# EDGAR Filing Document

**Accession Number:** 0001056823
**File Stem:** 0001056823-23-000011
**Filing Date:** 2023-2
**Character Count:** 36255
**Document Hash:** 653c92a606b1aac8d331ec388d0da611
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001056823-23-000011.hdr.sgml**: 20230209

**ACCESSION NUMBER**: 0001056823-23-000011

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230209

**DATE AS OF CHANGE**: 20230209

**EFFECTIVENESS DATE**: 20230209

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HORIZON KINETICS ASSET MANAGEMENT LLC
- **CENTRAL INDEX KEY:** 0001056823
- **IRS NUMBER:** 133776334
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-06986
- **FILM NUMBER:** 23602336

**BUSINESS ADDRESS:**
- **STREET 1:** 470 PARK AVENUE SOUTH
- **STREET 2:** 4TH FLOOR SOUTH
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10016
- **BUSINESS PHONE:** 646-495-7347

**MAIL ADDRESS:**
- **STREET 1:** 470 PARK AVENUE SOUTH
- **STREET 2:** 4TH FLOOR SOUTH
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10016

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HORIZON ASSET MANAGEMENT LLC
- **DATE OF NAME CHANGE:** 20130813

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HORIZON ASSET MANAGEMENT INC/NY
- **DATE OF NAME CHANGE:** 19990319

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**Check here if Amendment** [x] **Amendment Number:** 1

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

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** HORIZON KINETICS ASSET MANAGEMENT LLC<br>**Address:** 470 PARK AVENUE SOUTH<br>4TH FLOOR SOUTH<br>NEW YORK, NY 10016

**Form 13F File Number:** 028-06986

**CRD Number (if applicable):** 000106096

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:** Jay Kesslen<br>**Title:** General Counsel<br>**Phone:** 646-867-1176

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

/s/Jay Kesslen  New York, NY  02-09-2023<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:** 324

**Form 13F Information Table Value Total:** $6060670749

      (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 |
| 1847 GOEDEKER INC | W EXP 06/02/202 | 28252C117 |  | 3020 | 37752 | SH |  | DFND |  | 37752 | 0 | 0 |
| ABB LTD | SPONSORED ADR | 000375204 |  | 906825 | 29771 | SH |  | DFND |  | 29771 | 0 | 0 |
| ABBOTT LABS | COM | 002824100 |  | 1637628 | 14916 | SH |  | DFND |  | 14916 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 4409852 | 27287 | SH |  | DFND |  | 27287 | 0 | 0 |
| ALAUNOS THERAPEUTICS INC | COM | 98973P101 |  | 22069 | 34000 | SH |  | DFND |  | 34000 | 0 | 0 |
| ALGOMA STL GROUP INC | COM | 015658107 |  | 116724 | 18411 | SH |  | DFND |  | 18411 | 0 | 0 |
| ALICO INC | COM | 016230104 |  | 267344 | 11200 | SH |  | DFND |  | 11200 | 0 | 0 |
| ALKERMES PLC | COM | G01767105 |  | 574860 | 22000 | SH |  | DFND |  | 22000 | 0 | 0 |
| ALNYLAM PHARMACEUTICALS INC | COM | 02043Q107 |  | 712950 | 3000 | SH |  | DFND |  | 3000 | 0 | 0 |
| ALPHABET INC | CL A | 02079K305 |  | 556731 | 6310 | SH |  | DFND |  | 6310 | 0 | 0 |
| ALPHABET INC | CL C | 02079K107 |  | 846928 | 9545 | SH |  | DFND |  | 9545 | 0 | 0 |
| ALPS ETF TR ALERIAN MLP | ALERIAN MLP | 00162Q452 |  | 3813167 | 100162 | SH |  | DFND |  | 100162 | 0 | 0 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 1793295 | 39232 | SH |  | DFND |  | 39232 | 0 | 0 |
| AMC NETWORKS INC | CL A | 00164V103 |  | 178701 | 11404 | SH |  | DFND |  | 11404 | 0 | 0 |
| AMERICAN STS WTR CO | COM | 029899101 |  | 467378 | 5050 | SH |  | DFND |  | 5050 | 0 | 0 |
| AMERICAN TOWER REIT | COM | 03027X100 |  | 304655 | 1438 | SH |  | DFND |  | 1438 | 0 | 0 |
| AMERICAN WTR WKS CO INC NEW | COM | 030420103 |  | 271321 | 1780 | SH |  | DFND |  | 1780 | 0 | 0 |
| AMGEN INC | COM | 031162100 |  | 1150363 | 4380 | SH |  | DFND |  | 4380 | 0 | 0 |
| ANALOG DEVICES INC | COM | 032654105 |  | 786481 | 4795 | SH |  | DFND |  | 4795 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 1473574 | 11341 | SH |  | DFND |  | 11341 | 0 | 0 |
| APPLIED BLOCKCHAIN INC | COM NEW | 038169207 |  | 21300 | 11576 | SH |  | DFND |  | 11576 | 0 | 0 |
| APYX MED CORP | COM | 03837C106 |  | 1439100 | 615000 | SH |  | DFND |  | 615000 | 0 | 0 |
| ARCHER DANIELS MIDLAND CO | COM | 039483102 |  | 94264060 | 1015230 | SH |  | DFND |  | 1015230 | 0 | 0 |
| ASSOCIATED CAP GROUP INC | CL A | 045528106 |  | 52273732 | 1244909 | SH |  | DFND |  | 1244909 | 0 | 0 |
| ASTRAZENECA PLC | SPONSORED ADR | 046353108 |  | 953132 | 14058 | SH |  | DFND |  | 14058 | 0 | 0 |
| AUTONATION INC | COM | 05329W102 |  | 36624387 | 341327 | SH |  | DFND |  | 341327 | 0 | 0 |
| BAKKT HOLDINGS INC | COM CL A | 05759B107 |  | 534763 | 449381 | SH |  | DFND |  | 449381 | 0 | 0 |
| BALCHEM CORP | COM | 057665200 |  | 918756 | 7524 | SH |  | DFND |  | 7524 | 0 | 0 |
| BANCO SANTANDER CENT HISPANO | ADR | 05964H105 |  | 69797 | 23660 | SH |  | DFND |  | 23660 | 0 | 0 |
| BANK AMER CORP | COM | 060505104 |  | 1034220 | 31226 | SH |  | DFND |  | 31226 | 0 | 0 |
| BANK OF NEW YORK MELLON CORP | COM | 064058100 |  | 501357 | 11014 | SH |  | DFND |  | 11014 | 0 | 0 |
| BEL FUSE INC | CL A | 077347201 |  | 242420 | 7691 | SH |  | DFND |  | 7691 | 0 | 0 |
| BEL FUSE INC | CL B | 077347300 |  | 954285 | 28988 | SH |  | DFND |  | 28988 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 |  | 937422 | 2 | SH |  | DFND |  | 2 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 13014113 | 42131 | SH |  | DFND |  | 42131 | 0 | 0 |
| BGC PARTNERS INC | CL A | 05541T101 |  | 1078814 | 286158 | SH |  | DFND |  | 286158 | 0 | 0 |
| BHP GROUP LTD | SPONSORED ADS | 088606108 |  | 203214 | 3275 | SH |  | DFND |  | 3275 | 0 | 0 |
| BIOGEN INC | COM | 09062X103 |  | 1038450 | 3750 | SH |  | DFND |  | 3750 | 0 | 0 |
| BITFARMS LTD COM | COM | 09173B107 |  | 8052 | 18300 | SH |  | DFND |  | 18300 | 0 | 0 |
| BLACK KNIGHT INC | COM | 09215C105 |  | 940700 | 15234 | SH |  | DFND |  | 15234 | 0 | 0 |
| BLACK STONE MINERALS L P | COM UNIT | 09225M101 |  | 2781661 | 164888 | SH |  | DFND |  | 164888 | 0 | 0 |
| BLACKROCK CR ALLOCATION INCO | COM | 092508100 |  | 448006 | 44357 | SH |  | DFND |  | 44357 | 0 | 0 |
| BLACKROCK FLOAT RATE INCO | COM | 09255X100 |  | 667617 | 59291 | SH |  | DFND |  | 59291 | 0 | 0 |
| BLACKROCK FLOATING RATE INCO | COM | 091941104 |  | 138697 | 12678 | SH |  | DFND |  | 12678 | 0 | 0 |
| BLACKROCK MUN TARGET TERM TR | COM SHS BEN IN | 09257P105 |  | 275706 | 12950 | SH |  | DFND |  | 12950 | 0 | 0 |
| BLACKROCK MUNI INTER DR FD I | COM | 09253X102 |  | 1240907 | 109524 | SH |  | DFND |  | 109524 | 0 | 0 |
| BLACKROCK MUNI INCOME TR II | COM | 09249N101 |  | 105407 | 10204 | SH |  | DFND |  | 10204 | 0 | 0 |
| BLACKROCK MUNIHOLDINGS QUALI | COM | 09254C107 |  | 604761 | 60780 | SH |  | DFND |  | 60780 | 0 | 0 |
| BLACKROCK MUNIHOLDINGS QUALI | COM | 09253N104 |  | 1596556 | 131512 | SH |  | DFND |  | 131512 | 0 | 0 |
| BLACKROCK MUNIVEST FD INC | COM | 09253R105 |  | 325544 | 46440 | SH |  | DFND |  | 46440 | 0 | 0 |
| BLACKROCK MUNIYIELD QUALITY | COM | 09254E103 |  | 478151 | 42654 | SH |  | DFND |  | 42654 | 0 | 0 |
| BLACKROCK MUNIYIELD QUALITY | COM | 09254G108 |  | 316902 | 31008 | SH |  | DFND |  | 31008 | 0 | 0 |
| BLACKSTONE INC | COM CL A | 09260D107 |  | 486686 | 6560 | SH |  | DFND |  | 6560 | 0 | 0 |
| BLACKSTONE MTG TR INC | COM CL A | 09257W100 |  | 389316 | 18390 | SH |  | DFND |  | 18390 | 0 | 0 |
| BOEING CO | COM | 097023105 |  | 12174597 | 63912 | SH |  | DFND |  | 63912 | 0 | 0 |
| BP PLC | SPONSORED ADR | 055622104 |  | 319924 | 9159 | SH |  | DFND |  | 9159 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 3415323 | 47468 | SH |  | DFND |  | 47468 | 0 | 0 |
| BROADRIDGE FINL SOLUTIONS INC | COM | 11133T103 |  | 612169 | 4564 | SH |  | DFND |  | 4564 | 0 | 0 |
| BROOKFIELD ASSET MANAGMT LTD | CL A LMT VTG SHS | 113004105 |  | 15688805 | 547220 | SH |  | DFND |  | 547220 | 0 | 0 |
| BROOKFIELD CORP | CL A LTD VT SH | 11271J107 |  | 68806683 | 2187116 | SH |  | DFND |  | 2187116 | 0 | 0 |
| BROOKFIELD INFRASTRUCTURE CO | COM SB VTG SHS A | 11275Q107 |  | 288366 | 7413 | SH |  | DFND |  | 7413 | 0 | 0 |
| BROOKFIELD INFRASTRUCTURE PARTNERS | LP INT UNIT | G16252101 |  | 1685236 | 54380 | SH |  | DFND |  | 54380 | 0 | 0 |
| BROOKFIELD REAL ASSETS INCOME FUND | SHS BEN INT | 112830104 |  | 303782 | 18810 | SH |  | DFND |  | 18810 | 0 | 0 |
| BUNGE LIMITED SHS | COM | G16962105 |  | 46504351 | 466116 | SH |  | DFND |  | 466116 | 0 | 0 |
| CACI INTL INC | CL A | 127190304 |  | 136851413 | 455276 | SH |  | DFND |  | 455276 | 0 | 0 |
| CAPITAL SOUTHWEST CORP | COM | 140501107 |  | 290700 | 17000 | SH |  | DFND |  | 17000 | 0 | 0 |
| CARNIVAL CORP | COMMON STOCK | 143658300 |  | 5726549 | 710490 | SH |  | DFND |  | 710490 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 |  | 1686023 | 7038 | SH |  | DFND |  | 7038 | 0 | 0 |
| CBOE GLOBAL MARKETS INC | COM | 12503M108 |  | 51022249 | 406649 | SH |  | DFND |  | 406649 | 0 | 0 |
| CBRE GROUP INC | CL A | 12504L109 |  | 29639220 | 385125 | SH |  | DFND |  | 385125 | 0 | 0 |
| CENTERPOINT ENERGY INC | COM | 15189T107 |  | 441033 | 14706 | SH |  | DFND |  | 14706 | 0 | 0 |
| CHARLES RIV LABS INTL INC | COM | 159864107 |  | 56674156 | 260093 | SH |  | DFND |  | 260093 | 0 | 0 |
| CHENIERE ENERGY INC | COM NEW | 16411R208 |  | 104011363 | 693594 | PRN |  | DFND |  | 693594 | 0 | 0 |
| CHENIERE ENERGY PARTNERS LP | COM UNIT | 16411Q101 |  | 227480 | 4000 | SH |  | DFND |  | 4000 | 0 | 0 |
| CHEVRON CORP | COM | 166764100 |  | 2606015 | 14519 | SH |  | DFND |  | 14519 | 0 | 0 |
| CISCO SYSTEMS INC | COM | 17275R102 |  | 1864820 | 39144 | SH |  | DFND |  | 39144 | 0 | 0 |
| CIVEO CORP CDA | COM NEW | 17878Y207 |  | 120368678 | 3870376 | SH |  | DFND |  | 3870376 | 0 | 0 |
| CME GROUP INC | COM | 12572Q105 |  | 41144378 | 244674 | SH |  | DFND |  | 244674 | 0 | 0 |
| CMS ENERGY CORP | COM | 125896100 |  | 923035 | 14575 | SH |  | DFND |  | 14575 | 0 | 0 |
| COHEN  STEERS INC | COM | 19247A100 |  | 14778430 | 228910 | SH |  | DFND |  | 228910 | 0 | 0 |
| COHEN  STEERS QUALITY RLTY | COM | 19247L106 |  | 623680 | 54233 | SH |  | DFND |  | 54233 | 0 | 0 |
| COLGATE PALMOLIVE CO | COM | 194162103 |  | 234637 | 2978 | SH |  | DFND |  | 2978 | 0 | 0 |
| COMCAST CORP | CL A | 20030N101 |  | 328718 | 9400 | SH |  | DFND |  | 9400 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 243434 | 2063 | SH |  | DFND |  | 2063 | 0 | 0 |
| COSTAMARE INC | SHS | Y1771G102 |  | 2113399 | 227737 | SH |  | DFND |  | 227737 | 0 | 0 |
| CRISPR THERAPEUTICS AG | NAMEN AKT | H17182108 |  | 248981 | 6125 | SH |  | DFND |  | 6125 | 0 | 0 |
| CSW INDUSTRIALS INC | COM | 126402106 |  | 1298416 | 11200 | SH |  | DFND |  | 11200 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 |  | 1256436 | 13483 | SH |  | DFND |  | 13483 | 0 | 0 |
| DANAHER CORP | COM | 235851102 |  | 2549365 | 9605 | SH |  | DFND |  | 9605 | 0 | 0 |
| DEERE  CO | COM | 244199105 |  | 240106 | 560 | SH |  | DFND |  | 560 | 0 | 0 |
| DISNEY WALT CO DISNEY | COM DISNEY | 254687106 |  | 470281 | 5413 | SH |  | DFND |  | 5413 | 0 | 0 |
| DORCHESTER MINERALS | COM UNIT | 25820R105 |  | 30683159 | 1025164 | SH |  | DFND |  | 1025164 | 0 | 0 |
| DORMAN PRODUCTS INC | COM | 258278100 |  | 242610 | 3000 | SH |  | DFND |  | 3000 | 0 | 0 |
| DOUBLELINE INCOME SOLUTIONS | COM | 258622109 |  | 938001 | 84581 | SH |  | DFND |  | 84581 | 0 | 0 |
| DOUBLELINE OPPORTUNISTIC CR | COM | 258623107 |  | 1847474 | 124409 | SH |  | DFND |  | 124409 | 0 | 0 |
| EATON VANCE LTD DUR INC | COM | 27828H105 |  | 116962 | 12456 | SH |  | DFND |  | 12456 | 0 | 0 |
| EATON VANCE MUN BD FD | COM | 27827X101 |  | 196932 | 18954 | SH |  | DFND |  | 18954 | 0 | 0 |
| EATON VANCE SR FLTNG RTE TR | COM | 27828Q105 |  | 218811 | 20001 | SH |  | DFND |  | 20001 | 0 | 0 |
| EATON VANCE SR INCOME TR | SH BEN INT | 27826S103 |  | 114517 | 21730 | SH |  | DFND |  | 21730 | 0 | 0 |
| EBAY INC | COM | 278642103 |  | 2858636 | 68933 | SH |  | DFND |  | 68933 | 0 | 0 |
| ECHOSTAR CORP | CL A | 278768106 |  | 1771533 | 106207 | SH |  | DFND |  | 106207 | 0 | 0 |
| ELI LILLY AND COMPANY | COM | 532457108 |  | 2519174 | 6886 | SH |  | DFND |  | 6886 | 0 | 0 |
| EMERSON ELEC CO | COM | 291011104 |  | 1722936 | 17936 | SH |  | DFND |  | 17936 | 0 | 0 |
| ENERGY TRANSFER EQUITY L P | COM UT LTD PTN | 29273V100 |  | 2149728 | 181106 | SH |  | DFND |  | 181106 | 0 | 0 |
| ENOVIS CORPORATION | COM | 194014502 |  | 357460 | 6679 | SH |  | DFND |  | 6679 | 0 | 0 |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 |  | 2578886 | 106919 | SH |  | DFND |  | 106919 | 0 | 0 |
| EOG RES INC | COM | 26875P101 |  | 726348 | 5608 | SH |  | DFND |  | 5608 | 0 | 0 |
| EQUITY COMMONWEALTH | COM SH BEN INT | 294628102 |  | 1438072 | 57592 | SH |  | DFND |  | 57592 | 0 | 0 |
| EQUITY LIFESTYLE PPTYS INC | COM | 29472R108 |  | 12103133 | 187355 | SH |  | DFND |  | 187355 | 0 | 0 |
| ESAB CORPORATION | COM | 29605J106 |  | 319103 | 6801 | SH |  | DFND |  | 6801 | 0 | 0 |
| EXPEDIA GROUP INC | COM NEW | 30212P303 |  | 753886 | 8606 | SH |  | DFND |  | 8606 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 5003429 | 45362 | SH |  | DFND |  | 45362 | 0 | 0 |
| FRANCO NEVADA CORP | COM | 351858105 |  | 146537059 | 1073689 | SH |  | DFND |  | 1073689 | 0 | 0 |
| FREEPORT MCMORAN INC | CL B | 35671D857 |  | 4073486 | 107197 | SH |  | DFND |  | 107197 | 0 | 0 |
| GALECTIN THERAPEUTICS INC | COM NEW | 363225202 |  | 29380 | 26000 | SH |  | DFND |  | 26000 | 0 | 0 |
| GALLAGHER ARTHUR J  CO | COM | 363576109 |  | 407623 | 2162 | SH |  | DFND |  | 2162 | 0 | 0 |
| GAMCO INVESTORS INC | CL A COM | 361438104 |  | 6961548 | 456794 | SH |  | DFND |  | 456794 | 0 | 0 |
| GANNETT CO INC NEW | COM | 36472T109 |  | 20300 | 10000 | SH |  | DFND |  | 10000 | 0 | 0 |
| GENERAL ELECTRIC CO | COM NEW | 369604301 |  | 874265 | 10434 | SH |  | DFND |  | 10434 | 0 | 0 |
| GENERAL MLS INC | COM | 370334104 |  | 301838 | 3600 | SH |  | DFND |  | 3600 | 0 | 0 |
| GENERAL MTRS CO | COM | 37045V100 |  | 788858 | 23450 | SH |  | DFND |  | 23450 | 0 | 0 |
| GENUINE PARTS CO | COM | 372460105 |  | 425100 | 2450 | SH |  | DFND |  | 2450 | 0 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 772650 | 9000 | SH |  | DFND |  | 9000 | 0 | 0 |
| GLADSTONE LD CORP | COM | 376549101 |  | 531131 | 28944 | SH |  | DFND |  | 28944 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 409652 | 1193 | SH |  | DFND |  | 1193 | 0 | 0 |
| GRAHAM HLDGS CO | COM | 384637104 |  | 607835 | 1006 | SH |  | DFND |  | 1006 | 0 | 0 |
| GREENBRIER COS INC | COM | 393657101 |  | 303446 | 9050 | SH |  | DFND |  | 9050 | 0 | 0 |
| GSK PLC SPONSORED ADR | SPONSORED ADR | 37733W204 |  | 466589 | 13278 | SH |  | DFND |  | 13278 | 0 | 0 |
| HALEON PLC | SPON ADS | 405552100 |  | 127784 | 15973 | SH |  | DFND |  | 15973 | 0 | 0 |
| HONEYWELL INTL INC | COM | 438516106 |  | 1347518 | 6288 | SH |  | DFND |  | 6288 | 0 | 0 |
| LISTED FD TR | HORIZON KINETICS | 53656F623 |  | 2748940 | 87323 | SH |  | DFND |  | 87323 | 0 | 0 |
| HOWARD HUGHES CORP | COM | 44267D107 |  | 48464662 | 634188 | SH |  | DFND |  | 634188 | 0 | 0 |
| I B M | COM | 459200101 |  | 493115 | 3500 | SH |  | DFND |  | 3500 | 0 | 0 |
| IAA INC | COM | 449253103 |  | 5132700 | 128318 | SH |  | DFND |  | 128318 | 0 | 0 |
| IAC INTERACTIVECORP NEW | COM NEW | 44891N208 |  | 442535 | 9967 | SH |  | DFND |  | 9967 | 0 | 0 |
| ICAHN ENTERPRISES LP | DEPOSITARY UNIT | 451100101 |  | 22648471 | 447156 | SH |  | DFND |  | 447156 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 667331 | 25249 | SH |  | DFND |  | 25249 | 0 | 0 |
| INTELLIA THERAPEUTICS INC | COM | 45826J105 |  | 348900 | 10000 | SH |  | DFND |  | 10000 | 0 | 0 |
| INTER PARFUMS INC | COM | 458334109 |  | 15872811 | 164451 | SH |  | DFND |  | 164451 | 0 | 0 |
| INTERCONTINENTAL EXCHANGE INC | COM | 45866F104 |  | 101857640 | 992861 | SH |  | DFND |  | 992861 | 0 | 0 |
| INTL FLAVORS  FRAGRANCES | COM | 459506101 |  | 319762 | 3050 | SH |  | DFND |  | 3050 | 0 | 0 |
| INVESCO VALUE MUN INCOME TR | COM | 46132P108 |  | 394059 | 32702 | SH |  | DFND |  | 32702 | 0 | 0 |
| INVESCO QUALITY MUN INCOME T | COM | 46133G107 |  | 222529 | 23623 | SH |  | DFND |  | 23623 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | S EQL WGT | 46137V357 |  | 1102724 | 7807 | SH |  | DFND |  | 7807 | 0 | 0 |
| INVESCO SR INCOME TR | COM | 46131H107 |  | 38300 | 10000 | SH |  | DFND |  | 10000 | 0 | 0 |
| IONIS PHARMACEUTICALS INC | COM | 462222100 |  | 302160 | 8000 | SH |  | DFND |  | 8000 | 0 | 0 |
| IRON MTN INC | COM | 46284V101 |  | 1371274 | 27508 | SH |  | DFND |  | 27508 | 0 | 0 |
| ISHARES TR | ISHS 1-5YR INVS | 464288646 |  | 2690280 | 54000 | SH |  | DFND |  | 54000 | 0 | 0 |
| ISHARES GOLD TR | ISHARES NEW | 464285204 |  | 364233 | 10530 | SH |  | DFND |  | 10530 | 0 | 0 |
| ISHARES SILVER TR | ISHARES | 46428Q109 |  | 700963 | 31833 | SH |  | DFND |  | 31833 | 0 | 0 |
| ISHARES TR | GL TIMB FORE ETF | 464288174 |  | 1004753 | 13811 | SH |  | DFND |  | 13811 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 3301785 | 18691 | SH |  | DFND |  | 18691 | 0 | 0 |
| JP MORGAN CHASE  CO | COM | 46625H100 |  | 342089 | 2551 | SH |  | DFND |  | 2551 | 0 | 0 |
| JP MORGAN EXCHANGE-TRADED F | ULTRA SHRT INC | 46641Q837 |  | 2115085 | 42192 | SH |  | DFND |  | 42192 | 0 | 0 |
| KAR AUCTION SVCS INC | COM | 48238T109 |  | 1414933 | 108424 | SH |  | DFND |  | 108424 | 0 | 0 |
| KAYNE ANDERSON ENERGY INFRSTR | COM | 486606106 |  | 117790 | 13761 | SH |  | DFND |  | 13761 | 0 | 0 |
| KIMBELL RTY PARTNERS LP | UNIT | 49435R102 |  | 926850 | 55500 | SH |  | DFND |  | 55500 | 0 | 0 |
| KIMBERLY CLARK CORP | COM | 494368103 |  | 583725 | 4300 | SH |  | DFND |  | 4300 | 0 | 0 |
| KINDER MORGAN INC DEL | COM | 49456B101 |  | 2867669 | 158610 | SH |  | DFND |  | 158610 | 0 | 0 |
| KKR  CO INC | COM | 48251W104 |  | 234792 | 5058 | SH |  | DFND |  | 5058 | 0 | 0 |
| KLA-TENCOR CORP | COM NEW | 482480100 |  | 1826333 | 4844 | SH |  | DFND |  | 4844 | 0 | 0 |
| KRAFT HEINZ COMPANY | COM | 500754106 |  | 353365 | 8680 | SH |  | DFND |  | 8680 | 0 | 0 |
| KRANESHARES TR | GLOBAL CARB STRA | 500767678 |  | 1551208 | 42534 | SH |  | DFND |  | 42534 | 0 | 0 |
| L3 HARRIS TECHNOLOGIES INC | COM | 502431109 |  | 1906442 | 9156 | SH |  | DFND |  | 9156 | 0 | 0 |
| LAS VEGAS SANDS CORP | COM | 517834107 |  | 2807865 | 58412 | SH |  | DFND |  | 58412 | 0 | 0 |
| LENNAR CORP | CL A | 526057104 |  | 471052 | 5205 | SH |  | DFND |  | 5205 | 0 | 0 |
| LGL GROUP INC | COM | 50186A108 |  | 43311 | 10694 | SH |  | DFND |  | 10694 | 0 | 0 |
| LIBERTY MEDIA CORP DEL | COM A BRAVES GRP | 531229706 |  | 999022 | 30579 | SH |  | DFND |  | 30579 | 0 | 0 |
| LIBERTY MEDIA CORP DEL | COM C BRAVES GRP | 531229888 |  | 1581945 | 49083 | SH |  | DFND |  | 49083 | 0 | 0 |
| LIBERTY BROADBAND CORP | COM SER A | 530307107 |  | 513125 | 6765 | SH |  | DFND |  | 6765 | 0 | 0 |
| LIBERTY BROADBAND CORP | COM SER C | 530307305 |  | 9601859 | 125893 | SH |  | DFND |  | 125893 | 0 | 0 |
| LIBERTY MEDIA CORP DEL | COM SER A FRMLA | 531229870 |  | 8895240 | 166484 | SH |  | DFND |  | 166484 | 0 | 0 |
| LIBERTY MEDIA CORP DEL | COM SER C FRMLA | 531229854 |  | 12425583 | 207855 | SH |  | DFND |  | 207855 | 0 | 0 |
| LIBERTY LATIN AMERICA LTD | COM CL C | G9001E128 |  | 128075 | 16852 | SH |  | DFND |  | 16852 | 0 | 0 |
| LIBERTY MEDICA CORP DEL | COM C SIRIUSXM | 531229607 |  | 28638787 | 731888 | SH |  | DFND |  | 731888 | 0 | 0 |
| LIBERTY MEDIA CORP DEL | COM A SIRIUSXM | 531229409 |  | 14563236 | 370472 | SH |  | DFND |  | 370472 | 0 | 0 |
| LINDE PLC | COM | G5494J103 |  | 499055 | 1530 | SH |  | DFND |  | 1530 | 0 | 0 |
| LIVE NATION ENTERTAINMENT INC | COM | 538034109 |  | 35277351 | 505841 | SH |  | DFND |  | 505841 | 0 | 0 |
| LOEWS CORP | COM | 540424108 |  | 371095 | 6362 | SH |  | DFND |  | 6362 | 0 | 0 |
| LSB INDS INC | COM | 502160104 |  | 164920 | 12400 | SH |  | DFND |  | 12400 | 0 | 0 |
| MADISON SQUARE GARDEN SPORTS CP | CL A | 55825T103 |  | 6202237 | 33831 | SH |  | DFND |  | 33831 | 0 | 0 |
| MADISON SQUARE GRDN ENTERTNM | CL A | 55826T102 |  | 2283891 | 50787 | SH |  | DFND |  | 50787 | 0 | 0 |
| MARATHON PETE CORP | COM | 56585A102 |  | 770502 | 6620 | SH |  | DFND |  | 6620 | 0 | 0 |
| MARKEL CORP | COM | 570535104 |  | 3662627 | 2780 | SH |  | DFND |  | 2780 | 0 | 0 |
| MARSH  MCLENNAN COS INC | COM | 571748102 |  | 41253337 | 249295 | SH |  | DFND |  | 249295 | 0 | 0 |
| MASTERCARD INC | CL A | 57636Q104 |  | 11465195 | 32972 | SH |  | DFND |  | 32972 | 0 | 0 |
| MAVERIX METALS INC | COM NEW | 57776F405 |  | 499729 | 106780 | SH |  | DFND |  | 106780 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 1082318 | 4107 | SH |  | DFND |  | 4107 | 0 | 0 |
| MERCK  COMPANY | COM | 58933Y105 |  | 3912159 | 35261 | SH |  | DFND |  | 35261 | 0 | 0 |
| MESABI TR | CTF BEN INT | 590672101 |  | 48378758 | 2684726 | SH |  | DFND |  | 2684726 | 0 | 0 |
| MFS HIGH INCOME MUN TR | SH BEN INT | 59318D104 |  | 259468 | 74346 | SH |  | DFND |  | 74346 | 0 | 0 |
| MICROSOFT | COM | 594918104 |  | 2095767 | 8739 | SH |  | DFND |  | 8739 | 0 | 0 |
| MICROSTRATEGY INC | CL A NEW | 594972408 |  | 2818800 | 19911 | SH |  | DFND |  | 19911 | 0 | 0 |
| MONDELEZ INTL INC | CL A | 609207105 |  | 1175773 | 17641 | SH |  | DFND |  | 17641 | 0 | 0 |
| MOVADO GROUP INC | COM | 624580106 |  | 766873 | 23779 | SH |  | DFND |  | 23779 | 0 | 0 |
| NASDAQ INC | COM | 631103108 |  | 6753772 | 110086 | SH |  | DFND |  | 110086 | 0 | 0 |
| NEUBERGER BERMAN MUNI FD INC | COM | 64124P101 |  | 275630 | 26452 | SH |  | DFND |  | 26452 | 0 | 0 |
| NEUBERGER BERMAN NY MUN FD INC | COM | 64124K102 |  | 159905 | 16957 | SH |  | DFND |  | 16957 | 0 | 0 |
| NEWMONT CORP | COM | 651639106 |  | 921330 | 19520 | SH |  | DFND |  | 19520 | 0 | 0 |
| NORFOLK SOUTHN CORP | COM | 655844108 |  | 1116529 | 4531 | SH |  | DFND |  | 4531 | 0 | 0 |
| NORTHROP GRUMMAN CORP | COM | 666807102 |  | 207332 | 380 | SH |  | DFND |  | 380 | 0 | 0 |
| NOVARTIS AG | SPONSORED ADR | 66987V109 |  | 1710072 | 18850 | SH |  | DFND |  | 18850 | 0 | 0 |
| NOVO-NORDISK A S | ADR | 670100205 |  | 1047532 | 7740 | SH |  | DFND |  | 7740 | 0 | 0 |
| NUCANA PLC | SPONSORED ADR | 67022C106 |  | 12848 | 19467 | SH |  | DFND |  | 19467 | 0 | 0 |
| NUTRIEN LTD | COM | 67077M108 |  | 34203208 | 468345 | SH |  | DFND |  | 468345 | 0 | 0 |
| NUVEEN AMT FREE QLTY MUN INC | COM | 670657105 |  | 4843052 | 425950 | SH |  | DFND |  | 425950 | 0 | 0 |
| NUVEEN MUNICIPAL CREDIT INC | COM SH BEN INT | 67070X101 |  | 416579 | 34485 | SH |  | DFND |  | 34485 | 0 | 0 |
| NUVEEN AMT FREE MUN CR INC F | COM | 67071L106 |  | 203964 | 16801 | SH |  | DFND |  | 16801 | 0 | 0 |
| NUVEEN FLTNG RTE INCM OPP FD | COM SHS | 6706EN100 |  | 445045 | 56984 | SH |  | DFND |  | 56984 | 0 | 0 |
| NUVEEN MUN HIGH INCOME OPPOR | COM | 670682103 |  | 110049 | 10643 | SH |  | DFND |  | 10643 | 0 | 0 |
| NUVEEN MUN VALUE FD INC | COM | 670928100 |  | 100035 | 11632 | SH |  | DFND |  | 11632 | 0 | 0 |
| NUVEEN NEW YORK AMT QLT MUNI | COM | 670656107 |  | 686353 | 66896 | SH |  | DFND |  | 66896 | 0 | 0 |
| NUVEEN NEW YORK QLT MUN INC | COM | 67066X107 |  | 222967 | 20838 | SH |  | DFND |  | 20838 | 0 | 0 |
| NUVEEN PFD  INCM SECURITIES | COM | 67072C105 |  | 112887 | 16601 | SH |  | DFND |  | 16601 | 0 | 0 |
| NUVEEN QUALITY MUNCP INCOME | COM | 67066V101 |  | 1994510 | 169026 | SH |  | DFND |  | 169026 | 0 | 0 |
| NUVEEN SELECT MAT MUN FD | SH BEN INT | 67061T101 |  | 194790 | 21500 | SH |  | DFND |  | 21500 | 0 | 0 |
| NUVEEN SR INCOME FD | COM | 67067Y104 |  | 482909 | 105209 | SH |  | DFND |  | 105209 | 0 | 0 |
| NUVEEN TAXABLE MUNICIPAL INM | COM | 67074C103 |  | 467309 | 29280 | SH |  | DFND |  | 29280 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 233824 | 1600 | SH |  | DFND |  | 1600 | 0 | 0 |
| ORGANON  CO | COMMON STOCK | 68622V106 |  | 621247 | 22243 | SH |  | DFND |  | 22243 | 0 | 0 |
| OSHKOSH CORP | COM | 688239201 |  | 13213702 | 149832 | SH |  | DFND |  | 149832 | 0 | 0 |
| OSISKO GOLD ROYALTIES LTD | COM | 68827L101 |  | 27809161 | 2303990 | SH |  | DFND |  | 2303990 | 0 | 0 |
| PACIFIC BIOSCIENCES CALIF IN | COM | 69404D108 |  | 98160 | 12000 | SH |  | DFND |  | 12000 | 0 | 0 |
| PARAMOUNT GLOBAL | CL B | 92556H206 |  | 1313787 | 77831 | SH |  | DFND |  | 77831 | 0 | 0 |
| PATTERSON UTI ENERGY INC | COM | 703481101 |  | 6842041 | 406297 | SH |  | DFND |  | 406297 | 0 | 0 |
| PCM FUND INC | COM | 69323T101 |  | 193067 | 24532 | SH |  | DFND |  | 24532 | 0 | 0 |
| PENSKE AUTOMOTIVE GRP INC | COM | 70959W103 |  | 24814505 | 215910 | SH |  | DFND |  | 215910 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 380109 | 2104 | SH |  | DFND |  | 2104 | 0 | 0 |
| PERKINELMER INC | COM | 714046109 |  | 341436 | 2435 | SH |  | DFND |  | 2435 | 0 | 0 |
| PERMIAN BASIN RTY TR | UNIT BEN INT | 714236106 |  | 94366166 | 3744689 | SH |  | DFND |  | 3744689 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 2608731 | 50912 | SH |  | DFND |  | 50912 | 0 | 0 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 2312041 | 22844 | SH |  | DFND |  | 22844 | 0 | 0 |
| PIMCO DYNAMIC INCOME FD | SHS | 72201Y101 |  | 2831894 | 153241 | SH |  | DFND |  | 153241 | 0 | 0 |
| PIMCO ETF TR | ENHAN SHRT MA AC | 72201R833 |  | 463655 | 4700 | SH |  | DFND |  | 4700 | 0 | 0 |
| PIMCO INCOME STRATEGY FD | COM | 72201H108 |  | 833635 | 102791 | SH |  | DFND |  | 102791 | 0 | 0 |
| PIMCO INCOME STRATEGY FD II | COM | 72201J104 |  | 1983210 | 280511 | SH |  | DFND |  | 280511 | 0 | 0 |
| PIMCO MUN INCOME FD II | COM | 72200W106 |  | 136052 | 15050 | SH |  | DFND |  | 15050 | 0 | 0 |
| PIMCO NEW YORK MUN INCOME FD | COM | 72200T103 |  | 310244 | 34357 | SH |  | DFND |  | 34357 | 0 | 0 |
| POTLATCHDELTIC CORP | COM | 737630103 |  | 5789495 | 131609 | SH |  | DFND |  | 131609 | 0 | 0 |
| PROSHARES TR II | SHT VIX ST TRM | 74347W130 |  | 44535655 | 758958 | SH |  | DFND |  | 758958 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 385889 | 3510 | SH |  | DFND |  | 3510 | 0 | 0 |
| QUEST DIAGNOSTICS INC | COM | 74834L100 |  | 750912 | 4800 | SH |  | DFND |  | 4800 | 0 | 0 |
| RAYONIER ADVANCED MATLS INC | COM | 75508B104 |  | 1252320 | 130450 | SH |  | DFND |  | 130450 | 0 | 0 |
| RAYONIER INC | COM | 754907103 |  | 4419796 | 134096 | SH |  | DFND |  | 134096 | 0 | 0 |
| RAYTHEON TECHNOLOGIES CORP | COM | 75513E101 |  | 1261298 | 12498 | SH |  | DFND |  | 12498 | 0 | 0 |
| RENN FUND INC | COM | 759720105 |  | 865032 | 477918 | SH |  | DFND |  | 477918 | 0 | 0 |
| RESIDEO TECHNOLOGIES INC | COM | 76118Y104 |  | 1207298 | 73392 | SH |  | DFND |  | 73392 | 0 | 0 |
| RIO TINTO PLC | SPONSORED ADR | 767204100 |  | 384480 | 5400 | SH |  | DFND |  | 5400 | 0 | 0 |
| RITCHIE BROS AUCTIONEERS | COM | 767744105 |  | 1852873 | 32040 | SH |  | DFND |  | 32040 | 0 | 0 |
| ROCKWELL AUTOMATION INC | COM | 773903109 |  | 1242260 | 4823 | SH |  | DFND |  | 4823 | 0 | 0 |
| ROYAL CARIBBEAN GROUP | COM | V7780T103 |  | 1919169 | 38826 | SH |  | DFND |  | 38826 | 0 | 0 |
| ROYAL GOLD INC | COM | 780287108 |  | 15627093 | 138636 | SH |  | DFND |  | 138636 | 0 | 0 |
| ROYALTY PHARMA PLC | SHS CLASS A | G7709Q104 |  | 15803258 | 399880 | SH |  | DFND |  | 399880 | 0 | 0 |
| ROYCE MICRO-CAP TR INC | COM | 780915104 |  | 1246340 | 143588 | SH |  | DFND |  | 143588 | 0 | 0 |
| RUMBLE INC | COM CL A | 78137L105 |  | 375237 | 63065 | SH |  | DFND |  | 63065 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 13513345 | 40346 | SH |  | DFND |  | 40346 | 0 | 0 |
| SABINE ROYALTY TR | UNIT BEN INT | 785688102 |  | 1592576 | 18638 | SH |  | DFND |  | 18638 | 0 | 0 |
| SAN JUAN BASIN RTY TR | UNIT BEN INT | 798241105 |  | 138867 | 12160 | SH |  | DFND |  | 12160 | 0 | 0 |
| SANDRIDGE ENERGY INC | COM NEW | 80007P869 |  | 174132 | 10225 | SH |  | DFND |  | 10225 | 0 | 0 |
| SANDSTORM GOLD LTD | COM NEW | 80013R206 |  | 33495755 | 6368014 | SH |  | DFND |  | 6368014 | 0 | 0 |
| SANOFI | SPONSORED ADR | 80105N105 |  | 629590 | 13000 | SH |  | DFND |  | 13000 | 0 | 0 |
| SCHLUMBERGER LTD | COM STK | 806857108 |  | 294030 | 5500 | SH |  | DFND |  | 5500 | 0 | 0 |
| SCIENCE APPLICATNS INTL CP | COM | 808625107 |  | 47261457 | 426048 | SH |  | DFND |  | 426048 | 0 | 0 |
| SCRIPPS E W CO OHIO | CL A NEW | 811054402 |  | 369320 | 28000 | SH |  | DFND |  | 28000 | 0 | 0 |
| SEABOARD CORP DEL | COM | 811543107 |  | 890950 | 236 | SH |  | DFND |  | 236 | 0 | 0 |
| SEALED AIR CORP NEW | COM | 81211K100 |  | 1834836 | 36785 | SH |  | DFND |  | 36785 | 0 | 0 |
| SITIO ROYALTIES CORP | CLASS A COM | 82983N108 |  | 62948645 | 2181929 | SH |  | DFND |  | 2181929 | 0 | 0 |
| SONOCO PRODUCTS | COM | 835495102 |  | 1268839 | 20900 | SH |  | DFND |  | 20900 | 0 | 0 |
| SPDR GOLD TRUST | GOLD SHS | 78463V107 |  | 697560 | 4112 | SH |  | DFND |  | 4112 | 0 | 0 |
| SPDR SER TR | OILGAS EQUIP | 78468R549 |  | 1867794 | 23421 | SH |  | DFND |  | 23421 | 0 | 0 |
| SPDR SER TR | PORTFOLIO SHORT | 78464A474 |  | 705120 | 24000 | SH |  | DFND |  | 24000 | 0 | 0 |
| SPROTT INC | COM NEW | 852066208 |  | 9192810 | 275812 | SH |  | DFND |  | 275812 | 0 | 0 |
| SPROTT PHYSICAL GOLD TRUST | UNIT | 85207H104 |  | 232946 | 16521 | SH |  | DFND |  | 16521 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 1349213 | 3528 | SH |  | DFND |  | 3528 | 0 | 0 |
| STAR BULK CARRIERS CORP | SHS PAR | Y8162K204 |  | 898786 | 46739 | SH |  | DFND |  | 46739 | 0 | 0 |
| STRYKER CORP | COM | 863667101 |  | 488980 | 2000 | SH |  | DFND |  | 2000 | 0 | 0 |
| SUNCOR ENERGY INC | COM | 867224107 |  | 1842847 | 58079 | SH |  | DFND |  | 58079 | 0 | 0 |
| TEJON RANCH CO DEL | COM | 879080109 |  | 19029116 | 1010038 | SH |  | DFND |  | 1010038 | 0 | 0 |
| TELEFLEX INC | COM | 879369106 |  | 570740 | 2286 | SH |  | DFND |  | 2286 | 0 | 0 |
| TEXAS PACIFIC LAND CORP | COM | 88262P102 |  | 3359934449 | 1433278 | SH |  | DFND |  | 1433278 | 0 | 0 |
| THE SAINT JOE CO | COM | 790148100 |  | 26430382 | 683839 | SH |  | DFND |  | 683839 | 0 | 0 |
| TORONTO DOMINION BK ONT | COM NEW | 891160509 |  | 1230440 | 19000 | SH |  | DFND |  | 19000 | 0 | 0 |
| TRI POINTE HOMES INC | COM | 87265H109 |  | 1805312 | 97112 | SH |  | DFND |  | 97112 | 0 | 0 |
| UNION PACIFIC CORP | COM | 907818108 |  | 704038 | 3400 | SH |  | DFND |  | 3400 | 0 | 0 |
| VAIL RESORTS INC | COM | 91879Q109 |  | 366344 | 1537 | SH |  | DFND |  | 1537 | 0 | 0 |
| VALMONT INDS INC | COM | 920253101 |  | 727474 | 2200 | SH |  | DFND |  | 2200 | 0 | 0 |
| VANECK VECTORS ETF TR | JR GOLD MINERS E | 92189F791 |  | 1524261 | 42756 | SH |  | DFND |  | 42756 | 0 | 0 |
| VANECK VECTORS ETF TR | GOLD MINERS ETF | 92189F106 |  | 623644 | 21760 | SH |  | DFND |  | 21760 | 0 | 0 |
| VANECK VECTORS ETF TR | OIL SVCS ETF | 92189H607 |  | 1289624 | 4241 | SH |  | DFND |  | 4241 | 0 | 0 |
| VANGUARD BD INDEX FDS | VANGUARD ULTRA | 92203C303 |  | 5119177 | 104473 | SH |  | DFND |  | 104473 | 0 | 0 |
| VANGUARD INDEX FDS | EXTEND MKT ETF | 922908652 |  | 822194 | 6188 | SH |  | DFND |  | 6188 | 0 | 0 |
| VANGUARD INDEX FDS | S ETF SHS | 922908363 |  | 1268689 | 3611 | SH |  | DFND |  | 3611 | 0 | 0 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 527493 | 2759 | SH |  | DFND |  | 2759 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | SHORT TERM TREAS | 92206C102 |  | 8110719 | 140275 | SH |  | DFND |  | 140275 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | SHRT TRM CORP BD | 92206C409 |  | 1744258 | 23198 | SH |  | DFND |  | 23198 | 0 | 0 |
| VERISK ANALYTICS INC | CL A | 92345Y106 |  | 1234940 | 7000 | SH |  | DFND |  | 7000 | 0 | 0 |
| VERIZON COMMUNICATIONS | COM | 92343V104 |  | 504911 | 12815 | SH |  | DFND |  | 12815 | 0 | 0 |
| VIATRIS INC | COM | 92556V106 |  | 213674 | 19198 | SH |  | DFND |  | 19198 | 0 | 0 |
| VIMEO INC | COMMON STOCK | 92719V100 |  | 44285 | 12911 | SH |  | DFND |  | 12911 | 0 | 0 |
| VIPER ENERGY PARTNERS LP | COM UNT RP INT | 92763M105 |  | 68389541 | 2151291 | SH |  | DFND |  | 2151291 | 0 | 0 |
| VISA INC COM | COM CL A | 92826C839 |  | 901471 | 4339 | SH |  | DFND |  | 4339 | 0 | 0 |
| W P CAREY INC | COM | 92936U109 |  | 1031580 | 13200 | SH |  | DFND |  | 13200 | 0 | 0 |
| WARNER BROS DISCOVERY INC | COM SERIES A | 934423104 |  | 1717425 | 181163 | SH |  | DFND |  | 181163 | 0 | 0 |
| WENDYS COMPANY | COM | 95058W100 |  | 28194649 | 1245897 | SH |  | DFND |  | 1245897 | 0 | 0 |
| WEST FRASER TIMBER LTD | COM | 952845105 |  | 34900238 | 482781 | SH |  | DFND |  | 482781 | 0 | 0 |
| WEYERHAEUSER CO | COM NEW | 962166104 |  | 28579532 | 921920 | SH |  | DFND |  | 921920 | 0 | 0 |
| WHEATON PRECIOUS METALS CORP | COM | 962879102 |  | 134804731 | 3449456 | SH |  | DFND |  | 3449456 | 0 | 0 |
| WILLIAMS COS INC | COM | 969457100 |  | 4638341 | 140983 | SH |  | DFND |  | 140983 | 0 | 0 |
| WESTERN ASSET / CLAYMORE INF | COM | 95766R104 |  | 242091 | 26516 | SH |  | DFND |  | 26516 | 0 | 0 |
| GRAYSCALE BASIC ATTENTION | TOKEN TR | 38963U108 |  | 1462 | 2089 | SH |  | DFND |  | 2089 | 0 | 0 |
| GRAYSCALE BITCOIN CASH | TRUST BCH | 38963P109 |  | 72175 | 195067 | SH |  | DFND |  | 195067 | 0 | 0 |
| GRAYSCALE BITCOIN | TRUST BTC | 389637109 |  | 131098159 | 15814012 | SH |  | DFND |  | 15814012 | 0 | 0 |
| GRAYSCALE DECENTRALAND | TRUST | 38964P108 |  | 1347 | 691 | SH |  | DFND |  | 691 | 0 | 0 |
| GRAYSCALE DIGITAL LARGE CAP | FUND | G40705108 |  | 187973 | 49079 | SH |  | DFND |  | 49079 | 0 | 0 |
| GRAYSCALE ETHEREUM CLASSIC | TRUST | 38963Q107 |  | 171675 | 56103 | SH |  | DFND |  | 56103 | 0 | 0 |
| GRAYSCALE ETHEREUM TR | ETH SHS | 389638107 |  | 27108 | 5695 | SH |  | DFND |  | 5695 | 0 | 0 |
| GRAYSCALE LITECOIN TRUST | LTC SHS | 38963W104 |  | 308248 | 146785 | SH |  | DFND |  | 146785 | 0 | 0 |
| GRAYSCALE ZCASH | TR ZEC COM | 38964G108 |  | 27266 | 15492 | SH |  | DFND |  | 15492 | 0 | 0 |
| DIREXION SHS ETF TR | DAILY GOLD MINER | 25460G880 |  | 216000 | 9000 | SH | Call | DFND |  | 9000 | 0 | 0 |
| DIREXION SHS ETF TR | DLY JR GOLD 2X | 25460G807 |  | 215000 | 8600 | SH | Call | DFND |  | 8600 | 0 | 0 |
| BARCLAYS BANK PLC | IPTH SR B S | 06747R477 |  | 3020400 | 83900 | SH | Call | DFND |  | 83900 | 0 | 0 |
| PROSHARES TR II | ULTRA VIX SHORT | 74347Y839 |  | 928000 | 46400 | SH | Call | DFND |  | 46400 | 0 | 0 |
| PROSHARES TR II | VIX SH TRM FUTRS | 74347Y854 |  | 1068000 | 44500 | SH | Call | DFND |  | 44500 | 0 | 0 |
| UNITED STS OIL FD LP | UNITS | 91232N207 |  | 250000 | 2500 | SH | Call | DFND |  | 2500 | 0 | 0 |

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