Horizon Kinetics Asset Management LLC Top Holdings and 13F Report (2025) About Horizon Kinetics Asset Management LLCInvestment ActivityHorizon Kinetics Asset Management LLC has $8.43 billion in total holdings as of June 30, 2025.Horizon Kinetics Asset Management LLC owns shares of 352 different stocks, but just 14 companies or ETFs make up 80% of its holdings.Approximately 2.72% of the portfolio was purchased this quarter.About 1.69% of the portfolio was sold this quarter.This quarter, Horizon Kinetics Asset Management LLC has purchased 347 new stocks and bought additional shares in 101 stocks.Horizon Kinetics Asset Management LLC sold shares of 145 stocks and completely divested from 13 stocks this quarter.Largest Holdings Texas Pacific Land $3,779,268,210GRAYSCALE BITCOIN TRUST ETF $1,234,377,533LANDBRIDGE COMPANY LLC $371,617,319Wheaton Precious Metals $268,096,626Hawaiian Electric Industries $173,074,567 Largest New Holdings this Quarter 68390D106 - OR ROYALTIES INC. $46,727,942 Holding36317J209 - GALAXY DIGITAL INC. $29,877,447 Holding09253R105 - BlackRock MuniVest Fund $612,387 HoldingY2001C101 - COSTAMARE BULKERS HLDGS LTD $548,378 Holding53656H835 - LISTED FDS TR $439,971 Holding Largest Purchases this Quarter OR ROYALTIES INC. 1,817,501 shares (about $46.73M)Hawaiian Electric Industries 3,624,709 shares (about $38.53M)GALAXY DIGITAL INC. 1,364,267 shares (about $29.88M)Permian Basin Royalty Trust 1,705,498 shares (about $21.25M)Aris Water Solutions 631,318 shares (about $14.93M) Largest Sales this Quarter Texas Pacific Land 17,559 shares (about $18.55M)CACI International 27,980 shares (about $13.34M)GRAYSCALE BITCOIN TRUST ETF 145,322 shares (about $12.33M)MicroStrategy 15,996 shares (about $6.47M)AutoNation 18,719 shares (about $3.72M) 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$3,779,268,210$18,549,153 ▼-0.5%3,577,53144.8%EnergyGRAYSCALE BITCOIN TRUST ETF$1,234,377,533$12,327,665 ▼-1.0%14,551,19114.6%SHS REP COM UTLANDBRIDGE COMPANY LLC$371,617,319$808,797 ▲0.2%5,498,9254.4%CL AWPMWheaton Precious Metals$268,096,626$2,585,521 ▲1.0%2,985,4863.2%Basic MaterialsHEHawaiian Electric Industries$173,074,567$38,530,657 ▲28.6%16,281,7092.1%UtilitiesFNVFranco-Nevada$171,058,028$4,388,465 ▲2.6%1,043,5462.0%Basic MaterialsICEIntercontinental Exchange$152,602,697$2,476,296 ▲1.6%831,7581.8%FinanceGRAYSCALE BITCOIN MINI TR ET$146,705,622$560,251 ▲0.4%3,072,3691.7%SHS NEWCHENIERE ENERGY INC$118,085,670$198,712 ▲0.2%484,9121.4%COM NEWCBOECboe Global Markets$96,249,777$1,291,751 ▼-1.3%412,7171.1%Financial ServicesCACICACI International$77,069,042$13,338,066 ▼-14.8%161,6720.9%Computer and TechnologyPBTPermian Basin Royalty Trust$72,764,218$21,250,505 ▲41.3%5,839,8250.9%EnergyBNBrookfield$72,550,102$2,343,125 ▼-3.1%1,173,0010.9%FinanceMSBMesabi Trust$70,935,741$1,411,124 ▲2.0%2,960,5900.8%Basic MaterialsCVEOCiveo$66,523,048$2,089,876 ▼-3.0%2,881,0330.8%Consumer DiscretionaryVIPER ENERGY INC$65,247,340$3,765,033 ▲6.1%1,711,1810.8%CL AISHARES BITCOIN TRUST ETF$58,879,552$5,607,265 ▲10.5%961,9270.7%SHS BEN INTMSTRMicroStrategy$58,815,061$6,466,063 ▼-9.9%145,4990.7%Computer and TechnologyANAutoNation$52,001,437$3,718,532 ▼-6.7%261,7740.6%Retail/WholesaleCCJCameco$50,157,210$3,191,370 ▲6.8%675,7000.6%Basic MaterialsARISAris Water Solutions$49,561,035$14,930,671 ▲43.1%2,095,6040.6%Business ServicesLYVLive Nation Entertainment$47,065,628$2,248,021 ▼-4.6%311,1160.6%Consumer DiscretionaryOR ROYALTIES INC.$46,727,942$46,727,942 ▲New Holding1,817,5010.6%COM SHSDBRGDigitalBridge Group$37,445,941$1,780,076 ▲5.0%3,617,9650.4%FinanceCMECME Group$35,113,549$235,656 ▼-0.7%127,3980.4%FinanceMMCMarsh & McLennan Companies$34,279,916$1,791,536 ▲5.5%156,7870.4%FinanceSANDSandstorm Gold$34,259,720$264,563 ▼-0.8%3,644,6510.4%Basic MaterialsACAssociated Capital Group$32,489,225$1,558,726 ▼-4.6%866,3790.4%FinanceGALAXY DIGITAL INC.$29,877,447$29,877,447 ▲New Holding1,364,2670.4%CL APAGPenske Automotive Group$29,435,758$2,325,625 ▼-7.3%171,3270.3%Retail/WholesaleBUNGE GLOBAL SA$28,203,107$1,857,520 ▲7.1%351,3090.3%COM SHSHOWARD HUGHES HOLDINGS INC$28,105,144$1,392,726 ▼-4.7%416,3730.3%COMTRCTejon Ranch$27,941,549$13,965,458 ▲99.9%1,647,4970.3%FinanceSJTSan Juan Basin Royalty Trust$27,475,122$12,703,733 ▲86.0%4,594,5020.3%EnergyCCLCarnival$27,260,315$3,251,234 ▼-10.7%969,4280.3%Consumer DiscretionaryADMArcher Daniels Midland$26,705,062$25,282 ▼-0.1%505,9690.3%Consumer StaplesJOESt. Joe$26,516,010$264,830 ▲1.0%555,8910.3%FinanceDMLPDorchester Minerals$25,543,401$122,194 ▲0.5%916,8490.3%EnergyWFGWest Fraser Timber$22,344,625$1,187,900 ▲5.6%304,8380.3%ConstructionBRK.BBerkshire Hathaway$20,657,855$289,033 ▼-1.4%42,5260.2%FinanceWTMWhite Mountains Insurance Group$19,700,848$671,599 ▼-3.3%10,9710.2%FinanceIPARInterparfums$18,354,498$963,946 ▼-5.0%139,7800.2%Consumer DiscretionaryVUSBVanguard Ultra-Short Bond ETF$18,055,269$1,658,410 ▼-8.4%362,0830.2%ETFRCLRoyal Caribbean Cruises$17,589,573$121,811 ▼-0.7%56,1720.2%Consumer DiscretionarySTRSitio Royalties$16,945,227$669,841 ▲4.1%921,9380.2%EnergySIISprott$14,709,134$966,086 ▲7.0%212,8980.2%FinanceOSKOshkosh$14,102,300$1,676,639 ▼-10.6%124,2060.2%Auto/Tires/TrucksVGSHVanguard Short-Term Treasury ETF$13,953,665$27,979 ▼-0.2%237,3880.2%ETFRGLDRoyal Gold$12,963,122$308,730 ▼-2.3%72,8920.2%Basic MaterialsRPRXRoyalty Pharma$12,735,559$861,153 ▲7.3%353,4710.2%MedicalSPAQHorizon Kinetics SPAC Active ETF$11,850,834$1,935,226 ▼-14.0%113,1240.1%ETFBAMBrookfield Asset Management$11,806,311$709,684 ▼-5.7%213,5730.1%FinanceRBARB Global$11,684,035$85,907 ▼-0.7%110,0300.1%Business ServicesMAMastercard$11,214,380$183,750 ▲1.7%19,9570.1%Business ServicesWMBWilliams Companies$10,797,981$47,107 ▼-0.4%171,9150.1%EnergyFWONKLiberty Media Corporation - Liberty Formula One Series C$9,307,292$884,592 ▼-8.7%89,0650.1%Consumer DiscretionaryWENWendy's$7,986,486$717,541 ▼-8.2%699,3420.1%Retail/WholesaleETEnergy Transfer$7,976,247$558,060 ▲7.5%439,9470.1%EnergyLBRDKLiberty Broadband$7,340,427$1,093,887 ▼-13.0%74,6130.1%Consumer DiscretionarySBRSabine Royalty Trust$7,302,886$584,119 ▼-7.4%109,5210.1%EnergyABAllianceBernstein$6,732,540$1,996,832 ▲42.2%164,8920.1%FinancePMPhilip Morris International$6,413,526$560,960 ▼-8.0%35,2140.1%Consumer StaplesNDAQNasdaq$6,214,377$3,026,621 ▼-32.8%69,4960.1%FinanceFCXFreeport-McMoRan$6,192,417$15,172 ▲0.2%142,8470.1%Basic MaterialsELSEquity Lifestyle Properties$5,989,884$209,678 ▼-3.4%97,1280.1%FinanceSAICScience Applications International$5,968,893$121,957 ▲2.1%53,0050.1%Computer and TechnologyGRAYSCALE BITCOIN CASH TRUST BCH$5,949,279$133,305 ▲2.3%1,541,2640.1%TRUST BCHMSFTMicrosoft$5,894,624$371,056 ▼-5.9%11,8510.1%Computer and TechnologyXOMExxon Mobil$5,848,473$22,207 ▼-0.4%54,2530.1%EnergySPGIS&P Global$5,370,976$2,838,929 ▼-34.6%10,1860.1%FinanceMSGSMadison Square Garden$5,189,900$1,116,838 ▼-17.7%24,8380.1%Consumer DiscretionaryEPDEnterprise Products Partners$5,037,600$941,587 ▲23.0%162,4510.1%EnergyMKLMarkel Group$4,824,631$159,756 ▼-3.2%2,4160.1%Multi-Sector ConglomeratesBCDFHorizon Kinetics Blockchain Development ETF$4,699,755$587,212 ▲14.3%150,7780.1%ETFBAKKT HOLDINGS INC$4,677,142$6,598 ▼-0.1%335,2790.1%COM CL A NEWBXBlackstone$4,487,250$30,066 ▼-0.7%29,9990.1%FinanceABBVAbbVie$4,401,050$82,972 ▼-1.9%23,7100.1%MedicalINFLHorizon Kinetics Inflation Beneficiaries ETF$4,341,669$194,404 ▲4.7%102,9560.1%ETFKLACKLA$4,278,054$9,853 ▼-0.2%4,7760.1%Computer and TechnologyEXPEagle Materials$4,074,735$456,970 ▼-10.1%20,1610.0%ConstructionLHXL3Harris Technologies$4,026,0680.0%16,0500.0%AerospaceCSCOCisco Systems$3,929,7530.0%56,6410.0%Computer and TechnologyNTRNutrien$3,858,118$39,021 ▲1.0%66,2450.0%Basic MaterialsFWONALiberty Media Corporation - Liberty Formula One Series A$3,820,811$60,205 ▼-1.6%40,2360.0%Consumer DiscretionaryNEANuveen AMT-Free Quality Municipal Income Fund$3,706,958$45,504 ▼-1.2%339,4650.0%Financial ServicesMOAltria Group$3,702,309$2,932 ▼-0.1%63,1470.0%Consumer StaplesGRAYSCALE LITECOIN TRUST LTC SHS$3,607,479$181,279 ▲5.3%542,4780.0%LTC SHSBSMBlack Stone Minerals$3,513,7850.0%268,6380.0%EnergyCRLCharles River Laboratories International$3,377,434$1,824,664 ▼-35.1%22,2600.0%MedicalIRMIron Mountain$3,328,9090.0%32,4550.0%Business ServicesFNFFidelity National Financial$3,277,324$21,863 ▲0.7%58,4610.0%FinanceNVDANVIDIA$3,271,973$213,287 ▼-6.1%20,7100.0%Computer and TechnologyLLYEli Lilly and Company$3,200,750$117,709 ▼-3.5%4,1060.0%MedicalEMREmerson Electric$3,158,860$30,666 ▲1.0%23,6920.0%IndustrialsBURBurford Capital$3,030,087$764,577 ▼-20.1%212,4890.0%FinanceCMRECostamare$3,016,321$86,181 ▲2.9%331,1000.0%TransportationCATCaterpillar$3,000,475$73,372 ▼-2.4%7,7290.0%IndustrialsAMLPAlerian MLP ETF$2,997,903$1,319 ▲0.0%61,3570.0%ETFJNJJohnson & Johnson$2,948,419$47,353 ▼-1.6%19,3020.0%MedicalRTXRTX$2,934,856$61,328 ▼-2.0%20,0990.0%AerospaceShowing largest 100 holdings. 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