HORIZON KINETICS ASSET MANAGEMENT LLC — Q3 2025 13F-HR

← HORIZON KINETICS ASSET MANAGEMENT LLC

Q3 2025 · 13F-HR

HORIZON KINETICS ASSET MANAGEMENT LLCholdings as filed

Filed 2025-11-14 · accession 0001056823-25-000029

$8.20B

Reported value

336

Positions

2025-09-30

Period end

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The Brief · HORIZON KINETICS ASSET MANAGEMENT LLC · Q3 2025

AI · grounded in 13F

HORIZON KINETICS ASSET MANAGEMENT LLC established a new position in WBI valued at $160.3M. The fund also opened new stakes in VNOM for $65.8M and MIAX for $55.7M. Conversely, the manager significantly reduced holdings in ARISUSD and ADM, cutting share counts by 89.4% and 86.7% respectively.

Holdings as filed

CUSIP	Ticker	Issuer	Value	% port.	Shares	Class	Voting
88262P102	TPL	TEXAS PACIFIC LAND CORPORATI	$3.27B	39.9%	3,504,692	Common	SOLE
389637109	GBTC	GRAYSCALE BITCOIN TRUST ETF	$1.27B	15.5%	14,181,200	Common	SOLE
962879102	WPM	WHEATON PRECIOUS METALS CORP	$312.3M	3.81%	2,792,112	Common	SOLE
514952100	LB	LANDBRIDGE COMPANY LLC	$300.5M	3.66%	5,632,113	Common	SOLE
351858105	FNV	FRANCO NEV CORP	$225.7M	2.75%	1,012,362	Common	SOLE
419870100	HE	HAWAIIAN ELEC INDUSTRIES	$201.6M	2.46%	18,257,717	Common	SOLE
940923105	WBI	WATERBRIDGE INFRASTRUCTURE L	$160.3M	1.95%	6,354,306	Common	SOLE
389930207	BTC	GRAYSCALE BITCOIN MINI TR ET	$151.9M	1.85%	3,000,467	Common	SOLE
45866F104	ICE	INTERCONTINENTAL EXCHANGE IN	$140.0M	1.71%	831,061	Common	SOLE
714236106	PBT	PERMIAN BASIN RTY TR	$111.3M	1.36%	6,099,049	Common	SOLE
16411R208	LNG	CHENIERE ENERGY INC	$111.1M	1.35%	472,959	Common	SOLE
12503M108	CBOE	CBOE GLOBAL MKTS INC	$100.4M	1.22%	409,459	Common	SOLE
590672101	MSB	MESABI TR	$87.8M	1.07%	2,999,326	Common	SOLE
127190304	CACI	CACI INTL INC	$80.1M	0.98%	160,665	Common	SOLE
11271J107	BN	BROOKFIELD CORP	$75.4M	0.92%	1,649,271	Common	SOLE
12572Q105	CME	CME GROUP INC	$74.8M	0.91%	276,773	Common	SOLE
68390D106	OR	OR ROYALTIES INC.	$73.1M	0.89%	1,823,650	Common	SOLE
64361Q101	VNOM	VIPER ENERGY INC	$65.8M	0.80%	1,721,927	Common	SOLE
17878Y207	CVEO	CIVEO CORP CDA	$61.9M	0.75%	2,690,466	Common	SOLE
05329W102	AN	AUTONATION INC	$56.7M	0.69%	259,335	Common	SOLE
13321L108	CCJ	CAMECO CORP	$56.7M	0.69%	676,032	Common	SOLE
59356Q108	MIAX	MIAMI INTL HLDGS INC	$55.7M	0.68%	1,382,403	Common	SOLE
46438F101	IBIT	ISHARES BITCOIN TRUST ETF	$53.7M	0.66%	826,901	Common	SOLE
594972408	MSTR	STRATEGY INC	$44.6M	0.54%	138,488	Common	SOLE
36317J209	GLXY	GALAXY DIGITAL INC.	$42.4M	0.52%	1,253,870	Common	SOLE
439913104	HKHC	HORIZON KINETICS HLDG CORP	$40.5M	0.49%	1,075,161	Common	SOLE
25401T603	DBRG	DIGITALBRIDGE GROUP INC	$38.5M	0.47%	3,286,397	Common	SOLE
798241105	SJT	SAN JUAN BASIN RTY TR	$33.9M	0.41%	5,611,981	Common	SOLE
571748102	MRSH	MARSH & MCLENNAN COS INC	$31.7M	0.39%	157,219	Common	SOLE
879080109	TRC	TEJON RANCH CO	$30.6M	0.37%	1,913,978	Common	SOLE
70959W103	PAG	PENSKE AUTOMOTIVE GRP INC	$29.7M	0.36%	170,610	Common	SOLE
H11356104	BG	BUNGE GLOBAL SA	$28.4M	0.35%	350,083	Common	SOLE
538034109	LYV	LIVE NATION ENTERTAINMENT IN	$28.1M	0.34%	172,112	Common	SOLE
143658300	CCL1EUR	CARNIVAL CORP	$27.8M	0.34%	961,734	Common	SOLE
790148100	JOE	ST JOE CO	$27.5M	0.34%	555,729	Common	SOLE
045528106	ACGP	ASSOCIATED CAP GROUP INC	$27.0M	0.33%	805,348	Common	SOLE
44267T102	HHH	HOWARD HUGHES HOLDINGS INC	$25.2M	0.31%	306,248	Common	SOLE
25820R105	DMLP	DORCHESTER MINERALS LP	$22.9M	0.28%	885,615	Common	SOLE
G9618E107	WTM	WHITE MTNS INS GROUP LTD	$21.9M	0.27%	13,084	Common	SOLE
084670702	BRK/B	BERKSHIRE HATHAWAY INC DEL	$20.3M	0.25%	40,349	Common	SOLE
952845105	WFG	WEST FRASER TIMBER CO LTD	$20.1M	0.25%	296,006	Common	SOLE
852066208	SII	SPROTT INC	$17.9M	0.22%	214,814	Common	SOLE
V7780T103	RCL	ROYAL CARIBBEAN GROUP	$17.5M	0.21%	54,033	Common	SOLE
80013R206	AYS1	SANDSTORM GOLD LTD	$16.0M	0.19%	1,274,954	Common	SOLE
688239201	OSK	OSHKOSH CORP	$15.1M	0.18%	116,700	Common	SOLE
458334109	IPAR	INTERPARFUMS INC	$13.7M	0.17%	138,817	Common	SOLE
92203C303	VUSB	VANGUARD BD INDEX FDS	$13.2M	0.16%	263,822	Common	SOLE
780287108	RGLD	ROYAL GOLD INC	$12.8M	0.16%	63,820	Common	SOLE
G7709Q104	RPRX	ROYALTY PHARMA PLC	$12.5M	0.15%	354,685	Common	SOLE
74935Q107	RBA	RB GLOBAL INC	$11.9M	0.14%	109,696	Common	SOLE
57636Q104	MA	MASTERCARD INCORPORATED	$11.2M	0.14%	19,630	Common	SOLE
05759B305	BKKT	BAKKT HOLDINGS INC	$11.1M	0.13%	328,529	Common	SOLE
113004105	BAM	BROOKFIELD ASSET MANAGMT LTD	$10.9M	0.13%	190,647	Common	SOLE
969457100	WMB	WILLIAMS COS INC	$9.0M	0.11%	141,934	Common	SOLE
531229755	FWONK	LIBERTY MEDIA CORP DEL	$8.8M	0.11%	84,345	Common	SOLE
785688102	SBR	SABINE RTY TR	$8.7M	0.11%	109,410	Common	SOLE
53656G555	SPAQ	LISTED FDS TR	$8.0M	0.10%	76,904	Common	SOLE
92206C102	VGSH	VANGUARD SCOTTSDALE FDS	$7.4M	0.09%	124,996	Common	SOLE
01881G106	AB	ALLIANCEBERNSTEIN HLDG L P	$7.2M	0.09%	188,256	Common	SOLE
38963P109	BCHG	GRAYSCALE BITCOIN CASH	$6.6M	0.08%	1,487,494	Common	SOLE
29273V100	ET	ENERGY TRANSFER L P	$6.3M	0.08%	369,535	Common	SOLE
631103108	NDAQ	NASDAQ INC	$6.2M	0.08%	69,970	Common	SOLE
04041L106	ARISUSD	ARIS WATER SOLUTIONS INC	$5.5M	0.07%	222,429	Common	SOLE
55825T103	MSGS	MADISON SQUARE GRDN SPRT COR	$5.4M	0.07%	23,724	Common	SOLE
808625107	SAIC	SCIENCE APPLICATIONS INTL CO	$5.3M	0.06%	53,138	Common	SOLE
30231G102	XOM	EXXON MOBIL CORP	$5.1M	0.06%	45,610	Common	SOLE
53656H835	JAPN	LISTED FDS TR	$4.8M	0.06%	169,748	Common	SOLE
00287Y109	ABBV	ABBVIE INC	$4.7M	0.06%	20,353	Common	SOLE
53656G209	BCDF	LISTED FDS TR	$4.7M	0.06%	148,241	Common	SOLE
570535104	MKL	MARKEL GROUP INC	$4.6M	0.06%	2,407	Common	SOLE
53656F623	INFL	LISTED FDS TR	$4.5M	0.06%	101,299	Common	SOLE
38963W104	LTCN	GRAYSCALE LITECOIN	$4.4M	0.05%	497,743	Common	SOLE
26969P108	EXP	EAGLE MATLS INC	$4.4M	0.05%	18,766	Common	SOLE
53115L104	LBRT	LIBERTY ENERGY INC	$4.3M	0.05%	346,826	Common	SOLE
95058W100	WEN	WENDYS CO	$4.3M	0.05%	466,421	Common	SOLE
039483102	ADM	ARCHER DANIELS MIDLAND CO	$4.0M	0.05%	67,383	Common	SOLE
293792107	EPD	ENTERPRISE PRODS PARTNERS L	$4.0M	0.05%	127,373	Common	SOLE
78409V104	SPGI	S&P GLOBAL INC	$3.9M	0.05%	8,112	Common	SOLE
594918104	MSFT	MICROSOFT CORP	$3.9M	0.05%	7,482	Common	SOLE
35671D857	FCX	FREEPORT-MCMORAN INC	$3.8M	0.05%	97,381	Common	SOLE
531229771	FWONA	LIBERTY MEDIA CORP DEL	$3.6M	0.04%	37,756	Common	SOLE
11133T103	BR	BROADRIDGE FINL SOLUTIONS IN	$3.6M	0.04%	15,048	Common	SOLE
482480100	KLAC	KLA CORP	$3.5M	0.04%	3,251	Common	SOLE
718172109	PM	PHILIP MORRIS INTL INC	$3.4M	0.04%	21,014	Common	SOLE
670657105	XNEAX	NUVEEN AMT FREE QLTY MUN INC	$3.4M	0.04%	297,264	Common	SOLE
532457108	LLY	ELI LILLY & CO	$3.2M	0.04%	4,247	Common	SOLE
33817P405	FTLF	FITLIFE BRANDS INC	$3.1M	0.04%	154,456	Common	SOLE
55826T102	SPHR	SPHERE ENTERTAINMENT CO	$3.1M	0.04%	49,391	Common	SOLE
67077M108	NTR	NUTRIEN LTD	$3.0M	0.04%	51,926	Common	SOLE
478160104	JNJ	JOHNSON & JOHNSON	$3.0M	0.04%	16,180	Common	SOLE
502431109	LHX	L3HARRIS TECHNOLOGIES INC	$3.0M	0.04%	9,808	Common	SOLE
87265H109	T86	TRI POINTE HOMES INC	$2.9M	0.04%	85,962	Common	SOLE
00162Q452	AMLP	ALPS ETF TR	$2.8M	0.03%	59,674	Common	SOLE
97717P104	WT	WISDOMTREE INC	$2.8M	0.03%	201,038	Common	SOLE
17275R102	CSCO	CISCO SYS INC	$2.8M	0.03%	40,691	Common	SOLE
31620R303	FNF	FIDELITY NATIONAL FINANCIAL	$2.7M	0.03%	45,221	Common	SOLE
Y1771G102	CMRE	COSTAMARE INC	$2.7M	0.03%	227,100	Common	SOLE
02209S103	MO	ALTRIA GROUP INC	$2.7M	0.03%	40,657	Common	SOLE
867224107	SU	SUNCOR ENERGY INC NEW	$2.6M	0.03%	61,944	Common	SOLE
63900P608	NRP	NATURAL RESOURCE PARTNERS L	$2.6M	0.03%	24,580	Common	SOLE
59124U605	MTA	METALLA RTY & STREAMING LTD	$2.6M	0.03%	404,397	Common	SOLE
76118Y104	REZI	RESIDEO TECHNOLOGIES INC	$2.6M	0.03%	59,196	Common	SOLE
29472R108	ELS	EQUITY LIFESTYLE PPTYS INC	$2.5M	0.03%	41,170	Common	SOLE
149123101	CAT	CATERPILLAR INC	$2.5M	0.03%	5,182	Common	SOLE
58933Y105	MRK	MERCK & CO INC	$2.4M	0.03%	28,617	Common	SOLE
530307305	LBRDK	LIBERTY BROADBAND CORP	$2.3M	0.03%	36,288	Common	SOLE
G40705108	GDLC	GRAYSCALE COINDESK CRYPTO	$2.3M	0.03%	41,029	Common	SOLE
291011104	EMR	EMERSON ELEC CO	$2.3M	0.03%	17,442	Common	SOLE
517834107	LVS	LAS VEGAS SANDS CORP	$2.2M	0.03%	41,820	Common	SOLE
75513E101	RTX	RTX CORPORATION	$2.2M	0.03%	13,395	Common	SOLE
26884L109	EQT	EQT CORP	$2.2M	0.03%	40,563	Common	SOLE
166764100	CVX	CHEVRON CORP NEW	$2.1M	0.03%	13,841	Common	SOLE
759720105	RCG	RENN FD INC	$2.1M	0.03%	817,544	Common	SOLE
09225M101	BSM	BLACK STONE MINERALS L P	$2.1M	0.03%	158,638	Common	SOLE
48238T109	OPLN	OPENLANE INC	$2.1M	0.03%	71,857	Common	SOLE
110122108	BMY	BRISTOL-MYERS SQUIBB CO	$2.0M	0.02%	44,913	Common	SOLE
159864107	CRL	CHARLES RIV LABS INTL INC	$2.0M	0.02%	12,909	Common	SOLE
46284V101	IRM	IRON MTN INC DEL	$2.0M	0.02%	19,455	Common	SOLE
369604301	GE	GE AEROSPACE	$1.9M	0.02%	6,479	Common	SOLE
047726302	BATRK	ATLANTA BRAVES HLDGS INC	$1.9M	0.02%	46,287	Common	SOLE
891160509	TD	TORONTO DOMINION BK ONT	$1.9M	0.02%	23,925	Common	SOLE
67066V101	NAD	NUVEEN QUALITY MUNCP INCOME	$1.9M	0.02%	162,826	Common	SOLE
037833100	AAPL	APPLE INC	$1.9M	0.02%	7,347	Common	SOLE
92537N108	VRT	VERTIV HOLDINGS CO	$1.8M	0.02%	12,135	Common	SOLE
717081103	PFE	PFIZER INC	$1.8M	0.02%	70,826	Common	SOLE
922908363	VOO	VANGUARD INDEX FDS	$1.8M	0.02%	2,937	Common	SOLE
92345Y106	VRSK	VERISK ANALYTICS INC	$1.8M	0.02%	7,000	Common	SOLE
703481101	PTEN	PATTERSON-UTI ENERGY INC	$1.7M	0.02%	327,308	Common	SOLE
01877R108	ARLP	ALLIANCE RESOURCE PARTNERS L	$1.7M	0.02%	65,360	Common	SOLE
92826C839	V	VISA INC	$1.6M	0.02%	4,773	Common	SOLE
558256103	MSGE	MADISON SQUARE GARDEN ENTMT	$1.6M	0.02%	35,893	Common	SOLE
G17977110	BUR	BURFORD CAP LTD	$1.6M	0.02%	135,333	Common	SOLE
12618T105	CRAI	CRA INTL INC	$1.6M	0.02%	7,754	Common	SOLE
67066G104	NVDA	NVIDIA CORPORATION	$1.6M	0.02%	8,610	Common	SOLE
773903109	ROK	ROCKWELL AUTOMATION INC	$1.6M	0.02%	4,515	Common	SOLE
92936U109	WPC	WP CAREY INC	$1.6M	0.02%	23,250	Common	SOLE
49456B101	KMI	KINDER MORGAN INC DEL	$1.6M	0.02%	55,120	Common	SOLE
66987V109	NVS	NOVARTIS AG	$1.5M	0.02%	11,797	Common	SOLE
31620M106	FIS	FIDELITY NATL INFORMATION SV	$1.5M	0.02%	22,790	Common	SOLE
72201J104	PFN	PIMCO INCOME STRATEGY FD II	$1.5M	0.02%	191,463	Common	SOLE
G17434104	BNT	BROOKFIELD WEALTH SOL LTD	$1.4M	0.02%	31,481	Common	SOLE
09260D107	BX	BLACKSTONE INC	$1.4M	0.02%	8,389	Common	SOLE
002824100	ABT	ABBOTT LABS	$1.4M	0.02%	10,459	Common	SOLE
780915104	RMT	ROYCE MICRO-CAP TR INC	$1.4M	0.02%	134,227	Common	SOLE
099502106	BAH	BOOZ ALLEN HAMILTON HLDG COR	$1.4M	0.02%	13,930	Common	SOLE
670656107	NRK	NUVEEN NEW YORK AMT QLT MUNI	$1.4M	0.02%	135,988	Common	SOLE
438516106	HON	HONEYWELL INTL INC	$1.4M	0.02%	6,581	Common	SOLE
78463V107	GLD	SPDR GOLD TR	$1.3M	0.02%	3,743	Common	SOLE
03837C106	APYX	APYX MEDICAL CORPORATION	$1.3M	0.02%	615,000	Common	SOLE
81211K100	SDA	SEALED AIR CORP NEW	$1.3M	0.02%	37,050	Common	SOLE
060505104	BAC	BANK AMERICA CORP	$1.3M	0.02%	25,361	Common	SOLE
064058100	BK	BANK NEW YORK MELLON CORP	$1.3M	0.02%	11,964	Common	SOLE
46428Q109	SLV	ISHARES SILVER TR	$1.3M	0.02%	30,586	Common	SOLE
835495102	SON	SONOCO PRODS CO	$1.3M	0.02%	29,980	Common	SOLE
812215200	SEG	SEAPORT ENTMT GROUP INC	$1.2M	0.01%	52,830	Common	SOLE
74347W130	SVXY	PROSHARES TR II	$1.2M	0.01%	23,348	Common	SOLE
922908652	VXF	VANGUARD INDEX FDS	$1.2M	0.01%	5,612	Common	SOLE
047726104	BATRA	ATLANTA BRAVES HLDGS INC	$1.2M	0.01%	25,414	Common	SOLE
032654105	ADI	ANALOG DEVICES INC	$1.2M	0.01%	4,701	Common	SOLE
09254E103	MYI	BLACKROCK MUNIYIELD QUALITY	$1.1M	0.01%	102,099	Common	SOLE
02043Q107	ALNY	ALNYLAM PHARMACEUTICALS INC	$1.1M	0.01%	2,480	Common	SOLE
37733W204	GSK	GSK PLC	$1.1M	0.01%	25,365	Common	SOLE
879382208	TELFY	TELEFONICA S A	$1.1M	0.01%	214,396	Common	SOLE
92189F791	GDXJ	VANECK ETF TRUST	$1.1M	0.01%	10,887	Common	SOLE
767204100	RIO	RIO TINTO PLC	$1.1M	0.01%	16,316	Common	SOLE
459200101	IBM	INTERNATIONAL BUSINESS MACHS	$1.1M	0.01%	3,788	Common	SOLE
72201Y101	PDI	PIMCO DYNAMIC INCOME FD	$1.1M	0.01%	53,395	Common	SOLE
737630103	PCH	POTLATCHDELTIC CORPORATION	$1.1M	0.01%	25,845	Common	SOLE
747525103	QCOM	QUALCOMM INC	$1.0M	0.01%	6,234	Common	SOLE
56585A102	MPC	MARATHON PETE CORP	$1.0M	0.01%	5,270	Common	SOLE
580135101	MCD	MCDONALDS CORP	$1.0M	0.01%	3,339	Common	SOLE
655844108	NSC	NORFOLK SOUTHN CORP	$983,242	0.01%	3,273	Common	SOLE
67072T108	JFR	NUVEEN FLOATING RATE INCOME	$981,256	0.01%	119,958	Common	SOLE
Y8162K204	SBLK	STAR BULK CARRIERS CORP.	$965,250	0.01%	51,923	Common	SOLE
06748M196	VXX	BARCLAYS BANK PLC	$959,500	0.01%	10,100	CALL	SOLE
829933100	SIRI	SIRIUSXM HOLDINGS INC	$930,628	0.01%	39,984	Common	SOLE
92189H607	OIH	VANECK ETF TRUST	$926,939	0.01%	3,566	Common	SOLE
36828A101	GEV	GE VERNOVA INC	$918,046	0.01%	1,493	Common	SOLE
38141G104	GS	GOLDMAN SACHS GROUP INC	$907,839	0.01%	1,140	Common	SOLE
88579Y101	MMM	3M CO	$900,044	0.01%	5,800	Common	SOLE
125896100	CMS	CMS ENERGY CORP	$893,552	0.01%	12,197	Common	SOLE
235851102	DHR	DANAHER CORPORATION	$891,575	0.01%	4,497	Common	SOLE
046353108	AZNN	ASTRAZENECA PLC	$880,439	0.01%	11,476	Common	SOLE
78462F103	SPY	SPDR S&P 500 ETF TR	$862,037	0.01%	1,294	Common	SOLE
670100205	NVO	NOVO-NORDISK A S	$851,772	0.01%	15,350	Common	SOLE
088929104	BGC	BGC GROUP INC	$821,049	0.01%	86,792	Common	SOLE
462222100	IONS	IONIS PHARMACEUTICALS INC	$816,180	0.01%	12,476	Common	SOLE
02079K107	GOOG	ALPHABET INC	$803,959	0.01%	3,301	Common	SOLE
72201H108	PFL	PIMCO INCOME STRATEGY FD	$797,191	0.01%	93,567	Common	SOLE
89679M104	TFPM	TRIPLE FLAG PRECIOUS METAL	$772,850	0.01%	26,413	Common	SOLE
09255X100	XFRAX	BLACKROCK FLOATING RATE INCO	$769,597	0.01%	59,291	Common	SOLE
02079K305	GOOGL	ALPHABET INC	$765,765	0.01%	3,150	Common	SOLE
084670108	BRK/A	BERKSHIRE HATHAWAY INC DEL	$754,200	0.01%	1	Common	SOLE
863667101	SYK	STRYKER CORPORATION	$739,340	0.01%	2,000	Common	SOLE
031162100	AMGN	AMGEN INC	$732,873	0.01%	2,597	Common	SOLE
911363109	URI	UNITED RENTALS INC	$721,723	0.01%	756	Common	SOLE
172967424	C	CITIGROUP INC	$719,534	0.01%	7,089	Common	SOLE
75508B104	RYAM	RAYONIER ADVANCED MATLS INC	$714,780	0.01%	99,000	Common	SOLE
26875P101	EOG	EOG RES INC	$697,162	0.01%	6,218	Common	SOLE
H17182108	CRSP	CRISPR THERAPEUTICS AG	$692,300	0.01%	10,682	Common	SOLE
92189F106	GDX	VANECK ETF TRUST	$691,715	0.01%	9,054	Common	SOLE
G01767105	ALKS	ALKERMES PLC	$690,990	0.01%	23,033	Common	SOLE
278642103	EBAY	EBAY INC.	$689,765	0.01%	7,584	Common	SOLE
05964H105	SAN	BANCO SANTANDER S.A.	$682,175	0.01%	65,093	Common	SOLE
651639106	NEM	NEWMONT CORP	$680,044	0.01%	8,066	Common	SOLE
38963Q107	ETCG	GRAYSCALE ETHEREUM CLASSIC	$672,056	0.01%	71,117	Common	SOLE
G54950103	LIN	LINDE PLC	$665,000	0.01%	1,400	Common	SOLE
258622109	DSL	DOUBLELINE INCOME SOLUTIONS	$664,520	0.01%	54,114	Common	SOLE
526057104	LEN	LENNAR CORP	$662,970	0.01%	5,260	Common	SOLE
19247L106	RQI	COHEN & STEERS QUALITY INCOM	$642,617	0.01%	51,533	Common	SOLE
46625H100	JPM	JPMORGAN CHASE & CO.	$638,746	0.01%	2,025	Common	SOLE
09253R105	XMVFX	BLACKROCK MUNIVEST FD INC	$638,446	0.01%	93,068	Common	SOLE
464285204	IAU	ISHARES GOLD TR	$632,371	0.01%	8,690	Common	SOLE
254687106	DIS	DISNEY WALT CO	$610,208	0.01%	5,329	Common	SOLE
09254C107	—	BLACKROCK MUNIHOLDINGS QUALI	$607,926	0.01%	60,430	Common	SOLE
363576109	AJG	GALLAGHER ARTHUR J & CO	$606,161	0.01%	1,957	Common	SOLE
921937827	BSV	VANGUARD BD INDEX FDS	$590,089	0.01%	7,478	Common	SOLE
892672106	TW	TRADEWEB MKTS INC	$586,307	0.01%	5,283	Common	SOLE
91324P102	UNH	UNITEDHEALTH GROUP INC	$585,284	0.01%	1,695	Common	SOLE
21036P108	STZ	CONSTELLATION BRANDS INC	$581,370	0.01%	4,317	Common	SOLE
74834L100	DGX	QUEST DIAGNOSTICS INC	$571,740	0.01%	3,000	Common	SOLE
315948109	FBTC	FIDELITY WISE ORIGIN BITCOIN	$567,021	0.01%	5,681	Common	SOLE
531229722	LLYVK*	LIBERTY MEDIA CORP DEL	$564,559	0.01%	5,822	Common	SOLE
746228303	PCYO	PURE CYCLE CORP	$559,378	0.01%	50,531	Common	SOLE
49435R102	KRP	KIMBELL RTY PARTNERS LP	$552,613	0.01%	40,965	Common	SOLE
540424108	L	LOEWS CORP	$548,129	0.01%	5,460	Common	SOLE
754907103	RYN	RAYONIER INC	$540,336	0.01%	20,359	Common	SOLE
920253101	VMI	VALMONT INDS INC	$523,823	0.01%	1,351	Common	SOLE
609207105	MDLZ	MONDELEZ INTL INC	$515,003	0.01%	8,244	Common	SOLE
09253T101	XMVTX	BLACKROCK MUNIVEST FD II INC	$509,453	0.01%	47,926	Common	SOLE
Y2001C101	CMDB	COSTAMARE BULKERS HLDGS LTD	$503,094	0.01%	35,010	Common	SOLE
74347X831	TQQQ	PROSHARES TR	$498,388	0.01%	4,820	Common	SOLE
74347G192	—	PROSHARES TR	$493,193	0.01%	32,383	Common	SOLE
85207H104	PHYS	SPROTT ASSET MANAGEMENT LP	$492,699	0.01%	16,634	Common	SOLE
05605H100	BWXT	BWX TECHNOLOGIES INC	$488,027	0.01%	2,647	Common	SOLE
46137V357	RSP	INVESCO EXCHANGE TRADED FD T	$481,655	0.01%	2,539	Common	SOLE
09247D105	XBKNX	BLACKROCK INVT QUALITY MUN T	$478,060	0.01%	42,157	Common	SOLE
008252108	AMG	AFFILIATED MANAGERS GROUP IN	$471,615	0.01%	1,978	Common	SOLE
053015103	ADP	AUTOMATIC DATA PROCESSING IN	$468,133	0.01%	1,595	Common	SOLE
00760J108	AEHR	AEHR TEST SYS	$463,694	0.01%	15,400	Common	SOLE
314211103	FHI	FEDERATED HERMES INC	$450,700	0.01%	8,679	Common	SOLE
092508100	BTZ	BLACKROCK CR ALLOCATION INCO	$447,901	0.01%	40,534	Common	SOLE
37045V100	GM	GENERAL MTRS CO	$445,081	0.01%	7,300	Common	SOLE
29270J100	ERII	ENERGY RECOVERY INC	$438,545	0.01%	28,440	Common	SOLE
09062X103	BIIB	BIOGEN INC	$436,910	0.01%	3,119	Common	SOLE
09254G108	XMQTX	BLACKROCK MUNIYIELD QUALITY	$427,780	0.01%	42,650	Common	SOLE
64124P101	NBH	NEUBERGER BERMAN MUN FD INC	$427,207	0.01%	41,396	Common	SOLE
30303M102	META	META PLATFORMS INC	$425,843	0.01%	580	Common	SOLE
464288174	WOOD	ISHARES TR	$425,405	0.01%	5,795	Common	SOLE
67074C103	NBB	NUVEEN TAXABLE MUNICPAL INM	$423,018	0.01%	26,080	Common	SOLE
75886F107	REGN	REGENERON PHARMACEUTICALS	$413,268	0.01%	735	Common	SOLE
11135F101	AVGO	BROADCOM INC	$398,201	0.00%	1,207	Common	SOLE
78468R549	XES	SPDR SERIES TRUST	$396,912	0.00%	5,486	Common	SOLE
258623107	DBL	DOUBLELINE OPPORTUNISTIC CR	$392,990	0.00%	25,224	Common	SOLE
393657101	GBX	GREENBRIER COS INC	$385,520	0.00%	8,350	Common	SOLE
31423P108	FMN	FEDERATED HERMES PREM MUNI I	$377,237	0.00%	34,170	Common	SOLE
962166104	WY	WEYERHAEUSER CO MTN BE	$376,064	0.00%	15,170	Common	SOLE
64110L106	NFLX	NETFLIX INC	$372,864	0.00%	311	Common	SOLE
67070X101	NZF	NUVEEN MUNICIPAL CREDIT INC	$347,849	0.00%	27,695	Common	SOLE
06849F108	B	BARRICK MNG CORP	$344,952	0.00%	10,526	Common	SOLE
023135106	AMZN	AMAZON COM INC	$343,846	0.00%	1,566	Common	SOLE
126402106	CSW	CSW INDUSTRIALS INC	$339,850	0.00%	1,400	Common	SOLE
57060D108	MKTX	MARKETAXESS HLDGS INC	$339,788	0.00%	1,950	Common	SOLE
74347Y730	VIXY	PROSHARES TR II	$335,500	0.00%	6,100	CALL	SOLE
001055102	AFL	AFLAC INC	$335,100	0.00%	3,000	Common	SOLE
029899101	AWR	AMER STATES WTR CO	$327,594	0.00%	4,468	Common	SOLE
055622104	BP	BP PLC	$326,198	0.00%	9,466	Common	SOLE
922908769	VTI	VANGUARD INDEX FDS	$320,950	0.00%	978	Common	SOLE
48251W104	KKR	KKR & CO INC	$310,840	0.00%	2,392	Common	SOLE
172908105	CTAS	CINTAS CORP	$306,453	0.00%	1,493	Common	SOLE
372460105	GPC	GENUINE PARTS CO	$303,534	0.00%	2,190	Common	SOLE
15189T107	CNP	CENTERPOINT ENERGY INC	$300,040	0.00%	7,733	Common	SOLE
G29183103	ETN	EATON CORP PLC	$298,277	0.00%	797	Common	SOLE
713448108	PEP	PEPSICO INC	$286,498	0.00%	2,040	Common	SOLE
674599105	OXY	OCCIDENTAL PETE CORP	$285,626	0.00%	6,045	Common	SOLE
258278100	DORM	DORMAN PRODS INC	$280,584	0.00%	1,800	Common	SOLE
53656G514	NVIR	LISTED FDS TR	$280,279	0.00%	8,679	Common	SOLE
03027X100	AMT	AMERICAN TOWER CORP NEW	$269,248	0.00%	1,400	Common	SOLE
548661107	LOW	LOWES COS INC	$268,399	0.00%	1,068	Common	SOLE
92343V104	VZ	VERIZON COMMUNICATIONS INC	$262,513	0.00%	5,973	Common	SOLE
72200Y102	PNI	PIMCO NEW YORK MUN FD II	$261,556	0.00%	37,634	Common	SOLE
67066X107	NAN	NUVEEN NEW YORK QLT MUN INC	$257,038	0.00%	22,488	Common	SOLE
00206R102	T	AT&T INC	$256,758	0.00%	9,092	Common	SOLE
45826J105	NTLA	INTELLIA THERAPEUTICS INC	$248,619	0.00%	14,396	Common	SOLE
030420103	AWK	AMERICAN WTR WKS CO INC NEW	$239,784	0.00%	1,723	Common	SOLE
194162103	CL	COLGATE PALMOLIVE CO	$238,061	0.00%	2,978	Common	SOLE
07373V105	BEAM	BEAM THERAPEUTICS INC	$232,919	0.00%	9,597	Common	SOLE
531229748	LLYVA*	LIBERTY MEDIA CORP DEL	$231,884	0.00%	2,459	Common	SOLE
27828Q105	XEFRX	EATON VANCE SR FLTNG RTE TR	$228,811	0.00%	20,001	Common	SOLE
624580106	MOV	MOVADO GROUP INC	$227,640	0.00%	12,000	Common	SOLE
363225202	GALT	GALECTIN THERAPEUTICS INC	$227,597	0.00%	53,742	Common	SOLE
36266G107	GEHC	GE HEALTHCARE TECHNOLOGIES I	$224,474	0.00%	2,989	Common	SOLE
097023105	BA	BOEING CO	$222,952	0.00%	1,033	Common	SOLE
500767678	KRBN	KRANESHARES TRUST	$221,422	0.00%	6,834	Common	SOLE
19247A100	CNS	COHEN & STEERS INC	$219,728	0.00%	3,349	Common	SOLE
666807102	NOC	NORTHROP GRUMMAN CORP	$219,355	0.00%	360	Common	SOLE
46133G107	IQI	INVESCO QUALITY MUN INCOME T	$217,833	0.00%	22,115	Common	SOLE
025816109	AXP	AMERICAN EXPRESS CO	$217,565	0.00%	655	Common	SOLE
65339F101	NEE	NEXTERA ENERGY INC	$215,901	0.00%	2,860	Common	SOLE
16411Q101	CQP	CHENIERE ENERGY PARTNERS LP	$215,280	0.00%	4,000	Common	SOLE
883556102	TMO	THERMO FISHER SCIENTIFIC INC	$212,439	0.00%	438	Common	SOLE
607828100	MOD	MODINE MFG CO	$210,397	0.00%	1,480	Common	SOLE
67079K100	SMR	NUSCALE PWR CORP	$207,000	0.00%	5,750	Common	SOLE
539830109	LMT	LOCKHEED MARTIN CORP	$203,178	0.00%	407	Common	SOLE
67061T101	NIM	NUVEEN SELECT MAT MUN FD	$199,090	0.00%	21,500	Common	SOLE
09253N104	MHD	BLACKROCK MUNIHOLDINGS FD IN	$197,365	0.00%	16,797	Common	SOLE
505743104	LADR	LADDER CAP CORP	$196,380	0.00%	18,000	Common	SOLE
389638107	ETHE	GRAYSCALE ETHEREUM TRUST ETF	$184,236	0.00%	5,376	Common	SOLE
27827X101	EIM	EATON VANCE MUN BD FD	$175,858	0.00%	17,692	Common	SOLE
67071L106	NVG	NUVEEN AMT FREE MUN CR INC F	$169,663	0.00%	13,805	Common	SOLE
69323T101	PCM	PCM FD INC	$164,610	0.00%	24,532	Common	SOLE
091941104	BGT	BLACKROCK FLOATING RATE INC	$154,038	0.00%	12,678	Common	SOLE
112830104	RA	BROOKFIELD REAL ASSETS INCOM	$143,687	0.00%	10,755	Common	SOLE
46131T101	VTN	INVESCO TR INVT GRADE NEW YO	$135,259	0.00%	12,274	Common	SOLE
67073B106	JPC	NUVEEN PFD & INCOME OPPORTUN	$134,693	0.00%	16,426	Common	SOLE
921659108	VNDA	VANDA PHARMACEUTICALS INC	$129,301	0.00%	25,912	Common	SOLE
405552100	HLN	HALEON PLC	$126,316	0.00%	14,082	Common	SOLE
27828H105	XEVVX	EATON VANCE LIMITED DURATION	$126,033	0.00%	12,417	Common	SOLE
51654W101	LTRN	LANTERN PHARMA INC	$125,241	0.00%	28,791	Common	SOLE
27826S103	EVF	EATON VANCE SR INCOME TR	$119,080	0.00%	21,730	Common	SOLE
72200W106	PML	PIMCO MUN INCOME FD II	$119,046	0.00%	15,050	Common	SOLE
088786108	BCYC	BICYCLE THERAPEUTICS PLC	$111,425	0.00%	14,396	Common	SOLE
28106W103	EDIT	EDITAS MEDICINE INC	$109,895	0.00%	31,670	Common	SOLE
670682103	NMZ	NUVEEN MUN HIGH INCOME OPPOR	$109,808	0.00%	10,369	Common	SOLE
670928100	NUV	NUVEEN MUN VALUE FD INC	$103,719	0.00%	11,550	Common	SOLE
30049H102	EVLV	EVOLV TECHNOLOGIES HLDNGS IN	$101,925	0.00%	13,500	Common	SOLE
59318D104	CXE	MFS HIGH INCOME MUN TR	$99,376	0.00%	26,714	Common	SOLE
38964G108	ZCSH	GRAYSCALE LITECOIN	$96,349	0.00%	15,173	Common	SOLE
88162F105	TTI	TETRA TECHNOLOGIES INC DEL	$78,200	0.00%	13,600	Common	SOLE
76029N106	REPL	REPLIMUNE GROUP INC	$60,319	0.00%	14,396	Common	SOLE
09173B107	1B2	BITFARMS LTD	$51,606	0.00%	18,300	Common	SOLE
38964R203	ETH	GRAYSCALE ETHEREUM MINI TR E	$42,589	0.00%	1,087	Common	SOLE
019770106	ALLO	ALLOGENE THERAPEUTICS INC	$23,801	0.00%	19,194	Common	SOLE
69404D108	PACB	PACIFIC BIOSCIENCES CALIF IN	$14,742	0.00%	11,517	Common	SOLE
38963U108	GBAT	GRAYSCALE BASIC ATTENTION	$2,653	0.00%	2,089	Common	SOLE
38964P108	MANA	GRAYSCALE DECENTRALAND	$1,589	0.00%	691	Common	SOLE

Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.