HORIZON KINETICS ASSET MANAGEMENT LLC
Q3 2025 Form 13-F

NEW YORK, NEW YORK
CIK 0001056823 · CRD 106096 · SEC-registered investment adviser
$8.2B Reported Value Total

HORIZON KINETICS ASSET MANAGEMENT LLC reports 2,223 total accounts under management (AUM). There are 2,192 discretionary accounts valued at $9,457,679,101, and 31 non-discretionary accounts valued at $156,366,003.

Source: Form ADV filed * Note that certain holdings are exempt from Form 13-F reporting, so the AUM totals may be greater than the Form 13-F total.
SEC Registered Discretionary & Non-Discretionary
Firm Brochure (Part 2A) Client Relationship Summary (Form CRS)
Private funds (Form ADV)
28 funds · $2.1B gross asset value
Hedge Fund: $2.0B · Private Equity Fund: $16.4M
Source: Form ADV filed 2026-09-24
Reported value
$8.2B
Quarter over quarter
-1.8%
Holdings
334
Top-10 concentration
75.0%

Filing Structure

Reports holdings for

Holdings reported by

Key People

Form ADV owners & control persons
Steven Bregman
CO-CHIEF EXECUTIVE OFFICER
Peter Brendan Doyle
CO-CHIEF EXECUTIVE OFFICER
Russell Wayne Grimaldi
CHIEF COMPLIANCE OFFICER, SENIOR VICE PRESIDENT AND DEPUTY GENERAL COUNSEL
Q2 2025
Q4 2025
Go to latest

Coverage begins with the second quarter of 2013. Earlier quarters are not shown while their accuracy is being verified.

Loading 13F Metrics

Q3 2025 13F filing summary

Period of report September 30, 2025
Filed November 14, 2025
Form 13F-HR
Reported value $8.2B
Positions 334
Change in reported value -2.7%
New positions 11
Exited positions 26
Position turnover 10.3%
Top-10 concentration 75.0%

13F filings by quarter

Quarter Positions Value
Q2 2026 13F
Filed Aug 11, 2026
 350 $8.8B
Q1 2026 13F
Filed May 15, 2026
 351 $9.2B
Q4 2025 13F
Filed Feb 11, 2026
 322 $7.4B
Q3 2025 13F
Filed Nov 14, 2025
 334 $8.2B
Q2 2025 13F
Filed Aug 12, 2025
 349 $8.4B
Q1 2025 13F
Filed May 15, 2025
 341 $8.8B
Q4 2024 13F
Filed Feb 10, 2025
 344 $8.0B
Q3 2024 13F
Filed Nov 13, 2024
 343 $6.7B
Q2 2024 13F
Filed Aug 14, 2024
 319 $5.7B
Q1 2024 13F
Filed May 14, 2024
 316 $5.3B
Q4 2023 13F
Filed Feb 15, 2024
 319 $4.8B
Q3 2023 13F
Filed Nov 14, 2023
 325 $5.0B
Q2 2023 13F
Filed Aug 14, 2023
 328 $4.6B
Q1 2023 13F
Filed May 12, 2023
 328 $5.2B
Q4 2022 13F
Filed Feb 7, 2023
 317 $6.1B
Q3 2022 13F
Filed Nov 15, 2022
 328 $5.0B
Q2 2022 13F
Filed Aug 5, 2022
 329 $4.8B
Q1 2022 13F
Filed May 13, 2022
 339 $5.0B
Q4 2021 13F
Filed Feb 15, 2022
 345 $4.5B
Q3 2021 13F
Filed Nov 15, 2021
 334 $4.3B

10 earlier quarters on file — choose one from the quarter menu above.

Top 20 holdings · Q3 2025

# Holding Reported value % of portfolio
1 TPL TEXAS PACIFIC LAND CORPORATI $3.3B 39.89%
2 GBTC GRAYSCALE BITCOIN TRUST ETF $1.3B 15.52%
3 WPM WHEATON PRECIOUS METALS CORP $312.3M 3.81%
4 LB LANDBRIDGE COMPANY LLC $300.5M 3.66%
5 FNV FRANCO NEV CORP $225.7M 2.75%
6 HE HAWAIIAN ELEC INDUSTRIES $201.6M 2.46%
7 WBI WATERBRIDGE INFRASTRUCTURE L $160.3M 1.95%
8 BTC GRAYSCALE BITCOIN MINI TR ET $151.9M 1.85%
9 ICE INTERCONTINENTAL EXCHANGE IN $140.0M 1.71%
10 PBT PERMIAN BASIN RTY TR $111.3M 1.36%
11 LNG CHENIERE ENERGY INC $111.1M 1.35%
12 CBOE CBOE GLOBAL MKTS INC $100.4M 1.22%
13 MSB MESABI TR $87.8M 1.07%
14 CACI CACI INTL INC $80.1M 0.98%
15 BN BROOKFIELD CORP $75.4M 0.92%
16 CME CME GROUP INC $74.8M 0.91%
17 OR OR ROYALTIES INC. $73.1M 0.89%
18 VNOM VIPER ENERGY INC $65.8M 0.8%
19 CVEO CIVEO CORP CDA $61.9M 0.75%
20 AN AUTONATION INC $56.7M 0.69%

Values as reported on the Q3 2025 Form 13F. Every position is in the holdings table below.

Loading Activities
Loading Sector Allocation
Crunching numbers
Loading Performance
Finding Potential New Buys
Building table
Loading SEC filing data
Loading Form 4 Filings
Loading 13D/G filings