HORIZON KINETICS ASSET MANAGEMENT LLC Q4 2025 Filing
Filed February 11, 2026
Portfolio Value
$7.4B
Holdings
324
Report Date
Q4 2025
Filing Type
13F-HR
All Holdings (324 positions)
| # | Stock | Shares | Value | % Portfolio | Type |
|---|---|---|---|---|---|
| 1 | TPLTEXAS PACIFIC LAND CORPORATI | 10,333,762 | $3.0B | 40.14% | |
| 2 | GBTCGRAYSCALE BITCOIN TRUST ETF | 14,113,593 | $964.8M | 13.05% | |
| 3 | WPMWHEATON PRECIOUS METALS CORP | 2,493,518 | $293.0M | 3.96% | |
| 4 | LBLANDBRIDGE COMPANY LLC | 5,642,766 | $276.4M | 3.74% | |
| 5 | HEHAWAIIAN ELEC INDUSTRIES | 19,392,363 | $238.5M | 3.23% | |
| 6 | FNVFRANCO NEV CORP | 968,101 | $200.7M | 2.71% | |
| 7 | WBIWATERBRIDGE INFRASTRUCTURE L | 6,837,520 | $136.8M | 1.85% | |
| 8 | ICEINTERCONTINENTAL EXCHANGE IN | 830,766 | $134.6M | 1.82% | |
| 9 | MSBMESABI TR | 3,027,698 | $116.6M | 1.58% | |
| 10 | BTCGRAYSCALE BITCOIN MINI TR ET | 2,997,060 | $116.1M | 1.57% | |
| 11 | PBTPERMIAN BASIN RTY TR | 6,187,800 | $105.1M | 1.42% | |
| 12 | CBOECBOE GLOBAL MKTS INC | 408,398 | $102.5M | 1.39% | |
| 13 | LNGCHENIERE ENERGY INC | 463,329 | $90.1M | 1.22% | |
| 14 | CA8ACACI INTL INC | 158,591 | $84.5M | 1.14% | |
| 15 | MIAXMIAMI INTL HLDGS INC | 1,819,798 | $80.8M | 1.09% | |
| 16 | CMECME GROUP INC | 275,611 | $75.3M | 1.02% | |
| 17 | BNBROOKFIELD CORP | 1,583,710 | $72.7M | 0.98% | |
| 18 | VNOMVIPER ENERGY INC | 1,714,904 | $66.2M | 0.90% | |
| 19 | OROR ROYALTIES INC. | 1,815,024 | $64.2M | 0.87% | |
| 20 | CCOCAMECO CORP | 674,096 | $61.7M | 0.83% | |
| 21 | CVEOCIVEO CORP CDA | 2,449,487 | $56.0M | 0.76% | |
| 22 | ANAUTONATION INC | 256,479 | $53.0M | 0.72% | |
| 23 | DBRGDIGITALBRIDGE GROUP INC | 3,046,533 | $46.7M | 0.63% | |
| 24 | IBITISHARES BITCOIN TRUST ETF | 796,863 | $39.6M | 0.54% | |
| 25 | SJTSAN JUAN BASIN RTY TR | 6,231,144 | $35.0M | 0.47% | |
| 26 | JOEST JOE CO | 554,837 | $32.9M | 0.45% | |
| 27 | BGBUNGE GLOBAL SA | 348,994 | $31.1M | 0.42% | |
| 28 | TRCTEJON RANCH CO | 1,912,573 | $30.2M | 0.41% | |
| 29 | CCLCARNIVAL CORP | 957,548 | $29.2M | 0.40% | |
| 30 | MRSHMARSH & MCLENNAN COS INC | 156,685 | $29.1M | 0.39% | |
| 31 | GLXYGALAXY DIGITAL INC. | 1,249,554 | $27.9M | 0.38% | |
| 32 | WTMWHITE MTNS INS GROUP LTD | 13,121 | $27.3M | 0.37% | |
| 33 | PAGPENSKE AUTOMOTIVE GRP INC | 169,874 | $26.9M | 0.36% | |
| 34 | HKHCHORIZON KINETICS HLDG CORP | 1,075,313 | $25.3M | 0.34% | |
| 35 | LYVLIVE NATION ENTERTAINMENT IN | 169,884 | $24.2M | 0.33% | |
| 36 | HHHHOWARD HUGHES HOLDINGS INC | 293,360 | $23.4M | 0.32% | |
| 37 | MIGASTRATEGY INC | 139,377 | $21.2M | 0.29% | |
| 38 | RGLDROYAL GOLD INC | 94,876 | $21.1M | 0.29% | |
| 39 | SIISPROTT INC | 214,626 | $21.0M | 0.28% | |
| 40 | DMLPDORCHESTER MINERALS LP | 875,662 | $19.6M | 0.26% | |
| 41 | BRK/BBERKSHIRE HATHAWAY INC DEL | 37,988 | $19.1M | 0.26% | |
| 42 | VUSBVANGUARD BD INDEX FDS | 342,542 | $17.1M | 0.23% | |
| 43 | RCLROYAL CARIBBEAN GROUP | 52,758 | $14.7M | 0.20% | |
| 44 | OSKOSHKOSH CORP | 116,193 | $14.6M | 0.20% | |
| 45 | TFPMTRIPLE FLAG PRECIOUS METAL | 425,303 | $14.1M | 0.19% | |
| 46 | RPRXROYALTY PHARMA PLC | 353,361 | $13.7M | 0.18% | |
| 47 | IPARINTERPARFUMS INC | 138,558 | $11.8M | 0.16% | |
| 48 | MAMASTERCARD INCORPORATED | 19,579 | $11.2M | 0.15% | |
| 49 | RBARB GLOBAL INC | 107,627 | $11.1M | 0.15% | |
| 50 | BAMBROOKFIELD ASSET MANAGMT LTD | 190,473 | $10.0M | 0.13% | |
| 51 | WMBWILLIAMS COS INC | 137,321 | $8.3M | 0.11% | |
| 52 | FWONALIBERTY MEDIA CORP DEL | 81,617 | $8.0M | 0.11% | |
| 53 | SBRSABINE RTY TR | 109,487 | $7.5M | 0.10% | |
| 54 | ABALLIANCEBERNSTEIN HLDG L P | 193,741 | $7.5M | 0.10% | |
| 55 | NDAQNASDAQ INC | 70,822 | $6.9M | 0.09% | |
| 56 | SPAQLISTED FDS TR | 71,954 | $6.5M | 0.09% | |
| 57 | VGSHVANGUARD SCOTTSDALE FDS | 110,086 | $6.5M | 0.09% | |
| 58 | BCHGGRAYSCALE BITCOIN CASH | 1,486,851 | $6.4M | 0.09% | |
| 59 | LBRTLIBERTY ENERGY INC | 342,711 | $6.3M | 0.09% | |
| 60 | MSGSMADISON SQUARE GRDN SPRT COR | 23,344 | $6.0M | 0.08% | |
| 61 | ETENERGY TRANSFER L P | 359,648 | $5.9M | 0.08% | |
| 62 | VXFVANGUARD INDEX FDS | 25,889 | $5.4M | 0.07% | |
| 63 | SAICSCIENCE APPLICATIONS INTL CO | 52,662 | $5.3M | 0.07% | |
| 64 | WESWESTERN MIDSTREAM PARTNERS L | 134,085 | $5.3M | 0.07% | |
| 65 | FCXFREEPORT-MCMORAN INC | 93,114 | $4.7M | 0.06% | |
| 66 | BCDFLISTED FDS TR | 156,000 | $4.7M | 0.06% | |
| 67 | JAPNLISTED FDS TR | 182,317 | $4.7M | 0.06% | |
| 68 | XOMEXXON MOBIL CORP | 38,580 | $4.6M | 0.06% | |
| 69 | BRBROADRIDGE FINL SOLUTIONS IN | 20,423 | $4.6M | 0.06% | |
| 70 | MKLMARKEL GROUP INC | 2,102 | $4.5M | 0.06% | |
| 71 | SPHRSPHERE ENTERTAINMENT CO | 47,463 | $4.5M | 0.06% | |
| 72 | ABBVABBVIE INC | 19,541 | $4.5M | 0.06% | |
| 73 | LLYELI LILLY & CO | 4,106 | $4.4M | 0.06% | |
| 74 | INFLLISTED FDS TR | 98,980 | $4.4M | 0.06% | |
| 75 | EPDENTERPRISE PRODS PARTNERS L | 112,063 | $3.6M | 0.05% | |
| 76 | CMRECOSTAMARE INC | 221,950 | $3.5M | 0.05% | |
| 77 | MSFTMICROSOFT CORP | 7,208 | $3.5M | 0.05% | |
| 78 | ADMARCHER DANIELS MIDLAND CO | 60,202 | $3.5M | 0.05% | |
| 79 | EXPEAGLE MATLS INC | 16,743 | $3.5M | 0.05% | |
| 80 | KLACKLA CORP | 2,845 | $3.5M | 0.05% | |
| 81 | XNEAXNUVEEN AMT FREE QLTY MUN INC | 295,249 | $3.4M | 0.05% | |
| 82 | JNJJOHNSON & JOHNSON | 15,949 | $3.3M | 0.04% | |
| 83 | BKKTBAKKT HOLDINGS INC | 324,706 | $3.3M | 0.04% | |
| 84 | FWONALIBERTY MEDIA CORP DEL | 36,018 | $3.2M | 0.04% | |
| 85 | NTRNUTRIEN LTD | 51,872 | $3.2M | 0.04% | |
| 86 | 4I1PHILIP MORRIS INTL INC | 19,851 | $3.2M | 0.04% | |
| 87 | MTAMETALLA RTY & STREAMING LTD | 404,397 | $3.1M | 0.04% | |
| 88 | CSCOCISCO SYS INC | 38,941 | $3.0M | 0.04% | |
| 89 | WENWENDYS CO | 359,896 | $3.0M | 0.04% | |
| 90 | MRKMERCK & CO INC | 28,147 | $3.0M | 0.04% | |
| 91 | LTCNGRAYSCALE LITECOIN | 503,902 | $2.9M | 0.04% | |
| 92 | AMLPALPS ETF TR | 60,307 | $2.8M | 0.04% | |
| 93 | LHXL3HARRIS TECHNOLOGIES INC | 9,388 | $2.8M | 0.04% | |
| 94 | TPHTRI POINTE HOMES INC | 85,962 | $2.7M | 0.04% | |
| 95 | CATCATERPILLAR INC | 4,617 | $2.6M | 0.04% | |
| 96 | NRPNATURAL RESOURCE PARTNERS L | 24,865 | $2.6M | 0.04% | |
| 97 | LVSLAS VEGAS SANDS CORP | 39,260 | $2.6M | 0.03% | |
| 98 | FTLFFITLIFE BRANDS INC | 154,456 | $2.5M | 0.03% | |
| 99 | CRLCHARLES RIV LABS INTL INC | 12,580 | $2.5M | 0.03% | |
| 100 | BMYBRISTOL-MYERS SQUIBB CO | 45,110 | $2.4M | 0.03% |
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