# EDGAR Filing Document

**Accession Number:** 0001588456
**File Stem:** 0001214659-26-006486
**Filing Date:** 2026-5
**Character Count:** 23395
**Document Hash:** 9ace916364ede15c1dcb9b7623945226
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001214659-26-006486.hdr.sgml**: 20260515

**ACCESSION NUMBER**: 0001214659-26-006486

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260515

**DATE AS OF CHANGE**: 20260515

**EFFECTIVENESS DATE**: 20260515

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Private Capital Management, LLC
- **CENTRAL INDEX KEY:** 0001588456

**ORGANIZATION NAME:**
- **EIN:** 463167283
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-15645
- **FILM NUMBER:** 26986970

**BUSINESS ADDRESS:**
- **STREET 1:** 8889 PELICAN BAY BOULEVARD, SUITE 500
- **CITY:** NAPLES
- **STATE:** FL
- **ZIP:** 34108
- **BUSINESS PHONE:** 239-254-2500

**MAIL ADDRESS:**
- **STREET 1:** 8889 PELICAN BAY BOULEVARD, SUITE 500
- **CITY:** NAPLES
- **STATE:** FL
- **ZIP:** 34108

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 03-31-2026

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Private Capital Management LLC<br>**Address:** 8889 PELICAN BAY BOULEVARD SUITE 500<br>NAPLES, FL 34108

**Form 13F File Number:** 028-15645

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Chad Atkins<br>**Title:** Chief Compliance Officer<br>**Phone:** 239-254-2500

**Signature, Place, and Date of Signing:**

/s/ Chad Atkins  Naples, FL  05-13-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 194

**Form 13F Information Table Value Total:** $1004289088

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| Apple Inc. | COM | 037833100 |  | 5973965 | 23539 | SH |  | DFND |  | 3700 | 19839 | 0 |
| Abbvie Inc. | COM | 00287Y109 |  | 324238 | 1491 | SH |  | DFND |  | 0 | 1491 | 0 |
| Abbott Laboratories | COM | 002824100 |  | 298216 | 2905 | SH |  | DFND |  | 0 | 2905 | 0 |
| Accenture PLC | COM | G1151C101 |  | 422754 | 2132 | SH |  | DFND |  | 0 | 2132 | 0 |
| ACNB Corp. | COM | 000868109 |  | 17220850 | 359742 | SH |  | DFND |  | 102051 | 257691 | 0 |
| Automatic Data Processing Inc. | COM | 053015103 |  | 355565 | 1750 | SH |  | DFND |  | 0 | 1750 | 0 |
| PowerFleet Inc. | COM | 73931J109 |  | 23028723 | 7476858 | SH |  | DFND |  | 2936454 | 4540404 | 0 |
| JP Morgan Chase Fin'l Co LLC Alerian | COM | 48133Q309 |  | 267313 | 7733 | SH |  | DFND |  | 0 | 7733 | 0 |
| Amazon.com | COM | 023135106 |  | 3840291 | 18439 | SH |  | DFND |  | 6400 | 12039 | 0 |
| Amphenol Corp-Cl A | COM | 032095101 |  | 265335 | 2100 | SH |  | DFND |  | 0 | 2100 | 0 |
| Aersale Corp. | COM | 00810F106 |  | 10103967 | 1624432 | SH |  | DFND |  | 834683 | 789749 | 0 |
| Asure Software Inc. | COM | 04649U102 |  | 34503699 | 4012058 | SH |  | DFND |  | 1346515 | 2665543 | 0 |
| Astronics Corp. | COM | 046433108 |  | 21523294 | 322543 | SH |  | DFND |  | 91740 | 230803 | 0 |
| Broadcom Inc. | COM | 11135F101 |  | 330107 | 1067 | SH |  | DFND |  | 0 | 1067 | 0 |
| Bank of America Corp. | COM | 060505104 |  | 436525 | 8954 | SH |  | DFND |  | 0 | 8954 | 0 |
| Barrett Business Services Inc. | COM | 068463108 |  | 29177385 | 999910 | SH |  | DFND |  | 334344 | 665566 | 0 |
| BGC Group Inc. | COM | 088929104 |  | 40473767 | 4138422 | SH |  | DFND |  | 1337470 | 2800952 | 0 |
| Bar Harbor Bankshares | COM | 066849100 |  | 3933589 | 121220 | SH |  | DFND |  | 18775 | 102445 | 0 |
| SPDR Bloomberg Barclays 1-3 Month Bill ETF | COM | 78468R663 |  | 341084 | 3722 | SH |  | DFND |  | 0 | 3722 | 0 |
| Blackrock Inc. | COM | 09290D101 |  | 456562 | 475 | SH |  | DFND |  | 0 | 475 | 0 |
| Vanguard Total Bond Market Index ETF | COM | 921937835 |  | 1371871 | 18629 | SH |  | DFND |  | 0 | 18629 | 0 |
| Berkshire Hathaway Inc. Cl B | COM | 084670702 |  | 603792 | 1260 | SH |  | DFND |  | 0 | 1260 | 0 |
| Peabody Energy Corp | COM | 704551100 |  | 243830 | 7400 | SH |  | DFND |  | 0 | 7400 | 0 |
| Caterpillar Inc. | COM | 149123101 |  | 864321 | 1220 | SH |  | DFND |  | 0 | 1220 | 0 |
| Chubb Limited | COM | H1467J104 |  | 409694 | 1257 | SH |  | DFND |  | 0 | 1257 | 0 |
| Chemours | COM | 163851108 |  | 4154858 | 188600 | SH |  | DFND |  | 106000 | 82600 | 0 |
| Saba Closed-End Funds ETF | COM | 30151E806 |  | 4822022 | 213837 | SH |  | DFND |  | 0 | 213837 | 0 |
| CF Industries Holdings Inc. | COM | 125269100 |  | 2259238 | 17400 | SH |  | DFND |  | 15100 | 2300 | 0 |
| First Trust NASDAQ Cybersecurity ETF | COM | 33734X846 |  | 194308 | 3100 | SH |  | DFND |  | 0 | 3100 | 0 |
| Clorox Co. | COM | 189054109 |  | 1886066 | 18200 | SH |  | DFND |  | 10500 | 7700 | 0 |
| Canadian National Railway Co. | COM | 136375102 |  | 242537 | 2360 | SH |  | DFND |  | 0 | 2360 | 0 |
| Coinbase Global Inc Cl A | COM | 19260Q107 |  | 558752 | 3200 | SH |  | DFND |  | 2200 | 1000 | 0 |
| Campbell Soup Co. | COM | 134429109 |  | 1930809 | 86700 | SH |  | DFND |  | 57000 | 29700 | 0 |
| Cisco Systems Inc. | COM | 17275R102 |  | 504335 | 6500 | SH |  | DFND |  | 0 | 6500 | 0 |
| Custom Truck One Source | COM | 23204X103 |  | 2151675 | 327500 | SH |  | DFND |  | 0 | 327500 | 0 |
| CubeSmart | COM | 229663109 |  | 743995 | 20300 | SH |  | DFND |  | 20000 | 300 | 0 |
| Chevron Corporation | COM | 166764100 |  | 2679932 | 12953 | SH |  | DFND |  | 0 | 12953 | 0 |
| iShares Core Dividend Growth ETF | COM | 46434V621 |  | 422482 | 6020 | SH |  | DFND |  | 0 | 6020 | 0 |
| Quest Diagnostics Inc. | COM | 74834L100 |  | 1705026 | 8700 | SH |  | DFND |  | 6500 | 2200 | 0 |
| State Str Spdr Dow Jones Indl Ut Ser 1 | COM | 78467X109 |  | 532669 | 1150 | SH |  | DFND |  | 200 | 950 | 0 |
| Diamedica Therapeutics Inc | PFD | 25253X207 |  | 338500 | 50000 | SH |  | DFND |  | 0 | 50000 | 0 |
| WisdomTree US Mid-Cap Div Fund | COM | 97717W505 |  | 4843684 | 92190 | SH |  | DFND |  | 0 | 92190 | 0 |
| Dynatrace Inc. | COM | 268150109 |  | 717042 | 19390 | SH |  | DFND |  | 0 | 19390 | 0 |
| Duke Energy Corp. | COM | 26441C204 |  | 353538 | 2700 | SH |  | DFND |  | 0 | 2700 | 0 |
| iShares Select Dividend ETF | COM | 464287168 |  | 3995096 | 26386 | SH |  | DFND |  | 0 | 26386 | 0 |
| Invesco S 100 Equal Weight ETF | COM | 46137V449 |  | 1488015 | 12912 | SH |  | DFND |  | 0 | 12912 | 0 |
| Extra Space Storage Inc | COM | 30225T102 |  | 1376865 | 10500 | SH |  | DFND |  | 9500 | 1000 | 0 |
| First American Financial Corp. | COM | 31847R102 |  | 15944776 | 264468 | SH |  | DFND |  | 80415 | 184053 | 0 |
| Direxion Financial Bull 3X Shs | COM | 25459Y694 |  | 1813050 | 15300 | SH |  | DFND |  | 10800 | 4500 | 0 |
| Fastenal Company | COM | 311900104 |  | 222720 | 4800 | SH |  | DFND |  | 0 | 4800 | 0 |
| FB Financial Corp. | COM | 30257X104 |  | 2965151 | 57088 | SH |  | DFND |  | 17076 | 40012 | 0 |
| FirstEnergy Corp. | COM | 337932107 |  | 1602267 | 31628 | SH |  | DFND |  | 30600 | 1028 | 0 |
| FMC Corp New | COM | 302491303 |  | 129150 | 7500 | SH |  | DFND |  | 0 | 7500 | 0 |
| Alphabet Inc. Cl C | COM | 02079K107 |  | 1376067 | 4797 | SH |  | DFND |  | 0 | 4797 | 0 |
| Alphabet Inc. Cl A | COM | 02079K305 |  | 5031261 | 17496 | SH |  | DFND |  | 4700 | 12796 | 0 |
| Home Depot Inc. | COM | 437076102 |  | 1056501 | 3212 | SH |  | DFND |  | 0 | 3212 | 0 |
| Highland Opps  Income Fund 5.375 Sr A Pfd | PFD | 43010E503 |  | 1867319 | 113103 | SH |  | DFND |  | 0 | 113103 | 0 |
| Honeywell International Inc. | COM | 438516106 |  | 462474 | 2046 | SH |  | DFND |  | 0 | 2046 | 0 |
| Helmerich  Payne | COM | 423452101 |  | 2590557 | 71900 | SH |  | DFND |  | 40000 | 31900 | 0 |
| Harrow Inc. | COM | 415858109 |  | 55076120 | 1562000 | SH |  | DFND |  | 478104 | 1083896 | 0 |
| Hometrust Bancshares Inc. | COM | 437872104 |  | 10410225 | 244085 | SH |  | DFND |  | 66599 | 177486 | 0 |
| Humana Inc. | COM | 444859102 |  | 381458 | 2200 | SH |  | DFND |  | 1500 | 700 | 0 |
| International Business Machines Corp. | COM | 459200101 |  | 6370705 | 26283 | SH |  | DFND |  | 0 | 26283 | 0 |
| iShares Core MSCI EAFE ETF | COM | 46432F842 |  | 302050 | 3336 | SH |  | DFND |  | 0 | 3336 | 0 |
| iShares Core MSCI Emerging Markets | COM | 46434G103 |  | 453206 | 6498 | SH |  | DFND |  | 0 | 6498 | 0 |
| iShares Expanded Tech-Software Sector | COM | 464287515 |  | 4122815 | 51503 | SH |  | DFND |  | 17200 | 34303 | 0 |
| iShares US Pharmaceuticals ETF | COM | 464288836 |  | 255273 | 2945 | SH |  | DFND |  | 0 | 2945 | 0 |
| Information Services Group Inc. | COM | 45675Y104 |  | 17938206 | 4671408 | SH |  | DFND |  | 1465434 | 3205974 | 0 |
| iShares Core S Mid Cap ETF | COM | 464287507 |  | 3649487 | 54042 | SH |  | DFND |  | 0 | 54042 | 0 |
| iShares Core S Small Cap ETF | COM | 464287804 |  | 569343 | 4580 | SH |  | DFND |  | 0 | 4580 | 0 |
| iShares Core S 500 | COM | 464287200 |  | 3319225 | 5081 | SH |  | DFND |  | 0 | 5081 | 0 |
| iShares Russell 1000 Index Fund ETF | COM | 464287622 |  | 252605 | 708 | SH |  | DFND |  | 0 | 708 | 0 |
| International Workplace Group PLC | COM | G4969N103 |  | 17832602 | 7492690 | SH |  | DFND |  | 2095415 | 5397275 | 0 |
| iShares Russell 2000 Index ETF | COM | 464287655 |  | 691424 | 2788 | SH |  | DFND |  | 800 | 1988 | 0 |
| iShares Core MSCI Total Int'l Stock ETF | COM | 46432F834 |  | 475561 | 5489 | SH |  | DFND |  | 0 | 5489 | 0 |
| Janus International Group Inc Common Stock | COM | 47103N106 |  | 257500 | 50000 | SH |  | DFND |  | 50000 | 0 | 0 |
| Jefferies Financial Group Inc. | COM | 47233W109 |  | 21232118 | 514469 | SH |  | DFND |  | 147495 | 366974 | 0 |
| Johnson  Johnson | COM | 478160104 |  | 1260283 | 5156 | SH |  | DFND |  | 0 | 5156 | 0 |
| JPMorgan Chase  Co. | COM | 46625H100 |  | 32929990 | 111946 | SH |  | DFND |  | 0 | 111946 | 0 |
| Keurig Dr Pepper Inc | COM | 49271V100 |  | 2214353 | 84100 | SH |  | DFND |  | 62000 | 22100 | 0 |
| Kforce Inc | COM | 493732101 |  | 263160 | 9000 | SH |  | DFND |  | 9000 | 0 | 0 |
| KKR  Co Inc. | COM | 48251W104 |  | 42868900 | 463448 | SH |  | DFND |  | 121310 | 342138 | 0 |
| Kla Corp. | COM | 482480100 |  | 1766892 | 1200 | SH |  | DFND |  | 0 | 1200 | 0 |
| S Regional Banking SPDR | COM | 78464A698 |  | 390574 | 5995 | SH |  | DFND |  | 4000 | 1995 | 0 |
| Lakeland Industries Inc. | COM | 511795106 |  | 12352347 | 1508223 | SH |  | DFND |  | 437898 | 1070325 | 0 |
| Ligand Pharmaceuticals Inc. | COM | 53220K504 |  | 40205717 | 201381 | SH |  | DFND |  | 64510 | 136871 | 0 |
| L3Harris Technologies Inc. | COM | 502431109 |  | 248508 | 720 | SH |  | DFND |  | 0 | 720 | 0 |
| Linde PLC | COM | G54950103 |  | 513484 | 1036 | SH |  | DFND |  | 0 | 1036 | 0 |
| Eli Lilly  Co. | COM | 532457108 |  | 389122 | 423 | SH |  | DFND |  | 0 | 423 | 0 |
| Lockheed Martin Corp. | COM | 539830109 |  | 530807 | 878 | SH |  | DFND |  | 0 | 878 | 0 |
| Lantheus Holdings Inc. | COM | 516544103 |  | 27127297 | 357644 | SH |  | DFND |  | 111743 | 245901 | 0 |
| Lowes Companies Inc. | COM | 548661107 |  | 460475 | 1949 | SH |  | DFND |  | 0 | 1949 | 0 |
| Mastercard Incorporated | COM | 57636Q104 |  | 1507186 | 3016 | SH |  | DFND |  | 0 | 3016 | 0 |
| Marriott International A | COM | 571903202 |  | 330014 | 1009 | SH |  | DFND |  | 0 | 1009 | 0 |
| Matthews International Corp. | COM | 577128101 |  | 29556283 | 1144705 | SH |  | DFND |  | 349705 | 795000 | 0 |
| McDonalds Corp. | COM | 580135101 |  | 404027 | 1300 | SH |  | DFND |  | 0 | 1300 | 0 |
| McKesson Corp. | COM | 58155Q103 |  | 594502 | 687 | SH |  | DFND |  | 0 | 687 | 0 |
| State Str Spdr S Midcap 400 Utser1 S | COM | 78467Y107 |  | 237453 | 385 | SH |  | DFND |  | 0 | 385 | 0 |
| Meta Platforms Inc. | COM | 30303M102 |  | 783289 | 1369 | SH |  | DFND |  | 0 | 1369 | 0 |
| Motorcar Parts of America Inc. | COM | 620071100 |  | 25434605 | 2299693 | SH |  | DFND |  | 738245 | 1561448 | 0 |
| Merck  Co. Inc. | COM | 58933Y105 |  | 279674 | 2325 | SH |  | DFND |  | 0 | 2325 | 0 |
| Microsoft Corp | COM | 594918104 |  | 4676007 | 12632 | SH |  | DFND |  | 4000 | 8632 | 0 |
| Norwegian Cruise Line Holdings | COM | G66721104 |  | 1122000 | 60000 | SH |  | DFND |  | 60000 | 0 | 0 |
| NextEra Energy Inc. | COM | 65339F101 |  | 391677 | 4217 | SH |  | DFND |  | 0 | 4217 | 0 |
| National Fuel Gas Co. | COM | 636180101 |  | 497988 | 5300 | SH |  | DFND |  | 4400 | 900 | 0 |
| ProShares S 500 Dividend Aristocrats | COM | 74348A467 |  | 4892173 | 46148 | SH |  | DFND |  | 0 | 46148 | 0 |
| National Storage Affiliates | COM | 637870106 |  | 486846 | 12900 | SH |  | DFND |  | 12800 | 100 | 0 |
| National Storage Affiliates Preferred 6 | PFD | 637870205 |  | 555415 | 24500 | SH |  | DFND |  | 24500 | 0 | 0 |
| Nutrien Ltd. | COM | 67077M108 |  | 1509200 | 20000 | SH |  | DFND |  | 20000 | 0 | 0 |
| Northern Trust Corporation | COM | 665859104 |  | 753678 | 5400 | SH |  | DFND |  | 0 | 5400 | 0 |
| Nvidia Corporation | COM | 67066G104 |  | 1322687 | 7584 | SH |  | DFND |  | 700 | 6884 | 0 |
| Paychex Inc. | COM | 704326107 |  | 1663387 | 18057 | SH |  | DFND |  | 4600 | 13457 | 0 |
| Pioneer Bancorp | COM | 723561106 |  | 4939359 | 354839 | SH |  | DFND |  | 57490 | 297349 | 0 |
| Pepsico Inc. | COM | 713448108 |  | 979880 | 6310 | SH |  | DFND |  | 0 | 6310 | 0 |
| Perion Network Ltd. | COM | M78673114 |  | 47732500 | 4778028 | SH |  | DFND |  | 1501183 | 3276845 | 0 |
| Pfizer Inc. | COM | 717081103 |  | 2755127 | 98117 | SH |  | DFND |  | 63000 | 35117 | 0 |
| Progressive | COM | 743315103 |  | 1022918 | 5160 | SH |  | DFND |  | 0 | 5160 | 0 |
| Palantir Technologies Inc. | COM | 69608A108 |  | 6637709 | 45377 | SH |  | DFND |  | 400 | 44977 | 0 |
| Pinnacle Financial Partners Inc | COM | 72348N109 |  | 15790448 | 183311 | SH |  | DFND |  | 52289 | 131022 | 0 |
| Public Storage | COM | 74460D109 |  | 2762976 | 10200 | SH |  | DFND |  | 9200 | 1000 | 0 |
| Public Storage Preferred 4.875 | PFD | 74460W628 |  | 236347 | 12700 | SH |  | DFND |  | 0 | 12700 | 0 |
| Public Storage Preferred 4.75 | PFD | 74460W578 |  | 234264 | 12900 | SH |  | DFND |  | 0 | 12900 | 0 |
| Phillips 66 | COM | 718546104 |  | 2259704 | 12404 | SH |  | DFND |  | 7000 | 5404 | 0 |
| Paypal Holdings Inc. | COM | 70450Y103 |  | 1427007 | 31550 | SH |  | DFND |  | 0 | 31550 | 0 |
| Papa John's International | COM | 698813102 |  | 2041830 | 63000 | SH |  | DFND |  | 38000 | 25000 | 0 |
| Qualcomm Inc. | COM | 747525103 |  | 2332413 | 18112 | SH |  | DFND |  | 12700 | 5412 | 0 |
| QuinStreet Inc. | COM | 74874Q100 |  | 53028978 | 4415402 | SH |  | DFND |  | 1455884 | 2959518 | 0 |
| Invesco QQQ Trust Series 1 | COM | 46090E103 |  | 1418859 | 2458 | SH |  | DFND |  | 0 | 2458 | 0 |
| Direxion NASDAQ-100 Equal Weighted ETF | COM | 25459Y207 |  | 1510606 | 15331 | SH |  | DFND |  | 0 | 15331 | 0 |
| Raymond James Financial Inc. | COM | 754730109 |  | 7644550 | 52798 | SH |  | DFND |  | 0 | 52798 | 0 |
| Rocket Companies Inc. | COM | 77311W101 |  | 520838 | 36550 | SH |  | DFND |  | 0 | 36550 | 0 |
| Royce Micro Cap Closed Fund | COM | 780915104 |  | 247900 | 21919 | SH |  | DFND |  | 0 | 21919 | 0 |
| Range Resources | COM | 75281A109 |  | 2010510 | 44500 | SH |  | DFND |  | 35500 | 9000 | 0 |
| Schwab Strategic Tr Emerging Mkts Eqty ETF | COM | 808524706 |  | 356211 | 10811 | SH |  | DFND |  | 0 | 10811 | 0 |
| Schwab International Equity ETF | COM | 808524805 |  | 1750498 | 70727 | SH |  | DFND |  | 0 | 70727 | 0 |
| Secure Waste Infrastructure Corp. | COM | 813921103 |  | 31306591 | 2008120 | SH |  | DFND |  | 580555 | 1427565 | 0 |
| Global Self Storage Inc | COM | 37955N106 |  | 529135 | 103549 | SH |  | DFND |  | 103549 | 0 | 0 |
| JM Smucker Company | COM | 832696405 |  | 313430 | 3250 | SH |  | DFND |  | 0 | 3250 | 0 |
| Smartstop Self Storage REIT | COM | 83192D402 |  | 802420 | 26500 | SH |  | DFND |  | 26500 | 0 | 0 |
| SmartFinancial Inc. | COM | 83190L208 |  | 16731972 | 428147 | SH |  | DFND |  | 119782 | 308365 | 0 |
| StoneX Group Inc. | COM | 861896108 |  | 18752375 | 232516 | SH |  | DFND |  | 65492 | 167024 | 0 |
| Southern Co. | COM | 842587107 |  | 735658 | 7622 | SH |  | DFND |  | 7500 | 122 | 0 |
| State Street Spdr S 500 Etf Trust | COM | 78462F103 |  | 6380304 | 9811 | SH |  | DFND |  | 6500 | 3311 | 0 |
| Target Corp. | COM | 87612E106 |  | 2914860 | 24050 | SH |  | DFND |  | 16300 | 7750 | 0 |
| Target Hospitality Corp. | COM | 87615L107 |  | 43250544 | 4660619 | SH |  | DFND |  | 1456255 | 3204364 | 0 |
| TJX Companies Inc. | COM | 872540109 |  | 375295 | 2350 | SH |  | DFND |  | 0 | 2350 | 0 |
| Thermo Fisher Scientific Inc. | COM | 883556102 |  | 682735 | 1389 | SH |  | DFND |  | 0 | 1389 | 0 |
| Direxion Daily Small Cap Bull 3X Shs | COM | 25459W847 |  | 207411 | 4700 | SH |  | DFND |  | 4700 | 0 | 0 |
| ProShares UltraPro QQQ | COM | 74347X831 |  | 958640 | 23000 | SH |  | DFND |  | 23000 | 0 | 0 |
| Tronox Holdings PLC | COM | G9087Q102 |  | 16950942 | 1734999 | SH |  | DFND |  | 101420 | 1633579 | 0 |
| Travelers Companies Inc. | COM | 89417E109 |  | 362850 | 1244 | SH |  | DFND |  | 0 | 1244 | 0 |
| Tractor Supply Co. | COM | 892356106 |  | 2129100 | 47000 | SH |  | DFND |  | 31000 | 16000 | 0 |
| Trane Technologies PLC | COM | G8994E103 |  | 407988 | 979 | SH |  | DFND |  | 0 | 979 | 0 |
| Texas Instruments | COM | 882508104 |  | 490886 | 2529 | SH |  | DFND |  | 0 | 2529 | 0 |
| U Haul Holding Company | COM | 023586100 |  | 630696 | 13200 | SH |  | DFND |  | 13200 | 0 | 0 |
| Visa Inc. | COM | 92826C839 |  | 216186 | 715 | SH |  | DFND |  | 0 | 715 | 0 |
| Vanguard Intermediate Term Corp. Bond ETF | COM | 92206C870 |  | 516929 | 6247 | SH |  | DFND |  | 0 | 6247 | 0 |
| Vanguard FTSE All World Ex US ETF | COM | 922042775 |  | 787297 | 10483 | SH |  | DFND |  | 0 | 10483 | 0 |
| Vanguard Dividend Appreciation Indx ETF | COM | 921908844 |  | 3663611 | 17035 | SH |  | DFND |  | 0 | 17035 | 0 |
| Vanguard Mid-Cap Index Fund | COM | 922908629 |  | 282055 | 982 | SH |  | DFND |  | 0 | 982 | 0 |
| Vanguard S 500 Indx Fd ETF | COM | 922908363 |  | 804900 | 1347 | SH |  | DFND |  | 0 | 1347 | 0 |
| Vanguard Index Fund ETF | COM | 922908769 |  | 434883 | 1356 | SH |  | DFND |  | 0 | 1356 | 0 |
| Vanguard Growth Indx Fd ETF | COM | 922908736 |  | 919643 | 2105 | SH |  | DFND |  | 0 | 2105 | 0 |
| Vanguard FTSE Emerging Markets ETF | COM | 922042858 |  | 336450 | 6225 | SH |  | DFND |  | 0 | 6225 | 0 |
| Vanguard High Dividend Yield Index Fd ETF | COM | 921946406 |  | 1040545 | 7026 | SH |  | DFND |  | 0 | 7026 | 0 |
| Verizon Communications Inc. | COM | 92343V104 |  | 1852183 | 36896 | SH |  | DFND |  | 0 | 36896 | 0 |
| Westrock Coffee Co | COM | 96145W103 |  | 255000 | 60000 | SH |  | DFND |  | 60000 | 0 | 0 |
| Waste Management | COM | 94106L109 |  | 672131 | 2925 | SH |  | DFND |  | 0 | 2925 | 0 |
| Walmart Inc. | COM | 931142103 |  | 1046809 | 8423 | SH |  | DFND |  | 0 | 8423 | 0 |
| WisdomTree Equity Premium Income Fund | COM | 97717X560 |  | 3660582 | 114716 | SH |  | DFND |  | 0 | 114716 | 0 |
| Energy Select Sector SPDR | COM | 81369Y506 |  | 2196269 | 35852 | SH |  | DFND |  | 23000 | 12852 | 0 |
| Financials Select Sector SPDR | COM | 81369Y605 |  | 371956 | 7534 | SH |  | DFND |  | 0 | 7534 | 0 |
| Technology Sector SPDR | COM | 81369Y803 |  | 239220 | 1800 | SH |  | DFND |  | 0 | 1800 | 0 |
| Utilities Select Sector SPDR | COM | 81369Y886 |  | 2306296 | 50257 | SH |  | DFND |  | 0 | 50257 | 0 |
| Healthcare Select Sector SPDR | COM | 81369Y209 |  | 497152 | 3391 | SH |  | DFND |  | 0 | 3391 | 0 |
| Exxon Mobil Corp. | COM | 30231G102 |  | 1018365 | 6002 | SH |  | DFND |  | 0 | 6002 | 0 |
| Zebra Technologies | COM | 989207105 |  | 360663 | 1725 | SH |  | DFND |  | 0 | 1725 | 0 |
| Chemours Co. | COM | 163851108 |  | 638870 | 29000 | SH | Call | DFND |  | 25000 | 4000 | 0 |
| Carnival Corporation Ltd. | COM | G2004J103 |  | 2588000 | 100000 | SH | Call | DFND |  | 65000 | 35000 | 0 |
| CF Industries Holdings Inc. | COM | 125269100 |  | 519360 | 4000 | SH | Call | DFND |  | 4000 | 0 | 0 |
| Campbell's Company | COM | 134429109 |  | 1892950 | 85000 | SH | Call | DFND |  | 40000 | 45000 | 0 |
| CubeSmart | COM | 229663109 |  | 1850825 | 50500 | SH | Call | DFND |  | 50500 | 0 | 0 |
| Dynatrace Inc. | COM | 268150109 |  | 369800 | 10000 | SH | Call | DFND |  | 0 | 10000 | 0 |
| FMC Corporation | COM | 302491303 |  | 464940 | 27000 | SH | Call | DFND |  | 0 | 27000 | 0 |
| Harrow Inc. | COM | 415858109 |  | 1445660 | 41000 | SH | Call | DFND |  | 28500 | 12500 | 0 |
| Norwegian Cruise Line Holdings Ltd. | COM | G66721104 |  | 561000 | 30000 | SH | Call | DFND |  | 30000 | 0 | 0 |
| Perion Network Ltd | COM | M78673114 |  | 999000 | 100000 | SH | Call | DFND |  | 100000 | 0 | 0 |
| Pfizer Inc. | COM | 717081103 |  | 3790800 | 135000 | SH | Call | DFND |  | 100000 | 35000 | 0 |
| PayPal Holdings Inc. | COM | 70450Y103 |  | 3030410 | 67000 | SH | Call | DFND |  | 52000 | 15000 | 0 |
| Rocket Companies Inc. Class A | COM | 77311W101 |  | 1068750 | 75000 | SH | Call | DFND |  | 40000 | 35000 | 0 |
| CF Industries Holdings Inc. | COM | 125269100 |  | 1960584 | 15100 | SH | Put | DFND |  | 15100 | 0 | 0 |
| iShares Russell 2000 ETF | COM | 464287655 |  | 49600 | 200 | SH | Put | DFND |  | 200 | 0 | 0 |
| State Street SPDR Dow Jones Industrial Average ETF Trust | COM | 78467X109 |  | 92638 | 200 | SH | Put | DFND |  | 200 | 0 | 0 |
| Clorox Company | COM | 189054109 |  | 1088115 | 10500 | SH | Put | DFND |  | 10500 | 0 | 0 |

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