HORIZON KINETICS ASSET MANAGEMENT LLC

13F filer, CIK 1056823, NEW YORK, NY

HORIZON KINETICS ASSET MANAGEMENT LLC reported $8,032,554,336 across 349 holdings for the quarter ended 2024-12-31, in a 13F-HR filed 2025-02-10. Its ten largest share positions make up 78.71% of the portfolio.

Filed 2025-02-10 (acceptance time not in the bulk data set), ingested 2026-10-07 18:25:55 UTC13F-HR 0001056823-25-000001

Period: 2024-12-31
Reported value: $8.03B
Holdings: 349
Top 10 weight: 78.71%
New: 19
Sold out: 16

Largest buys vs the previous quarter

Security	Shares change	Approx. value
BTCnew	+3,064,302	$128M
DBRGadded	+4,020,627	$45.4M
HEnew	+2,379,498	$23.2M
LBadded	+208,408	$13.5M
VIPER ENERGY INC-CL Aadded	+268,959	$13.2M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

Security	Shares change	Approx. value
TPLreduced	-87,786	-$97.1M
Grayscale Bitcoin Minitrust…exited	-15,282,793	-$86M
NTRreduced	-250,607	-$11.2M
CRLreduced	-54,922	-$10.1M
MSTRreduced	-27,590	-$7.99M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q4 2024

Share positions as resolved from 13F-HR 0001056823-25-000001, largest first. % of portfolio is the value over $8,030,528,036, the sum of the share positions whose value is usable for ratios (method).

Security	Shares	Value	% of portfolio	Change	Timeline
TPLTEXAS PACIFIC LAND CORPORATI	3,606,579	$3.99B	49.67%	-87,786	Timeline
GBTCGRAYSCALE BITCOIN TRUST ETF	15,168,163	$1.12B	13.98%	-39,897	Timeline
LBLANDBRIDGE COMPANY LLC	5,399,275	$349M	4.34%	+208,408	Timeline
WPMWHEATON PRECIOUS METALS CORP	2,931,246	$165M	2.05%	+177,071	Timeline
CACICACI INTL INC	359,495	$145M	1.81%	-8,573	Timeline
BTCGRAYSCALE BITCOIN MINI TR ET	3,064,302	$128M	1.6%	new	Timeline
ICEINTERCONTINENTAL EXCHANGE IN	804,581	$120M	1.49%	+59,055	Timeline
FNVFRANCO NEV CORP	988,033	$116M	1.45%	+52,199	Timeline
CBOECBOE GLOBAL MKTS INC	414,474	$81M	1.01%	-3,190	Timeline
MSBMESABI TR	2,843,010	$79.9M	1%	+183,387	Timeline
VIPER ENERGY INC-CL AVIPER ENERGY INC-CL A	1,589,404	$78M	0.97%	+268,959
BNBROOKFIELD CORP	1,218,597	$70M	0.87%	+161,891	Timeline
CVEOCIVEO CORP CDA	3,064,019	$69.6M	0.87%	-187,590	Timeline
DBRGDIGITALBRIDGE GROUP INC	4,483,340	$50.6M	0.63%	+4,020,627	Timeline
ANAUTONATION INC	282,198	$47.9M	0.6%	-4,565	Timeline
MSTRSTRATEGY INC	165,315	$47.9M	0.6%	-27,590	Timeline
IBITISHARES BITCOIN TRUST ETF	864,272	$45.8M	0.57%	+58,469	Timeline
SAICSCIENCE APPLICATIONS INTL CO	406,695	$45.5M	0.57%	+3,730	Timeline
PBTPERMIAN BASIN RTY TR	3,946,083	$43.7M	0.54%	+261,819	Timeline
LYVLIVE NATION ENTERTAINMENT IN	329,735	$42.7M	0.53%	-26,574	Timeline
HHHHOWARD HUGHES HOLDINGS INC	458,597	$35.3M	0.44%	-37,214	Timeline
CCJCAMECO CORP	616,951	$31.7M	0.39%	+99,123	Timeline
ACGPASSOCIATED CAP GROUP INC CLASS	917,630	$31.4M	0.39%	-57,498	Timeline
MRSHMARSH & MCLENNAN COS INC	144,628	$30.7M	0.38%	+25,554	Timeline
DMLPDORCHESTER MINERALS L P	908,646	$30.3M	0.38%	+11,753	Timeline
OSISKO GOLD ROYALTIES LTDOSISKO GOLD ROYALTIES LTD	1,659,922	$30M	0.37%	+267,777
CMECME GROUP INC	125,853	$29.2M	0.36%	-2,860	Timeline
PAGPENSKE AUTOMOTIVE GRP INC	182,966	$27.9M	0.35%	+1,486	Timeline
ADMARCHER DANIELS MIDLAND CO	545,719	$27.6M	0.34%	-108,092	Timeline
CCLCARNIVAL CORP	1,084,131	$27M	0.34%	+1,182	Timeline
JOEST JOE CO	564,202	$25.3M	0.32%	+40,354	Timeline
BGBUNGE GLOBAL SA	319,121	$24.8M	0.31%	+49,046	Timeline
WFGWEST FRASER TIMBER CO LTD	281,367	$24.4M	0.3%	+44,424	Timeline
HEHAWAIIAN ELEC INDS INC MTN B	2,379,498	$23.2M	0.29%	new	Timeline
Sandstorm Gold LtdSandstorm Gold Ltd	3,788,672	$21.1M	0.26%	-113,047
BRK-BBERKSHIRE HATHAWAY INC DEL	43,600	$19.8M	0.25%	-1,378	Timeline
WTMWHITE MTNS INS GROUP LTD	10,089	$19.6M	0.24%	+2,951	Timeline
IPARINTERPARFUMS INC	147,120	$19.3M	0.24%	-4,695	Timeline
SITIO ROYALTIES CORPSITIO ROYALTIES CORP	862,426	$16.5M	0.21%	+91,685
TRCTEJON RANCH CO	851,294	$13.5M	0.17%	-47,812	Timeline
OSKOSHKOSH CORP	140,119	$13.3M	0.17%	-1,021	Timeline
RCLROYAL CARIBBEAN GROUP	57,153	$13.2M	0.16%	-728	Timeline
WENWENDYS CO	782,621	$12.8M	0.16%	-64,895	Timeline
BAMBROOKFIELD ASSET MANAGMT LTD	234,360	$12.7M	0.16%	-6,220	Timeline
VGSHVANGUARD SCOTTSDALE FDS	215,098	$12.5M	0.16%	-8,401	Timeline
SPAQLISTED FDS TR	125,435	$12.3M	0.15%	-3,256	Timeline
CRLCHARLES RIV LABS INTL INC	59,840	$11M	0.14%	-54,922	Timeline
MAMASTERCARD INCORPORATED	19,291	$10.2M	0.13%	-347	Timeline
RBARB GLOBAL INC	110,630	$9.98M	0.12%	-7,379	Timeline
RGLDROYAL GOLD INC	74,792	$9.86M	0.12%	-1,575	Timeline
WMBWILLIAMS COS INC	172,890	$9.36M	0.12%	-4,395	Timeline
FWONKLIBERTY MEDIA CORP DEL	99,173	$9.19M	0.11%	-1,491	Timeline
BKKTBAKKT INC	367,927	$9.11M	0.11%	-32,290	Timeline
SPGIS&P GLOBAL INC	17,994	$8.96M	0.11%	-471	Timeline
VUSBVANGUARD BD INDEX FDS	170,200	$8.45M	0.11%	-3,933	Timeline
RPRXROYALTY PHARMA PLC	319,176	$8.14M	0.1%	+90,380	Timeline
SIISPROTT INC	192,466	$8.12M	0.1%	+30,622	Timeline
NDAQNASDAQ INC	103,246	$7.98M	0.1%	+328	Timeline
BCHGGRAYSCALE BITCOIN CA	1,455,288	$7.64M	0.1%	+469,894	Timeline
EXPEAGLE MATLS INC	29,949	$7.39M	0.09%	-1,656	Timeline
SBRSABINE RTY TR	109,921	$7.12M	0.09%	+9,553	Timeline
ELSEQUITY LIFESTYLE PROPERTIES	104,935	$6.99M	0.09%	-7,722	Timeline
SJTSAN JUAN BASIN RTY TR	1,814,214	$6.95M	0.09%	+522,288	Timeline
MSGSMADISON SQUARE GRDN SPRT COR	30,261	$6.83M	0.09%	-230	Timeline
LTCNGRAYSCALE LITECOIN TR LTC	516,894	$6.61M	0.08%	+189,078	Timeline
LBRDKLIBERTY BROADBAND CORP	87,086	$6.51M	0.08%	-2,394	Timeline
ETENERGY TRANSFER L P	311,724	$6.11M	0.08%	+10,455	Timeline
XOMEXXON MOBIL CORP	54,429	$5.85M	0.07%	-472	Timeline
ARIS WATER SOLUTIONS INCARIS WATER SOLUTIONS INC	229,308	$5.49M	0.07%	new
FCXFREEPORT MCMORAN INC	141,597	$5.39M	0.07%	-205	Timeline
MSFTMICROSOFT CORP	12,773	$5.38M	0.07%	-237	Timeline
BXBLACKSTONE INC	30,200	$5.21M	0.06%	-2,900	Timeline
ABBVABBVIE INC	26,048	$4.63M	0.06%	+203	Timeline
PMPHILIP MORRIS INTL INC	38,294	$4.61M	0.06%	-50	Timeline
TPHTRI POINTE HOMES INC	124,012	$4.5M	0.06%	-16,000	Timeline
LBRTLIBERTY ENERGY INC	224,849	$4.47M	0.06%	-35,758	Timeline
MRXMAREX GROUP PLC	141,374	$4.41M	0.05%	new	Timeline
BURBURFORD CAPITAL LIMITED	342,950	$4.37M	0.05%	-10,365	Timeline
MKLMARKEL GROUP INC	2,505	$4.32M	0.05%	-9	Timeline
CMRECOSTAMARE INC	321,600	$4.13M	0.05%	-1,400	Timeline
EPDENTERPRISE PRODS PARTNERS L	130,752	$4.1M	0.05%	+580	Timeline
BSMBLACK STONE MINERALS L P	275,638	$4.02M	0.05%	0	Timeline
XNEAXNUVEEN AMT FREE QLTY MUN INC	343,633	$3.88M	0.05%	-35,904	Timeline
FWONALIBERTY MEDIA CORP DEL	44,818	$3.77M	0.05%	-447	Timeline
INFLLISTED FDS TR	95,267	$3.63M	0.05%	+3,803	Timeline
LHXL3HARRIS TECHNOLOGIES INC	16,455	$3.46M	0.04%	-150	Timeline
IRMIRON MTN INC DEL	32,900	$3.46M	0.04%	-1,550	Timeline
BMYBRISTOL-MYERS SQUIBB CO	60,476	$3.42M	0.04%	+1,094	Timeline
BCDFLISTED FDS TR	122,143	$3.39M	0.04%	+9,119	Timeline
CSCOCISCO SYS INC	56,641	$3.35M	0.04%	+50	Timeline
MRKMERCK & CO INC	33,574	$3.34M	0.04%	+382	Timeline
MOALTRIA GROUP INC	63,197	$3.3M	0.04%	-470	Timeline
LLYELI LILLY & CO	4,257	$3.29M	0.04%	+141	Timeline
FNFFIDELITY NATL FINL INC	58,066	$3.26M	0.04%	-5	Timeline
NVDANVIDIA CORPORATION	24,160	$3.24M	0.04%	-1,900	Timeline
LVSLAS VEGAS SANDS CORP	60,395	$3.1M	0.04%	+100	Timeline
KLACKLA CORP	4,824	$3.04M	0.04%	-25	Timeline
NTRNUTRIEN LTD	67,026	$3M	0.04%	-250,607	Timeline
AMLPALPS ETF TR	61,057	$2.94M	0.04%	+3,330	Timeline
EMREMERSON ELEC CO	23,662	$2.93M	0.04%	-635	Timeline
CATCATERPILLAR INC	7,943	$2.88M	0.04%	-273	Timeline
PTENPATTERSON-UTI ENERGY INC	347,542	$2.87M	0.04%	-45,995	Timeline
CVXCHEVRON CORPORATION	19,646	$2.85M	0.04%	-147	Timeline
KMIKINDER MORGAN INC DEL	103,636	$2.84M	0.04%	+44	Timeline
JNJJOHNSON & JOHNSON	19,602	$2.83M	0.04%	+174	Timeline
SUSUNCOR ENERGY INC NEW	77,944	$2.78M	0.03%	-100	Timeline
PFEPFIZER INC	100,703	$2.67M	0.03%	+6,888	Timeline
ABALLIANCEBERNSTEIN HLDG L P	71,287	$2.64M	0.03%	+45,413	Timeline
FITLIFE BRANDS INCFITLIFE BRANDS INC	77,228	$2.52M	0.03%	0
SPHRSPHERE ENTERTAINMENT CO	61,408	$2.48M	0.03%	+4,680	Timeline
VXFVANGUARD INDEX FDS	12,911	$2.45M	0.03%	+5,579	Timeline
FISFIDELITY NATL INFORMATION SV	30,340	$2.45M	0.03%	-1,500	Timeline
RTXRTX CORPORATION	20,618	$2.39M	0.03%	0	Timeline
CRAICRA INTL INC	12,528	$2.35M	0.03%	-80	Timeline
BACBANK OF AMER CORP	49,225	$2.16M	0.03%	0	Timeline
WTWISDOMTREE INC	204,338	$2.15M	0.03%	-1,964	Timeline
HONHONEYWELL INTL INC	9,481	$2.14M	0.03%	-72	Timeline
OPLNOPENLANE INC	106,857	$2.12M	0.03%	-782	Timeline
NRPNATURAL RESOURCE PARTNERS LP	18,395	$2.04M	0.03%	-1,027	Timeline
AAPLAPPLE INC	8,008	$2.01M	0.02%	+1	Timeline
BATRKATLANTA BRAVES HLDGS INC	52,145	$2M	0.02%	-857	Timeline
SONSONOCO PRODS CO	39,530	$1.93M	0.02%	+1,230	Timeline
VRSKVERISK ANALYTICS INC	7,000	$1.93M	0.02%	0	Timeline
PFNPIMCO INCOME STRATEGY FD II	257,327	$1.92M	0.02%	-68,500	Timeline
WPCWP CAREY INC	35,150	$1.91M	0.02%	+1,450	Timeline
CSWCSW INDUSTRIALS INC	5,400	$1.91M	0.02%	-600	Timeline
VOOVANGUARD INDEX FDS	3,386	$1.82M	0.02%	-15	Timeline
REZIRESIDEO TECHNOLOGIES INC	78,312	$1.81M	0.02%	-8,800	Timeline
BAHBOOZ ALLEN HAMILTON HLDG COR	13,930	$1.79M	0.02%	+9,358	Timeline
VRTVERTIV HOLDINGS CO	15,670	$1.78M	0.02%	+340	Timeline
RYAMRAYONIER ADVANCED MATLS INC	215,700	$1.78M	0.02%	-18,000	Timeline
MSGEMADISON SQUARE GARDEN ENTMT	49,498	$1.76M	0.02%	+81	Timeline
ROKROCKWELL AUTOMATION INC	6,015	$1.72M	0.02%	0	Timeline
PCHPOTLATCHDELTIC CORP	43,552	$1.71M	0.02%	-8,064	Timeline
GDLCGRAYSCALE COINDESK CRYPTO	41,029	$1.69M	0.02%	0	Timeline
TDTORONTO DOMINION BK ONT	30,950	$1.65M	0.02%	+850	Timeline
RCGRENN FD INC	725,897	$1.62M	0.02%	+55,421	Timeline
NADNUVEEN QUALITY MUNCP INCOME	138,117	$1.61M	0.02%	0	Timeline
PDIPIMCO DYNAMIC INCOME FD	86,836	$1.59M	0.02%	-352	Timeline
TELFYTELEFONICA SA-SPON ADR	391,277	$1.57M	0.02%	+3,500	Timeline
SEGSEAPORT ENTMT GROUP INC	55,020	$1.54M	0.02%	-423	Timeline
DHRDANAHER CORP DEL	6,678	$1.53M	0.02%	-2,193	Timeline
SEESEALED AIR CORP NEW	43,450	$1.47M	0.02%	+350	Timeline
RYNRAYONIER INC	55,367	$1.45M	0.02%	-5,277	Timeline
ARLPALLIANCE RESOURCE PARTNERS L	54,761	$1.44M	0.02%	new	Timeline
VVISA INC	4,539	$1.43M	0.02%	0	Timeline
RIORIO TINTO PLC	24,366	$1.43M	0.02%	+8,100	Timeline
SIRISIRIUSXM HOLDINGS INC	62,129	$1.42M	0.02%	-4,277	Timeline
NVONOVO-NORDISK A S	15,716	$1.35M	0.02%	-2	Timeline
GSKGSK PLC	39,865	$1.35M	0.02%	+1,673	Timeline
RMTROYCE MICRO-CAP TR INC	137,215	$1.34M	0.02%	-355	Timeline
LLYVKLIBERTY MEDIA CORP DEL	19,599	$1.33M	0.02%	-3,153	Timeline
XESSPDR SERIES TRUST	16,704	$1.32M	0.02%	-638	Timeline
BGCBGC GROUP INC	145,486	$1.32M	0.02%	+2,024	Timeline
SVXYPROSHARES TR II	26,317	$1.32M	0.02%	-300	Timeline
JFRNUVEEN FLOATING RATE INCOME	143,818	$1.28M	0.02%	-300	Timeline
BNTBROOKFIELD WEALTH SOL LTD	22,047	$1.27M	0.02%	-477	Timeline
EOGEOG RES INC	10,218	$1.25M	0.02%	+150	Timeline
MMM3M CO	9,575	$1.24M	0.02%	0	Timeline
BLACKROCK MUNICIPAL INCOME …BLACKROCK MUNICIPAL INCOME FUN	101,802	$1.23M	0.02%	-355
KRPKIMBELL RTY PARTNERS LP	75,908	$1.23M	0.02%	+382	Timeline
NVSNOVARTIS AG	12,547	$1.22M	0.02%	+403	Timeline
MCDMCDONALDS CORP	4,046	$1.17M	0.01%	0	Timeline
SANBANCO SANTANDER SA	250,177	$1.14M	0.01%	+15,000	Timeline
ABTABBOTT LABORATORIES	10,041	$1.14M	0.01%	-50	Timeline
PFLPIMCO INCOME STRATEGY FD	135,486	$1.14M	0.01%	0	Timeline
BATRAATLANTA BRAVES HLDGS INC	26,401	$1.08M	0.01%	-605	Timeline
GEGE AEROSPACE	6,446	$1.08M	0.01%	-52	Timeline
CMSCMS ENERGY CORP	15,675	$1.04M	0.01%	0	Timeline
FHIFEDERATED HERMES INC	25,096	$1.03M	0.01%	-1,436	Timeline
LINLINDE PLC	2,460	$1.03M	0.01%	0	Timeline
GOOGALPHABET INC	5,345	$1.02M	0.01%	-571	Timeline
XFRAXBLACKROCK FLOATING RATE INCO	73,870	$1.02M	0.01%	0	Timeline
ADIANALOG DEVICES INC	4,756	$1.01M	0.01%	0	Timeline
MTAMETALLA RTY & STREAMING LTD	401,541	$1.01M	0.01%	+1,734	Timeline
OIHVANECK ETF TRUST	3,691	$1M	0.01%	+1	Timeline
APYXAPYX MEDICAL CORPORATION	615,000	$972K	0.01%	0	Timeline
GDXJVANECK ETF TRUST	22,393	$957K	0.01%	-927	Timeline
RQICOHEN & STEERS QUALITY INCOM	77,827	$953K	0.01%	+1,000	Timeline
GMGENERAL MTRS CO	17,843	$950K	0.01%	-100	Timeline
AMGNAMGEN INC	3,597	$938K	0.01%	+141	Timeline
BNYBANK OF NY MELLON CORP	12,064	$927K	0.01%	0	Timeline
GOOGLALPHABET INC	4,815	$911K	0.01%	-98	Timeline
GLDSPDR GOLD TR	3,756	$909K	0.01%	-80	Timeline
JPMJPMORGAN CHASE & CO	3,745	$898K	0.01%	-322	Timeline
RSPINVESCO EXCHANGE TRADED FD T	5,115	$896K	0.01%	+2,012	Timeline
BIPBROOKFIELD INFRASTRUCTURE PA	28,171	$896K	0.01%	-2,200	Timeline
QCOMQUALCOMM INC	5,722	$879K	0.01%	+50	Timeline
SPYSTATE STR SPDR S&P 500 ETF T	1,470	$862K	0.01%	-176	Timeline
WYWEYERHAEUSER CO	30,580	$861K	0.01%	-799	Timeline
GBXGREENBRIER COS INC	13,950	$851K	0.01%	-2,100	Timeline
DGXQUEST DIAGNOSTICS INC	5,600	$845K	0.01%	0	Timeline
AZNASTRAZENECA PLC-SPONS ADR	12,876	$844K	0.01%	+522	Timeline
EBAYEBAY INC.	13,337	$826K	0.01%	-773	Timeline
SLVISHARES SILVER TR	30,690	$808K	0.01%	0	Timeline
BPBP PLC	27,314	$807K	0.01%	-2,800	Timeline
HODLVANECK BITCOIN ETF	7,630	$807K	0.01%	0	Timeline
IBMINTERNATIONAL BUSINESS MACHS	3,650	$802K	0.01%	0	Timeline
KKRKKR & CO INC	5,358	$793K	0.01%	0	Timeline
NSCNORFOLK SOUTHN CORP	3,368	$790K	0.01%	+20	Timeline
VMIVALMONT INDS INC	2,575	$790K	0.01%	0	Timeline
LENLENNAR CORP	5,750	$784K	0.01%	-112	Timeline
MPCMARATHON PETE CORP	5,570	$777K	0.01%	-200	Timeline
ETCGGRAYSCALE ETHEREUM CLASSIC TR	71,042	$765K	0.01%	-96	Timeline
NRKNUVEEN NY AMT FREE	71,483	$748K	0.01%	0	Timeline
NEMNEWMONT CORP	20,042	$746K	0.01%	-4,047	Timeline
DSLDOUBLELINE INCOME SOLUTIONS	58,329	$733K	0.01%	-979	Timeline
KRBNKRANESHARES TRUST	25,010	$733K	0.01%	-3,099	Timeline
SYKSTRYKER CORPORATION	2,000	$720K	0.01%	0	Timeline
MDLZMONDELEZ INTL INC	11,778	$704K	0.01%	-4,651	Timeline
GSGOLDMAN SACHS GROUP INC	1,193	$683K	0.01%	0	Timeline
BRK-ABERKSHIRE HATHAWAY INC DEL	1	$681K	0.01%	0	Timeline
ALNYALNYLAM PHARMACEUTICALS INC	2,880	$678K	0.01%	+121	Timeline
CMCANADIAN IMPERIAL BANK OF CO	10,500	$664K	0.01%	0	Timeline
ALKSALKERMES PLC	23,033	$662K	0.01%	+967	Timeline
DISDISNEY WALT CO	5,705	$635K	0.01%	+1	Timeline
TWTRADEWEB MKTS INC	4,753	$622K	0.01%	+500	Timeline
BLACKROCK MUNIHOLDINGS QUAL…BLACKROCK MUNIHOLDINGS QUALITY	61,530	$615K	0.01%	0
HKHCHORIZON KINETICS HOLDING COR	16,168	$582K	0.01%	new	Timeline
DDOMINION ENERGY INC	10,750	$579K	0.01%	+2,500	Timeline
BSVVANGUARD BD INDEX FDS	7,478	$578K	0.01%	-43	Timeline
SBLKSTAR BULK CARRIERS CORP.	38,637	$578K	0.01%	-5,520	Timeline
DOWDOW HLDGS INC	13,871	$557K	0.01%	+7,000	Timeline
AJGGALLAGHER ARTHUR J & CO	1,957	$555K	0.01%	0	Timeline
BTZBLACKROCK CR ALLOCATION	51,023	$534K	0.01%	0	Timeline
ENBENBRIDGE INC	12,532	$532K	0.01%	0	Timeline
REGNREGENERON PHARMACEUTICALS	735	$524K	0.01%	+29	Timeline
BRBROADRIDGE FINL SOLUTIONS IN	2,307	$522K	0.01%	+59	Timeline
MMACYS INC	30,500	$516K	0.01%	0	Timeline
XMVTXBLACKROCK MUNIVEST FUND II	47,926	$506K	0.01%	new	Timeline
MYIBLACKROCK MUNIYIELD QUALITY	44,854	$495K	0.01%	0	Timeline
GEVGE VERNOVA INC	1,486	$489K	0.01%	-13	Timeline
BIIBBIOGEN INC	3,169	$485K	0.01%	+129	Timeline
KVUEKENVUE INC	22,562	$482K	0.01%	+4,300	Timeline
WOODISHARES TR	6,295	$481K	0.01%	-555	Timeline
FBTCFIDELITY WISE ORIGIN BITCOIN	5,881	$480K	0.01%	-35	Timeline
NZFNUVEEN MUN CR INCOME FD	39,202	$477K	0.01%	0	Timeline
XBKNXBLACKROCK INVEST QLTY MUNI	42,157	$470K	0.01%	new	Timeline
LLOEWS CORP	5,543	$469K	0.01%	+2	Timeline
LADRLADDER CAP CORP	41,000	$459K	0.01%	new	Timeline
DBLDOUBLELINE OPPORTUNISTIC CR	28,598	$443K	0.01%	-40,183	Timeline
KHCKRAFT HEINZ CO	14,321	$440K	0.01%	-256	Timeline
PIMCO NY MUNICIPAL INCOME FDPIMCO NY MUNICIPAL INCOME FD	58,956	$438K	0.01%	0
IONSIONIS PHARMACEUTICALS INC	12,476	$436K	0.01%	+524	Timeline
NANNUVEEN NY DIVI ADV	38,119	$435K	0.01%	0	Timeline
CCITIGROUP INC	6,161	$434K	0.01%	0	Timeline
IAUISHARES GOLD TR	8,690	$430K	0.01%	-100	Timeline
NBHNEUBERGER MUN FD INC	41,529	$430K	0.01%	0	Timeline
CRSPCRISPR THERAPEUTICS AG	10,682	$420K	0.01%	+443	Timeline
NBBNUVEEN TAXABLE MUNICPAL INM	26,210	$393K	<0.01%	-744	Timeline
VTIVANGUARD INDEX FDS	1,352	$392K	<0.01%	-53	Timeline
XMQTXBLACKROCK MUNIYIELD QLTY II	39,579	$390K	<0.01%	0	Timeline
DORMDORMAN PRODS INC	3,000	$389K	<0.01%	0	Timeline
OXYOCCIDENTAL PETE CORP	7,859	$388K	<0.01%	-1,467	Timeline
FMNFEDERATED HERMES PREM MUNI I	35,080	$383K	<0.01%	-69	Timeline
CNSCOHEN & STEERS INC	4,106	$379K	<0.01%	-372	Timeline
GDXVANECK ETF TRUST	11,127	$377K	<0.01%	-1,235	Timeline
KOCOCA COLA CO	5,870	$365K	<0.01%	-150	Timeline
MOVMOVADO GROUP INC	18,261	$359K	<0.01%	0	Timeline
XEFRXEATON VANCE SR FLTNG RTE TR	27,801	$356K	<0.01%	0	Timeline
PEPPEPSICO INC	2,313	$352K	<0.01%	0	Timeline
AWRAMER STATES WTR CO	4,468	$347K	<0.01%	0	Timeline
NFLXNETFLIX INC.	386	$344K	<0.01%	+11	Timeline
METAMETA PLATFORMS INC	583	$341K	<0.01%	0	Timeline
CMCSACOMCAST CORP NEW	9,066	$340K	<0.01%	0	Timeline
MKTXMARKETAXESS HLDGS INC	1,494	$338K	<0.01%	+152	Timeline
PHYSSPROTT ASSET MANAGEMENT LP	16,621	$335K	<0.01%	0	Timeline
AMGAFFILIATED MANAGERS GROUP	1,774	$328K	<0.01%	+423	Timeline
NVGNUVEEN AMT FREE MUN CR INC F	26,556	$326K	<0.01%	0	Timeline
ETNEATON CORP PLC	975	$324K	<0.01%	0	Timeline
AFLAFLAC INC	3,000	$310K	<0.01%	0	Timeline
LLYVALIBERTY MEDIA CORP	4,659	$310K	<0.01%	-4,618	Timeline
PCMPCM FD INC	40,252	$310K	<0.01%	0	Timeline
CNPCENTERPOINT ENERGY INC	9,633	$306K	<0.01%	0	Timeline
BWXTBWX TECHNOLOGIES INC	2,690	$300K	<0.01%	0	Timeline
AMTAMERICAN TOWER CORP	1,600	$293K	<0.01%	+40	Timeline
PWRQUANTA SVCS INC	900	$284K	<0.01%	0	Timeline
CLCOLGATE PALMOLIVE CO	3,102	$282K	<0.01%	0	Timeline
DALDELTA AIR LINES INC	4,600	$278K	<0.01%	0	Timeline
GPCGENUINE PARTS CO	2,360	$276K	<0.01%	0	Timeline
NVIRLISTED FDS TR	8,811	$265K	<0.01%	+602	Timeline
IFFINTERNATIONAL FLAVORS&FRAGRA	3,050	$258K	<0.01%	0	Timeline
GEHCGE HEALTHCARE TECHNOLOGIES I	3,281	$257K	<0.01%	+49	Timeline
BGTBLACKROCK FLOATING RATE INC	19,778	$254K	<0.01%	0	Timeline
PBHPRESTIGE CONSMR HEALTHCARE I	3,247	$254K	<0.01%	0	Timeline
AMZNAMAZON COM INC	1,124	$247K	<0.01%	+30	Timeline
SMRNUSCALE PWR CORP	13,550	$243K	<0.01%	new	Timeline
BEAMBEAM THERAPEUTICS INC	9,597	$238K	<0.01%	+403	Timeline
TAT&T INC	10,400	$237K	<0.01%	new	Timeline
RABROOKFIELD REAL ASSETS INCOM	17,614	$235K	<0.01%	0	Timeline
ADPAUTOMATIC DATA PROCESSING IN	800	$234K	<0.01%	0	Timeline
BABOEING CO	1,320	$234K	<0.01%	-428	Timeline
VZVERIZON COMMUNICATIONS INC	5,828	$233K	<0.01%	+1,153	Timeline
EIMEATON VANCE MUN BD FD	22,431	$232K	<0.01%	0	Timeline
EATON VANCE NEW YORK MUN BDEATON VANCE NEW YORK MUN BD	24,358	$232K	<0.01%	0
JPCNUVEEN PFD & INCOME OPPORTUN	28,538	$224K	<0.01%	0	Timeline
WYNNWYNN RESORTS LTD	2,569	$221K	<0.01%	-42	Timeline
EXEEXPAND ENERGY CORPORATION	2,203	$219K	<0.01%	new	Timeline
IQIINVESCO QUALITY MUN INCOME T	22,115	$218K	<0.01%	0	Timeline
AWKAMERICAN WTR WKS CO INC NEW	1,734	$216K	<0.01%	+1	Timeline
CQPCHENIERE ENERGY PARTNERS L P	4,000	$212K	<0.01%	new	Timeline
AXPAMERICAN EXPRESS CO	700	$208K	<0.01%	new	Timeline
NEENEXTERA ENERGY INC	2,860	$205K	<0.01%	0	Timeline
BCYCBICYCLE THERAPEUTICS PLC	14,396	$202K	<0.01%	+604	Timeline
EVFEATON VANCE SR INCOME TR	32,130	$197K	<0.01%	0	Timeline
TFPMTRIPLE FLAG PRECIOUS METAL	12,992	$195K	<0.01%	-9,304	Timeline
MHDBLACKROCK MUNIHOLDINGS FD IN	16,653	$194K	<0.01%	-123,852	Timeline
PMLPIMCO MUN INCOME FD II	23,325	$189K	<0.01%	0	Timeline
NIMNUVEEN SELECT MAT MUN FD	21,500	$187K	<0.01%	0	Timeline
ETHEGRAYSCALE ETHEREUM STAKING E	6,683	$187K	<0.01%	0	Timeline
NMZNUVEEN MUN HIGH INCOME OPPOR	17,322	$187K	<0.01%	0	Timeline
XBNYXBLACKROCK NEW YORK MUNI INC	18,237	$186K	<0.01%	0	Timeline
APLDAPPLIED DIGITAL CORP	23,870	$182K	<0.01%	0	Timeline
REPLREPLIMUNE GROUP INC	14,396	$174K	<0.01%	+604	Timeline
NTLAINTELLIA THERAPEUTICS INC	14,396	$168K	<0.01%	+604	Timeline
EFTEATON VANCE FLOATING RATE IN	12,000	$154K	<0.01%	0	Timeline
KYNKAYNE ANDERSON ENERGY INFRST	12,088	$154K	<0.01%	-416	Timeline
XEVVXEATON VANCE LIMITED DURATION	15,668	$153K	<0.01%	0	Timeline
BLACKROCK MUNI INC TR IIBLACKROCK MUNI INC TR II	14,426	$152K	<0.01%	-370
HLNHALEON PLC	14,082	$134K	<0.01%	+591	Timeline
CXEMFS HIGH INCOME MUN TR	35,414	$130K	<0.01%	0	Timeline
VNDAVANDA PHARMACEUTICALS INC	25,912	$124K	<0.01%	+1,088	Timeline
OIAINVESCO MUNI INCOME OPP TRST	19,911	$117K	<0.01%	0	Timeline
VTNINVESCO TR INVT GRADE NEW YO	10,414	$109K	<0.01%	0	Timeline
NUVNUVEEN MUN VALUE FD INC	12,350	$106K	<0.01%	0	Timeline
EVNEATON VANCE MUN INCOME TR	10,014	$101K	<0.01%	0	Timeline
EATON VANCE CALIFORNIA MUNI…EATON VANCE CALIFORNIA MUNI BO	10,679	$97.9K	<0.01%	0
LTRNLANTERN PHARMA INC	28,791	$91.8K	<0.01%	+1,209	Timeline
ZCSHZCASH ETF	15,492	$89.1K	<0.01%	0	Timeline
GALTGALECTIN THERAPEUTICS INC	53,742	$69.3K	<0.01%	+2,258	Timeline
VVRINVESCO SR INCOME TR	15,179	$60K	<0.01%	0	Timeline
PIMCO NEW YORK MUN INCMPIMCO NEW YORK MUN INCM	10,355	$58.7K	<0.01%	0
OISOIL STS INTL INC	11,300	$57.2K	<0.01%	0	Timeline
EVLVEVOLV TECHNOLOGIES HLDNGS IN	13,500	$53.3K	<0.01%	0	Timeline
2SEVENTY BIO INC COMMON STO…2SEVENTY BIO INC COMMON STOCK	17,275	$50.8K	<0.01%	+725
TTITETRA TECHNOLOGIES INC DEL	13,600	$48.7K	<0.01%	0	Timeline
ALLOALLOGENE THERAPEUTICS INC	19,194	$40.9K	<0.01%	+806	Timeline
EDITEDITAS MEDICINE INC	31,720	$40.3K	<0.01%	+1,330	Timeline
HIOWESTERN ASSET HIGH INCOME OP	10,072	$39.6K	<0.01%	0	Timeline
BITFBITFARMS LTD	18,300	$27.3K	<0.01%	0	Timeline
PACBPACIFIC BIOSCIENCES CALIF IN	11,517	$21.1K	<0.01%	+483	Timeline
ETHGRAYSCALE ETHEREUM STAKING	665	$20.9K	<0.01%	new	Timeline
GBATGRAYSCALE BASIC ATTENTION	2,089	$14.6K	<0.01%	0	Timeline
GRAYSCALE DECENTRALAND TRUSTGRAYSCALE DECENTRALAND TRUST	691	$8.3K	<0.01%	0

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

Security	Type	Amount	Value	Change
VXXBARCLAYS BANK PLC IPATH S&P 500 SH	call	9,900	$1.14M	new
DIR DLY JUN GM IB 2X ETF-USDDIR DLY JUN GM IB 2X ETF-USD ETF	call	6,100	$336K	new
VIXYPROSHARES TR II VIX SHT TERM FUT	call	5,600	$297K	new
DIR DLY GOL MN IDX BR 2X ETFDIR DLY GOL MN IDX BR 2X ETF ETF	call	3,500	$256K	new

Principal amounts

Notes and convertibles filed as a face amount (PRN). A face amount is never added to a share count (H6).

Security	Type	Amount	Value	Change
LNGCHENIERE ENERGY INC Stock	principal	489,305	$105M	+20,541

Sold out in Q4 2024

Positions in the previous quarter's report that this quarter's report no longer lists.

Security	Shares before	Value before	Type
Grayscale Bitcoin Minitrust…Grayscale Bitcoin Minitrust ETF	15,282,793	$86M	shares
CVSCVS HEALTH CORP	12,830	$807K	shares
BXMTBLACKSTONE MORTGAGE TRUST IN	37,900	$720K	shares
PROSHARES TR IIPROSHARES TR II	23,000	$529K	call
TQQQPROSHARES TR	7,101	$515K	shares
PROSHARES TRPROSHARES TR	65,719	$486K	shares
XMVFXBLACKROCK MUNIVEST FUND	46,440	$353K	shares
DIREXION SHS ETF TRDIREXION SHS ETF TR	26,300	$316K	call
VLTOVERALTO CORP	2,277	$255K	shares
ASTLALGOMA STL GROUP INC	19,044	$195K	shares
PTYPIMCO CORPORATE & INCOME OPP	11,400	$164K	shares
WIWWESTERN AST INFL LKD OPP & I	12,036	$106K	shares
RLMDRELMADA THERAPEUTICS INC	30,000	$97.2K	shares
SSPSCRIPPS E W CO OHIO	20,000	$44.9K	shares
BLUEBIRD BIO INCBLUEBIRD BIO INC	34,936	$18.1K	shares
GRAYSCALE ETHEREUM MINI STA…GRAYSCALE ETHEREUM MINI STAKING E…	6,683	$16.3K	shares

How Q4 2024 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

Filing	Role	Amendment	Filed	Accepted	Ingested
13F-HR 0001056823-25-000001	base		2025-02-10	acceptance time not in the bulk data set	2026-10-07 18:25:55 UTC