SEC 13F Intelligence

Managers / Q1 2026

HORIZON KINETICS ASSET MANAGEMENT LLC

CIK 0001056823 · 470 PARK AVENUE SOUTH, 4TH FLOOR SOUTH, NEW YORK, NY, 10016 · 646-495-7347

Reported Value
$9.2B
Q1 2026
Positions
353
Filings on Record
16
2019–present window
Filed
May 15, 2026
original filing

Summary

Horizon Kinetics Asset Management LLC reported $9.2B in U.S.-listed holdings across 353 positions for Q1 2026.

The portfolio is heavily concentrated: TPL alone accounts for 51.5% of reported value.

Compared with Q4 2025, the fund opened 44 new positions and exited 15.

Portfolio Metrics

Turnover
+5.9%
vs prior filed quarter
Top-10 Concentration
+78.2%
share of reported value
Largest Position
+51.5%
Texas Pacific Land Corporati
New / Exited
44 / 15
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q3 ’22: $5.0BQ3 ’22Q4 ’22: $6.1BQ1 ’23: $5.2BQ1 ’23Q2 ’23: $4.6BQ3 ’23: $5.0BQ3 ’23Q4 ’23: $4.8BQ1 ’24: $5.3BQ1 ’24Q2 ’24: $5.7BQ3 ’24: $6.7BQ3 ’24Q4 ’24: $8.0BQ1 ’25: $8.8BQ1 ’25Q2 ’25: $8.4BQ3 ’25: $8.2BQ3 ’25Q4 ’25: $7.4BQ1 ’26: $9.2BQ1 ’26filingsflow.com

Portfolio Composition

By security type
Common Stock: 84.3%ETP: 10.1%Royalty Trst: 3.0%Other: 1.2%MLP: 0.7%Other: 0.6%
  • Common Stock · 84.3% · $7.8B
  • ETP · 10.1% · $933M
  • Royalty Trst · 3.0% · $278M
  • Other · 1.2% · $114M
  • MLP · 0.7% · $65M
  • Other · 0.6% · $57M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
EA SERIES TRUSTNEW+47.5K47.5K+$6M$6M
CMSGCONSENSUS MINING & SEIGNIORAGE CORP COMNEW+164.6K164.6K+$4M$4M
PAAPLAINS ALL AMERN PIPELINE LNEW+90.2K90.2K+$2M$2M
HUBBHUBBELL INCNEW+3.5K3.5K+$2M$2M
GISGENERAL MILLS INCNEW+30.1K30.1K+$1M$1M
ASTRAZENECA PLCNEW+5.3K5.3K+$1M$1M
BLACKROCK MUNIYILD QULT FD INEW+83.0K83.0K+$911,131$911,131
CRCLCIRCLE INTERNET GROUP INCNEW+6.9K6.9K+$661,382$661,382

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q1 2026

50 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1TPLTEXAS PACIFIC LAND CORPORATIhistory →COM51.49%$4.8B10.02M
2GBTCGRAYSCALE BITCOIN TRUST ETFhistory →SHS REP COM UT8.00%$739M14.00M
3LBLANDBRIDGE COMPANY LLChistory →CL A4.23%$391M5.66M
4HEHAWAIIAN ELEC INDS INC MTN Bhistory →COM3.48%$321M21.64M
5WPMWHEATON PRECIOUS METALS CORPhistory →COM2.50%$231M1.76M
6WBIWATERBRIDGE INFRASTRUCTURE Lhistory →CL A SHS REPSTG2.13%$197M7.34M
7FNVFRANCO NEV CORPhistory →COM2.03%$187M757.3K
8PBTPERMIAN BASIN RTY TRhistory →UNIT BEN INT1.49%$137M6.38M
9MIAXMIAMI INTL HLDGS INChistory →COM1.46%$134M3.45M
10ICEINTERCONTINENTAL EXCHANGE INhistory →COM1.43%$132M838.9K
11LNGCHENIERE ENERGY INChistory →COM NEW1.29%$119M420.3K
12CBOECBOE GLOBAL MKTS INChistory →COM1.25%$115M410.1K
13MSBMESABI TRhistory →CTF BEN INT1.07%$99M3.14M
14BTCGRAYSCALE BITCOIN MINI TR EThistory →SHS NEW0.98%$90M3.00M
15CA8ACACI INTL INChistory →CL A0.91%$84M154.6K
16CMECME GROUP INChistory →COM0.86%$80M270.3K
17VNOMVIPER ENERGY INChistory →CL A0.85%$78M1.66M
18CCOCAMECO CORPhistory →COM0.77%$71M651.8K
19OROR ROYALTIES INC.history →COM SHS0.72%$67M1.75M
20BNBROOKFIELD CORPhistory →CL A LTD VT SH0.69%$64M1.57M
21CVEOCIVEO CORP CDAhistory →COM NEW0.67%$62M2.35M
22ANAUTONATION INChistory →COM0.48%$44M225.1K
23BUNGE GLOBAL SACOM SHS0.46%$43M336.9K
24TRCTEJON RANCH COhistory →COM0.39%$36M1.90M
25HKHCHORIZON KINETICS HLDG CORP COMhistory →COM0.38%$35M1.08M
26JOEST JOE COhistory →COM0.37%$34M542.6K
27SJTSAN JUAN BASIN RTY TRhistory →UNIT BEN INT0.36%$34M6.98M
28IBITISHARES BITCOIN TRUST ETFhistory →SHS BEN INT0.33%$30M793.3K
29SIISPROTT INChistory →COM NEW0.32%$30M207.0K
30WHITE MTNS INS GROUP LTDCOM0.31%$29M13.1K
31MRSHMARSH & MCLENNAN COS INChistory →COM0.28%$26M151.3K
32CCL1EURCARNIVAL CORPhistory →COMMON STOCK0.27%$25M957.7K
33LYVLIVE NATION ENTERTAINMENT INhistory →COM0.26%$24M157.2K
34DMLPDORCHESTER MINERALS L Phistory →COM UNIT0.25%$23M860.2K
35GLXYGALAXY DIGITAL INC.history →CL A0.25%$23M1.25M
36PAGPENSKE AUTOMOTIVE GRP INChistory →COM0.23%$21M142.5K
37BRK/BBERKSHIRE HATHAWAY INC DELhistory →CL B NEW0.20%$18M38.0K
38RBARB GLOBAL INChistory →COM0.19%$18M186.7K
39MIGASTRATEGY INChistory →CL A NEW0.19%$17M139.3K
40OSKOSHKOSH CORPhistory →COM0.18%$17M115.8K
41VUSBVANGUARD BD INDEX FDShistory →VANGUARD ULTRA0.18%$17M339.1K
42ROYALTY PHARMA PLCSHS CLASS A0.18%$16M340.8K
43DBRGDIGITALBRIDGE GROUP INChistory →CL A NEW0.16%$14M939.4K
44TFPMTRIPLE FLAG PRECIOUS METALhistory →COM0.16%$14M413.4K
45ROYAL CARIBBEAN GROUPCOM0.15%$14M51.7K
46IPARINTERPARFUMS INChistory →COM0.14%$13M138.3K
47HHHHOWARD HUGHES HOLDINGS INChistory →COM0.13%$12M196.4K
48RGLDROYAL GOLD INChistory →COM0.13%$12M47.1K
49WMBWILLIAMS COS INChistory →COM0.11%$10M138.3K
50MAMASTERCARD INCORPORATEDCL A0.11%$10M19.5K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$9.2B353May 15, 202613F-HRchanges · EDGAR ↗
Q4 2025$7.4B324Feb 11, 202613F-HRchanges · EDGAR ↗
Q3 2025$8.2B336Nov 14, 202513F-HRchanges · EDGAR ↗
Q2 2025$8.4B352Aug 12, 202513F-HRchanges · EDGAR ↗
Q1 2025$8.8B347May 15, 202513F-HRchanges · EDGAR ↗
Q4 2024$8.0B349Feb 10, 202513F-HRchanges · EDGAR ↗
Q3 2024$6.7B346Nov 13, 202413F-HRchanges · EDGAR ↗
Q2 2024$5.7B324Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$5.3B323May 14, 202413F-HRchanges · EDGAR ↗
Q4 2023$4.8B325Feb 15, 202413F-HRchanges · EDGAR ↗
Q3 2023$5.0B331Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$4.6B334Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$5.2B334May 12, 202313F-HRchanges · EDGAR ↗
Q4 2022$6.1B324Feb 9, 2023RESTATEMENTchanges · EDGAR ↗
Q3 2022$5.0B329Nov 15, 202213F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.