HORIZON KINETICS ASSET MANAGEMENT LLC

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CIK 1056823

13F portfolio (2026-Q1)

$9.2B

Positions

351

Implied 1Y CAGR

modeled · as filed

Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2025-Q4. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.

Implied return what this book implies · modeled, not advice methodology →

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As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).

Computing…

Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.

Exposures · what this manager owns, by sector & size (2026-Q1)

Holdings

351

Top 5

69.7%

Top 10

78.2%

Effective N

3.6

HHI

0.278

This quarter

44 new · 0 exit →

By sector

Financials64.8%

Unclassified12.6%

Materials6.4%

Utilities5.1%

Energy3.7%

Consumer Discretionary1.7%

Real Estate1.7%

Information Technology1.3%

Other2.7%

By market cap

Large ($10–200B)61.1%

Unknown21.0%

Mid ($2–10B)14.0%

Small ($300M–2B)3.0%

Mega (>$200B)0.9%

Micro (<$300M)0.1%

By region

North America87.4%

Other12.6%

Europe0.1%

Asia-Pacific0.0%

By industry group GICS — finer than sector

Industry group	Weight	Names
Capital Markets	63.17%	22
Unclassified	12.76%	108
Metals & Mining	6.14%	10
Utilities	5.13%	15
Oil, Gas & Consumable Fuels	3.63%	20
Real Estate Management & Development	1.45%	3
Software & IT Services	1.00%	6
Specialty Retail	0.74%	6
Hotels, Restaurants & Leisure	0.73%	4
Insurance	0.68%	8
Banks	0.61%	12
Pharmaceuticals & Biotechnology	0.54%	29
Food Products	0.53%	4
Entertainment	0.48%	10
Marine	0.47%	4
Commercial Services & Supplies	0.39%	8
Equity Real Estate Investment Trusts (REITs)	0.23%	9
Chemicals	0.19%	6
Automobiles & Components	0.19%	3
Technology Hardware & Equipment	0.13%	9
Media & Entertainment	0.12%	6
Coal & Consumable Fuels	0.11%	2
Aerospace & Defense	0.09%	7
Semiconductors & Semiconductor Equipment	0.08%	5
Tobacco	0.06%	2
Electrical Equipment & Components	0.06%	3
Machinery	0.05%	7
Health Care Equipment & Supplies	0.03%	3
Construction Materials	0.03%	1
Software	0.03%	1
Paper & Forest Products	0.03%	2
Distributors	0.02%	3
Professional Services	0.02%	2
Life Sciences Tools & Services	0.02%	2
Beverages	0.01%	2
Road & Rail	0.01%	1
Communications Equipment	0.01%	1
Diversified Telecommunication Services	0.01%	2
Health Care Providers & Services	0.01%	1
Construction & Engineering	0.00%	1
Textiles, Apparel & Luxury Goods	0.00%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	TPL	Texas Pacific Land Corp	Financials	51.49%
2	GBTC	GRAYSCALE BITCOIN TRUST ETF	Unclassified	8.00%
3	LB	LandBridge Co LLC	Financials	4.23%
4	HE	HAWAIIAN ELECTRIC INDUSTRIES INC	Utilities	3.48%
5	WPM	WHEATON PRECIOUS METALS CORP	Materials	2.50%
6	WBI	WaterBridge Infrastructure LLC	Energy	2.13%
7	FNV	FRANCO NEVADA CORP	Materials	2.03%
8	PBT	PERMIAN BASIN RTY TR	Unclassified	1.49%
9	MIAX	MIAMI INTERNATIONAL HOLDINGS, INC.	Financials	1.46%
10	ICE	Intercontinental Exchange, Inc.	Financials	1.43%

244/351 names classified · sector 87.4% of weight · industry 87.2% · mkt cap 79.0%; unclassified names shown, never dropped.

Sector allocation over time · how the GICS mix & top names shifted quarter by quarter

top 5/sector, rest → “Other” · 29 quarters

FinancialsTPL, ICE, CBOE, LB, ACGP · other

MaterialsWPM, FNV, WFG, NTR, OR · other

Information TechnologyCACI, SAIC, VRSK, GE, AAPL · other

Consumer DiscretionaryCVEO, WEN, AN, PAG, OSK · other

Communication ServicesLYV, LBRDK, MSGS, LBRDA, AMCX · other

EnergyIEP, DMLP, VNOM, WBI, XOM · other

Real EstateBN, JOE, HHH, CBRE, WY · other

Health CareCRL, RPRX, APYX, MRK, JNJ · other

UtilitiesLNG, HE, WMB, EPD, ET · other

IndustrialsBA, CCL, NVGS, SPGI, EBAY · other

Consumer StaplesADM, BG, PM, MO, PEP · other

UnclassifiedTEXAS, GBTC, HOWARD HUGHES CORPORATION, LIBERTY MEDIA CORP DEL, BROOKFIELD ASSET MGMT INC · other

Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 87.4% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2026-Q1), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

holdings, colored by sector (166 classified)HORIZON KINETICS ASSET MANAGEMENT LLC centroid (Mid Core)

FinancialsUtilitiesConsumer DiscretionaryInformation TechnologyIndustrialsConsumer StaplesReal EstateEnergyHealth CareMaterialsCommunication Services

Style box summary for HORIZON KINETICS ASSET MANAGEMENT LLC: centroid Mid Core. Heaviest cells: Mid Core 52.9%, Small Value 4.3%, Small Growth 2.3%.

Classified: 68.6% of book weight (166/348 names) · unclassified 31.4%: GBTC, LB, WPM, WBI, FNV, PBT, MIAX, BTC, VNOM, CCJ +172 more. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.

Contribution holdings-based, any period

No contribution data for this period.

Holdings· 351 positions (2026-Q1) · largest first · Δ vs 2025-Q4

#	Security	Shares	Value	Weight	Δ QoQ
1	TPLTEXAS PACIFIC LAND CORPORATI	10,015,379	$4.8B	51.5%	TRIM −3%
2	GBTCGRAYSCALE BITCOIN TRUST ETF	14,004,882	$739M	8.0%	HOLD
3	LBLANDBRIDGE COMPANY LLC	5,657,134	$391M	4.2%	HOLD
4	HEHAWAIIAN ELEC INDS INC MTN B	21,635,294	$321M	3.5%	ADD 12%
5	WPMWHEATON PRECIOUS METALS CORP	1,761,519	$231M	2.5%	TRIM −29%
6	WBIWATERBRIDGE INFRASTRUCTURE L	7,342,147	$197M	2.1%	ADD 7%
7	FNVFRANCO NEV CORP	757,297	$187M	2.0%	TRIM −22%
8	PBTPERMIAN BASIN RTY TR	6,379,692	$137M	1.5%	ADD 3%
9	MIAXMIAMI INTL HLDGS INC	3,451,549	$134M	1.5%	ADD 90%
10	ICEINTERCONTINENTAL EXCHANGE IN	838,899	$132M	1.4%	HOLD
11	LNGCheniere Energy, Inc	420,328	$119M	1.3%	TRIM −9%
12	CBOECBOE GLOBAL MKTS INC	410,066	$115M	1.2%	HOLD
13	MSBMESABI TR	3,140,972	$99M	1.1%	ADD 4%
14	BTCGRAYSCALE BITCOIN MINI TR ET	3,004,416	$90M	1.0%	HOLD
15	CACICACI INTL INC	154,648	$84M	0.9%	TRIM −2%
16	CMECME GROUP INC	270,253	$80M	0.9%	HOLD
17	VNOMVIPER ENERGY INC	1,662,641	$78M	0.8%	TRIM −3%
18	CCJCAMECO CORP	651,825	$71M	0.8%	TRIM −3%
19	OROR ROYALTIES INC.	1,754,144	$67M	0.7%	TRIM −3%
20	BNBROOKFIELD CORP	1,571,936	$64M	0.7%	HOLD
21	CVEOCIVEO CORP CDA	2,352,353	$62M	0.7%	TRIM −4%
22	ANAUTONATION INC	225,053	$44M	0.5%	TRIM −12%
23	BGBUNGE GLOBAL SA	336,944	$43M	0.5%	TRIM −3%
24	TRCTEJON RANCH CO	1,902,606	$36M	0.4%	HOLD
25	HKHCHORIZON KINETICS HLDG CORP COM	1,075,416	$35M	0.4%	HOLD
26	JOEST JOE CO	542,609	$34M	0.4%	TRIM −2%
27	SJTSAN JUAN BASIN RTY TR	6,978,841	$34M	0.4%	ADD 12%
28	IBITISHARES BITCOIN TRUST ETF	793,343	$30M	0.3%	HOLD
29	SIISPROTT INC	206,997	$30M	0.3%	TRIM −4%
30	WTMWHITE MTNS INS GROUP LTD	13,112	$29M	0.3%	HOLD
31	MRSHMARSH & MCLENNAN COS INC	151,341	$26M	0.3%	TRIM −3%
32	CCLCARNIVAL CORP	957,653	$25M	0.3%	HOLD
33	LYVLIVE NATION ENTERTAINMENT IN	157,169	$24M	0.3%	TRIM −7%
34	DMLPDORCHESTER MINERALS LP	860,226	$23M	0.3%	HOLD
35	GLXYGALAXY DIGITAL INC.	1,250,969	$23M	0.3%	HOLD
36	PAGPENSKE AUTOMOTIVE GRP INC	142,507	$21M	0.2%	TRIM −16%
37	BRK.BBERKSHIRE HATHAWAY INC DEL	38,033	$18M	0.2%	HOLD
38	RBARB GLOBAL INC	186,731	$18M	0.2%	ADD 73%
39	MSTRSTRATEGY INC	139,253	$17M	0.2%	HOLD
40	OSKOSHKOSH CORP	115,789	$17M	0.2%	HOLD
41	VUSBVANGUARD BD INDEX FDS	339,054	$17M	0.2%	HOLD
42	RPRXROYALTY PHARMA PLC	340,783	$16M	0.2%	TRIM −4%
43	DBRGDIGITALBRIDGE GROUP INC	939,380	$14M	0.2%	TRIM −69%
44	TFPMTRIPLE FLAG PRECIOUS METAL	413,430	$14M	0.2%	TRIM −3%
45	RCLROYAL CARIBBEAN GROUP	51,698	$14M	0.2%	TRIM −2%
46	IPARINTERPARFUMS INC	138,333	$13M	0.1%	HOLD
47	HHHHOWARD HUGHES HOLDINGS INC	196,410	$12M	0.1%	TRIM −33%
48	RGLDROYAL GOLD INC	47,142	$12M	0.1%	TRIM −50%
49	WMBWILLIAMS COS INC	138,301	$10M	0.1%	HOLD
50	MAMASTERCARD INCORPORATED	19,516	$10M	0.1%	HOLD
51	BAMBROOKFIELD ASSET MANAGMT LTD	189,571	$8M	0.1%	HOLD
52	SBRSABINE RTY TR	111,150	$8M	0.1%	HOLD
53	LBRTLIBERTY ENERGY INC	288,222	$8M	0.1%	TRIM −16%
54	ABALLIANCEBERNSTEIN HLDG L P	217,447	$8M	0.1%	ADD 12%
55	ETENERGY TRANSFER L P	398,708	$8M	0.1%	ADD 11%
56	MSGSMADISON SQUARE GRDN SPRT COR	23,347	$8M	0.1%	HOLD
57	NRPNATURAL RESOURCE PARTNERS L	57,871	$7M	0.1%	ADD 133%
58	WESWESTERN MIDSTREAM PARTNERS L	169,744	$7M	0.1%	ADD 27%
59	FWONKLIBERTY MEDIA CORP DEL	80,990	$7M	0.1%	HOLD
60	XOMEXXON MOBIL CORP	39,692	$7M	0.1%	ADD 3%
61	SPAQLISTED FDS TR	71,954	$7M	0.1%	HOLD
62	NDAQNASDAQ INC	70,706	$6M	0.1%	HOLD
63	VGSHVANGUARD SHORT-TERM TREASURY ETF	98,748	$6M	0.1%	TRIM −10%
64	AMLPALPS ETF TR	106,520	$6M	0.1%	ADD 77%
65	BOXXEA SERIES TRUST	47,475	$6M	0.1%	NEW
66	SPHRSPHERE ENTERTAINMENT CO	46,252	$5M	0.1%	TRIM −3%
67	FCXFREEPORT MCMORAN INC	91,881	$5M	0.1%	HOLD
68	INFLLISTED FDS TR	100,352	$5M	0.1%	HOLD
69	JAPNLISTED FDS TR	227,765	$5M	0.1%	ADD 25%
70	BCDFLISTED FDS TR	166,055	$5M	0.1%	ADD 6%
71	BCHGGRAYSCALE BITCOIN CASH TRUST BCH	1,487,241	$5M	0.1%	HOLD
72	SAICSCIENCE APPLICATIONS INTL CO	50,581	$5M	0.1%	TRIM −4%
73	EPDENTERPRISE PRODS PARTNERS L	114,820	$4M	0.0%	ADD 2%
74	ADMARCHER DANIELS MIDLAND CO	59,312	$4M	0.0%	HOLD
75	CMSGCONSENSUS MINING & SEIGNIORAGE CORP COM	164,593	$4M	0.0%	NEW
76	ABBVABBVIE INC	19,209	$4M	0.0%	HOLD
77	MKLMARKEL GROUP INC	2,102	$4M	0.0%	HOLD
78	TRI POINTE HOMES INC	85,966	$4M	0.0%	HOLD
79	NTRNUTRIEN LTD	51,224	$4M	0.0%	HOLD
80	JNJJOHNSON & JOHNSON	15,709	$4M	0.0%	HOLD
81	CMRECOSTAMARE INC	221,850	$4M	0.0%	HOLD
82	SUSUNCOR ENERGY INC NEW	56,237	$4M	0.0%	ADD 3%
83	LLYELI LILLY & CO	3,965	$4M	0.0%	TRIM −3%
84	BRBROADRIDGE FINL SOLUTIONS IN	22,176	$4M	0.0%	ADD 9%
85	MRKMERCK & CO INC	28,383	$3M	0.0%	HOLD
86	XNEAXNUVEEN AMT FREE QLTY MUN INC	296,306	$3M	0.0%	HOLD
87	PMPHILIP MORRIS INTL INC	19,734	$3M	0.0%	HOLD
88	EXPEAGLE MATLS INC	16,865	$3M	0.0%	HOLD
89	KLACKLA CORP	2,158	$3M	0.0%	TRIM −24%
90	LHXL3HARRIS TECHNOLOGIES INC	9,153	$3M	0.0%	TRIM −3%
91	FRMIFERMI INC	532,426	$3M	0.0%	ADD 390%
92	RCGRENN FD INC	912,064	$3M	0.0%	ADD 5%
93	CATCATERPILLAR INC	4,117	$3M	0.0%	TRIM −11%
94	CSCOCISCO SYS INC	37,491	$3M	0.0%	TRIM −4%
95	CVXCHEVRON CORP NEW	14,018	$3M	0.0%	ADD 5%
96	ARLPALLIANCE RESOURCE PARTNERS L	104,709	$3M	0.0%	ADD 63%
97	PTENPATTERSON-UTI ENERGY INC	258,608	$3M	0.0%	HOLD
98	VRTVERTIV HOLDINGS CO	11,025	$3M	0.0%	HOLD
99	BMYBRISTOL-MYERS SQUIBB CO	44,706	$3M	0.0%	HOLD
100	EQTEQT CORP	42,521	$3M	0.0%	ADD 3%
101	MTAMETALLA RTY & STREAMING LTD	404,297	$3M	0.0%	HOLD
102	FWONALIBERTY MEDIA CORP DEL	34,092	$3M	0.0%	TRIM −5%
103	MOALTRIA GROUP INC	38,957	$3M	0.0%	HOLD
104	MSFTMICROSOFT CORP	6,924	$3M	0.0%	TRIM −4%
105	WTWISDOMTREE INC	168,056	$2M	0.0%	TRIM −15%
106	LTCNGRAYSCALE LITECOIN TRUST LTC SHS	587,986	$2M	0.0%	ADD 17%
107	BKKTBAKKT HOLDINGS INC	316,538	$2M	0.0%	TRIM −3%
108	RTXRTX CORPORATION	11,895	$2M	0.0%	TRIM −7%
109	BSMBLACK STONE MINERALS L P	151,238	$2M	0.0%	HOLD
110	APYXAPYX MEDICAL CORPORATION	615,000	$2M	0.0%	HOLD
111	FTLFFITLIFE BRANDS INC	154,456	$2M	0.0%	HOLD
112	MYIBLACKROCK MUNIYIELD QUALITY	207,994	$2M	0.0%	ADD 104%
113	EMREMERSON ELEC CO	16,592	$2M	0.0%	HOLD
114	LVSLAS VEGAS SANDS CORP	40,007	$2M	0.0%	HOLD
115	MSGEMADISON SQUARE GARDEN ENTMT	35,731	$2M	0.0%	HOLD
116	CRLCHARLES RIV LABS INTL INC	12,192	$2M	0.0%	TRIM −3%
117	TDTORONTO DOMINION BK ONT	22,500	$2M	0.0%	TRIM −4%
118	OPLNOPENLANE INC	71,343	$2M	0.0%	HOLD
119	FNFFIDELITY NATL FINL INC	44,478	$2M	0.0%	HOLD
120	SLVISHARES SILVER TR	29,855	$2M	0.0%	HOLD
121	PAAPLAINS ALL AMERN PIPELINE L	90,209	$2M	0.0%	NEW
122	BATRKATLANTA BRAVES HLDGS INC	45,931	$2M	0.0%	HOLD
123	PFEPFIZER INC	68,950	$2M	0.0%	HOLD
124	IRMIRON MTN INC DEL	18,405	$2M	0.0%	HOLD
125	WENWENDYS CO	269,177	$2M	0.0%	TRIM −25%
126	NADNUVEEN QUALITY MUNCP INCOME	162,423	$2M	0.0%	HOLD
127	GEGE AEROSPACE	6,418	$2M	0.0%	HOLD
128	VOOVANGUARD INDEX FDS	2,944	$2M	0.0%	HOLD
129	HUBBHUBBELL INC	3,532	$2M	0.0%	NEW
130	REZIRESIDEO TECHNOLOGIES INC	50,896	$2M	0.0%	TRIM −5%
131	SONSONOCO PRODS CO	31,230	$2M	0.0%	ADD 2%
132	NVSNOVARTIS AG	10,991	$2M	0.0%	TRIM −4%
133	GLDSPDR GOLD TR	3,863	$2M	0.0%	ADD 6%
134	AAPLAPPLE INC	6,427	$2M	0.0%	TRIM −7%
135	SPGIS&P GLOBAL INC	3,750	$2M	0.0%	TRIM −12%
136	RIORIO TINTO PLC	16,296	$2M	0.0%	HOLD
137	RMTROYCE MICRO-CAP TR INC	132,808	$2M	0.0%	HOLD
138	WPCW. P. Carey Inc.	22,000	$1M	0.0%	HOLD
139	HONHONEYWELL INTL INC	6,576	$1M	0.0%	ADD 8%
140	NRKNUVEEN NEW YORK AMT QLT MUNI	138,453	$1M	0.0%	ADD 2%
141	VVISA INC	4,666	$1M	0.0%	HOLD
142	SEALED AIR CORP NEW	33,250	$1M	0.0%	HOLD
143	ROKROCKWELL AUTOMATION INC	3,895	$1M	0.0%	TRIM −8%
144	GSKGSK PLC	24,419	$1M	0.0%	HOLD
145	VRSKVERISK ANALYTICS INC	7,000	$1M	0.0%	HOLD
146	PFNPIMCO INCOME STRATEGY FD II	191,463	$1M	0.0%	HOLD
147	KMIKINDER MORGAN INC DEL	38,982	$1M	0.0%	TRIM −22%
148	GDLCGRAYSCALE COINDESK CRYPTO 5 ETF	41,029	$1M	0.0%	HOLD
149	BNTBROOKFIELD WEALTH SOL LTD	30,737	$1M	0.0%	HOLD
150	MPCMARATHON PETE CORP	5,202	$1M	0.0%	HOLD
151	GEVGE VERNOVA INC	1,439	$1M	0.0%	HOLD
152	VXFVANGUARD INDEX FDS	6,046	$1M	0.0%	TRIM −77%
153	BNYBANK NEW YORK MELLON CORP	10,308	$1M	0.0%	TRIM −13%
154	NVDANVIDIA CORPORATION	7,010	$1M	0.0%	TRIM −5%
155	ADIANALOG DEVICES INC	3,761	$1M	0.0%	TRIM −11%
156	SBLKSTAR BULK CARRIERS CORP.	51,770	$1M	0.0%	ADD 2%
157	BATRAATLANTA BRAVES HLDGS INC	25,208	$1M	0.0%	HOLD
158	ELSEQUITY LIFESTYLE PPTYS INC	18,955	$1M	0.0%	TRIM −24%
159	CRAICRA INTL INC	6,995	$1M	0.0%	TRIM −8%
160	SEGSEAPORT ENTMT GROUP INC	52,440	$1M	0.0%	HOLD
161	GISGENERAL MILLS INC	30,090	$1M	0.0%	NEW
162	SVXYPROSHARES TR II	23,986	$1M	0.0%	ADD 3%
163	EOGEOG RES INC	7,567	$1M	0.0%	ADD 17%
164	BAHBOOZ ALLEN HAMILTON HLDG COR	13,996	$1M	0.0%	HOLD
165	MCDMCDONALDS CORP	3,439	$1M	0.0%	ADD 3%
166	AZNASTRAZENECA PLC	5,256	$1M	0.0%	NEW
167	ABTABBOTT LABS	9,566	$982,141	0.0%	TRIM −5%
168	OIHVANECK ETF TRUST	2,412	$975,064	0.0%	TRIM −29%
169	CMSCMS ENERGY CORP	12,197	$946,243	0.0%	HOLD
170	GOOGALPHABET INC	3,295	$945,204	0.0%	HOLD
171	MQYBLACKROCK MUNIYILD QULT FD I	82,981	$911,131	0.0%	NEW
172	JFRNUVEEN FLOATING RATE INCOME	119,308	$897,196	0.0%	HOLD
173	PDIPIMCO DYNAMIC INCOME FD	51,479	$880,806	0.0%	HOLD
174	NSCNORFOLK SOUTHN CORP	3,033	$870,471	0.0%	HOLD
175	IBMINTERNATIONAL BUSINESS MACHS	3,585	$868,968	0.0%	TRIM −3%
176	IONSIONIS PHARMACEUTICALS INC	11,428	$858,129	0.0%	TRIM −4%
177	CCITIGROUP INC	7,475	$847,740	0.0%	ADD 5%
178	AMGNAMGEN INC	2,399	$844,088	0.0%	TRIM −4%
179	GOOGLALPHABET INC	2,933	$843,413	0.0%	TRIM −5%
180	MHDBLACKROCK MUNIHOLDINGS FD IN	74,530	$840,698	0.0%	ADD 344%
181	DHRDANAHER CORP DEL	4,359	$826,466	0.0%	HOLD
182	SPYSTATE STR SPDR S&P 500 ETF T	1,244	$809,023	0.0%	TRIM −4%
183	BACBANK AMERICA CORP	16,460	$802,425	0.0%	TRIM −20%
184	AEHRAEHR TEST SYS	21,600	$800,928	0.0%	HOLD
185	RYAMRAYONIER ADVANCED MATLS INC	68,500	$758,295	0.0%	TRIM −28%
186	IAUISHARES GOLD TR	8,566	$755,179	0.0%	HOLD
187	ALNYALNYLAM PHARMACEUTICALS INC	2,272	$751,737	0.0%	TRIM −4%
188	ALKSALKERMES PLC	21,099	$746,061	0.0%	TRIM −4%
189	PFLPIMCO INCOME STRATEGY FD	93,252	$746,016	0.0%	HOLD
190	MMM3M CO	5,000	$726,150	0.0%	TRIM −12%
191	BRK.ABERKSHIRE HATHAWAY INC DEL	1	$718,140	0.0%	HOLD
192	QCOMQUALCOMM INC	5,512	$709,835	0.0%	TRIM −12%
193	SANBANCO SANTANDER S.A.	62,310	$702,857	0.0%	TRIM −4%
194	STZCONSTELLATION BRANDS INC	4,673	$700,950	0.0%	HOLD
195	NEMNEWMONT CORP	6,421	$695,073	0.0%	TRIM −18%
196	LINLINDE PLC	1,400	$694,064	0.0%	TRIM −3%
197	LLOEWS CORP	6,460	$689,540	0.0%	ADD 18%
198	XESSPDR SERIES TRUST	5,775	$671,806	0.0%	HOLD
199	EBAYEBAY INC.	7,347	$668,724	0.0%	HOLD
200	GDXJVANECK ETF TRUST	5,556	$666,942	0.0%	TRIM −48%

showing the top 200 by weight

Position trends· top 15 holdings · shares held over 6 quarters

green added · red trimmed

Security

2024-Q4

2025-Q1

2025-Q2

2025-Q3

2025-Q4

2026-Q1

Latest value

TPLTEXAS PACIFIC LAND CORPORATI

3.6M

3.5M

10.3M

10.0M

$4.8B

GBTCGRAYSCALE BITCOIN TRUST ETF

15.2M

14.7M

14.6M

14.2M

14.1M

14.0M

$739M

LBLANDBRIDGE COMPANY LLC

5.4M

5.5M

5.6M

5.7M

$391M

HEHAWAIIAN ELEC INDS INC MTN B

2.4M

12.7M

16.3M

18.3M

19.4M

21.6M

$321M

WPMWHEATON PRECIOUS METALS CORP

2.9M

3.0M

2.8M

2.5M

1.8M

$231M

WBIWATERBRIDGE INFRASTRUCTURE L

—

6.4M

6.8M

7.3M

$197M

FNVFRANCO NEV CORP

988K

1.0M

968K

757K

$187M

PBTPERMIAN BASIN RTY TR

3.9M

4.1M

5.8M

6.1M

6.2M

6.4M

$137M

MIAXMIAMI INTL HLDGS INC

—

1.4M

1.8M

3.5M

$134M

ICEINTERCONTINENTAL EXCHANGE IN

805K

818K

832K

831K

839K

$132M

LNGCheniere Energy, Inc

—

485K

473K

463K

420K

$119M

CBOECBOE GLOBAL MKTS INC

414K

418K

413K

409K

408K

410K

$115M

MSBMESABI TR

2.8M

2.9M

3.0M

3.1M

$99M

BTCGRAYSCALE BITCOIN MINI TR ET

3.1M

3.0M

$90M

CACICACI INTL INC

359K

190K

162K

161K

159K

155K

$84M

Shares reported each quarter by the largest current holdings. Green = added vs the prior filing of that name, red = trimmed, grey = roughly held; a dash is a quarter with no 13F on file (a gap is skipped, not read as an exit). 13F is filed up to 45 days after quarter-end. Up to 40 quarters (10 years) available — use the selector above.

☆HORIZON KINETICS ASSET MANAGEMENT LLC

Implied return what this book implies · modeled, not advice methodology →

Exposures · what this manager owns, by sector & size (2026-Q1)

By sector

By market cap

By region

By industry group GICS — finer than sector

Top holdings

Sector allocation over time · how the GICS mix & top names shifted quarter by quarter

Style box · size × value-growth placement of the reported book (2026-Q1), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

Contribution holdings-based, any period

Holdings· 351 positions (2026-Q1) · largest first · Δ vs 2025-Q4

Position trends· top 15 holdings · shares held over 6 quarters

Related· where to look next

HORIZON KINETICS ASSET MANAGEMENT LLC