{
 "manager": "Horizon Kinetics",
 "page": "https://www.moatshark.com/m/horizon-kinetics",
 "form": "13F-HR",
 "period": "2026-06-30",
 "filed": "2026-08-11",
 "previous_period": "2026-03-31",
 "filing_url": "https://www.sec.gov/Archives/edgar/data/1056823/000139834426014047/0001398344-26-014047-index.htm",
 "total_value_usd": 8819643675,
 "note": "Source: SEC filings via moatshark. Values and changes are estimates; not investment advice.",
 "holdings": [
  {
   "company": "Texas Pacific Land",
   "ticker": "TPL",
   "moatshark_slug": "tpl",
   "sector": "Financials",
   "value_usd": 4290140539,
   "shares": 9802899,
   "portfolio_pct": 48.64,
   "previous_pct": 51.49,
   "change": "REDUCE",
   "share_change_pct": -2.1,
   "quarters_held": 22
  },
  {
   "company": "Grayscale Bitcoin Trust Etf",
   "ticker": "GBTC",
   "moatshark_slug": "gbtc",
   "sector": "Financials",
   "value_usd": 552612345,
   "shares": 12139990,
   "portfolio_pct": 6.27,
   "previous_pct": 8,
   "change": "REDUCE",
   "share_change_pct": -13.3,
   "quarters_held": 15
  },
  {
   "company": "Landbridge Company",
   "ticker": "LB",
   "moatshark_slug": "lb",
   "sector": "Financials",
   "value_usd": 461276842,
   "shares": 5821263,
   "portfolio_pct": 5.23,
   "previous_pct": 4.23,
   "change": "ADD",
   "share_change_pct": 2.9,
   "quarters_held": 9
  },
  {
   "company": "Hawaiian Electric Industries",
   "ticker": "HE",
   "moatshark_slug": "he",
   "sector": "Utilities",
   "value_usd": 303009724,
   "shares": 22395397,
   "portfolio_pct": 3.44,
   "previous_pct": 3.48,
   "change": "ADD",
   "share_change_pct": 3.5,
   "quarters_held": 7
  },
  {
   "company": "Miami International Holdings",
   "ticker": "MIAX",
   "moatshark_slug": "miax",
   "sector": "Financials",
   "value_usd": 291415166,
   "shares": 7842173,
   "portfolio_pct": 3.3,
   "previous_pct": 1.46,
   "change": "ADD",
   "share_change_pct": 127.2,
   "quarters_held": 4
  },
  {
   "company": "Waterbridge Infrastructure L",
   "ticker": "WBI",
   "moatshark_slug": "wbi",
   "sector": "Energy",
   "value_usd": 262173624,
   "shares": 7650237,
   "portfolio_pct": 2.97,
   "previous_pct": 2.13,
   "change": "ADD",
   "share_change_pct": 4.2,
   "quarters_held": 4
  },
  {
   "company": "Wheaton Precious Metals",
   "ticker": "WPM",
   "moatshark_slug": "wpm",
   "sector": "Materials",
   "value_usd": 189472941,
   "shares": 1686903,
   "portfolio_pct": 2.15,
   "previous_pct": 2.5,
   "change": "REDUCE",
   "share_change_pct": -4.2,
   "quarters_held": 30
  },
  {
   "company": "Permian Basin Royalty Trust",
   "ticker": "PBT",
   "moatshark_slug": "pbt",
   "sector": "Financials",
   "value_usd": 168501395,
   "shares": 6729289,
   "portfolio_pct": 1.91,
   "previous_pct": 1.49,
   "change": "ADD",
   "share_change_pct": 5.5,
   "quarters_held": 30
  },
  {
   "company": "Franco Nevada",
   "ticker": "FNV",
   "moatshark_slug": "fnv",
   "sector": "Materials",
   "value_usd": 161211339,
   "shares": 773418,
   "portfolio_pct": 1.83,
   "previous_pct": 2.03,
   "change": "ADD",
   "share_change_pct": 2.1,
   "quarters_held": 30
  },
  {
   "company": "Grayscale Bitcoin Mini Trust ETF",
   "ticker": "BTC",
   "moatshark_slug": "btc",
   "sector": "Financials",
   "value_usd": 157464419,
   "shares": 6067993,
   "portfolio_pct": 1.79,
   "previous_pct": 0.98,
   "change": "ADD",
   "share_change_pct": 102,
   "quarters_held": 7
  },
  {
   "company": "Intercontinental Exchange",
   "ticker": "ICE",
   "moatshark_slug": "ice",
   "sector": "Financials",
   "value_usd": 121226532,
   "shares": 984701,
   "portfolio_pct": 1.37,
   "previous_pct": 1.43,
   "change": "ADD",
   "share_change_pct": 17.4,
   "quarters_held": 30
  },
  {
   "company": "Cboe Global Markets",
   "ticker": "CBOE",
   "moatshark_slug": "cboe",
   "sector": "Financials",
   "value_usd": 100619170,
   "shares": 414634,
   "portfolio_pct": 1.14,
   "previous_pct": 1.25,
   "change": "ADD",
   "share_change_pct": 1.1,
   "quarters_held": 30
  },
  {
   "company": "Cheniere Energy",
   "ticker": "LNG",
   "moatshark_slug": "lng",
   "sector": "Utilities",
   "value_usd": 96091651,
   "shares": 402040,
   "portfolio_pct": 1.09,
   "previous_pct": 1.29,
   "change": "REDUCE",
   "share_change_pct": -4.4,
   "quarters_held": 5
  },
  {
   "company": "Mesabi Trust",
   "ticker": "MSB",
   "moatshark_slug": "msb",
   "sector": "Financials",
   "value_usd": 81450362,
   "shares": 3219382,
   "portfolio_pct": 0.92,
   "previous_pct": 1.07,
   "change": "ADD",
   "share_change_pct": 2.5,
   "quarters_held": 30
  },
  {
   "company": "Civeo",
   "ticker": "CVEO",
   "moatshark_slug": "cveo",
   "sector": "Consumer discretionary",
   "value_usd": 80184685,
   "shares": 2290991,
   "portfolio_pct": 0.91,
   "previous_pct": 0.67,
   "change": "REDUCE",
   "share_change_pct": -2.6,
   "quarters_held": 23
  },
  {
   "company": "CACI International",
   "ticker": "CACI",
   "moatshark_slug": "caci",
   "sector": "Technology",
   "value_usd": 71222982,
   "shares": 153743,
   "portfolio_pct": 0.81,
   "previous_pct": 0.91,
   "change": "REDUCE",
   "share_change_pct": -0.6,
   "quarters_held": 30
  },
  {
   "company": "Cameco",
   "ticker": "CCJ",
   "moatshark_slug": "ccj",
   "sector": "Materials",
   "value_usd": 71071860,
   "shares": 697741,
   "portfolio_pct": 0.81,
   "previous_pct": 0.77,
   "change": "ADD",
   "share_change_pct": 7,
   "quarters_held": 13
  },
  {
   "company": "Viper Energy",
   "ticker": "VNOM",
   "moatshark_slug": "vnom",
   "sector": "Energy",
   "value_usd": 70050092,
   "shares": 1652125,
   "portfolio_pct": 0.79,
   "previous_pct": 0.85,
   "change": "REDUCE",
   "share_change_pct": -0.6,
   "quarters_held": 4
  },
  {
   "company": "Brookfield",
   "ticker": "BN",
   "moatshark_slug": "bn",
   "sector": "Real estate",
   "value_usd": 67604752,
   "shares": 1587339,
   "portfolio_pct": 0.77,
   "previous_pct": 0.69,
   "change": "ADD",
   "share_change_pct": 1,
   "quarters_held": 15
  },
  {
   "company": "CME Group",
   "ticker": "CME",
   "moatshark_slug": "cme",
   "sector": "Financials",
   "value_usd": 62665802,
   "shares": 283774,
   "portfolio_pct": 0.71,
   "previous_pct": 0.86,
   "change": "ADD",
   "share_change_pct": 5,
   "quarters_held": 30
  },
  {
   "company": "OR Royalties",
   "ticker": "OR",
   "moatshark_slug": "or",
   "sector": "Materials",
   "value_usd": 60596710,
   "shares": 1915799,
   "portfolio_pct": 0.69,
   "previous_pct": 0.72,
   "change": "ADD",
   "share_change_pct": 9.2,
   "quarters_held": 5
  },
  {
   "company": "Whitehawk Minerals",
   "ticker": "WHK",
   "moatshark_slug": "whk",
   "sector": "Energy",
   "value_usd": 43196253,
   "shares": 1552705,
   "portfolio_pct": 0.49,
   "previous_pct": null,
   "change": "NEW",
   "share_change_pct": null,
   "quarters_held": 1
  },
  {
   "company": "Autonation",
   "ticker": "AN",
   "moatshark_slug": "an",
   "sector": "Consumer discretionary",
   "value_usd": 39557879,
   "shares": 212917,
   "portfolio_pct": 0.45,
   "previous_pct": 0.48,
   "change": "REDUCE",
   "share_change_pct": -5.4,
   "quarters_held": 30
  },
  {
   "company": "Tejon Ranch",
   "ticker": "TRC",
   "moatshark_slug": "trc",
   "sector": "Real estate",
   "value_usd": 37618578,
   "shares": 2011689,
   "portfolio_pct": 0.43,
   "previous_pct": 0.39,
   "change": "ADD",
   "share_change_pct": 5.7,
   "quarters_held": 20
  },
  {
   "company": "St JOE",
   "ticker": "JOE",
   "moatshark_slug": "joe",
   "sector": "Real estate",
   "value_usd": 37115028,
   "shares": 592608,
   "portfolio_pct": 0.42,
   "previous_pct": 0.37,
   "change": "ADD",
   "share_change_pct": 9.2,
   "quarters_held": 22
  },
  {
   "company": "Eaglerock Land",
   "ticker": "EROK",
   "moatshark_slug": "erok",
   "sector": "Financials",
   "value_usd": 35789526,
   "shares": 1684213,
   "portfolio_pct": 0.41,
   "previous_pct": null,
   "change": "NEW",
   "share_change_pct": null,
   "quarters_held": 1
  },
  {
   "company": "Horizon Kinetics Holding",
   "ticker": "HKHC",
   "moatshark_slug": "hkhc",
   "sector": "Financials",
   "value_usd": 35488728,
   "shares": 1075416,
   "portfolio_pct": 0.4,
   "previous_pct": 0.38,
   "change": "HOLD",
   "share_change_pct": 0,
   "quarters_held": 7
  },
  {
   "company": "Galaxy Digital",
   "ticker": "GLXY",
   "moatshark_slug": "glxy",
   "sector": "Financials",
   "value_usd": 33793634,
   "shares": 1236051,
   "portfolio_pct": 0.38,
   "previous_pct": 0.25,
   "change": "REDUCE",
   "share_change_pct": -1.2,
   "quarters_held": 5
  },
  {
   "company": "Bunge Global",
   "ticker": "BG",
   "moatshark_slug": "bg",
   "sector": "Consumer staples",
   "value_usd": 30319709,
   "shares": 284079,
   "portfolio_pct": 0.34,
   "previous_pct": 0.46,
   "change": "REDUCE",
   "share_change_pct": -15.7,
   "quarters_held": 11
  },
  {
   "company": "Ishares Bitcoin Trust Etf",
   "ticker": "IBIT",
   "moatshark_slug": "ibit",
   "sector": "Financials",
   "value_usd": 27873983,
   "shares": 837308,
   "portfolio_pct": 0.32,
   "previous_pct": 0.33,
   "change": "ADD",
   "share_change_pct": 5.5,
   "quarters_held": 10
  },
  {
   "company": "Sprott",
   "ticker": "SII",
   "moatshark_slug": "sii",
   "sector": "Financials",
   "value_usd": 26089617,
   "shares": 232217,
   "portfolio_pct": 0.3,
   "previous_pct": 0.32,
   "change": "ADD",
   "share_change_pct": 12.2,
   "quarters_held": 19
  },
  {
   "company": "White Mountains Insurance Group",
   "ticker": "WTM",
   "moatshark_slug": "wtm",
   "sector": "Insurance",
   "value_usd": 25307802,
   "shares": 12206,
   "portfolio_pct": 0.29,
   "previous_pct": 0.31,
   "change": "REDUCE",
   "share_change_pct": -6.9,
   "quarters_held": 9
  },
  {
   "company": "Penske Automotive Group",
   "ticker": "PAG",
   "moatshark_slug": "pag",
   "sector": "Consumer discretionary",
   "value_usd": 24886039,
   "shares": 139067,
   "portfolio_pct": 0.28,
   "previous_pct": 0.23,
   "change": "REDUCE",
   "share_change_pct": -2.4,
   "quarters_held": 30
  },
  {
   "company": "Rb Global",
   "ticker": "RBA",
   "moatshark_slug": "rba",
   "sector": "Industrials",
   "value_usd": 24611565,
   "shares": 211349,
   "portfolio_pct": 0.28,
   "previous_pct": 0.19,
   "change": "ADD",
   "share_change_pct": 13.2,
   "quarters_held": 13
  },
  {
   "company": "San Juan Basin Royalty Trust",
   "ticker": "SJT",
   "moatshark_slug": "sjt",
   "sector": "Financials",
   "value_usd": 24055803,
   "shares": 7494020,
   "portfolio_pct": 0.27,
   "previous_pct": 0.36,
   "change": "ADD",
   "share_change_pct": 7.4,
   "quarters_held": 15
  },
  {
   "company": "Marsh & Mclennan Companies",
   "ticker": "MRSH",
   "moatshark_slug": "mrsh",
   "sector": "Insurance",
   "value_usd": 23330982,
   "shares": 139983,
   "portfolio_pct": 0.26,
   "previous_pct": 0.28,
   "change": "REDUCE",
   "share_change_pct": -7.5,
   "quarters_held": 22
  },
  {
   "company": "Vanguard Bd Index Fds",
   "ticker": "VUSB",
   "moatshark_slug": "vusb",
   "sector": null,
   "value_usd": 22953956,
   "shares": 461108,
   "portfolio_pct": 0.26,
   "previous_pct": 0.18,
   "change": "ADD",
   "share_change_pct": 36,
   "quarters_held": 15
  },
  {
   "company": "Dorchester Minerals",
   "ticker": "DMLP",
   "moatshark_slug": "dmlp",
   "sector": "Energy",
   "value_usd": 21529436,
   "shares": 852651,
   "portfolio_pct": 0.24,
   "previous_pct": 0.25,
   "change": "REDUCE",
   "share_change_pct": -0.9,
   "quarters_held": 29
  },
  {
   "company": "Berkshire Hathaway",
   "ticker": "BRK.B",
   "moatshark_slug": "brk-b",
   "sector": "Insurance",
   "value_usd": 19378870,
   "shares": 37232,
   "portfolio_pct": 0.22,
   "previous_pct": 0.21,
   "change": "REDUCE",
   "share_change_pct": -2.1,
   "quarters_held": 30
  },
  {
   "company": "Royalty Pharma",
   "ticker": "RPRX",
   "moatshark_slug": "rprx",
   "sector": "Health care",
   "value_usd": 19336349,
   "shares": 344861,
   "portfolio_pct": 0.22,
   "previous_pct": 0.18,
   "change": "ADD",
   "share_change_pct": 1.2,
   "quarters_held": 22
  },
  {
   "company": "Live Nation Entertainment",
   "ticker": "LYV",
   "moatshark_slug": "lyv",
   "sector": "Consumer discretionary",
   "value_usd": 18492096,
   "shares": 100989,
   "portfolio_pct": 0.21,
   "previous_pct": 0.26,
   "change": "REDUCE",
   "share_change_pct": -35.7,
   "quarters_held": 30
  },
  {
   "company": "Triple Flag Precious Metals",
   "ticker": "TFPM",
   "moatshark_slug": "tfpm",
   "sector": "Financials",
   "value_usd": 15185115,
   "shares": 506677,
   "portfolio_pct": 0.17,
   "previous_pct": 0.16,
   "change": "ADD",
   "share_change_pct": 22.6,
   "quarters_held": 14
  },
  {
   "company": "Interparfums",
   "ticker": "IPAR",
   "moatshark_slug": "ipar",
   "sector": "Materials",
   "value_usd": 14579087,
   "shares": 130333,
   "portfolio_pct": 0.17,
   "previous_pct": 0.14,
   "change": "REDUCE",
   "share_change_pct": -5.8,
   "quarters_held": 30
  },
  {
   "company": "Oshkosh",
   "ticker": "OSK",
   "moatshark_slug": "osk",
   "sector": "Consumer discretionary",
   "value_usd": 13631538,
   "shares": 88816,
   "portfolio_pct": 0.15,
   "previous_pct": 0.18,
   "change": "REDUCE",
   "share_change_pct": -23.3,
   "quarters_held": 25
  },
  {
   "company": "Listed Fds Tr",
   "ticker": "SPAQ",
   "moatshark_slug": "spaq",
   "sector": null,
   "value_usd": 12592154,
   "shares": 265436,
   "portfolio_pct": 0.14,
   "previous_pct": 0.13,
   "change": "ADD",
   "share_change_pct": 5.3,
   "quarters_held": 14
  },
  {
   "company": "Royal Caribbean Group",
   "ticker": "RCL",
   "moatshark_slug": "rcl",
   "sector": "Industrials",
   "value_usd": 12515072,
   "shares": 39414,
   "portfolio_pct": 0.14,
   "previous_pct": 0.15,
   "change": "REDUCE",
   "share_change_pct": -23.8,
   "quarters_held": 30
  },
  {
   "company": "Carnival",
   "ticker": "CCL",
   "moatshark_slug": "ccl",
   "sector": "Industrials",
   "value_usd": 12237676,
   "shares": 428340,
   "portfolio_pct": 0.14,
   "previous_pct": 0.27,
   "change": "REDUCE",
   "share_change_pct": -55.3,
   "quarters_held": 14
  },
  {
   "company": "Strategy",
   "ticker": "MSTR",
   "moatshark_slug": "mstr",
   "sector": "Financials",
   "value_usd": 11281254,
   "shares": 129774,
   "portfolio_pct": 0.13,
   "previous_pct": 0.19,
   "change": "REDUCE",
   "share_change_pct": -6.8,
   "quarters_held": 24
  },
  {
   "company": "Liberty Media",
   "ticker": "FWONA",
   "moatshark_slug": "fwona",
   "sector": "Communication and media",
   "value_usd": 10450138,
   "shares": 111774,
   "portfolio_pct": 0.12,
   "previous_pct": 0.11,
   "change": "REDUCE",
   "share_change_pct": -7.6,
   "quarters_held": 12
  },
  {
   "company": "Tradeweb Markets",
   "ticker": "TW",
   "moatshark_slug": "tw",
   "sector": "Financials",
   "value_usd": 9740768,
   "shares": 97740,
   "portfolio_pct": 0.11,
   "previous_pct": 0.01,
   "change": "ADD",
   "share_change_pct": 1750.1,
   "quarters_held": 11
  },
  {
   "company": "Williams Companies",
   "ticker": "WMB",
   "moatshark_slug": "wmb",
   "sector": "Utilities",
   "value_usd": 9565929,
   "shares": 128678,
   "portfolio_pct": 0.11,
   "previous_pct": 0.11,
   "change": "REDUCE",
   "share_change_pct": -7,
   "quarters_held": 30
  },
  {
   "company": "Madison Square Garden Sports",
   "ticker": "MSGS",
   "moatshark_slug": "msgs",
   "sector": "Consumer discretionary",
   "value_usd": 9331127,
   "shares": 23221,
   "portfolio_pct": 0.11,
   "previous_pct": 0.08,
   "change": "REDUCE",
   "share_change_pct": -0.5,
   "quarters_held": 30
  },
  {
   "company": "Royal Gold",
   "ticker": "RGLD",
   "moatshark_slug": "rgld",
   "sector": "Financials",
   "value_usd": 9195573,
   "shares": 46068,
   "portfolio_pct": 0.1,
   "previous_pct": 0.13,
   "change": "REDUCE",
   "share_change_pct": -2.3,
   "quarters_held": 30
  },
  {
   "company": "Mastercard",
   "ticker": "MA",
   "moatshark_slug": "ma",
   "sector": "Financials",
   "value_usd": 9080727,
   "shares": 17681,
   "portfolio_pct": 0.1,
   "previous_pct": 0.11,
   "change": "REDUCE",
   "share_change_pct": -9.4,
   "quarters_held": 30
  },
  {
   "company": "Alliancebernstein Holding LP",
   "ticker": "AB",
   "moatshark_slug": "ab",
   "sector": "Financials",
   "value_usd": 8752029,
   "shares": 248496,
   "portfolio_pct": 0.1,
   "previous_pct": 0.09,
   "change": "ADD",
   "share_change_pct": 14.3,
   "quarters_held": 8
  },
  {
   "company": "Brookfield Asset Management",
   "ticker": "BAM",
   "moatshark_slug": "bam",
   "sector": "Financials",
   "value_usd": 8490083,
   "shares": 189299,
   "portfolio_pct": 0.1,
   "previous_pct": 0.09,
   "change": "REDUCE",
   "share_change_pct": -0.1,
   "quarters_held": 15
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