Horizon Kinetics Asset Management LLC
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Horizon Kinetics Asset Management LLC reported 350 stock positions worth $9.2 billion. Its top holding was Texas Pacific Land (TPL) at 51.5% of the portfolio, followed by Grayscale Bitcoin Trust ETF (GBTC, 8.0%) and Landbridge Co. LLC-A (LB, 4.2%). Compared with Q4 2025, it opened 41 new positions, sold out of 13, added to 89 and reduced 152. The biggest buy was Landbridge Co. LLC-A (LB, shares +0%) and the biggest sale Grayscale Bitcoin Trust ETF (GBTC, shares −1%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001056823
- Portfolio Value
- $9.2B (Q1 2026)
- SEC Filing
- 0001398344-26-009239 ↗ filed May 15, 2026
Holdings Value
Holdings 350 stocks · $9.2B
| TPL Texas Pacific Land Corp. | 51.49% | 10,015,379 | $4.8B | Reduce -3.1% |
| GBTC Grayscale Bitcoin Trust ETF | 8.01% | 14,004,882 | $738.9M | Reduce -0.8% |
| LB Landbridge Co. LLC-A | 4.23% | 5,657,134 | $390.6M | Add +0.3% |
| HE Hawaiian Electric Inds | 3.48% | 21,635,294 | $321.1M | Add +11.6% |
| WPM Wheaton Precious Metals Corp. | 2.50% | 1,761,519 | $230.8M | Reduce -29.4% |
| WBI Waterbridge Infrastruc Class A | 2.13% | 7,342,147 | $196.7M | Add +7.4% |
| FNV Franco-Nevada Corp. | 2.03% | 757,297 | $187.1M | Reduce -21.8% |
| PBT Permian Basin Royalty Trust | 1.49% | 6,379,692 | $137.3M | Add +3.1% |
| MIAX Miami International Holdings | 1.46% | 3,451,549 | $134.3M | Add +89.7% |
| ICE Intercontinental Exchange Inc. | 1.43% | 838,899 | $131.9M | Add +1.0% |
| LNG Cheniere Energy Inc. | 1.29% | 420,328 | $119.3M | Reduce -9.3% |
| CBOE Cboe Global Markets Inc. | 1.25% | 410,066 | $115.3M | Add +0.4% |
| MSB Mesabi Trust | 1.07% | 3,140,972 | $98.9M | Add +3.7% |
| BTC Grayscale Bitcoin Mini ETF | 0.98% | 3,004,416 | $90.1M | Add +0.3% |
| CACI Caci International Inc. Class A | 0.91% | 154,648 | $84.1M | Reduce -2.5% |
| CME Cme Group Inc. | 0.86% | 270,253 | $79.8M | Reduce -1.9% |
| VNOM Viper Energy Inc. Class A | 0.85% | 1,662,641 | $78.1M | Reduce -3.0% |
| CCJ Cameco Corp. | 0.77% | 651,825 | $70.8M | Reduce -3.3% |
| OR Or Royalties Inc. | 0.72% | 1,754,144 | $66.7M | Reduce -3.4% |
| BN Brookfield Corp. | 0.69% | 1,571,936 | $63.6M | Reduce -0.7% |
| CVEO Civeo Corp. | 0.67% | 2,352,353 | $62.2M | Reduce -4.0% |
| AN Autonation Inc. | 0.48% | 225,053 | $43.9M | Reduce -12.3% |
| BG Bunge Global SA | 0.46% | 336,944 | $42.9M | Reduce -3.5% |
| TRC Tejon Ranch Co. | 0.39% | 1,902,606 | $35.8M | Reduce -0.5% |
| HKHC Horizon Kinetics Holding Cor | 0.38% | 1,075,416 | $35.5M | Add +0.0% |
| JOE The St Joe Co. | 0.37% | 542,609 | $34.1M | Reduce -2.2% |
| SJT San Juan Basin Royalty TR | 0.36% | 6,978,841 | $33.6M | Add +12.0% |
| IBIT iShares Bitcoin Trust ETF | 0.33% | 793,343 | $30.5M | Reduce -0.4% |
| SII Sprott Inc. | 0.32% | 206,997 | $29.6M | Reduce -3.5% |
| WTM White Mountains Insurance GP | 0.31% | 13,112 | $28.8M | Reduce -0.1% |
| MRSH Marsh & McLennan Cos | 0.28% | 151,341 | $26.3M | Reduce -3.4% |
| CCL Carnival Corp. | 0.27% | 957,653 | $24.8M | Add +0.0% |
| LYV Live Nation Entertainment Inc. | 0.26% | 157,169 | $24.0M | Reduce -7.5% |
| DMLP Dorchester Minerals LP | 0.25% | 860,226 | $23.3M | Reduce -1.8% |
| GLXY Galaxy Digital Inc. Class A | 0.25% | 1,250,969 | $23.1M | Add +0.1% |
| PAG Penske Automotive Group Inc. | 0.23% | 142,507 | $21.3M | Reduce -16.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.20% | 38,033 | $18.2M | Add +0.1% |
| RBA RB Global Inc. | 0.19% | 186,731 | $17.9M | Add +73.5% |
| MSTR Strategy Inc. | 0.19% | 139,253 | $17.4M | Reduce -0.1% |
| OSK Oshkosh Corp. | 0.18% | 115,789 | $17.0M | Reduce -0.3% |
| VUSB Vanguard Ultra Short Bond Et | 0.18% | 339,054 | $16.9M | Reduce -1.0% |
| RPRX Royalty Pharma PLC Class A | 0.18% | 340,783 | $16.3M | Reduce -3.6% |
| DBRG Digitalbridge Group Inc. | 0.16% | 939,380 | $14.5M | Reduce -69.2% |
| TFPM Triple Flag Precious Met | 0.16% | 413,430 | $14.4M | Reduce -2.8% |
| RCL Royal Caribbean Cruises Ltd. | 0.15% | 51,698 | $14.2M | Reduce -2.0% |
| IPAR Interparfums Inc. | 0.14% | 138,333 | $12.6M | Reduce -0.2% |
| HHH Howard Hughes Holdings Inc. | 0.13% | 196,410 | $12.4M | Reduce -33.0% |
| RGLD Royal Gold Inc. | 0.13% | 47,142 | $12.0M | Reduce -50.3% |
| WMB Williams Cos Inc. | 0.11% | 138,301 | $10.1M | Add +0.7% |
| MA Mastercard Inc. Class A | 0.11% | 19,516 | $9.8M | Reduce -0.3% |
| BAM Brookfield Asset Mgmt-A | 0.09% | 189,571 | $8.4M | Reduce -0.5% |
| SBR Sabine Royalty Trust | 0.09% | 111,150 | $8.4M | Add +1.5% |
| LBRT Liberty Energy Inc. | 0.09% | 288,222 | $8.3M | Reduce -15.9% |
| AB Alliancebernstein Holding LP | 0.09% | 217,447 | $8.1M | Add +12.2% |
| ET Energy Transfer LP | 0.08% | 398,708 | $7.7M | Add +10.9% |
| MSGS Madison Square Garden Sports | 0.08% | 23,347 | $7.5M | Add +0.0% |
| NRP Natural Resource Partners LP | 0.08% | 57,871 | $7.0M | Add +132.7% |
| WES Western Midstream Partners L | 0.08% | 169,744 | $7.0M | Add +26.6% |
| FWONK Liberty Media Corp. Class C | 0.07% | 80,990 | $6.9M | Reduce -0.8% |
| XOM Exxon Mobil Corp. | 0.07% | 39,692 | $6.7M | Add +2.9% |
| SPAQ Horizon Kinetics Spac Active | 0.07% | 71,954 | $6.5M | No change |
| NDAQ Nasdaq Inc. | 0.07% | 70,706 | $6.0M | Reduce -0.2% |
| VGSH Vanguard Short-Term Treasury | 0.06% | 98,748 | $5.8M | Reduce -10.3% |
| AMLP Alerian MLP ETF | 0.06% | 106,520 | $5.6M | Add +76.6% |
| BOXX Alpha Architect 1-3 MNTH Box | 0.06% | 47,475 | $5.5M | New |
| SPHR Sphere Entertainment Co. | 0.06% | 46,252 | $5.4M | Reduce -2.5% |
| FCX Freeport-McMoran Inc. | 0.06% | 91,881 | $5.4M | Reduce -1.3% |
| INFL Horizon Kinetics Infl Benef | 0.06% | 100,352 | $5.2M | Add +1.4% |
| JAPN Horizon Kinetics Japan Owner | 0.06% | 227,765 | $5.2M | Add +24.9% |
| BCDF Horizon Kin Blockchain Dev | 0.06% | 166,055 | $5.1M | Add +6.5% |
| BCHG Grayscale Bitcoin Cash Trust | 0.05% | 1,487,241 | $5.0M | Add +0.0% |
| SAIC Science Applications Inte | 0.05% | 50,581 | $4.8M | Reduce -4.0% |
| EPD Enterprise Products Partners | 0.05% | 114,820 | $4.3M | Add +2.5% |
| ADM Archer-Daniels-Midland Co. | 0.05% | 59,312 | $4.3M | Reduce -1.5% |
| CMSG Consensus MNG & Seigniorage | 0.05% | 164,593 | $4.3M | New |
| ABBV Abbvie Inc. | 0.05% | 19,209 | $4.2M | Reduce -1.7% |
| MKL Markel Group Inc. | 0.04% | 2,102 | $4.0M | No change |
| TPH Tri Pointe Homes Inc. | 0.04% | 85,966 | $4.0M | Add +0.0% |
| NTR Nutrien Ltd. | 0.04% | 51,224 | $3.9M | Reduce -1.3% |
| JNJ Johnson & Johnson | 0.04% | 15,709 | $3.8M | Reduce -1.5% |
| CMRE Costamare Inc. | 0.04% | 221,850 | $3.7M | Reduce -0.1% |
| SU Suncor Energy Inc. | 0.04% | 56,237 | $3.7M | Add +2.7% |
| LLY Eli Lilly & Co. | 0.04% | 3,965 | $3.6M | Reduce -3.4% |
| BR Broadridge Financial Solutio | 0.04% | 22,176 | $3.6M | Add +8.6% |
| MRK Merck & Co. Inc. | 0.04% | 28,383 | $3.4M | Add +0.8% |
| XNEAX Nuveen Amt-FR QLTY Muni Inc. | 0.04% | 296,306 | $3.3M | Add +0.4% |
| PM Philip Morris International | 0.04% | 19,734 | $3.3M | Reduce -0.6% |
| EXP Eagle Materials Inc. | 0.03% | 16,865 | $3.2M | Add +0.7% |
| KLAC KLA Corp. | 0.03% | 2,158 | $3.2M | Reduce -24.1% |
| LHX L3HARRIS Technologies Inc. | 0.03% | 9,153 | $3.2M | Reduce -2.5% |
| FRMI Fermi Inc. | 0.03% | 532,426 | $3.1M | Add +389.8% |
| RCG Renn Fund Inc. | 0.03% | 912,064 | $3.0M | Add +5.3% |
| CAT Caterpillar Inc. | 0.03% | 4,117 | $2.9M | Reduce -10.8% |
| CSCO Cisco Systems Inc. | 0.03% | 37,491 | $2.9M | Reduce -3.7% |
| CVX Chevron Corp. | 0.03% | 14,018 | $2.9M | Add +5.2% |
| ARLP Alliance Resource Partners | 0.03% | 104,709 | $2.9M | Add +63.3% |
| PTEN Patterson-Uti Energy Inc. | 0.03% | 258,608 | $2.8M | No change |
| VRT Vertiv Holdings Co. Class A | 0.03% | 11,025 | $2.8M | No change |
| BMY Bristol-Myers Squibb Co. | 0.03% | 44,706 | $2.7M | Reduce -0.9% |
| EQT Eqt Corp. | 0.03% | 42,521 | $2.7M | Add +3.1% |
Options reported separately and not counted above: VXX calls ($758K), VIXY calls ($244K).
Other holdings (1): bonds, preferreds, convertibles and warrants · $96K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| ENERGY TRANSFER LP (ET 9.25 PERP I) | 9.250% FXD PFD I | 8,300 | $96K | New |
Total filed on the 13F, all lines: $9.2B.
Portfolio Sells Q4 2025 → Q1 2026
| GBTC Grayscale Bitcoin Trust ETF | Reduce -0.8% | 8.01% | −5.04 |
| WPM Wheaton Precious Metals Corp. | Reduce -29.4% | 2.50% | −1.46 |
| FNV Franco-Nevada Corp. | Reduce -21.8% | 2.03% | −0.69 |
| DBRG Digitalbridge Group Inc. | Reduce -69.2% | 0.16% | −0.48 |
| BN Brookfield Corp. | Reduce -0.7% | 0.69% | −0.29 |
| AN Autonation Inc. | Reduce -12.3% | 0.48% | −0.24 |
| CACI Caci International Inc. Class A | Reduce -2.5% | 0.91% | −0.23 |
| IBIT iShares Bitcoin Trust ETF | Reduce -0.4% | 0.33% | −0.20 |
| HHH Howard Hughes Holdings Inc. | Reduce -33.0% | 0.13% | −0.18 |
| RGLD Royal Gold Inc. | Reduce -50.3% | 0.13% | −0.16 |
| CME Cme Group Inc. | Reduce -1.9% | 0.86% | −0.15 |
| OR Or Royalties Inc. | Reduce -3.4% | 0.72% | −0.15 |
| PAG Penske Automotive Group Inc. | Reduce -16.1% | 0.23% | −0.13 |
| MRSH Marsh & McLennan Cos | Reduce -3.4% | 0.28% | −0.11 |
| MSTR Strategy Inc. | Reduce -0.1% | 0.19% | −0.10 |
| CVEO Civeo Corp. | Reduce -4.0% | 0.67% | −0.08 |
| JOE The St Joe Co. | Reduce -2.2% | 0.37% | −0.08 |
| LYV Live Nation Entertainment Inc. | Reduce -7.5% | 0.26% | −0.07 |
| CCJ Cameco Corp. | Reduce -3.3% | 0.77% | −0.07 |
| VXF Vanguard Extended Market ETF | Reduce -76.7% | 0.01% | −0.06 |
| WTM White Mountains Insurance GP | Reduce -0.1% | 0.31% | −0.06 |
| VNOM Viper Energy Inc. Class A | Reduce -3.0% | 0.85% | −0.05 |
| VUSB Vanguard Ultra Short Bond Et | Reduce -1.0% | 0.18% | −0.05 |
| MA Mastercard Inc. Class A | Reduce -0.3% | 0.11% | −0.05 |
| RCL Royal Caribbean Cruises Ltd. | Reduce -2.0% | 0.15% | −0.04 |
| BAM Brookfield Asset Mgmt-A | Reduce -0.5% | 0.09% | −0.04 |
| TFPM Triple Flag Precious Met | Reduce -2.8% | 0.16% | −0.04 |
| FWONK Liberty Media Corp. Class C | Reduce -0.8% | 0.07% | −0.03 |
| NDAQ Nasdaq Inc. | Reduce -0.2% | 0.07% | −0.03 |
| VGSH Vanguard Short-Term Treasury | Reduce -10.3% | 0.06% | −0.02 |
| IPAR Interparfums Inc. | Reduce -0.2% | 0.14% | −0.02 |
| WEN The Wendy's Co. | Reduce -25.2% | 0.02% | −0.02 |
| LLY Eli Lilly & Co. | Reduce -3.4% | 0.04% | −0.02 |
| SAIC Science Applications Inte | Reduce -4.0% | 0.05% | −0.02 |
| TRC Tejon Ranch Co. | Reduce -0.5% | 0.39% | −0.02 |
| MSFT Microsoft Corp. | Reduce -3.9% | 0.03% | −0.02 |
| BKKT Bakkt Inc. | Reduce -2.5% | 0.03% | −0.02 |
| FIS Fidelity National Info Serv | Reduce -78.4% | 0.00% | −0.02 |
| ABBV Abbvie Inc. | Reduce -1.7% | 0.05% | −0.02 |
| FWONA Liberty Media Corp. Class A | Reduce -5.3% | 0.03% | −0.01 |
| MTA Metalla Royalty & Streaming | Reduce -0.0% | 0.03% | −0.01 |
| SPGI S&P Global Inc. | Reduce -12.3% | 0.02% | −0.01 |
| OSK Oshkosh Corp. | Reduce -0.3% | 0.18% | −0.01 |
| PCH Potlatchdeltic Corp. | Sold out | 0.00% | −0.01 |
| DMLP Dorchester Minerals LP | Reduce -1.8% | 0.25% | −0.01 |
| KLAC KLA Corp. | Reduce -24.1% | 0.03% | −0.01 |
| CRL Charles River Laboratories | Reduce -3.1% | 0.02% | −0.01 |
| TELFY Telefonica SA-Spon ADR | Sold out | 0.00% | −0.01 |
| BX Blackstone Inc. | Reduce -38.3% | 0.01% | −0.01 |
| CSCO Cisco Systems Inc. | Reduce -3.7% | 0.03% | −0.01 |
Portfolio Buys Q4 2025 → Q1 2026
| LB Landbridge Co. LLC-A | Add +0.3% | 4.23% | +0.49 |
| MIAX Miami International Holdings | Add +89.7% | 1.46% | +0.36 |
| WBI Waterbridge Infrastruc Class A | Add +7.4% | 2.13% | +0.28 |
| HE Hawaiian Electric Inds | Add +11.6% | 3.48% | +0.25 |
| PBT Permian Basin Royalty Trust | Add +3.1% | 1.49% | +0.07 |
| BOXX Alpha Architect 1-3 MNTH Box | New | 0.06% | +0.06 |
| CMSG Consensus MNG & Seigniorage | New | 0.05% | +0.05 |
| RBA RB Global Inc. | Add +73.5% | 0.19% | +0.04 |
| HKHC Horizon Kinetics Holding Cor | Add +0.0% | 0.38% | +0.04 |
| NRP Natural Resource Partners LP | Add +132.7% | 0.08% | +0.04 |
| AMLP Alerian MLP ETF | Add +76.6% | 0.06% | +0.02 |
| FRMI Fermi Inc. | Add +389.8% | 0.03% | +0.02 |
| PAA Plains All Amer Pipeline LP | New | 0.02% | +0.02 |
| HUBB Hubbell Inc. | New | 0.02% | +0.02 |
| GIS General Mills Inc. | New | 0.01% | +0.01 |
| ARLP Alliance Resource Partners | Add +63.3% | 0.03% | +0.01 |
| XOM Exxon Mobil Corp. | Add +2.9% | 0.07% | +0.01 |
| MYI BlackRock Muniyield QLTY III | Add +103.7% | 0.02% | +0.01 |
| SU Suncor Energy Inc. | Add +2.7% | 0.04% | +0.01 |
| CRCL Circle Internet Group Inc. | New | 0.01% | +0.01 |
| TPH Tri Pointe Homes Inc. | Add +0.0% | 0.04% | +0.01 |
| MHD BlackRock Muniholdings Fund | Add +343.7% | 0.01% | +0.01 |
| TQQQ Proshares Ultrapro QQQ | New | 0.01% | +0.01 |
| SQQQ Proshares Ultrapro Short QQQ | New | 0.01% | +0.01 |
| TEXX Horizon Kinetics Texas ETF | New | 0.00% | +0.00 |
| SLB SLB Ltd. | New | 0.00% | +0.00 |
| FANG Diamondback Energy Inc. | New | 0.00% | +0.00 |
| MQY BlackRock Muniyield Quality | Add +118.2% | 0.01% | +0.00 |
| WES Western Midstream Partners L | Add +26.6% | 0.08% | +0.00 |
| COP Conocophillips | New | 0.00% | +0.00 |
| CVX Chevron Corp. | Add +5.2% | 0.03% | +0.00 |
| GWW WW Grainger Inc. | New | 0.00% | +0.00 |
| LMT Lockheed Martin Corp. | New | 0.00% | +0.00 |
| PSIX Power Solutions Internationa | New | 0.00% | +0.00 |
| ET Energy Transfer LP | Add +10.9% | 0.08% | +0.00 |
| MOD Modine Manufacturing Co. | New | 0.00% | +0.00 |
| OXY Occidental Petroleum Corp. | Add +58.7% | 0.01% | +0.00 |
| AEHR Aehr Test Systems | Add +1.4% | 0.01% | +0.00 |
| PNI PIMCO NY Muni Inc. II FND | New | 0.00% | +0.00 |
| EOG EOG Resources Inc. | Add +16.5% | 0.01% | +0.00 |
| BHP BHP Group Ltd.-Spon ADR | New | 0.00% | +0.00 |
| DOW Dow Inc. | New | 0.00% | +0.00 |
| EFXT Enerflex Ltd. | New | 0.00% | +0.00 |
| LLYVA Liberty Live Holdings Class A | New | 0.00% | +0.00 |
| NRG NRG Energy Inc. | New | 0.00% | +0.00 |
| RCG Renn Fund Inc. | Add +5.3% | 0.03% | +0.00 |
| COST Costco Wholesale Corp. | New | 0.00% | +0.00 |
| RYN Rayonier Inc. | Add +93.6% | 0.01% | +0.00 |
| MEDX Horizon Kinetics Medical ETF | New | 0.00% | +0.00 |
| MYN BlackRock Muniyield NY QLTY | New | 0.00% | +0.00 |
Notes & Other Activity Q4 2025 → Q1 2026
| ENERGY TRANSFER LP (ET 9.25 PERP I) | 9.250% FXD PFD I | New | 8,300 | $96K |
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 |