HORIZON KINETICS ASSET MANAGEMENT LLC Q3 2025 Filing
Filed November 14, 2025
Portfolio Value
$8.2T
Holdings
336
Report Date
Q3 2025
Filing Type
13F-HR
All Holdings (336 positions)
| # | Stock | Shares | Value | % Portfolio | Type |
|---|---|---|---|---|---|
| 1 | TPLTEXAS PACIFIC LAND CORPORATI | 3,504,692 | $3.3T | 39.89% | |
| 2 | GBTCGRAYSCALE BITCOIN TRUST ETF | 14,181,200 | $1.3T | 15.52% | |
| 3 | WPMWHEATON PRECIOUS METALS CORP | 2,792,112 | $312.3B | 3.81% | |
| 4 | LBLANDBRIDGE COMPANY LLC | 5,632,113 | $300.5B | 3.66% | |
| 5 | FNVFRANCO NEV CORP | 1,012,362 | $225.7B | 2.75% | |
| 6 | HEHAWAIIAN ELEC INDUSTRIES | 18,257,717 | $201.6B | 2.46% | |
| 7 | WBIWATERBRIDGE INFRASTRUCTURE L | 6,354,306 | $160.3B | 1.95% | |
| 8 | BTCGRAYSCALE BITCOIN MINI TR ET | 3,000,467 | $151.9B | 1.85% | |
| 9 | ICEINTERCONTINENTAL EXCHANGE IN | 831,061 | $140.0B | 1.71% | |
| 10 | PBTPERMIAN BASIN RTY TR | 6,099,049 | $111.3B | 1.36% | |
| 11 | LNGCHENIERE ENERGY INC | 472,959 | $111.1B | 1.35% | |
| 12 | CBOECBOE GLOBAL MKTS INC | 409,459 | $100.4B | 1.22% | |
| 13 | MSBMESABI TR | 2,999,326 | $87.8B | 1.07% | |
| 14 | CA8ACACI INTL INC | 160,665 | $80.1B | 0.98% | |
| 15 | BNBROOKFIELD CORP | 1,649,271 | $75.4B | 0.92% | |
| 16 | CMECME GROUP INC | 276,773 | $74.8B | 0.91% | |
| 17 | OROR ROYALTIES INC. | 1,823,650 | $73.1B | 0.89% | |
| 18 | VNOMVIPER ENERGY INC | 1,721,927 | $65.8B | 0.80% | |
| 19 | CVEOCIVEO CORP CDA | 2,690,466 | $61.9B | 0.75% | |
| 20 | ANAUTONATION INC | 259,335 | $56.7B | 0.69% | |
| 21 | CCOCAMECO CORP | 676,032 | $56.7B | 0.69% | |
| 22 | MIAXMIAMI INTL HLDGS INC | 1,382,403 | $55.7B | 0.68% | |
| 23 | IBITISHARES BITCOIN TRUST ETF | 826,901 | $53.7B | 0.66% | |
| 24 | MIGASTRATEGY INC | 138,488 | $44.6B | 0.54% | |
| 25 | GLXYGALAXY DIGITAL INC. | 1,253,870 | $42.4B | 0.52% | |
| 26 | HKHCHORIZON KINETICS HLDG CORP | 1,075,161 | $40.5B | 0.49% | |
| 27 | DBRGDIGITALBRIDGE GROUP INC | 3,286,397 | $38.5B | 0.47% | |
| 28 | SJTSAN JUAN BASIN RTY TR | 5,611,981 | $33.9B | 0.41% | |
| 29 | MRSHMARSH & MCLENNAN COS INC | 157,219 | $31.7B | 0.39% | |
| 30 | TRCTEJON RANCH CO | 1,913,978 | $30.6B | 0.37% | |
| 31 | PAGPENSKE AUTOMOTIVE GRP INC | 170,610 | $29.7B | 0.36% | |
| 32 | BGBUNGE GLOBAL SA | 350,083 | $28.4B | 0.35% | |
| 33 | LYVLIVE NATION ENTERTAINMENT IN | 172,112 | $28.1B | 0.34% | |
| 34 | CCLCARNIVAL CORP | 961,734 | $27.8B | 0.34% | |
| 35 | JOEST JOE CO | 555,729 | $27.5B | 0.34% | |
| 36 | ACGPASSOCIATED CAP GROUP INC | 805,348 | $27.0B | 0.33% | |
| 37 | HHHHOWARD HUGHES HOLDINGS INC | 306,248 | $25.2B | 0.31% | |
| 38 | DMLPDORCHESTER MINERALS LP | 885,615 | $22.9B | 0.28% | |
| 39 | WTMWHITE MTNS INS GROUP LTD | 13,084 | $21.9B | 0.27% | |
| 40 | BRK/BBERKSHIRE HATHAWAY INC DEL | 40,349 | $20.3B | 0.25% | |
| 41 | WFGWEST FRASER TIMBER CO LTD | 296,006 | $20.1B | 0.25% | |
| 42 | SIISPROTT INC | 214,814 | $17.9B | 0.22% | |
| 43 | RCLROYAL CARIBBEAN GROUP | 54,033 | $17.5B | 0.21% | |
| 44 | AYS1SANDSTORM GOLD LTD | 1,274,954 | $16.0B | 0.19% | |
| 45 | OSKOSHKOSH CORP | 116,700 | $15.1B | 0.18% | |
| 46 | IPARINTERPARFUMS INC | 138,817 | $13.7B | 0.17% | |
| 47 | VUSBVANGUARD BD INDEX FDS | 263,822 | $13.2B | 0.16% | |
| 48 | RGLDROYAL GOLD INC | 63,820 | $12.8B | 0.16% | |
| 49 | RPRXROYALTY PHARMA PLC | 354,685 | $12.5B | 0.15% | |
| 50 | RBARB GLOBAL INC | 109,696 | $11.9B | 0.14% | |
| 51 | MAMASTERCARD INCORPORATED | 19,630 | $11.2B | 0.14% | |
| 52 | BKKTBAKKT HOLDINGS INC | 328,529 | $11.1B | 0.13% | |
| 53 | BAMBROOKFIELD ASSET MANAGMT LTD | 190,647 | $10.9B | 0.13% | |
| 54 | WMBWILLIAMS COS INC | 141,934 | $9.0B | 0.11% | |
| 55 | FWONALIBERTY MEDIA CORP DEL | 84,345 | $8.8B | 0.11% | |
| 56 | SBRSABINE RTY TR | 109,410 | $8.7B | 0.11% | |
| 57 | SPAQLISTED FDS TR | 76,904 | $8.0B | 0.10% | |
| 58 | VGSHVANGUARD SCOTTSDALE FDS | 124,996 | $7.4B | 0.09% | |
| 59 | ABALLIANCEBERNSTEIN HLDG L P | 188,256 | $7.2B | 0.09% | |
| 60 | BCHGGRAYSCALE BITCOIN CASH | 1,487,494 | $6.6B | 0.08% | |
| 61 | ETENERGY TRANSFER L P | 369,535 | $6.3B | 0.08% | |
| 62 | NDAQNASDAQ INC | 69,970 | $6.2B | 0.08% | |
| 63 | ARISUSDARIS WATER SOLUTIONS INC | 222,429 | $5.5B | 0.07% | |
| 64 | MSGSMADISON SQUARE GRDN SPRT COR | 23,724 | $5.4B | 0.07% | |
| 65 | SAICSCIENCE APPLICATIONS INTL CO | 53,138 | $5.3B | 0.06% | |
| 66 | XOMEXXON MOBIL CORP | 45,610 | $5.1B | 0.06% | |
| 67 | JAPNLISTED FDS TR | 169,748 | $4.8B | 0.06% | |
| 68 | ABBVABBVIE INC | 20,353 | $4.7B | 0.06% | |
| 69 | BCDFLISTED FDS TR | 148,241 | $4.7B | 0.06% | |
| 70 | MKLMARKEL GROUP INC | 2,407 | $4.6B | 0.06% | |
| 71 | INFLLISTED FDS TR | 101,299 | $4.5B | 0.06% | |
| 72 | LTCNGRAYSCALE LITECOIN | 497,743 | $4.4B | 0.05% | |
| 73 | EXPEAGLE MATLS INC | 18,766 | $4.4B | 0.05% | |
| 74 | LBRTLIBERTY ENERGY INC | 346,826 | $4.3B | 0.05% | |
| 75 | WENWENDYS CO | 466,421 | $4.3B | 0.05% | |
| 76 | ADMARCHER DANIELS MIDLAND CO | 67,383 | $4.0B | 0.05% | |
| 77 | EPDENTERPRISE PRODS PARTNERS L | 127,373 | $4.0B | 0.05% | |
| 78 | SPGIS&P GLOBAL INC | 8,112 | $3.9B | 0.05% | |
| 79 | MSFTMICROSOFT CORP | 7,482 | $3.9B | 0.05% | |
| 80 | FCXFREEPORT-MCMORAN INC | 97,381 | $3.8B | 0.05% | |
| 81 | FWONALIBERTY MEDIA CORP DEL | 37,756 | $3.6B | 0.04% | |
| 82 | BRBROADRIDGE FINL SOLUTIONS IN | 15,048 | $3.6B | 0.04% | |
| 83 | KLACKLA CORP | 3,251 | $3.5B | 0.04% | |
| 84 | 4I1PHILIP MORRIS INTL INC | 21,014 | $3.4B | 0.04% | |
| 85 | XNEAXNUVEEN AMT FREE QLTY MUN INC | 297,264 | $3.4B | 0.04% | |
| 86 | LLYELI LILLY & CO | 4,247 | $3.2B | 0.04% | |
| 87 | FTLFFITLIFE BRANDS INC | 154,456 | $3.1B | 0.04% | |
| 88 | SPHRSPHERE ENTERTAINMENT CO | 49,391 | $3.1B | 0.04% | |
| 89 | NTRNUTRIEN LTD | 51,926 | $3.0B | 0.04% | |
| 90 | JNJJOHNSON & JOHNSON | 16,180 | $3.0B | 0.04% | |
| 91 | LHXL3HARRIS TECHNOLOGIES INC | 9,808 | $3.0B | 0.04% | |
| 92 | TPHTRI POINTE HOMES INC | 85,962 | $2.9B | 0.04% | |
| 93 | AMLPALPS ETF TR | 59,674 | $2.8B | 0.03% | |
| 94 | WTWISDOMTREE INC | 201,038 | $2.8B | 0.03% | |
| 95 | CSCOCISCO SYS INC | 40,691 | $2.8B | 0.03% | |
| 96 | FNFFIDELITY NATIONAL FINANCIAL | 45,221 | $2.7B | 0.03% | |
| 97 | CMRECOSTAMARE INC | 227,100 | $2.7B | 0.03% | |
| 98 | MOALTRIA GROUP INC | 40,657 | $2.7B | 0.03% | |
| 99 | SUSUNCOR ENERGY INC NEW | 61,944 | $2.6B | 0.03% | |
| 100 | NRPNATURAL RESOURCE PARTNERS L | 24,580 | $2.6B | 0.03% |
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