HORIZON KINETICS ASSET MANAGEMENT LLC

Q2 2025 13F-HR Holdings

Location
New York, NY
Holdings as of
6/30/2025
Date filed
8/12/2025
Form type
13F-HR
Num holdings
352
Total value ($000)
$8,433,163
Net value change ($000)
-381,623 (-4.3%)
New positions
18
Sold out positions
11
Turnover %
1.4%
Sector allocation + QoQ delta (equities-only)
Prev filing: 5/15/2025 Next filing: 11/14/2025 SEC filing

Snapshot: Change Analysis

Compared to Q1 2025
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
GBTC 276,606 28.9%
OR 46,728 NEW
WPM 38,569 16.8%
BTC 35,023 31.4%
HE 34,481 24.9%
PBT 31,793 77.6%
GLXY 29,877 NEW
CCJ 24,115 92.6%
IBIT 18,140 44.5%
TRC 14,881 113.9%
Top Reduces (Value $000, Stocks/ETFs)
TPL -984,190 -20.7%
OR -35,968 -100.0%
LB -23,115 -5.9%
MSB -7,990 -10.1%
VNOM Sub, Inc. -7,555 -10.4%
HHH -4,268 -13.2%
WEN -3,165 -28.4%
SPGI -2,540 -32.1%
BRK-B -2,307 -10.0%
ACGP -2,303 -6.6%
Instrument mix + QoQ Δ (ex-options)
Derivatives reported exposure ($000): 2,110 (0.0% of total reported value)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type