Horizon Kinetics Asset Management LLC Top Holdings and 13F Report (2025) About Horizon Kinetics Asset Management LLCInvestment ActivityHorizon Kinetics Asset Management LLC has $8.81 billion in total holdings as of March 31, 2025.Horizon Kinetics Asset Management LLC owns shares of 347 different stocks, but just 10 companies or ETFs make up 80% of its holdings.Approximately 2.41% of the portfolio was purchased this quarter.About 2.25% of the portfolio was sold this quarter.This quarter, Horizon Kinetics Asset Management LLC has purchased 349 new stocks and bought additional shares in 91 stocks.Horizon Kinetics Asset Management LLC sold shares of 125 stocks and completely divested from 10 stocks this quarter.Largest Holdings Texas Pacific Land $4,763,458,205GRAYSCALE BITCOIN $957,771,752LANDBRIDGE COMPANY LLC $394,731,688Wheaton Precious Metals $229,528,181Franco-Nevada $160,202,841 Largest New Holdings this Quarter 26884L109 - EQT $2,051,926 Holding33817P405 - FITLIFE BRANDS INC $1,868,918 Holding464287655 - iShares Russell 2000 ETF $590,490 Holding74347X831 - ProShares UltraPro QQQ $518,794 Holding74347G192 - ULTRAPRO QQQ $482,931 Holding Largest Purchases this Quarter Hawaiian Electric Industries 10,277,502 shares (about $112.54M)Aris Water Solutions 1,234,978 shares (about $39.57M)Vanguard Ultra-Short Bond ETF 225,141 shares (about $11.22M)LANDBRIDGE COMPANY LLC 87,682 shares (about $6.31M)Franco-Nevada 28,741 shares (about $4.53M) Largest Sales this Quarter CACI International 169,843 shares (about $62.32M)Science Applications International 354,773 shares (about $39.83M)GRAYSCALE BITCOIN 471,650 shares (about $30.74M)Texas Pacific Land 11,489 shares (about $15.22M)DigitalBridge Group 1,037,363 shares (about $9.15M) Sector Allocation Over TimeMap of 500 Largest Holdings ofHorizon Kinetics Asset Management LLC Selling Neutral Buying Latest 13F Holdings and Changes Since Previous Quarterly FilingIssuer NameHoldings ValueApproximate Purchase/SaleChange in SharesShares Held% of PortfolioSectorTPLTexas Pacific Land$4,763,458,205$15,222,810 ▼-0.3%3,595,09054.0%EnergyGRAYSCALE BITCOIN$957,771,752$30,737,430 ▼-3.1%14,696,51310.9%TRUST BTCLANDBRIDGE COMPANY LLC$394,731,688$6,307,843 ▲1.6%5,486,9574.5%CL AWPMWheaton Precious Metals$229,528,181$1,975,528 ▲0.9%2,956,6942.6%Basic MaterialsFNVFranco-Nevada$160,202,841$4,528,430 ▲2.9%1,016,7741.8%Basic MaterialsICEIntercontinental Exchange$141,150,069$2,359,801 ▲1.7%818,2611.6%FinanceHEHawaiian Electric Industries$138,594,150$112,538,647 ▲431.9%12,657,0001.6%UtilitiesCHENIERE ENERGY INC$112,019,721$1,205,362 ▼-1.1%484,0961.3%COM NEWGRAYSCALE BITCOIN MINI TR ET$111,682,609$133,772 ▼-0.1%3,060,6361.3%SHS NEWCBOECboe Global Markets$94,647,070$855,828 ▲0.9%418,2561.1%Financial ServicesMSBMesabi Trust$78,926,110$1,596,232 ▲2.1%2,901,6950.9%Basic MaterialsVIPER ENERGY INC$72,801,615$1,040,030 ▲1.4%1,612,4390.8%CL ACACICACI International$69,587,112$62,318,794 ▼-47.2%189,6520.8%Computer and TechnologyCVEOCiveo$68,345,490$2,126,948 ▼-3.0%2,971,5430.8%Consumer DiscretionaryBNBrookfield$63,462,458$404,186 ▼-0.6%1,210,8850.7%FinanceARISAris Water Solutions$46,915,718$39,568,691 ▲538.6%1,464,2860.5%Business ServicesMSTRStrategy$46,554,164$1,101,191 ▼-2.3%161,4950.5%Computer and TechnologyANAutoNation$45,417,452$276,074 ▼-0.6%280,4930.5%Retail/WholesaleLYVLive Nation Entertainment$42,565,946$490,850 ▼-1.1%325,9760.5%Consumer DiscretionaryPBTPermian Basin Royalty Trust$40,971,176$1,865,498 ▲4.8%4,134,3270.5%EnergyISHARES BITCOIN TRUST$40,739,679$283,107 ▲0.7%870,3200.5%SHSMMCMarsh & McLennan Companies$36,261,066$967,577 ▲2.7%148,5930.4%FinanceOROsisko Gold Royalties$35,968,136$910,589 ▲2.6%1,703,0370.4%Basic MaterialsACAssociated Capital Group$34,792,446$371,129 ▼-1.1%907,9450.4%FinanceCMECME Group$34,024,209$636,695 ▲1.9%128,2530.4%FinanceHOWARD HUGHES HOLDINGS INC$32,373,367$1,599,459 ▼-4.7%437,0060.4%COMDBRGDigitalBridge Group$30,393,516$9,149,541 ▼-23.1%3,445,9770.3%FinanceSANDSandstorm Gold$27,729,610$874,864 ▼-3.1%3,672,7960.3%Basic MaterialsDMLPDorchester Minerals$27,446,883$114,815 ▲0.4%912,4630.3%EnergyPAGPenske Automotive Group$26,616,633$273,131 ▲1.0%184,8630.3%Retail/WholesaleCCJCameco$26,042,220$648,517 ▲2.6%632,7070.3%Basic MaterialsJOESt. Joe$25,838,418$650,868 ▼-2.5%550,3390.3%FinanceBUNGE GLOBAL SA$25,078,850$691,602 ▲2.8%328,1710.3%COM SHSADMArcher-Daniels-Midland$24,314,552$1,885,399 ▼-7.2%506,4480.3%Consumer StaplesBRK.BBerkshire Hathaway$22,965,382$255,106 ▼-1.1%43,1210.3%FinanceWFGWest Fraser Timber$22,207,346$558,969 ▲2.6%288,6320.3%Basic MaterialsWTMWhite Mountains Insurance Group$21,848,318$2,418,818 ▲12.4%11,3450.2%FinanceCCLCarnival Co. &$21,190,987$17,909 ▲0.1%1,085,0480.2%Consumer DiscretionaryVUSBVanguard Ultra-Short Bond ETF$19,709,726$11,224,405 ▲132.3%395,3410.2%ETFSTRSitio Royalties$17,594,756$458,361 ▲2.7%885,4940.2%EnergyIPARInter Parfums$16,752,682$114 ▲0.0%147,1210.2%Consumer DiscretionaryVGSHVanguard Short-Term Treasury ETF$13,960,260$1,336,139 ▲10.6%237,8640.2%ETFSJTSan Juan Basin Royalty Trust$13,659,830$3,627,227 ▲36.2%2,470,1320.2%EnergySPAQHorizon Kinetics SPAC Active ETF$13,270,864$621,405 ▲4.9%131,5970.2%ETFOSKOshkosh$13,074,565$107,816 ▼-0.8%138,9730.1%Auto/Tires/TrucksTRCTejon Ranch$13,061,383$431,627 ▼-3.2%824,0620.1%FinanceRGLDRoyal Gold$12,202,398$26,816 ▼-0.2%74,6280.1%Basic MaterialsRCLRoyal Caribbean Cruises$11,619,955$121,621 ▼-1.0%56,5610.1%Consumer DiscretionaryWENWendy's$11,150,606$299,140 ▼-2.6%762,1740.1%Retail/WholesaleRBARB Global$11,117,149$20,963 ▲0.2%110,8390.1%Business ServicesBAMBrookfield Asset Management$10,969,607$385,129 ▼-3.4%226,4110.1%FinanceMAMastercard$10,759,345$185,808 ▲1.8%19,6300.1%Business ServicesWMBWilliams Companies$10,318,460$13,446 ▼-0.1%172,6650.1%EnergyRPRXRoyalty Pharma$10,259,508$323,565 ▲3.3%329,5700.1%FinanceSIISprott$8,925,302$289,366 ▲3.4%198,9150.1%FinanceFWONKFormula One Group$8,778,675$147,886 ▼-1.7%97,5300.1%Consumer DiscretionarySBRSabine Royalty Trust$8,006,465$565,890 ▲7.6%118,2810.1%EnergySPGIS&P Global$7,911,113$1,231,634 ▼-13.5%15,5700.1%Business ServicesNDAQNasdaq$7,839,587$7,358 ▲0.1%103,3430.1%FinanceETEnergy Transfer$7,606,395$1,811,447 ▲31.3%409,1660.1%EnergyLBRDKLiberty Broadband$7,291,507$115,158 ▼-1.6%85,7320.1%Consumer DiscretionaryELSEquity LifeStyle Properties$6,705,218$293,947 ▼-4.2%100,5280.1%FinanceXOMExxon Mobil$6,476,809$3,568 ▲0.1%54,4590.1%EnergyPMPhilip Morris International$6,078,4070.0%38,2940.1%Consumer StaplesMSGSMadison Square Garden Sports$5,877,234$15,188 ▼-0.3%30,1830.1%Consumer DiscretionarySAICScience Applications International$5,829,283$39,830,365 ▼-87.2%51,9220.1%Computer and TechnologyFCXFreeport-McMoRan$5,394,936$34,074 ▲0.6%142,4970.1%Basic MaterialsCRLCharles River Laboratories International$5,160,653$3,846,332 ▼-42.7%34,2860.1%MedicalABBVAbbVie$5,061,375$396,202 ▼-7.3%24,1570.1%MedicalEXPEagle Materials$4,976,133$1,670,473 ▼-25.1%22,4220.1%ConstructionMSFTMicrosoft$4,728,626$66,066 ▼-1.4%12,5970.1%Computer and TechnologyMKLMarkel Group$4,665,619$16,823 ▼-0.4%2,4960.1%Multi-Sector ConglomeratesEPDEnterprise Products Partners$4,509,450$45,577 ▲1.0%132,0870.1%EnergyABAllianceBernstein$4,443,424$1,712,419 ▲62.7%115,9860.1%FinanceBXBlackstone$4,221,3560.0%30,2000.0%FinanceBSMBlack Stone Minerals$4,102,102$106,890 ▼-2.5%268,6380.0%EnergyINFLHorizon Kinetics Inflation Beneficiaries ETF$3,997,776$125,162 ▲3.2%98,3460.0%ETFTPHTri Pointe Homes$3,958,4630.0%124,0120.0%ConstructionNEANuveen AMT-Free Quality Municipal Income Fund$3,848,678$11 ▼0.0%343,6320.0%Financial ServicesMOAltria Group$3,793,0840.0%63,1970.0%Consumer StaplesFNFFidelity National Financial$3,779,261$325 ▲0.0%58,0710.0%FinanceBCDFHorizon Kinetics Blockchain Development ETF$3,677,804$273,064 ▲8.0%131,9390.0%ETFBMYBristol-Myers Squibb$3,647,995$40,436 ▼-1.1%59,8130.0%MedicalGRAYSCALE BITCOIN CASH$3,556,634$121,426 ▲3.5%1,506,7290.0%TRUST BCHLLYEli Lilly and Company$3,515,8990.0%4,2570.0%MedicalBURBurford Capital$3,515,254$1,015,107 ▼-22.4%266,1060.0%FinanceCSCOCisco Systems$3,495,3160.0%56,6410.0%Computer and TechnologyGRAYSCALE LITECOIN TRUST$3,390,134$11,028 ▼-0.3%515,2180.0%LTC SHSCVXChevron$3,386,953$100,374 ▲3.1%20,2460.0%EnergyLHXL3Harris Technologies$3,359,498$84,772 ▼-2.5%16,0500.0%AerospaceFWONAFormula One Group$3,329,679$321,644 ▼-8.8%40,8700.0%Consumer DiscretionaryNTRNutrien$3,257,113$72,071 ▼-2.2%65,5750.0%Basic MaterialsKLACKLA$3,254,203$25,153 ▼-0.8%4,7870.0%Computer and TechnologyJNJJohnson & Johnson$3,252,496$1,658 ▲0.1%19,6120.0%MedicalAMLPAlerian MLP ETF$3,185,480$14,180 ▲0.4%61,3300.0%ETFCMRECostamare$3,164,938$394 ▲0.0%321,6400.0%TransportationMRKMerck & Co., Inc.$3,058,481$44,880 ▲1.5%34,0740.0%MedicalSUSuncor Energy$3,017,9920.0%77,9440.0%EnergyKMIKinder Morgan$2,978,760$22,025 ▲0.7%104,4080.0%EnergyBAKKT HOLDINGS INC$2,910,970$278,957 ▼-8.7%335,7520.0%COM CL A NEWShowing largest 100 holdings. 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