HORIZON KINETICS ASSET MANAGEMENT LLC

PrivateCIK: 1056823
Location

NEW YORK, NY

353
Positions
$9.23B
Total AUM (reported)
120.37M
Total Shares

Allocation by class

TOTAL AUM$9.23B353 positions
COM$6.59B71.4%
SHS REP COM UT$738.90M8.0%
CL A$603.16M6.5%
COM NEW$225.33M2.4%
CL A SHS REPSTG$196.70M2.1%
UNIT BEN INT$179.23M1.9%
COM SHS$112.48M1.2%

Portfolio Concentration

Top 363.7%4–1014.5%11–2511.8%Rest10.0%TOP 1078.2%0%100%
Top 3$5.88B63.7%
4–10$1.34B14.5%
11–25$1.09B11.8%
Rest$922.79M10.0%

Top 3 weight

63.7%

Top 10 weight

78.2%

Voting Authority Distribution

Total shares with voting rights: 120.37M

Sole

Full voting authority

120.37M

shares

% of voting shares100.0%
Shared

Joint voting authority

0.00

shares

% of voting shares0.0%
None

No voting authority

0.00

shares

% of voting shares0.0%

Investment Discretion (by position count)

Sole0
Shared0
Other353
Dominant voting typeSole · 100.0% of voting shares
Institutional Holdings353
Rows:

TEXAS PACIFIC LAND CORPORATI

DFND
COM
Shares10.02M
TypeSH
Market value$4.75B
51.49%
Sole
10.02M
Shared
0.00
None
0.00

GRAYSCALE BITCOIN TRUST ETF

DFND
SHS REP COM UT
Shares14M
TypeSH
Market value$738.90M
8.00%
Sole
14M
Shared
0.00
None
0.00

LANDBRIDGE COMPANY LLC

DFND
CL A
Shares5.66M
TypeSH
Market value$390.63M
4.23%
Sole
5.66M
Shared
0.00
None
0.00

HAWAIIAN ELEC INDS INC MTN B

DFND
COM
Shares21.64M
TypeSH
Market value$321.07M
3.48%
Sole
21.64M
Shared
0.00
None
0.00

WHEATON PRECIOUS METALS CORP

DFND
COM
Shares1.76M
TypeSH
Market value$230.78M
2.50%
Sole
1.76M
Shared
0.00
None
0.00

WATERBRIDGE INFRASTRUCTURE L

DFND
CL A SHS REPSTG
Shares7.34M
TypeSH
Market value$196.70M
2.13%
Sole
7.34M
Shared
0.00
None
0.00

FRANCO NEV CORP

DFND
COM
Shares757.30K
TypeSH
Market value$187.09M
2.03%
Sole
757.30K
Shared
0.00
None
0.00

PERMIAN BASIN RTY TR

DFND
UNIT BEN INT
Shares6.38M
TypeSH
Market value$137.29M
1.49%
Sole
6.38M
Shared
0.00
None
0.00

MIAMI INTL HLDGS INC

DFND
COM
Shares3.45M
TypeSH
Market value$134.33M
1.46%
Sole
3.45M
Shared
0.00
None
0.00

INTERCONTINENTAL EXCHANGE IN

DFND
COM
Shares838.90K
TypeSH
Market value$131.94M
1.43%
Sole
838.90K
Shared
0.00
None
0.00

CHENIERE ENERGY INC

DFND
COM NEW
Shares420.33K
TypeSH
Market value$119.27M
1.29%
Sole
420.33K
Shared
0.00
None
0.00

CBOE GLOBAL MKTS INC

DFND
COM
Shares410.07K
TypeSH
Market value$115.26M
1.25%
Sole
410.07K
Shared
0.00
None
0.00

MESABI TR

DFND
CTF BEN INT
Shares3.14M
TypeSH
Market value$98.94M
1.07%
Sole
3.14M
Shared
0.00
None
0.00

GRAYSCALE BITCOIN MINI TR ET

DFND
SHS NEW
Shares3M
TypeSH
Market value$90.10M
0.98%
Sole
3M
Shared
0.00
None
0.00

CACI INTL INC

DFND
CL A
Shares154.65K
TypeSH
Market value$84.11M
0.91%
Sole
154.65K
Shared
0.00
None
0.00

CME GROUP INC

DFND
COM
Shares270.25K
TypeSH
Market value$79.82M
0.86%
Sole
270.25K
Shared
0.00
None
0.00

VIPER ENERGY INC

DFND
CL A
Shares1.66M
TypeSH
Market value$78.13M
0.85%
Sole
1.66M
Shared
0.00
None
0.00

CAMECO CORP

DFND
COM
Shares651.83K
TypeSH
Market value$70.79M
0.77%
Sole
651.83K
Shared
0.00
None
0.00

OR ROYALTIES INC.

DFND
COM SHS
Shares1.75M
TypeSH
Market value$66.69M
0.72%
Sole
1.75M
Shared
0.00
None
0.00

BROOKFIELD CORP

DFND
CL A LTD VT SH
Shares1.57M
TypeSH
Market value$63.62M
0.69%
Sole
1.57M
Shared
0.00
None
0.00

CIVEO CORP CDA

DFND
COM NEW
Shares2.35M
TypeSH
Market value$62.24M
0.67%
Sole
2.35M
Shared
0.00
None
0.00

AUTONATION INC

DFND
COM
Shares225.05K
TypeSH
Market value$43.94M
0.48%
Sole
225.05K
Shared
0.00
None
0.00

BUNGE GLOBAL SA

DFND
COM SHS
Shares336.94K
TypeSH
Market value$42.86M
0.46%
Sole
336.94K
Shared
0.00
None
0.00

TEJON RANCH CO

DFND
COM
Shares1.90M
TypeSH
Market value$35.85M
0.39%
Sole
1.90M
Shared
0.00
None
0.00

HORIZON KINETICS HLDG CORP COM

DFND
COM
Shares1.08M
TypeSH
Market value$35.49M
0.38%
Sole
1.08M
Shared
0.00
None
0.00
Page 1 of 15