# HORIZON KINETICS ASSET MANAGEMENT LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1056823. Source: https://holderbook.com/funds/1056823-horizon-kinetics-asset-management-llc/

- Reported value: $8.8B
- Positions: 351
- Weight of the ten largest: 77.5%
- Filed: 2026-08-11

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| TEXAS PACIFIC LAND CORPORATI | [TPL](https://holderbook.com/stocks/TPL/) | $4.3B | 9,802,899 | 48.6% | 22 |
| GRAYSCALE BITCOIN TRUST ETF | [GBTC](https://holderbook.com/stocks/GBTC/) | $552.6M | 12,139,990 | 6.3% | 15 |
| LANDBRIDGE COMPANY LLC | [LB](https://holderbook.com/stocks/LB/) | $461.3M | 5,821,263 | 5.2% | 9 |
| HAWAIIAN ELEC INDS INC MTN B | [HE](https://holderbook.com/stocks/HE/) | $303.0M | 22,395,397 | 3.4% | 7 |
| MIAMI INTL HLDGS INC | [MIAX](https://holderbook.com/stocks/MIAX/) | $291.4M | 7,842,173 | 3.3% | 4 |
| WATERBRIDGE INFRASTRUCTURE L | [WBI](https://holderbook.com/stocks/WBI/) | $262.2M | 7,650,237 | 3.0% | 4 |
| WHEATON PRECIOUS METALS CORP | [WPM](https://holderbook.com/stocks/WPM/) | $189.5M | 1,686,903 | 2.1% | 30 |
| PERMIAN BASIN RTY TR | [PBT](https://holderbook.com/stocks/PBT/) | $168.5M | 6,729,289 | 1.9% | 30 |
| FRANCO NEV CORP | [FNV](https://holderbook.com/stocks/FNV/) | $161.2M | 773,418 | 1.8% | 30 |
| GRAYSCALE BITCOIN MINI TR ET | [BTC](https://holderbook.com/stocks/BTC/) | $157.5M | 6,067,993 | 1.8% | 7 |
| INTERCONTINENTAL EXCHANGE IN | [ICE](https://holderbook.com/stocks/ICE/) | $121.2M | 984,701 | 1.4% | 30 |
| CBOE GLOBAL MKTS INC | [CBOE](https://holderbook.com/stocks/CBOE/) | $100.6M | 414,634 | 1.1% | 30 |
| CHENIERE ENERGY INC | [LNG](https://holderbook.com/stocks/LNG/) | $96.1M | 402,040 | 1.1% | 30 |
| MESABI TR | [MSB](https://holderbook.com/stocks/MSB/) | $81.5M | 3,219,382 | 0.9% | 30 |
| CIVEO CORP CDA | [CVEO](https://holderbook.com/stocks/CVEO/) | $80.2M | 2,290,991 | 0.9% | 23 |
| CACI INTL INC | [CACI](https://holderbook.com/stocks/CACI/) | $71.2M | 153,743 | 0.8% | 30 |
| CAMECO CORP | [CCJ](https://holderbook.com/stocks/CCJ/) | $71.1M | 697,741 | 0.8% | 13 |
| VIPER ENERGY INC | [VNOM](https://holderbook.com/stocks/VNOM/) | $70.1M | 1,652,125 | 0.8% | 4 |
| BROOKFIELD CORP | [BN](https://holderbook.com/stocks/BN/) | $67.6M | 1,587,339 | 0.8% | 15 |
| CME GROUP INC | [CME](https://holderbook.com/stocks/CME/) | $62.7M | 283,774 | 0.7% | 30 |
| OR ROYALTIES INC. | [OR](https://holderbook.com/stocks/OR/) | $60.6M | 1,915,799 | 0.7% | 5 |
| WHITEHAWK MINERALS CORP | [WHK](https://holderbook.com/stocks/WHK/) | $43.2M | 1,552,705 | 0.5% | 1 |
| AUTONATION INC | [AN](https://holderbook.com/stocks/AN/) | $39.6M | 212,917 | 0.4% | 30 |
| TEJON RANCH CO | [TRC](https://holderbook.com/stocks/TRC/) | $37.6M | 2,011,689 | 0.4% | 20 |
| ST JOE CO | [JOE](https://holderbook.com/stocks/JOE/) | $37.1M | 592,608 | 0.4% | 22 |
| EAGLEROCK LD LLC | - | $35.8M | 1,684,213 | 0.4% | 1 |
| HORIZON KINETICS HLDG CORP | [HKHC](https://holderbook.com/stocks/HKHC/) | $35.5M | 1,075,416 | 0.4% | 7 |
| GALAXY DIGITAL INC. | [GLXY](https://holderbook.com/stocks/GLXY/) | $33.8M | 1,236,051 | 0.4% | 5 |
| BUNGE GLOBAL SA | [BG](https://holderbook.com/stocks/BG/) | $30.3M | 284,079 | 0.3% | 11 |
| ISHARES BITCOIN TRUST ETF | [IBIT](https://holderbook.com/stocks/IBIT/) | $27.9M | 837,308 | 0.3% | 10 |
| SPROTT INC | [SII](https://holderbook.com/stocks/SII/) | $26.1M | 232,217 | 0.3% | 19 |
| WHITE MTNS INS GROUP LTD | [WTM](https://holderbook.com/stocks/WTM/) | $25.3M | 12,206 | 0.3% | 9 |
| PENSKE AUTOMOTIVE GRP INC | [PAG](https://holderbook.com/stocks/PAG/) | $24.9M | 139,067 | 0.3% | 30 |
| RB GLOBAL INC | [RBA](https://holderbook.com/stocks/RBA/) | $24.6M | 211,349 | 0.3% | 13 |
| SAN JUAN BASIN RTY TR | [SJT](https://holderbook.com/stocks/SJT/) | $24.1M | 7,494,020 | 0.3% | 15 |
| MARSH & MCLENNAN COS INC | [MRSH](https://holderbook.com/stocks/MRSH/) | $23.3M | 139,983 | 0.3% | 22 |
| VANGUARD BD INDEX FDS | [VUSB](https://holderbook.com/stocks/VUSB/) | $23.0M | 461,108 | 0.3% | 15 |
| DORCHESTER MINERALS LP | [DMLP](https://holderbook.com/stocks/DMLP/) | $21.5M | 852,651 | 0.2% | 29 |
| ROYALTY PHARMA PLC | [RPRX](https://holderbook.com/stocks/RPRX/) | $19.3M | 344,861 | 0.2% | 22 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $18.6M | 37,231 | 0.2% | 30 |
| LIVE NATION ENTERTAINMENT IN | [LYV](https://holderbook.com/stocks/LYV/) | $18.5M | 100,989 | 0.2% | 30 |
| TRIPLE FLAG PRECIOUS METAL | [TFPM](https://holderbook.com/stocks/TFPM/) | $15.2M | 506,677 | 0.2% | 14 |
| INTER PARFUMS INC | [IPAR](https://holderbook.com/stocks/IPAR/) | $14.6M | 130,333 | 0.2% | 30 |
| OSHKOSH CORP | [OSK](https://holderbook.com/stocks/OSK/) | $13.6M | 88,816 | 0.2% | 25 |
| ROYAL CARIBBEAN GROUP | [RCL](https://holderbook.com/stocks/RCL/) | $12.5M | 39,414 | 0.1% | 30 |
| CARNIVAL CORP LTD | [CCL](https://holderbook.com/stocks/CCL/) | $12.2M | 428,340 | 0.1% | 1 |
| STRATEGY INC | [MSTR](https://holderbook.com/stocks/MSTR/) | $11.3M | 129,774 | 0.1% | 24 |
| TRADEWEB MKTS INC | [TW](https://holderbook.com/stocks/TW/) | $9.7M | 97,740 | 0.1% | 11 |
| WILLIAMS COS INC | [WMB](https://holderbook.com/stocks/WMB/) | $9.6M | 128,678 | 0.1% | 30 |
| MADISON SQUARE GRDN SPRT COR | [MSGS](https://holderbook.com/stocks/MSGS/) | $9.3M | 23,221 | 0.1% | 30 |
| ROYAL GOLD INC | [RGLD](https://holderbook.com/stocks/RGLD/) | $9.2M | 46,068 | 0.1% | 30 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $9.1M | 17,681 | 0.1% | 30 |
| ALLIANCEBERNSTEIN HLDG L P | [AB](https://holderbook.com/stocks/AB/) | $8.8M | 248,496 | 0.1% | 8 |
| BROOKFIELD ASSET MANAGMT LTD | [BAM](https://holderbook.com/stocks/BAM/) | $8.5M | 189,299 | 0.1% | 15 |
| SABINE RTY TR | [SBR](https://holderbook.com/stocks/SBR/) | $8.2M | 111,796 | 0.1% | 30 |
| ENERGY TRANSFER L P | [ET](https://holderbook.com/stocks/ET/) | $7.7M | 404,287 | 0.1% | 30 |
| SPHERE ENTERTAINMENT CO | [SPHR](https://holderbook.com/stocks/SPHR/) | $7.7M | 44,657 | 0.1% | 25 |
| FERMI INC | [FRMI](https://holderbook.com/stocks/FRMI/) | $7.5M | 824,227 | 0.1% | 3 |
| WESTERN MIDSTREAM PARTNERS L | [WES](https://holderbook.com/stocks/WES/) | $7.5M | 172,227 | 0.1% | 3 |
| LIBERTY MEDIA CORP DEL | [FWONK](https://holderbook.com/stocks/FWONK/) | $7.2M | 76,118 | 0.1% | 12 |
| LISTED FDS TR | [SPAQ](https://holderbook.com/stocks/SPAQ/) | $6.7M | 71,541 | 0.1% | 14 |
| ALPS ETF TR | [AMLP](https://holderbook.com/stocks/AMLP/) | $6.7M | 128,940 | 0.1% | 20 |
| LIBERTY ENERGY INC | [LBRT](https://holderbook.com/stocks/LBRT/) | $6.1M | 234,806 | 0.1% | 11 |
| KLA CORP | [KLAC](https://holderbook.com/stocks/KLAC/) | $6.0M | 19,855 | 0.1% | 30 |
| NATURAL RESOURCE PARTNERS LP | [NRP](https://holderbook.com/stocks/NRP/) | $5.9M | 60,951 | 0.1% | 8 |
| FREEPORT-MCMORAN INC | [FCX](https://holderbook.com/stocks/FCX/) | $5.6M | 89,581 | 0.1% | 30 |
| SCIENCE APPLICATIONS INTL CO | [SAIC](https://holderbook.com/stocks/SAIC/) | $5.6M | 51,007 | 0.1% | 30 |
| NASDAQ INC | [NDAQ](https://holderbook.com/stocks/NDAQ/) | $5.6M | 70,934 | 0.1% | 30 |
| LISTED FDS TR | [JAPN](https://holderbook.com/stocks/JAPN/) | $5.5M | 244,972 | 0.1% | 5 |
| LISTED FDS TR | [BCDF](https://holderbook.com/stocks/BCDF/) | $5.4M | 179,946 | 0.1% | 11 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $5.2M | 38,037 | 0.1% | 30 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $4.8M | 18,887 | 0.1% | 30 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $4.6M | 3,824 | 0.1% | 13 |
| LISTED FDS TR | [INFL](https://holderbook.com/stocks/INFL/) | $4.5M | 90,957 | 0.1% | 22 |
| VANGUARD SCOTTSDALE FDS | [VGSH](https://holderbook.com/stocks/VGSH/) | $4.2M | 72,932 | 0.0% | 30 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $4.2M | 3,931 | 0.0% | 30 |
| ENTERPRISE PRODS PARTNERS L | [EPD](https://holderbook.com/stocks/EPD/) | $4.1M | 112,333 | 0.0% | 30 |
| MARKEL GROUP INC | [MKL](https://holderbook.com/stocks/MKL/) | $4.0M | 2,064 | 0.0% | 30 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $4.0M | 34,266 | 0.0% | 30 |
| HOWARD HUGHES HOLDINGS INC | [HHH](https://holderbook.com/stocks/HHH/) | $4.0M | 55,500 | 0.0% | 12 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $3.9M | 15,508 | 0.0% | 30 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $3.6M | 28,151 | 0.0% | 30 |
| PHILIP MORRIS INTL INC | [PM](https://holderbook.com/stocks/PM/) | $3.6M | 19,624 | 0.0% | 30 |
| VERTIV HOLDINGS CO | [VRT](https://holderbook.com/stocks/VRT/) | $3.5M | 10,515 | 0.0% | 8 |
| NUTRIEN LTD | [NTR](https://holderbook.com/stocks/NTR/) | $3.2M | 50,527 | 0.0% | 25 |
| COSTAMARE INC | [CMRE](https://holderbook.com/stocks/CMRE/) | $3.1M | 222,350 | 0.0% | 30 |
| METALLA RTY & STREAMING LTD | [MTA](https://holderbook.com/stocks/MTA/) | $3.1M | 404,297 | 0.0% | 14 |
| SUNCOR ENERGY INC NEW | [SU](https://holderbook.com/stocks/SU/) | $3.0M | 56,237 | 0.0% | 30 |
| NUVEEN AMT FREE QLTY MUN INC | [NEA](https://holderbook.com/stocks/NEA/) | $3.0M | 254,046 | 0.0% | 30 |
| BROADRIDGE FINL SOLUTIONS IN | [BR](https://holderbook.com/stocks/BR/) | $3.0M | 21,706 | 0.0% | 8 |
| OPENLANE INC | [OPLN](https://holderbook.com/stocks/OPLN/) | $2.9M | 71,030 | 0.0% | 25 |
| CENTURI HOLDINGS INC | [CTRI](https://holderbook.com/stocks/CTRI/) | $2.9M | 96,043 | 0.0% | 1 |
| GRAYSCALE BITCOIN CASH | [BCHG](https://holderbook.com/stocks/BCHG/) | $2.9M | 1,950,062 | 0.0% | 15 |
| ALLIANCE RESOURCE PARTNERS L | [ARLP](https://holderbook.com/stocks/ARLP/) | $2.9M | 120,451 | 0.0% | 7 |
| MADISON SQUARE GARDEN ENTMT | [MSGE](https://holderbook.com/stocks/MSGE/) | $2.8M | 35,041 | 0.0% | 13 |
| WISDOMTREE INC | [WT](https://holderbook.com/stocks/WT/) | $2.8M | 166,115 | 0.0% | 14 |
| ALTRIA GROUP INC | [MO](https://holderbook.com/stocks/MO/) | $2.8M | 38,957 | 0.0% | 30 |
| RENN FD INC | [RCG](https://holderbook.com/stocks/RCG/) | $2.8M | 929,018 | 0.0% | 24 |
| TORONTO DOMINION BK ONT | [TD](https://holderbook.com/stocks/TD/) | $2.7M | 22,450 | 0.0% | 30 |
| L3HARRIS TECHNOLOGIES INC | [LHX](https://holderbook.com/stocks/LHX/) | $2.7M | 9,153 | 0.0% | 28 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | -5.9% | +14.8% | -20.8% | 99% |
| Q1 2026 | +28.3% | -4.6% | +32.9% | 99% |
| Q4 2025 | -8.2% | +2.4% | -10.5% | 99% |
| Q3 2025 | -1.8% | +7.8% | -9.7% | 99% |
| Q2 2025 | -5.4% | +10.5% | -15.8% | 99% |
| Q1 2025 | +9.7% | -4.6% | +14.3% | 100% |
| Q4 2024 | +27.4% | +2.1% | +25.3% | 100% |
| Q3 2024 | +14.2% | +5.4% | +8.8% | 99% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $8.8B | 351 |
| Q1 2026 | $9.2B | 353 |
| Q4 2025 | $7.4B | 324 |
| Q3 2025 | $8.2B | 336 |
| Q2 2025 | $8.4B | 352 |
| Q1 2025 | $8.8B | 347 |
| Q4 2024 | $8.0B | 349 |
| Q3 2024 | $6.7B | 346 |
| Q2 2024 | $5.7B | 324 |
| Q1 2024 | $5.3B | 323 |
| Q4 2023 | $4.8B | 325 |
| Q3 2023 | $5.0B | 331 |