Horizon Kinetics Asset Management LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 11, 2026), Horizon Kinetics Asset Management LLC reported 322 stock positions worth $7.4 billion. Its top holding was Texas Pacific Land (TPL) at 40.1% of the portfolio, followed by Grayscale Bitcoin Trust ETF (GBTC, 13.0%) and Wheaton Precious Metals (WPM, 4.0%). Compared with Q3 2025, it opened 3 new positions, sold out of 15, added to 45 and reduced 197. The biggest buy was Hawaiian Electric Inds (HE, shares +6%) and the biggest sale Grayscale Bitcoin Trust ETF (GBTC, shares −0%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001056823
- Portfolio Value
- $7.4B (Q4 2025)
- SEC Filing
- 0001056823-26-000007 ↗ filed Feb 11, 2026
Holdings Value
Holdings 322 stocks · $7.4B
| TPL Texas Pacific Land Corp. | 40.15% | 10,333,762 | $3.0B | Reduce -1.7% |
| GBTC Grayscale Bitcoin Trust ETF | 13.05% | 14,113,593 | $964.8M | Reduce -0.5% |
| WPM Wheaton Precious Metals Corp. | 3.96% | 2,493,518 | $293.0M | Reduce -10.7% |
| LB Landbridge Co. LLC-A | 3.74% | 5,642,766 | $276.4M | Add +0.2% |
| HE Hawaiian Electric Inds | 3.23% | 19,392,363 | $238.5M | Add +6.2% |
| FNV Franco-Nevada Corp. | 2.71% | 968,101 | $200.7M | Reduce -4.4% |
| WBI Waterbridge Infrastruc Class A | 1.85% | 6,837,520 | $136.8M | Add +7.6% |
| ICE Intercontinental Exchange Inc. | 1.82% | 830,766 | $134.6M | Reduce -0.0% |
| MSB Mesabi Trust | 1.58% | 3,027,698 | $116.6M | Add +0.9% |
| BTC Grayscale Bitcoin Mini ETF | 1.57% | 2,997,060 | $116.1M | Reduce -0.1% |
| PBT Permian Basin Royalty Trust | 1.42% | 6,187,800 | $105.1M | Add +1.5% |
| CBOE Cboe Global Markets Inc. | 1.39% | 408,398 | $102.5M | Reduce -0.3% |
| LNG Cheniere Energy Inc. | 1.22% | 463,329 | $90.1M | Reduce -2.0% |
| CACI Caci International Inc. Class A | 1.14% | 158,591 | $84.5M | Reduce -1.3% |
| MIAX Miami International Holdings | 1.09% | 1,819,798 | $80.8M | Add +31.6% |
| CME Cme Group Inc. | 1.02% | 275,611 | $75.3M | Reduce -0.4% |
| BN Brookfield Corp. | 0.98% | 1,583,710 | $72.7M | Reduce -36.0% |
| VNOM Viper Energy Inc. Class A | 0.90% | 1,714,904 | $66.2M | Reduce -0.4% |
| OR Or Royalties Inc. | 0.87% | 1,815,024 | $64.2M | Reduce -0.5% |
| CCJ Cameco Corp. | 0.83% | 674,096 | $61.7M | Reduce -0.3% |
| CVEO Civeo Corp. | 0.76% | 2,449,487 | $56.0M | Reduce -9.0% |
| AN Autonation Inc. | 0.72% | 256,479 | $53.0M | Reduce -1.1% |
| DBRG Digitalbridge Group Inc. | 0.63% | 3,046,533 | $46.7M | Reduce -7.3% |
| IBIT iShares Bitcoin Trust ETF | 0.54% | 796,863 | $39.6M | Reduce -3.6% |
| SJT San Juan Basin Royalty TR | 0.47% | 6,231,144 | $35.0M | Add +11.0% |
| JOE The St Joe Co. | 0.45% | 554,837 | $32.9M | Reduce -0.2% |
| BG Bunge Global SA | 0.42% | 348,994 | $31.1M | Reduce -0.3% |
| TRC Tejon Ranch Co. | 0.41% | 1,912,573 | $30.2M | Reduce -0.1% |
| CCL Carnival Corp. | 0.40% | 957,548 | $29.2M | Reduce -0.4% |
| MRSH Marsh & McLennan Cos | 0.39% | 156,685 | $29.1M | Reduce -0.3% |
| GLXY Galaxy Digital Inc. Class A | 0.38% | 1,249,554 | $27.9M | Reduce -0.3% |
| WTM White Mountains Insurance GP | 0.37% | 13,121 | $27.3M | Add +0.3% |
| PAG Penske Automotive Group Inc. | 0.36% | 169,874 | $26.9M | Reduce -0.4% |
| HKHC Horizon Kinetics Holding Cor | 0.34% | 1,075,313 | $25.3M | Add +0.0% |
| LYV Live Nation Entertainment Inc. | 0.33% | 169,884 | $24.2M | Reduce -1.3% |
| HHH Howard Hughes Holdings Inc. | 0.32% | 293,360 | $23.4M | Reduce -4.2% |
| MSTR Strategy Inc. | 0.29% | 139,377 | $21.2M | Add +0.6% |
| RGLD Royal Gold Inc. | 0.29% | 94,876 | $21.1M | Add +48.7% |
| SII Sprott Inc. | 0.28% | 214,626 | $21.0M | Reduce -0.1% |
| DMLP Dorchester Minerals LP | 0.26% | 875,662 | $19.6M | Reduce -1.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.26% | 37,988 | $19.1M | Reduce -5.8% |
| VUSB Vanguard Ultra Short Bond Et | 0.23% | 342,542 | $17.1M | Add +29.8% |
| RCL Royal Caribbean Cruises Ltd. | 0.20% | 52,758 | $14.7M | Reduce -2.4% |
| OSK Oshkosh Corp. | 0.20% | 116,193 | $14.6M | Reduce -0.4% |
| TFPM Triple Flag Precious Met | 0.19% | 425,303 | $14.1M | Add +1510.2% |
| RPRX Royalty Pharma PLC Class A | 0.18% | 353,361 | $13.7M | Reduce -0.4% |
| IPAR Interparfums Inc. | 0.16% | 138,558 | $11.8M | Reduce -0.2% |
| MA Mastercard Inc. Class A | 0.15% | 19,579 | $11.2M | Reduce -0.3% |
| RBA RB Global Inc. | 0.15% | 107,627 | $11.1M | Reduce -1.9% |
| BAM Brookfield Asset Mgmt-A | 0.14% | 190,473 | $10.0M | Reduce -0.1% |
| WMB Williams Cos Inc. | 0.11% | 137,321 | $8.3M | Reduce -3.3% |
| FWONK Liberty Media Corp. Class C | 0.11% | 81,617 | $8.0M | Reduce -3.2% |
| SBR Sabine Royalty Trust | 0.10% | 109,487 | $7.5M | Add +0.1% |
| AB Alliancebernstein Holding LP | 0.10% | 193,741 | $7.5M | Add +2.9% |
| NDAQ Nasdaq Inc. | 0.09% | 70,822 | $6.9M | Add +1.2% |
| SPAQ Horizon Kinetics Spac Active | 0.09% | 71,954 | $6.5M | Reduce -6.4% |
| VGSH Vanguard Short-Term Treasury | 0.09% | 110,086 | $6.5M | Reduce -11.9% |
| BCHG Grayscale Bitcoin Cash Trust | 0.09% | 1,486,851 | $6.4M | Reduce -0.0% |
| LBRT Liberty Energy Inc. | 0.09% | 342,711 | $6.3M | Reduce -1.2% |
| MSGS Madison Square Garden Sports | 0.08% | 23,344 | $6.0M | Reduce -1.6% |
| ET Energy Transfer LP | 0.08% | 359,648 | $5.9M | Reduce -2.7% |
| VXF Vanguard Extended Market ETF | 0.07% | 25,889 | $5.4M | Add +361.3% |
| SAIC Science Applications Inte | 0.07% | 52,662 | $5.3M | Reduce -0.9% |
| WES Western Midstream Partners L | 0.07% | 134,085 | $5.3M | New |
| FCX Freeport-McMoran Inc. | 0.06% | 93,114 | $4.7M | Reduce -4.4% |
| BCDF Horizon Kin Blockchain Dev | 0.06% | 156,000 | $4.7M | Add +5.2% |
| JAPN Horizon Kinetics Japan Owner | 0.06% | 182,317 | $4.7M | Add +7.4% |
| XOM Exxon Mobil Corp. | 0.06% | 38,580 | $4.6M | Reduce -15.4% |
| BR Broadridge Financial Solutio | 0.06% | 20,423 | $4.6M | Add +35.7% |
| MKL Markel Group Inc. | 0.06% | 2,102 | $4.5M | Reduce -12.7% |
| SPHR Sphere Entertainment Co. | 0.06% | 47,463 | $4.5M | Reduce -3.9% |
| ABBV Abbvie Inc. | 0.06% | 19,541 | $4.5M | Reduce -4.0% |
| LLY Eli Lilly & Co. | 0.06% | 4,106 | $4.4M | Reduce -3.3% |
| INFL Horizon Kinetics Infl Benef | 0.06% | 98,980 | $4.4M | Reduce -2.3% |
| EPD Enterprise Products Partners | 0.05% | 112,063 | $3.6M | Reduce -12.0% |
| CMRE Costamare Inc. | 0.05% | 221,950 | $3.5M | Reduce -2.3% |
| MSFT Microsoft Corp. | 0.05% | 7,208 | $3.5M | Reduce -3.7% |
| ADM Archer-Daniels-Midland Co. | 0.05% | 60,202 | $3.5M | Reduce -10.7% |
| EXP Eagle Materials Inc. | 0.05% | 16,743 | $3.5M | Reduce -10.8% |
| KLAC KLA Corp. | 0.05% | 2,845 | $3.5M | Reduce -12.5% |
| XNEAX Nuveen Amt-FR QLTY Muni Inc. | 0.05% | 295,249 | $3.4M | Reduce -0.7% |
| JNJ Johnson & Johnson | 0.04% | 15,949 | $3.3M | Reduce -1.4% |
| BKKT Bakkt Inc. filed as BAKKT HOLDINGS INC | 0.04% | 324,706 | $3.3M | Reduce -1.2% |
| FWONA Liberty Media Corp. Class A | 0.04% | 36,018 | $3.2M | Reduce -4.6% |
| NTR Nutrien Ltd. | 0.04% | 51,872 | $3.2M | Reduce -0.1% |
| PM Philip Morris International | 0.04% | 19,851 | $3.2M | Reduce -5.5% |
| MTA Metalla Royalty & Streaming | 0.04% | 404,397 | $3.1M | No change |
| CSCO Cisco Systems Inc. | 0.04% | 38,941 | $3.0M | Reduce -4.3% |
| WEN The Wendy's Co. | 0.04% | 359,896 | $3.0M | Reduce -22.8% |
| MRK Merck & Co. Inc. | 0.04% | 28,147 | $3.0M | Reduce -1.6% |
| LTCN Grayscale Litecoin Trust | 0.04% | 503,902 | $2.9M | Add +1.2% |
| AMLP Alerian MLP ETF | 0.04% | 60,307 | $2.8M | Add +1.1% |
| LHX L3HARRIS Technologies Inc. | 0.04% | 9,388 | $2.8M | Reduce -4.3% |
| TPH Tri Pointe Homes Inc. | 0.04% | 85,962 | $2.7M | No change |
| CAT Caterpillar Inc. | 0.04% | 4,617 | $2.6M | Reduce -10.9% |
| NRP Natural Resource Partners LP | 0.04% | 24,865 | $2.6M | Add +1.2% |
| LVS Las Vegas Sands Corp. | 0.03% | 39,260 | $2.6M | Reduce -6.1% |
| FTLF Fitlife Brands Inc. | 0.03% | 154,456 | $2.5M | No change |
| CRL Charles River Laboratories | 0.03% | 12,580 | $2.5M | Reduce -2.5% |
| BMY Bristol-Myers Squibb Co. | 0.03% | 45,110 | $2.4M | Add +0.4% |
Options reported separately and not counted above: VXX calls ($758K), VIXY calls ($336K).
Portfolio Sells Q3 2025 → Q4 2025
| GBTC Grayscale Bitcoin Trust ETF | Reduce -0.5% | 13.05% | −2.47 |
| ACGP Associated Capital Group - A | Sold out | 0.00% | −0.33 |
| BTC Grayscale Bitcoin Mini ETF | Reduce -0.1% | 1.57% | −0.28 |
| WFG West Fraser Timber Co. Ltd. | Sold out | 0.00% | −0.25 |
| SAND Sandstorm Gold Ltd. | Sold out | 0.00% | −0.19 |
| GLXY Galaxy Digital Inc. Class A | Reduce -0.3% | 0.38% | −0.14 |
| LNG Cheniere Energy Inc. | Reduce -2.0% | 1.22% | −0.14 |
| IBIT iShares Bitcoin Trust ETF | Reduce -3.6% | 0.54% | −0.12 |
| BKKT Bakkt Inc. | Reduce -1.2% | 0.04% | −0.09 |
| ARIS WATER SOLUTIONS INC-A | Sold out | 0.00% | −0.07 |
| FNV Franco-Nevada Corp. | Reduce -4.4% | 2.71% | −0.04 |
| LBRDK Liberty Broadband-C | Reduce -88.6% | 0.00% | −0.03 |
| OR Or Royalties Inc. | Reduce -0.5% | 0.87% | −0.02 |
| SPGI S&P Global Inc. | Reduce -47.3% | 0.03% | −0.02 |
| LYV Live Nation Entertainment Inc. | Reduce -1.3% | 0.33% | −0.02 |
| DMLP Dorchester Minerals LP | Reduce -1.1% | 0.26% | −0.01 |
| RCL Royal Caribbean Cruises Ltd. | Reduce -2.4% | 0.20% | −0.01 |
| BUR Burford Capital Ltd. | Reduce -53.9% | 0.01% | −0.01 |
| WEN The Wendy's Co. | Reduce -22.8% | 0.04% | −0.01 |
| ELS Equity Lifestyle Properties | Reduce -39.4% | 0.02% | −0.01 |
| SPAQ Horizon Kinetics Spac Active | Reduce -6.4% | 0.09% | −0.01 |
| SYK Stryker Corp. | Sold out | 0.00% | −0.01 |
| IPAR Interparfums Inc. | Reduce -0.2% | 0.16% | −0.01 |
| BGC BGC Group Inc. Class A | Reduce -69.4% | 0.00% | −0.01 |
| EXP Eagle Materials Inc. | Reduce -10.8% | 0.05% | −0.01 |
| TQQQ Proshares Ultrapro QQQ | Sold out | 0.00% | −0.01 |
| SQQQ Proshares TR | Sold out | 0.00% | −0.01 |
| REZI Resideo Technologies Inc. | Reduce -9.3% | 0.03% | −0.01 |
| CSW CSW Industrials Inc. | Sold out | 0.00% | −0.00 |
| IRM Iron Mountain Inc. | Reduce -5.4% | 0.02% | −0.00 |
| SIRI Sirius XM Holdings Inc. | Reduce -26.6% | 0.01% | −0.00 |
| PNI PIMCO NY Muni Inc. II FND | Sold out | 0.00% | −0.00 |
| LLYVA Liberty Media Corp.-Liberty-A | Sold out | 0.00% | −0.00 |
| KRBN KS Global Carbon Stratgy ETF | Sold out | 0.00% | −0.00 |
| LLYVK Liberty Live Holdings Class C | Reduce -35.7% | 0.00% | −0.00 |
| MO Altria Group Inc. | Reduce -5.0% | 0.03% | −0.00 |
| ADP Automatic Data Processing | Reduce -43.3% | 0.00% | −0.00 |
| MOD Modine Manufacturing Co. | Sold out | 0.00% | −0.00 |
| LMT Lockheed Martin Corp. | Sold out | 0.00% | −0.00 |
| SMR Nuscale Power Corp. | Sold out | 0.00% | −0.00 |
| ADM Archer-Daniels-Midland Co. | Reduce -10.7% | 0.05% | −0.00 |
| TELFY Telefonica SA-Spon ADR | Reduce -5.3% | 0.01% | −0.00 |
| VGSH Vanguard Short-Term Treasury | Reduce -11.9% | 0.09% | −0.00 |
| RYN Rayonier Inc. | Reduce -22.5% | 0.00% | −0.00 |
| LEN Lennar Corp. Class A | Reduce -10.9% | 0.01% | −0.00 |
| NFLX Netflix Inc. | Reduce -22.5% | 0.00% | −0.00 |
| NTLA Intellia Therapeutics Inc. | Reduce -4.2% | 0.00% | −0.00 |
| NMZ Nuveen Muni Hi Inc. Opport | Sold out | 0.00% | −0.00 |
| WT Wisdomtree Inc. | Reduce -1.3% | 0.03% | −0.00 |
| RYAM Rayonier Advanced Materials | Reduce -4.5% | 0.01% | −0.00 |
Portfolio Buys Q3 2025 → Q4 2025
| HE Hawaiian Electric Inds | Add +6.2% | 3.23% | +0.77 |
| MSB Mesabi Trust | Add +0.9% | 1.58% | +0.51 |
| MIAX Miami International Holdings | Add +31.6% | 1.09% | +0.41 |
| TFPM Triple Flag Precious Met | Add +1510.2% | 0.19% | +0.18 |
| RGLD Royal Gold Inc. | Add +48.7% | 0.29% | +0.13 |
| WTM White Mountains Insurance GP | Add +0.3% | 0.37% | +0.10 |
| LB Landbridge Co. LLC-A | Add +0.2% | 3.74% | +0.08 |
| WES Western Midstream Partners L | New | 0.07% | +0.07 |
| VUSB Vanguard Ultra Short Bond Et | Add +29.8% | 0.23% | +0.07 |
| PBT Permian Basin Royalty Trust | Add +1.5% | 1.42% | +0.06 |
| SJT San Juan Basin Royalty TR | Add +11.0% | 0.47% | +0.06 |
| VXF Vanguard Extended Market ETF | Add +361.3% | 0.07% | +0.06 |
| BR Broadridge Financial Solutio | Add +35.7% | 0.06% | +0.02 |
| NDAQ Nasdaq Inc. | Add +1.2% | 0.09% | +0.02 |
| AB Alliancebernstein Holding LP | Add +2.9% | 0.10% | +0.01 |
| FRMI Fermi Inc. | New | 0.01% | +0.01 |
| BMY Bristol-Myers Squibb Co. | Add +0.4% | 0.03% | +0.01 |
| BCDF Horizon Kin Blockchain Dev | Add +5.2% | 0.06% | +0.01 |
| JAPN Horizon Kinetics Japan Owner | Add +7.4% | 0.06% | +0.01 |
| RCG Renn Fund Inc. | Add +5.9% | 0.03% | +0.00 |
| AMLP Alerian MLP ETF | Add +1.1% | 0.04% | +0.00 |
| NRP Natural Resource Partners LP | Add +1.2% | 0.04% | +0.00 |
| VEA Vanguard Ftse Developed ETF | New | 0.00% | +0.00 |
| EQT Eqt Corp. | Add +1.7% | 0.03% | +0.00 |
| RSP Invesco S&P 500 Equal Weight | Add +34.3% | 0.01% | +0.00 |
| VOO Vanguard S&P 500 ETF | Add +0.2% | 0.03% | +0.00 |
| AMG Affiliated Managers Group | Add +11.0% | 0.01% | +0.00 |
| SON Sonoco Products Co. | Add +2.1% | 0.02% | +0.00 |
| B Barrick Mining Corp. | Add +0.2% | 0.01% | +0.00 |
| STZ Constellation Brands Inc. Class A | Add +8.3% | 0.01% | +0.00 |
| XES SS SPDR S&P Og Eqp & Serv | Add +3.7% | 0.01% | +0.00 |
| GBX Greenbrier Companies Inc. | Add +4.2% | 0.01% | +0.00 |
| AXP American Express Co. | Add +3.0% | 0.00% | +0.00 |
| EOG EOG Resources Inc. | Add +4.4% | 0.01% | +0.00 |
| NEE Nextera Energy Inc. | Add +2.5% | 0.00% | +0.00 |
| VZ Verizon Communications Inc. | Add +11.7% | 0.00% | +0.00 |
| KKR KKR & Co. Inc. | Add +0.1% | 0.00% | +0.00 |
| AEHR Aehr Test Systems | Add +38.3% | 0.01% | +0.00 |
| LIN Linde PLC | Add +2.9% | 0.01% | +0.00 |
| T AT&T Inc. | Add +5.1% | 0.00% | +0.00 |
| CTAS Cintas Corp. | Add +0.1% | 0.00% | +0.00 |
| ETN Eaton Corp. PLC | Add +1.8% | 0.00% | −0.00 |
| ETCG Grayscale Ethereum Classic T | Add +0.1% | 0.01% | −0.00 |
| SBR Sabine Royalty Trust | Add +0.1% | 0.10% | −0.00 |
| LTCN Grayscale Litecoin Trust | Add +1.2% | 0.04% | −0.01 |
| WBI Waterbridge Infrastruc Class A | Add +7.6% | 1.85% | −0.10 |
| HKHC Horizon Kinetics Holding Cor | Add +0.0% | 0.34% | −0.15 |
| MSTR Strategy Inc. | Add +0.6% | 0.29% | −0.26 |
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 |