HORIZON KINETICS ASSET MANAGEMENT LLC

Q4 2025 13F-HR Holdings

Location
New York, NY
Holdings as of
12/31/2025
Date filed
2/11/2026
Form type
13F-HR
Num holdings
324
Total value ($000)
$7,394,376
Net value change ($000)
-808,664 (-9.9%)
New positions
4
Sold out positions
16
Turnover %
1.1%
Sector allocation + QoQ delta (equities-only)
Prev filing: 11/14/2025 Next filing: — SEC filing

Snapshot: Change Analysis

Compared to Q3 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)
HE 36,961 18.3%
MSB 28,837 32.8%
MIAX 25,107 45.1%
TFPM 13,356 1727.8%
RGLD 8,289 64.8%
DBRG 8,283 21.5%
JOE 5,444 19.8%
WTM 5,396 24.7%
WES 5,296 NEW
CCJ 4,981 8.8%
Top Reduces (Value $000, Stocks/ETFs)
GBTC -308,241 -24.2%
TPL -304,058 -9.3%
BTC -35,838 -23.6%
ACGP -27,003 -100.0%
FNV -24,998 -11.1%
LB -24,034 -8.0%
MSTR -23,444 -52.5%
WBI -23,437 -14.6%
LNG -21,069 -19.0%
WFG -20,122 -100.0%
Instrument mix + QoQ Δ (ex-options)
Derivatives reported exposure ($000): 1,094 (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