,012,362 | $225.7M | Reduce -3.0% |
| HE Hawaiian Electric Inds | 2.46% | 18,257,717 | $201.6M | Add +12.1% |
| WBI Waterbridge Infrastruc Class A | 1.95% | 6,354,306 | $160.3M | New |
| BTC Grayscale Bitcoin Mini ETF | 1.85% | 3,000,467 | $151.9M | Reduce -2.3% |
| ICE Intercontinental Exchange Inc. | 1.71% | 831,061 | $140.0M | Reduce -0.1% |
| PBT Permian Basin Royalty Trust | 1.36% | 6,099,049 | $111.3M | Add +4.4% |
| LNG Cheniere Energy Inc. | 1.35% | 472,959 | $111.1M | Reduce -2.5% |
| CBOE Cboe Global Markets Inc. | 1.22% | 409,459 | $100.4M | Reduce -0.8% |
| MSB Mesabi Trust | 1.07% | 2,999,326 | $87.8M | Add +1.3% |
| CACI Caci International Inc. Class A | 0.98% | 160,665 | $80.1M | Reduce -0.6% |
| BN Brookfield Corp. | 0.92% | 1,649,271 | $75.4M | Add +40.6% |
| CME Cme Group Inc. | 0.91% | 276,773 | $74.8M | Add +117.3% |
| OR Or Royalties Inc. | 0.89% | 1,823,650 | $73.1M | Add +0.3% |
| VNOM Viper Energy Inc. Class A | 0.80% | 1,721,927 | $65.8M | New |
| CVEO Civeo Corp. | 0.75% | 2,690,466 | $61.9M | Reduce -6.6% |
| AN Autonation Inc. | 0.69% | 259,335 | $56.7M | Reduce -0.9% |
| CCJ Cameco Corp. | 0.69% | 676,032 | $56.7M | Add +0.1% |
| MIAX Miami International Holdings | 0.68% | 1,382,403 | $55.7M | New |
| IBIT iShares Bitcoin Trust ETF | 0.66% | 826,901 | $53.7M | Reduce -14.0% |
| MSTR Strategy Inc. | 0.54% | 138,488 | $44.6M | Reduce -4.8% |
| GLXY Galaxy Digital Inc. Class A | 0.52% | 1,253,870 | $42.4M | Reduce -8.1% |
| HKHC Horizon Kinetics Holding Cor | 0.49% | 1,075,161 | $40.5M | Add +6470.7% |
| DBRG Digitalbridge Group Inc. | 0.47% | 3,286,397 | $38.5M | Reduce -9.2% |
| SJT San Juan Basin Royalty TR | 0.41% | 5,611,981 | $33.9M | Add +22.1% |
| MRSH Marsh & McLennan Cos | 0.39% | 157,219 | $31.7M | Add +0.3% |
| TRC Tejon Ranch Co. | 0.37% | 1,913,978 | $30.6M | Add +16.2% |
| PAG Penske Automotive Group Inc. | 0.36% | 170,610 | $29.7M | Reduce -0.4% |
| BG Bunge Global SA | 0.35% | 350,083 | $28.4M | Reduce -0.3% |
| LYV Live Nation Entertainment Inc. | 0.34% | 172,112 | $28.1M | Reduce -44.7% |
| CCL Carnival Corp. | 0.34% | 961,734 | $27.8M | Reduce -0.8% |
| JOE The St Joe Co. | 0.34% | 555,729 | $27.5M | Reduce -0.0% |
| ACGP Associated Capital Group - A | 0.33% | 805,348 | $27.0M | Reduce -7.0% |
| HHH Howard Hughes Holdings Inc. | 0.31% | 306,248 | $25.2M | Reduce -26.4% |
| DMLP Dorchester Minerals LP | 0.28% | 885,615 | $22.9M | Reduce -3.4% |
| WTM White Mountains Insurance GP | 0.27% | 13,084 | $21.9M | Add +19.3% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.25% | 40,349 | $20.3M | Reduce -5.1% |
| WFG West Fraser Timber Co. Ltd. | 0.25% | 296,006 | $20.1M | Reduce -2.9% |
| SII Sprott Inc. | 0.22% | 214,814 | $17.9M | Add +0.9% |
| RCL Royal Caribbean Cruises Ltd. | 0.21% | 54,033 | $17.5M | Reduce -3.8% |
| SAND Sandstorm Gold Ltd. | 0.19% | 1,274,954 | $16.0M | Reduce -65.0% |
| OSK Oshkosh Corp. | 0.18% | 116,700 | $15.1M | Reduce -6.0% |
| IPAR Interparfums Inc. | 0.17% | 138,817 | $13.7M | Reduce -0.7% |
| VUSB Vanguard Ultra Short Bond Et | 0.16% | 263,822 | $13.2M | Reduce -27.1% |
| RGLD Royal Gold Inc. | 0.16% | 63,820 | $12.8M | Reduce -12.4% |
| RPRX Royalty Pharma PLC Class A | 0.15% | 354,685 | $12.5M | Add +0.3% |
| RBA RB Global Inc. | 0.14% | 109,696 | $11.9M | Reduce -0.3% |
| MA Mastercard Inc. Class A | 0.14% | 19,630 | $11.2M | Reduce -1.6% |
| BKKT Bakkt Inc. filed as BAKKT HOLDINGS INC | 0.13% | 328,529 | $11.1M | Reduce -2.0% |
| BAM Brookfield Asset Mgmt-A | 0.13% | 190,647 | $10.9M | Reduce -10.7% |
| WMB Williams Cos Inc. | 0.11% | 141,934 | $9.0M | Reduce -17.4% |
| FWONK Liberty Media Corp. Class C | 0.11% | 84,345 | $8.8M | Reduce -5.3% |
| SBR Sabine Royalty Trust | 0.11% | 109,410 | $8.7M | Reduce -0.1% |
| SPAQ Horizon Kinetics Spac Active | 0.10% | 76,904 | $8.0M | Reduce -32.0% |
| VGSH Vanguard Short-Term Treasury | 0.09% | 124,996 | $7.4M | Reduce -47.4% |
| AB Alliancebernstein Holding LP | 0.09% | 188,256 | $7.2M | Add +14.2% |
| BCHG Grayscale Bitcoin Cash Trust | 0.08% | 1,487,494 | $6.6M | Reduce -3.5% |
| ET Energy Transfer LP | 0.08% | 369,535 | $6.3M | Reduce -16.0% |
| NDAQ Nasdaq Inc. | 0.08% | 69,970 | $6.2M | Add +0.7% |
| ARIS WATER SOLUTIONS INC-A | 0.07% | 222,429 | $5.5M | Reduce -89.4% |
| MSGS Madison Square Garden Sports | 0.07% | 23,724 | $5.4M | Reduce -4.5% |
| SAIC Science Applications Inte | 0.06% | 53,138 | $5.3M | Add +0.3% |
| XOM Exxon Mobil Corp. | 0.06% | 45,610 | $5.1M | Reduce -15.9% |
| JAPN Horizon Kinetics Japan Owner | 0.06% | 169,748 | $4.8M | Add +981.8% |
| ABBV Abbvie Inc. | 0.06% | 20,353 | $4.7M | Reduce -14.2% |
| BCDF Horizon Kin Blockchain Dev | 0.06% | 148,241 | $4.7M | Reduce -1.7% |
| MKL Markel Group Inc. | 0.06% | 2,407 | $4.6M | Reduce -0.4% |
| INFL Horizon Kinetics Infl Benef | 0.06% | 101,299 | $4.5M | Reduce -1.6% |
| LTCN Grayscale Litecoin Trust | 0.05% | 497,743 | $4.4M | Reduce -8.3% |
| EXP Eagle Materials Inc. | 0.05% | 18,766 | $4.4M | Reduce -6.9% |
| LBRT Liberty Energy Inc. | 0.05% | 346,826 | $4.3M | Add +132.1% |
| WEN The Wendy's Co. | 0.05% | 466,421 | $4.3M | Reduce -33.3% |
| ADM Archer-Daniels-Midland Co. | 0.05% | 67,383 | $4.0M | Reduce -86.7% |
| EPD Enterprise Products Partners | 0.05% | 127,373 | $4.0M | Reduce -21.6% |
| SPGI S&P Global Inc. | 0.05% | 8,112 | $3.9M | Reduce -20.4% |
| MSFT Microsoft Corp. | 0.05% | 7,482 | $3.9M | Reduce -36.9% |
| FCX Freeport-McMoran Inc. | 0.05% | 97,381 | $3.8M | Reduce -31.8% |
| FWONA Liberty Media Corp. Class A | 0.04% | 37,756 | $3.6M | Reduce -6.2% |
| BR Broadridge Financial Solutio | 0.04% | 15,048 | $3.6M | Add +93.9% |
| KLAC KLA Corp. | 0.04% | 3,251 | $3.5M | Reduce -31.9% |
| PM Philip Morris International | 0.04% | 21,014 | $3.4M | Reduce -40.3% |
| XNEAX Nuveen Amt-FR QLTY Muni Inc. | 0.04% | 297,264 | $3.4M | Reduce -12.4% |
| LLY Eli Lilly & Co. | 0.04% | 4,247 | $3.2M | Add +3.4% |
| FTLF Fitlife Brands Inc. | 0.04% | 154,456 | $3.1M | No change |
| SPHR Sphere Entertainment Co. | 0.04% | 49,391 | $3.1M | Reduce -8.2% |
| NTR Nutrien Ltd. | 0.04% | 51,926 | $3.0M | Reduce -21.6% |
| JNJ Johnson & Johnson | 0.04% | 16,180 | $3.0M | Reduce -16.2% |
| LHX L3HARRIS Technologies Inc. | 0.04% | 9,808 | $3.0M | Reduce -38.9% |
| TPH Tri Pointe Homes Inc. | 0.04% | 85,962 | $2.9M | Reduce -0.2% |
| AMLP Alerian MLP ETF | 0.03% | 59,674 | $2.8M | Reduce -2.7% |
| WT Wisdomtree Inc. | 0.03% | 201,038 | $2.8M | Add +1.1% |
| CSCO Cisco Systems Inc. | 0.03% | 40,691 | $2.8M | Reduce -28.2% |
| FNF Fidelity National Financial | 0.03% | 45,221 | $2.7M | Reduce -22.6% |
| CMRE Costamare Inc. | 0.03% | 227,100 | $2.7M | Reduce -31.4% |
| MO Altria Group Inc. | 0.03% | 40,657 | $2.7M | Reduce -35.6% |
| SU Suncor Energy Inc. | 0.03% | 61,944 | $2.6M | Reduce -20.5% |
| NRP Natural Resource Partners LP | 0.03% | 24,580 | $2.6M | Add +28.5% |
Options reported separately and not counted above: VXX calls ($960K), VIXY calls ($336K).
Portfolio Sells Q2 2025 → Q3 2025
| TPL Texas Pacific Land Corp. | Reduce -2.0% | 39.90% | −4.93 |
| VNOM Viper Energy Inc. | Sold out | 0.00% | −0.77 |
| ARIS WATER SOLUTIONS INC-A | Reduce -89.4% | 0.07% | −0.52 |
| ADM Archer-Daniels-Midland Co. | Reduce -86.7% | 0.05% | −0.27 |
| LYV Live Nation Entertainment Inc. | Reduce -44.7% | 0.34% | −0.22 |
| SAND Sandstorm Gold Ltd. | Reduce -65.0% | 0.19% | −0.21 |
| STR Sitio Royalties Corp. Class A | Sold out | 0.00% | −0.20 |
| MSTR Strategy Inc. | Reduce -4.8% | 0.54% | −0.15 |
| ICE Intercontinental Exchange Inc. | Reduce -0.1% | 1.71% | −0.10 |
| VGSH Vanguard Short-Term Treasury | Reduce -47.4% | 0.09% | −0.08 |
| LBRDK Liberty Broadband-C | Reduce -51.4% | 0.03% | −0.06 |
| ACGP Associated Capital Group - A | Reduce -7.0% | 0.33% | −0.06 |
| VUSB Vanguard Ultra Short Bond Et | Reduce -27.1% | 0.16% | −0.05 |
| IPAR Interparfums Inc. | Reduce -0.7% | 0.17% | −0.05 |
| LNG Cheniere Energy Inc. | Reduce -2.5% | 1.35% | −0.05 |
| IBIT iShares Bitcoin Trust ETF | Reduce -14.0% | 0.66% | −0.04 |
| SPAQ Horizon Kinetics Spac Active | Reduce -32.0% | 0.10% | −0.04 |
| WEN The Wendy's Co. | Reduce -33.3% | 0.05% | −0.04 |
| ELS Equity Lifestyle Properties | Reduce -57.6% | 0.03% | −0.04 |
| BX Blackstone Inc. | Reduce -72.0% | 0.02% | −0.04 |
| CVEO Civeo Corp. | Reduce -6.6% | 0.75% | −0.03 |
| PM Philip Morris International | Reduce -40.3% | 0.04% | −0.03 |
| FCX Freeport-McMoran Inc. | Reduce -31.8% | 0.05% | −0.03 |
| HHH Howard Hughes Holdings Inc. | Reduce -26.4% | 0.31% | −0.03 |
| DMLP Dorchester Minerals LP | Reduce -3.4% | 0.28% | −0.02 |
| MSFT Microsoft Corp. | Reduce -36.9% | 0.05% | −0.02 |
| WFG West Fraser Timber Co. Ltd. | Reduce -2.9% | 0.25% | −0.02 |
| NVDA Nvidia Corp. | Reduce -58.4% | 0.02% | −0.02 |
| WMB Williams Cos Inc. | Reduce -17.4% | 0.11% | −0.02 |
| ET Energy Transfer LP | Reduce -16.0% | 0.08% | −0.02 |
| SAN Banco Santander SA-Spon ADR | Reduce -74.4% | 0.01% | −0.02 |
| BSM Black Stone Minerals LP | Reduce -41.0% | 0.03% | −0.02 |
| BUR Burford Capital Ltd. | Reduce -36.3% | 0.02% | −0.02 |
| SPGI S&P Global Inc. | Reduce -20.4% | 0.05% | −0.02 |
| CRL Charles River Laboratories | Reduce -42.0% | 0.02% | −0.02 |
| IRM Iron Mountain Inc. | Reduce -40.1% | 0.02% | −0.02 |
| CSW CSW Industrials Inc. | Reduce -74.1% | 0.00% | −0.01 |
| CSCO Cisco Systems Inc. | Reduce -28.2% | 0.03% | −0.01 |
| BAC Bank of America Corp. | Reduce -50.1% | 0.02% | −0.01 |
| MO Altria Group Inc. | Reduce -35.6% | 0.03% | −0.01 |
| EPD Enterprise Products Partners | Reduce -21.6% | 0.05% | −0.01 |
| LHX L3HARRIS Technologies Inc. | Reduce -38.9% | 0.04% | −0.01 |
| HODL Vaneck Bitcoin ETF | Sold out | 0.00% | −0.01 |
| BIP Brookfield Infrastructure Pa | Sold out | 0.00% | −0.01 |
| FIS Fidelity National Info Serv | Reduce -23.2% | 0.02% | −0.01 |
| EMR Emerson Electric Co. | Reduce -26.4% | 0.03% | −0.01 |
| TELFY Telefonica SA-Spon ADR | Reduce -41.7% | 0.01% | −0.01 |
| BMY Bristol-Myers Squibb Co. | Reduce -26.8% | 0.02% | −0.01 |
| CM Can Imperial BK of Commerce | Sold out | 0.00% | −0.01 |
| NTR Nutrien Ltd. | Reduce -21.6% | 0.04% | −0.01 |
Portfolio Buys Q2 2025 → Q3 2025
| WBI Waterbridge Infrastruc Class A | New | 1.95% | +1.95 |
| VNOM Viper Energy Inc. Class A | New | 0.80% | +0.80 |
| MIAX Miami International Holdings | New | 0.68% | +0.68 |
| CME Cme Group Inc. | Add +117.3% | 0.91% | +0.50 |
| PBT Permian Basin Royalty Trust | Add +4.4% | 1.36% | +0.49 |
| HKHC Horizon Kinetics Holding Cor | Add +6470.7% | 0.49% | +0.49 |
| HE Hawaiian Electric Inds | Add +12.1% | 2.46% | +0.40 |
| OR Or Royalties Inc. | Add +0.3% | 0.89% | +0.34 |
| MSB Mesabi Trust | Add +1.3% | 1.07% | +0.23 |
| CCJ Cameco Corp. | Add +0.1% | 0.69% | +0.10 |
| SJT San Juan Basin Royalty TR | Add +22.1% | 0.41% | +0.09 |
| BN Brookfield Corp. | Add +40.6% | 0.92% | +0.06 |
| JAPN Horizon Kinetics Japan Owner | Add +981.8% | 0.06% | +0.05 |
| SII Sprott Inc. | Add +0.9% | 0.22% | +0.04 |
| TRC Tejon Ranch Co. | Add +16.2% | 0.37% | +0.04 |
| WTM White Mountains Insurance GP | Add +19.3% | 0.27% | +0.03 |
| LBRT Liberty Energy Inc. | Add +132.1% | 0.05% | +0.03 |
| BR Broadridge Financial Solutio | Add +93.9% | 0.04% | +0.02 |
| NRP Natural Resource Partners LP | Add +28.5% | 0.03% | +0.01 |
| AB Alliancebernstein Holding LP | Add +14.2% | 0.09% | +0.01 |
| STZ Constellation Brands Inc. Class A | New | 0.01% | +0.01 |
| UNH Unitedhealth Group Inc. | New | 0.01% | +0.01 |
| WT Wisdomtree Inc. | Add +1.1% | 0.03% | +0.01 |
| AEHR Aehr Test Systems | New | 0.01% | +0.01 |
| PCYO Pure Cycle Corp. | Add +248.2% | 0.01% | +0.01 |
| IONS Ionis Pharmaceuticals Inc. | Add +4.4% | 0.01% | +0.00 |
| PNI PIMCO NY Muni Inc. II FND | New | 0.00% | +0.00 |
| TFPM Triple Flag Precious Met | Add +15.8% | 0.01% | +0.00 |
| BEAM Beam Therapeutics Inc. | New | 0.00% | +0.00 |
| NOC Northrop Grumman Corp. | New | 0.00% | +0.00 |
| NEE Nextera Energy Inc. | New | 0.00% | +0.00 |
| TMO Thermo Fisher Scientific Inc. | New | 0.00% | +0.00 |
| CRSP Crispr Therapeutics AG | Add +4.3% | 0.01% | +0.00 |
| NDAQ Nasdaq Inc. | Add +0.7% | 0.08% | +0.00 |
| BNT Brookfield Wealth Solutions | Add +44.8% | 0.02% | +0.00 |
| SBLK Star Bulk Carriers Corp. | Add +4.8% | 0.01% | +0.00 |
| GALT Galectin Therapeutics Inc. | Add +4.4% | 0.00% | +0.00 |
| NTLA Intellia Therapeutics Inc. | Add +4.4% | 0.00% | +0.00 |
| LLY Eli Lilly & Co. | Add +3.4% | 0.04% | +0.00 |
| RPRX Royalty Pharma PLC Class A | Add +0.3% | 0.15% | +0.00 |
| ETCG Grayscale Ethereum Classic T | Add +0.6% | 0.01% | +0.00 |
| ALKS Alkermes PLC | Add +4.4% | 0.01% | +0.00 |
| BIIB Biogen Inc. | Add +2.7% | 0.01% | +0.00 |
| REGN Regeneron Pharmaceuticals | Add +4.3% | 0.01% | +0.00 |
| EDIT Editas Medicine Inc. | Add +4.2% | 0.00% | +0.00 |
| LTRN Lantern Pharma Inc. | Add +4.4% | 0.00% | +0.00 |
| ETH Grayscale Ethereum Staking M | Add +63.5% | 0.00% | +0.00 |
| ARLP Alliance Resource Partners | Add +1.7% | 0.02% | +0.00 |
| BCYC Bicycle Therapeutics PLC-ADR | Add +4.4% | 0.00% | +0.00 |
| BA The Boeing Co. | Add +2.7% | 0.00% | +0.00 |
Options Activity Q2 2025 → Q3 2025
| PROSHARES TR II | call | Sold out | 2,500 | $238Kbefore exit |
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 |