# EDGAR Filing Document

**Accession Number:** 0001056823
**File Stem:** 0001056823-26-000007
**Filing Date:** 2026-2
**Character Count:** 36304
**Document Hash:** acae90fe2af47afa3870875ef9011150
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001056823-26-000007.hdr.sgml**: 20260211

**ACCESSION NUMBER**: 0001056823-26-000007

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260211

**DATE AS OF CHANGE**: 20260211

**EFFECTIVENESS DATE**: 20260211

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HORIZON KINETICS ASSET MANAGEMENT LLC
- **CENTRAL INDEX KEY:** 0001056823

**ORGANIZATION NAME:**
- **EIN:** 133776334
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-06986
- **FILM NUMBER:** 26619491

**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:** 12-31-2025

**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:** 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  02-11-2026<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:** 324

**Form 13F Information Table Value Total:** $7394375917

      (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 |
| 3M CO | COM | 88579Y101 |  | 912570 | 5700 | SH |  | DFND |  | 5700 | 0 | 0 |
| AT INC | COM | 00206R102 |  | 237321 | 9554 | SH |  | DFND |  | 9554 | 0 | 0 |
| ABBOTT LABS | COM | 002824100 |  | 1259289 | 10051 | SH |  | DFND |  | 10051 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 4464923 | 19541 | SH |  | DFND |  | 19541 | 0 | 0 |
| AEHR TEST SYS | COM | 00760J108 |  | 430047 | 21300 | SH |  | DFND |  | 21300 | 0 | 0 |
| AFFILIATED MANAGERS GROUP IN | COM | 008252108 |  | 632774 | 2195 | SH |  | DFND |  | 2195 | 0 | 0 |
| AFLAC INC | COM | 001055102 |  | 330810 | 3000 | SH |  | DFND |  | 3000 | 0 | 0 |
| ALKERMES PLC | SHS | G01767105 |  | 617406 | 22066 | SH |  | DFND |  | 22066 | 0 | 0 |
| ALLIANCE RESOURCE PARTNERS L | UT LTD PART | 01877R108 |  | 1489995 | 64141 | SH |  | DFND |  | 64141 | 0 | 0 |
| ALLIANCEBERNSTEIN HLDG L P | UNIT LTD PARTN | 01881G106 |  | 7455153 | 193741 | SH |  | DFND |  | 193741 | 0 | 0 |
| ALLOGENE THERAPEUTICS INC | COM | 019770106 |  | 25191 | 18388 | SH |  | DFND |  | 18388 | 0 | 0 |
| ALNYLAM PHARMACEUTICALS INC | COM | 02043Q107 |  | 944816 | 2376 | SH |  | DFND |  | 2376 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 964979 | 3083 | SH |  | DFND |  | 3083 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 1022360 | 3258 | SH |  | DFND |  | 3258 | 0 | 0 |
| ALPS ETF TR | ALERIAN MLP | 00162Q452 |  | 2835635 | 60307 | SH |  | DFND |  | 60307 | 0 | 0 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 2226101 | 38607 | SH |  | DFND |  | 38607 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 356847 | 1546 | SH |  | DFND |  | 1546 | 0 | 0 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 249716 | 675 | SH |  | DFND |  | 675 | 0 | 0 |
| AMER STATES WTR CO | COM | 029899101 |  | 307605 | 4244 | SH |  | DFND |  | 4244 | 0 | 0 |
| AMERICAN TOWER CORP NEW | COM | 03027X100 |  | 245798 | 1400 | SH |  | DFND |  | 1400 | 0 | 0 |
| AMERICAN WTR WKS CO INC NEW | COM | 030420103 |  | 218036 | 1671 | SH |  | DFND |  | 1671 | 0 | 0 |
| AMGEN INC | COM | 031162100 |  | 817620 | 2498 | SH |  | DFND |  | 2498 | 0 | 0 |
| ANALOG DEVICES INC | COM | 032654105 |  | 1147561 | 4231 | SH |  | DFND |  | 4231 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 1886318 | 6939 | SH |  | DFND |  | 6939 | 0 | 0 |
| APYX MEDICAL CORPORATION | COM | 03837C106 |  | 2152500 | 615000 | SH |  | DFND |  | 615000 | 0 | 0 |
| ARCHER DANIELS MIDLAND CO | COM | 039483102 |  | 3461011 | 60202 | SH |  | DFND |  | 60202 | 0 | 0 |
| ASTRAZENECA PLC | SPONSORED ADR | 046353108 |  | 1010678 | 10994 | SH |  | DFND |  | 10994 | 0 | 0 |
| ATLANTA BRAVES HLDGS INC | COM SER A | 047726104 |  | 1077886 | 25368 | SH |  | DFND |  | 25368 | 0 | 0 |
| ATLANTA BRAVES HLDGS INC | COM SER C | 047726302 |  | 1821445 | 46171 | SH |  | DFND |  | 46171 | 0 | 0 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 232535 | 904 | SH |  | DFND |  | 904 | 0 | 0 |
| AUTONATION INC | COM | 05329W102 |  | 52957816 | 256479 | SH |  | DFND |  | 256479 | 0 | 0 |
| BAKKT HOLDINGS INC | COM CL A NEW | 05759B305 |  | 3260048 | 324706 | SH |  | DFND |  | 324706 | 0 | 0 |
| BANCO SANTANDER SA | ADR | 05964H105 |  | 763153 | 65060 | SH |  | DFND |  | 65060 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 1130800 | 20560 | SH |  | DFND |  | 20560 | 0 | 0 |
| BANK NEW YORK MELLON CORP | COM | 064058100 |  | 1377291 | 11864 | SH |  | DFND |  | 11864 | 0 | 0 |
| BARRICK MNG CORP | COM SHS | 06849F108 |  | 459332 | 10547 | SH |  | DFND |  | 10547 | 0 | 0 |
| BEAM THERAPEUTICS INC | COM | 07373V105 |  | 254857 | 9194 | SH |  | DFND |  | 9194 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 |  | 754800 | 1 | SH |  | DFND |  | 1 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 19094667 | 37988 | SH |  | DFND |  | 37988 | 0 | 0 |
| BGC GROUP INC | CL A | 088929104 |  | 237194 | 26562 | SH |  | DFND |  | 26562 | 0 | 0 |
| BICYCLE THERAPEUTICS PLC | SPONSORED ADS | 088786108 |  | 97647 | 13792 | SH |  | DFND |  | 13792 | 0 | 0 |
| BIOGEN INC | COM | 09062X103 |  | 525858 | 2988 | SH |  | DFND |  | 2988 | 0 | 0 |
| BITFARMS LTD | COM | 09173B107 |  | 43005 | 18300 | SH |  | DFND |  | 18300 | 0 | 0 |
| BLACK STONE MINERALS L P | COM UNIT | 09225M101 |  | 2009953 | 151238 | SH |  | DFND |  | 151238 | 0 | 0 |
| BLACKROCK CR ALLOCATION INCO | COM | 092508100 |  | 438983 | 40534 | SH |  | DFND |  | 40534 | 0 | 0 |
| BLACKROCK FLOATING RATE INCO | COM | 09255X100 |  | 698447 | 59291 | SH |  | DFND |  | 59291 | 0 | 0 |
| BLACKROCK FLOATING RATE INC | COM | 091941104 |  | 143641 | 12678 | SH |  | DFND |  | 12678 | 0 | 0 |
| BLACKROCK INVT QUALITY MUN T | COM | 09247D105 |  | 472158 | 42157 | SH |  | DFND |  | 42157 | 0 | 0 |
| BLACKROCK MUNIHOLDINGS QUALI | COM | 09254C107 |  | 606112 | 60430 | SH |  | DFND |  | 60430 | 0 | 0 |
| BLACKROCK MUNIHOLDINGS FD IN | COM | 09253N104 |  | 197196 | 16797 | SH |  | DFND |  | 16797 | 0 | 0 |
| BLACKROCK MUNIVEST FD II INC | COM | 09253T101 |  | 518080 | 47926 | SH |  | DFND |  | 47926 | 0 | 0 |
| BLACKROCK MUNIVEST FD INC | COM | 09253R105 |  | 644961 | 93068 | SH |  | DFND |  | 93068 | 0 | 0 |
| BLACKROCK MUNIYIELD QUALITY | COM | 09254E103 |  | 1109816 | 102099 | SH |  | DFND |  | 102099 | 0 | 0 |
| BLACKROCK MUNIYIELD QUALITY | COM | 09254G108 |  | 428632 | 42650 | SH |  | DFND |  | 42650 | 0 | 0 |
| BLACKSTONE INC | COM | 09260D107 |  | 1271809 | 8251 | SH |  | DFND |  | 8251 | 0 | 0 |
| BOEING CO | COM | 097023105 |  | 218422 | 1006 | SH |  | DFND |  | 1006 | 0 | 0 |
| BOOZ ALLEN HAMILTON HLDG COR | CL A | 099502106 |  | 1175134 | 13930 | SH |  | DFND |  | 13930 | 0 | 0 |
| BP PLC | SPONSORED ADR | 055622104 |  | 328754 | 9466 | SH |  | DFND |  | 9466 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 2433233 | 45110 | SH |  | DFND |  | 45110 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 417742 | 1207 | SH |  | DFND |  | 1207 | 0 | 0 |
| BROADRIDGE FINL SOLUTIONS IN | COM | 11133T103 |  | 4557800 | 20423 | SH |  | DFND |  | 20423 | 0 | 0 |
| BROOKFIELD ASSET MANAGMT LTD | CL A LMT VTG SHS | 113004105 |  | 9978906 | 190473 | SH |  | DFND |  | 190473 | 0 | 0 |
| BROOKFIELD CORP | CL A LTD VT SH | 11271J107 |  | 72676441 | 1583710 | SH |  | DFND |  | 1583710 | 0 | 0 |
| BROOKFIELD REAL ASSETS INCOM | SHS BEN INT | 112830104 |  | 139384 | 10755 | SH |  | DFND |  | 10755 | 0 | 0 |
| BROOKFIELD WEALTH SOL LTD | CL A EXCHANGEAB | G17434104 |  | 1412365 | 30737 | SH |  | DFND |  | 30737 | 0 | 0 |
| BUNGE GLOBAL SA | COM SHS | H11356104 |  | 31088428 | 348994 | SH |  | DFND |  | 348994 | 0 | 0 |
| BURFORD CAP LTD | ORD SHS | G17977110 |  | 557005 | 62445 | SH |  | DFND |  | 62445 | 0 | 0 |
| BWX TECHNOLOGIES INC | COM | 05605H100 |  | 457507 | 2647 | SH |  | DFND |  | 2647 | 0 | 0 |
| CACI INTL INC | CL A | 127190304 |  | 84498870 | 158591 | SH |  | DFND |  | 158591 | 0 | 0 |
| CAMECO CORP | COM | 13321L108 |  | 61673009 | 674096 | SH |  | DFND |  | 674096 | 0 | 0 |
| CARNIVAL CORP | UNIT 99/99/9999 | 143658300 |  | 29243515 | 957548 | SH |  | DFND |  | 957548 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 |  | 2644940 | 4617 | SH |  | DFND |  | 4617 | 0 | 0 |
| CBOE GLOBAL MKTS INC | COM | 12503M108 |  | 102507805 | 408398 | SH |  | DFND |  | 408398 | 0 | 0 |
| CENTERPOINT ENERGY INC | COM | 15189T107 |  | 296483 | 7733 | SH |  | DFND |  | 7733 | 0 | 0 |
| CHARLES RIV LABS INTL INC | COM | 159864107 |  | 2509458 | 12580 | SH |  | DFND |  | 12580 | 0 | 0 |
| CHENIERE ENERGY INC | COM NEW | 16411R208 |  | 90066554 | 463329 | SH |  | DFND |  | 463329 | 0 | 0 |
| CHENIERE ENERGY PARTNERS LP | COM UNIT | 16411Q101 |  | 213920 | 4000 | SH |  | DFND |  | 4000 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 2031320 | 13328 | SH |  | DFND |  | 13328 | 0 | 0 |
| CINTAS CORP | COM | 172908105 |  | 281164 | 1495 | SH |  | DFND |  | 1495 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 2999625 | 38941 | SH |  | DFND |  | 38941 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 |  | 827215 | 7089 | SH |  | DFND |  | 7089 | 0 | 0 |
| CIVEO CORP CDA | COM NEW | 17878Y207 |  | 56019763 | 2449487 | SH |  | DFND |  | 2449487 | 0 | 0 |
| CME GROUP INC | COM | 12572Q105 |  | 75263913 | 275611 | SH |  | DFND |  | 275611 | 0 | 0 |
| CMS ENERGY CORP | COM | 125896100 |  | 852936 | 12197 | SH |  | DFND |  | 12197 | 0 | 0 |
| COHEN  STEERS INC | COM | 19247A100 |  | 204411 | 3256 | SH |  | DFND |  | 3256 | 0 | 0 |
| COHEN  STEERS QUALITY INCOM | COM | 19247L106 |  | 571376 | 50033 | SH |  | DFND |  | 50033 | 0 | 0 |
| COLGATE PALMOLIVE CO | COM | 194162103 |  | 235321 | 2978 | SH |  | DFND |  | 2978 | 0 | 0 |
| CONSTELLATION BRANDS INC | CL A | 21036P108 |  | 644687 | 4673 | SH |  | DFND |  | 4673 | 0 | 0 |
| COSTAMARE BULKERS HLDGS LTD | COM SHS | Y2001C101 |  | 491733 | 31910 | SH |  | DFND |  | 31910 | 0 | 0 |
| COSTAMARE INC | SHS | Y1771G102 |  | 3504590 | 221950 | SH |  | DFND |  | 221950 | 0 | 0 |
| CRA INTL INC | COM | 12618T105 |  | 1525443 | 7601 | SH |  | DFND |  | 7601 | 0 | 0 |
| CRISPR THERAPEUTICS AG | NAMEN AKT | H17182108 |  | 536933 | 10239 | SH |  | DFND |  | 10239 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 |  | 1010910 | 4416 | SH |  | DFND |  | 4416 | 0 | 0 |
| DIGITALBRIDGE GROUP INC | CL A NEW | 25401T603 |  | 46733814 | 3046533 | SH |  | DFND |  | 3046533 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 540219 | 4748 | SH |  | DFND |  | 4748 | 0 | 0 |
| DORCHESTER MINERALS LP | COM UNIT | 25820R105 |  | 19579813 | 875662 | SH |  | DFND |  | 875662 | 0 | 0 |
| DORMAN PRODS INC | COM | 258278100 |  | 221742 | 1800 | SH |  | DFND |  | 1800 | 0 | 0 |
| DOUBLELINE INCOME SOLUTIONS | COM | 258622109 |  | 593726 | 52682 | SH |  | DFND |  | 52682 | 0 | 0 |
| DOUBLELINE OPPORTUNISTIC CR | COM | 258623107 |  | 316849 | 20777 | SH |  | DFND |  | 20777 | 0 | 0 |
| EAGLE MATLS INC | COM | 26969P108 |  | 3460537 | 16743 | SH |  | DFND |  | 16743 | 0 | 0 |
| EATON CORP PLC | SHS | G29183103 |  | 258311 | 811 | SH |  | DFND |  | 811 | 0 | 0 |
| EATON VANCE LIMITED DURATION | COM | 27828H105 |  | 123052 | 12417 | SH |  | DFND |  | 12417 | 0 | 0 |
| EATON VANCE MUN BD FD | COM | 27827X101 |  | 172143 | 17692 | SH |  | DFND |  | 17692 | 0 | 0 |
| EATON VANCE SR FLTNG RTE TR | COM | 27828Q105 |  | 222811 | 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 |  | 639923 | 7347 | SH |  | DFND |  | 7347 | 0 | 0 |
| EDITAS MEDICINE INC | COM | 28106W103 |  | 62197 | 30340 | SH |  | DFND |  | 30340 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 4412636 | 4106 | SH |  | DFND |  | 4106 | 0 | 0 |
| EMERSON ELEC CO | COM | 291011104 |  | 2222003 | 16742 | SH |  | DFND |  | 16742 | 0 | 0 |
| ENERGY RECOVERY INC | COM | 29270J100 |  | 383655 | 28440 | SH |  | DFND |  | 28440 | 0 | 0 |
| ENERGY TRANSFER L P | COM UT LTD PTN | 29273V100 |  | 5930594 | 359648 | SH |  | DFND |  | 359648 | 0 | 0 |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 |  | 3592739 | 112063 | SH |  | DFND |  | 112063 | 0 | 0 |
| EOG RES INC | COM | 26875P101 |  | 681829 | 6493 | SH |  | DFND |  | 6493 | 0 | 0 |
| EQT CORP | COM | 26884L109 |  | 2211164 | 41253 | SH |  | DFND |  | 41253 | 0 | 0 |
| EQUITY LIFESTYLE PPTYS INC | COM | 29472R108 |  | 1513431 | 24970 | SH |  | DFND |  | 24970 | 0 | 0 |
| EVOLV TECHNOLOGIES HLDNGS IN | COM CL A | 30049H102 |  | 96660 | 13500 | SH |  | DFND |  | 13500 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 4642717 | 38580 | SH |  | DFND |  | 38580 | 0 | 0 |
| FEDERATED HERMES INC | CL B | 314211103 |  | 450717 | 8656 | SH |  | DFND |  | 8656 | 0 | 0 |
| FEDERATED HERMES PREM MUNI I | COM | 31423P108 |  | 379628 | 34170 | SH |  | DFND |  | 34170 | 0 | 0 |
| FERMI INC | COM | 314911108 |  | 869608 | 108701 | SH |  | DFND |  | 108701 | 0 | 0 |
| FIDELITY NATIONAL FINANCIAL | COM SHS | 31620R303 |  | 2387751 | 43740 | SH |  | DFND |  | 43740 | 0 | 0 |
| FIDELITY NATL INFORMATION SV | COM | 31620M106 |  | 1352461 | 20350 | SH |  | DFND |  | 20350 | 0 | 0 |
| FIDELITY WISE ORIGIN BITCOIN | SHS | 315948109 |  | 433062 | 5681 | SH |  | DFND |  | 5681 | 0 | 0 |
| FITLIFE BRANDS INC | COM NEW | 33817P405 |  | 2512999 | 154456 | SH |  | DFND |  | 154456 | 0 | 0 |
| FRANCO NEV CORP | COM | 351858105 |  | 200667895 | 968101 | SH |  | DFND |  | 968101 | 0 | 0 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 4729282 | 93114 | SH |  | DFND |  | 93114 | 0 | 0 |
| GALAXY DIGITAL INC. | CL A | 36317J209 |  | 27940027 | 1249554 | SH |  | DFND |  | 1249554 | 0 | 0 |
| GALECTIN THERAPEUTICS INC | COM NEW | 363225202 |  | 214173 | 51484 | SH |  | DFND |  | 51484 | 0 | 0 |
| GALLAGHER ARTHUR J  CO | COM | 363576109 |  | 505416 | 1953 | SH |  | DFND |  | 1953 | 0 | 0 |
| GE HEALTHCARE TECHNOLOGIES I | COMMON STOCK | 36266G107 |  | 238760 | 2911 | SH |  | DFND |  | 2911 | 0 | 0 |
| GE VERNOVA INC | COM | 36828A101 |  | 943101 | 1443 | SH |  | DFND |  | 1443 | 0 | 0 |
| GE AEROSPACE | COM NEW | 369604301 |  | 1974164 | 6409 | SH |  | DFND |  | 6409 | 0 | 0 |
| GENERAL MTRS CO | COM | 37045V100 |  | 388986 | 4783 | SH |  | DFND |  | 4783 | 0 | 0 |
| GENUINE PARTS CO | COM | 372460105 |  | 269282 | 2190 | SH |  | DFND |  | 2190 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 837687 | 953 | SH |  | DFND |  | 953 | 0 | 0 |
| GRAYSCALE BASIC ATTENTION | TOKEN TRUST | 38963U108 |  | 3321 | 2089 | SH |  | DFND |  | 2089 | 0 | 0 |
| GRAYSCALE BITCOIN CASH | TRUST BCH | 38963P109 |  | 6423196 | 1486851 | SH |  | DFND |  | 1486851 | 0 | 0 |
| GRAYSCALE BITCOIN MINI TR ET | SHS NEW | 389930207 |  | 116076135 | 2997060 | SH |  | DFND |  | 2997060 | 0 | 0 |
| GRAYSCALE BITCOIN TRUST ETF | SHS REP COM UT | 389637109 |  | 964805217 | 14113593 | SH |  | DFND |  | 14113593 | 0 | 0 |
| GRAYSCALE COINDESK CRYPTO | USD SHS | G40705108 |  | 1695449 | 41029 | SH |  | DFND |  | 41029 | 0 | 0 |
| GRAYSCALE DECENTRALAND | TRUST | 38964P108 |  | 717 | 691 | SH |  | DFND |  | 691 | 0 | 0 |
| GRAYSCALE ETHEREUM CLASSIC | TRUST | 38963Q107 |  | 461744 | 71191 | SH |  | DFND |  | 71191 | 0 | 0 |
| GRAYSCALE ETHEREUM MINI TR E | SHS NEW | 38964R203 |  | 18295 | 652 | SH |  | DFND |  | 652 | 0 | 0 |
| GRAYSCALE ETHEREUM TRUST ETF | SHS | 389638107 |  | 131013 | 5376 | SH |  | DFND |  | 5376 | 0 | 0 |
| GRAYSCALE LITECOIN | TRUST LTC SHS | 38963W104 |  | 2940520 | 503902 | SH |  | DFND |  | 503902 | 0 | 0 |
| GRAYSCALE ZCASH | TR ZEC COM | 38964G108 |  | 477039 | 15173 | SH |  | DFND |  | 15173 | 0 | 0 |
| GREENBRIER COS INC | COM | 393657101 |  | 406638 | 8700 | SH |  | DFND |  | 8700 | 0 | 0 |
| GSK PLC | SPONSORED ADR | 37733W204 |  | 1220703 | 24892 | SH |  | DFND |  | 24892 | 0 | 0 |
| HALEON PLC | SPON ADS | 405552100 |  | 136394 | 13491 | SH |  | DFND |  | 13491 | 0 | 0 |
| HAWAIIAN ELEC INDUSTRIES | COM | 419870100 |  | 238526064 | 19392363 | SH |  | DFND |  | 19392363 | 0 | 0 |
| HONEYWELL INTL INC | COM | 438516106 |  | 1189141 | 6095 | SH |  | DFND |  | 6095 | 0 | 0 |
| LISTED FDS TR | HORZN KINTCS BL | 53656G209 |  | 4713884 | 156000 | SH |  | DFND |  | 156000 | 0 | 0 |
| LISTED FDS TR | HORIZON KINETICS | 53656G514 |  | 282157 | 8635 | SH |  | DFND |  | 8635 | 0 | 0 |
| HORIZON KINETICS HLDG CORP | COM | 439913104 |  | 25269855 | 1075313 | SH |  | DFND |  | 1075313 | 0 | 0 |
| LISTED FDS TR | HORIZON KINETICS | 53656F623 |  | 4400655 | 98980 | SH |  | DFND |  | 98980 | 0 | 0 |
| LISTED FDS TR | HORIZON KINETICS | 53656H835 |  | 4687643 | 182317 | SH |  | DFND |  | 182317 | 0 | 0 |
| LISTED FDS TR | HORZN KNTCS SPAC | 53656G555 |  | 6524428 | 71954 | SH |  | DFND |  | 71954 | 0 | 0 |
| HOWARD HUGHES HOLDINGS INC | COM | 44267T102 |  | 23401327 | 293360 | SH |  | DFND |  | 293360 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 1098939 | 3710 | SH |  | DFND |  | 3710 | 0 | 0 |
| INTELLIA THERAPEUTICS INC | COM | 45826J105 |  | 123990 | 13792 | SH |  | DFND |  | 13792 | 0 | 0 |
| INTERCONTINENTAL EXCHANGE IN | COM | 45866F104 |  | 134550786 | 830766 | SH |  | DFND |  | 830766 | 0 | 0 |
| INTERPARFUMS INC | COM | 458334109 |  | 11753845 | 138558 | SH |  | DFND |  | 138558 | 0 | 0 |
| INVESCO QUALITY MUN INCOME T | COM | 46133G107 |  | 220265 | 22115 | SH |  | DFND |  | 22115 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | S EQL WGT | 46137V357 |  | 653426 | 3411 | SH |  | DFND |  | 3411 | 0 | 0 |
| INVESCO TR INVT GRADE NEW YO | COM | 46131T101 |  | 141273 | 12274 | SH |  | DFND |  | 12274 | 0 | 0 |
| IONIS PHARMACEUTICALS INC | COM | 462222100 |  | 945522 | 11952 | SH |  | DFND |  | 11952 | 0 | 0 |
| IRON MTN INC DEL | COM | 46284V101 |  | 1526694 | 18405 | SH |  | DFND |  | 18405 | 0 | 0 |
| ISHARES BITCOIN TRUST ETF | SHS BEN INT | 46438F101 |  | 39564247 | 796863 | SH |  | DFND |  | 796863 | 0 | 0 |
| ISHARES GOLD TR | ISHARES NEW | 464285204 |  | 695302 | 8566 | SH |  | DFND |  | 8566 | 0 | 0 |
| ISHARES SILVER TR | ISHARES | 46428Q109 |  | 1893625 | 29395 | SH |  | DFND |  | 29395 | 0 | 0 |
| ISHARES TR | GL TIMB FORE ETF | 464288174 |  | 396415 | 5505 | SH |  | DFND |  | 5505 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 3300697 | 15949 | SH |  | DFND |  | 15949 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 609318 | 1891 | SH |  | DFND |  | 1891 | 0 | 0 |
| KIMBELL RTY PARTNERS LP | UNIT | 49435R102 |  | 457868 | 38934 | SH |  | DFND |  | 38934 | 0 | 0 |
| KINDER MORGAN INC DEL | COM | 49456B101 |  | 1372383 | 49923 | SH |  | DFND |  | 49923 | 0 | 0 |
| KKR  CO INC | COM | 48251W104 |  | 305187 | 2394 | SH |  | DFND |  | 2394 | 0 | 0 |
| KLA CORP | COM NEW | 482480100 |  | 3456902 | 2845 | SH |  | DFND |  | 2845 | 0 | 0 |
| L3HARRIS TECHNOLOGIES INC | COM | 502431109 |  | 2756042 | 9388 | SH |  | DFND |  | 9388 | 0 | 0 |
| LADDER CAP CORP | CL A | 505743104 |  | 197820 | 18000 | SH |  | DFND |  | 18000 | 0 | 0 |
| LANDBRIDGE COMPANY LLC | CL A | 514952100 |  | 276439101 | 5642766 | SH |  | DFND |  | 5642766 | 0 | 0 |
| LANTERN PHARMA INC | COM | 51654W101 |  | 83573 | 27582 | SH |  | DFND |  | 27582 | 0 | 0 |
| LAS VEGAS SANDS CORP | COM | 517834107 |  | 2555457 | 39260 | SH |  | DFND |  | 39260 | 0 | 0 |
| LENNAR CORP | CL A | 526057104 |  | 482029 | 4689 | SH |  | DFND |  | 4689 | 0 | 0 |
| LIBERTY BROADBAND CORP | COM SER C | 530307305 |  | 201738 | 4151 | SH |  | DFND |  | 4151 | 0 | 0 |
| LIBERTY ENERGY INC | COM CL A | 53115L104 |  | 6326445 | 342711 | SH |  | DFND |  | 342711 | 0 | 0 |
| LIBERTY LIVE HOLDINGS INC | COM SHS SER C | 530909308 |  | 311351 | 3744 | SH |  | DFND |  | 3744 | 0 | 0 |
| LIBERTY MEDIA CORP DEL | COM LBTY ONE S A | 531229771 |  | 3219288 | 36018 | SH |  | DFND |  | 36018 | 0 | 0 |
| LIBERTY MEDIA CORP DEL | COM LBTY ONE S C | 531229755 |  | 8040090 | 81617 | SH |  | DFND |  | 81617 | 0 | 0 |
| LINDE PLC | SHS | G54950103 |  | 614001 | 1440 | SH |  | DFND |  | 1440 | 0 | 0 |
| LIVE NATION ENTERTAINMENT IN | COM | 538034109 |  | 24208470 | 169884 | SH |  | DFND |  | 169884 | 0 | 0 |
| LOEWS CORP | COM | 540424108 |  | 574992 | 5460 | SH |  | DFND |  | 5460 | 0 | 0 |
| LOWES COS INC | COM | 548661107 |  | 257558 | 1068 | SH |  | DFND |  | 1068 | 0 | 0 |
| MADISON SQUARE GARDEN ENTMT | COM CL A | 558256103 |  | 1927860 | 35774 | SH |  | DFND |  | 35774 | 0 | 0 |
| MADISON SQUARE GRDN SPRT COR | CL A | 55825T103 |  | 6037925 | 23344 | SH |  | DFND |  | 23344 | 0 | 0 |
| MARATHON PETE CORP | COM | 56585A102 |  | 857060 | 5270 | SH |  | DFND |  | 5270 | 0 | 0 |
| MARKEL GROUP INC | COM | 570535104 |  | 4517498 | 2102 | SH |  | DFND |  | 2102 | 0 | 0 |
| MARKETAXESS HLDGS INC | COM | 57060D108 |  | 353437 | 1950 | SH |  | DFND |  | 1950 | 0 | 0 |
| MARSH  MCLENNAN COS INC | COM | 571748102 |  | 29068196 | 156685 | SH |  | DFND |  | 156685 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 11176998 | 19579 | SH |  | DFND |  | 19579 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 1020498 | 3339 | SH |  | DFND |  | 3339 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 2962719 | 28147 | SH |  | DFND |  | 28147 | 0 | 0 |
| MESABI TR | CTF BEN INT | 590672101 |  | 116626909 | 3027698 | SH |  | DFND |  | 3027698 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 376176 | 570 | SH |  | DFND |  | 570 | 0 | 0 |
| METALLA RTY  STREAMING LTD | COM NEW | 59124U605 |  | 3146208 | 404397 | SH |  | DFND |  | 404397 | 0 | 0 |
| MFS HIGH INCOME MUN TR | SH BEN INT | 59318D104 |  | 98841 | 26714 | SH |  | DFND |  | 26714 | 0 | 0 |
| MIAMI INTL HLDGS INC | COM | 59356Q108 |  | 80762635 | 1819798 | SH |  | DFND |  | 1819798 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 3486146 | 7208 | SH |  | DFND |  | 7208 | 0 | 0 |
| MONDELEZ INTL INC | CL A | 609207105 |  | 443774 | 8244 | SH |  | DFND |  | 8244 | 0 | 0 |
| MOVADO GROUP INC | COM | 624580106 |  | 247440 | 12000 | SH |  | DFND |  | 12000 | 0 | 0 |
| NASDAQ INC | COM | 631103108 |  | 6878904 | 70822 | SH |  | DFND |  | 70822 | 0 | 0 |
| NATURAL RESOURCE PARTNERS L | COM UNIT LTD PAR | 63900P608 |  | 2595906 | 24865 | SH |  | DFND |  | 24865 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 225961 | 2410 | SH |  | DFND |  | 2410 | 0 | 0 |
| NEUBERGER MUN FD INC | COM | 64124P101 |  | 418927 | 41396 | SH |  | DFND |  | 41396 | 0 | 0 |
| NEWMONT CORP | COM | 651639106 |  | 780128 | 7813 | SH |  | DFND |  | 7813 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 235220 | 2930 | SH |  | DFND |  | 2930 | 0 | 0 |
| NORFOLK SOUTHN CORP | COM | 655844108 |  | 875687 | 3033 | SH |  | DFND |  | 3033 | 0 | 0 |
| NORTHROP GRUMMAN CORP | COM | 666807102 |  | 205275 | 360 | SH |  | DFND |  | 360 | 0 | 0 |
| NOVARTIS AG | SPONSORED ADR | 66987V109 |  | 1570890 | 11394 | SH |  | DFND |  | 11394 | 0 | 0 |
| NOVO-NORDISK A S | ADR | 670100205 |  | 781008 | 15350 | SH |  | DFND |  | 15350 | 0 | 0 |
| NUTRIEN LTD | COM | 67077M108 |  | 3201519 | 51872 | SH |  | DFND |  | 51872 | 0 | 0 |
| NUVEEN AMT FREE QLTY MUN INC | COM | 670657105 |  | 3433745 | 295249 | SH |  | DFND |  | 295249 | 0 | 0 |
| NUVEEN MUNICIPAL CREDIT INC | COM SH BEN INT | 67070X101 |  | 326639 | 25965 | SH |  | DFND |  | 25965 | 0 | 0 |
| NUVEEN AMT FREE MUN CR INC F | COM | 67071L106 |  | 131347 | 10375 | SH |  | DFND |  | 10375 | 0 | 0 |
| NUVEEN FLOATING RATE INCOME | COM | 67072T108 |  | 934181 | 119308 | SH |  | DFND |  | 119308 | 0 | 0 |
| NUVEEN MUN VALUE FD INC | COM | 670928100 |  | 104643 | 11550 | SH |  | DFND |  | 11550 | 0 | 0 |
| NUVEEN NEW YORK AMT QLT MUNI | COM | 670656107 |  | 1364733 | 135256 | SH |  | DFND |  | 135256 | 0 | 0 |
| NUVEEN NEW YORK QLT MUN INC | COM | 67066X107 |  | 242653 | 21550 | SH |  | DFND |  | 21550 | 0 | 0 |
| NUVEEN PFD  INCOME OPPORTUN | COM | 67073B106 |  | 133214 | 16426 | SH |  | DFND |  | 16426 | 0 | 0 |
| NUVEEN QUALITY MUNCP INCOME | COM | 67066V101 |  | 1946967 | 161977 | SH |  | DFND |  | 161977 | 0 | 0 |
| NUVEEN SELECT MAT MUN FD | SH BEN INT | 67061T101 |  | 200165 | 21500 | SH |  | DFND |  | 21500 | 0 | 0 |
| NUVEEN TAXABLE MUNICPAL INM | COM | 67074C103 |  | 394889 | 24993 | SH |  | DFND |  | 24993 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 1381965 | 7410 | SH |  | DFND |  | 7410 | 0 | 0 |
| OCCIDENTAL PETE CORP | COM | 674599105 |  | 229346 | 5577 | SH |  | DFND |  | 5577 | 0 | 0 |
| OPENLANE INC | COM | 48238T109 |  | 2130699 | 71548 | SH |  | DFND |  | 71548 | 0 | 0 |
| OR ROYALTIES INC. | COM SHS | 68390D106 |  | 64233692 | 1815024 | SH |  | DFND |  | 1815024 | 0 | 0 |
| OSHKOSH CORP | COM | 688239201 |  | 14597381 | 116193 | SH |  | DFND |  | 116193 | 0 | 0 |
| PACIFIC BIOSCIENCES CALIF IN | COM | 69404D108 |  | 20633 | 11034 | SH |  | DFND |  | 11034 | 0 | 0 |
| PATTERSON-UTI ENERGY INC | COM | 703481101 |  | 1580094 | 258608 | SH |  | DFND |  | 258608 | 0 | 0 |
| PCM FD INC | COM | 69323T101 |  | 150626 | 24532 | SH |  | DFND |  | 24532 | 0 | 0 |
| PENSKE AUTOMOTIVE GRP INC | COM | 70959W103 |  | 26889319 | 169874 | SH |  | DFND |  | 169874 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 292780 | 2040 | SH |  | DFND |  | 2040 | 0 | 0 |
| PERMIAN BASIN RTY TR | UNIT BEN INT | 714236106 |  | 105068849 | 6187800 | SH |  | DFND |  | 6187800 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 1685017 | 67671 | SH |  | DFND |  | 67671 | 0 | 0 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 3184050 | 19851 | SH |  | DFND |  | 19851 | 0 | 0 |
| PIMCO DYNAMIC INCOME FD | SHS | 72201Y101 |  | 898817 | 50752 | SH |  | DFND |  | 50752 | 0 | 0 |
| PIMCO INCOME STRATEGY FD | COM | 72201H108 |  | 786114 | 93252 | SH |  | DFND |  | 93252 | 0 | 0 |
| PIMCO INCOME STRATEGY FD II | COM | 72201J104 |  | 1435969 | 191463 | SH |  | DFND |  | 191463 | 0 | 0 |
| PIMCO MUN INCOME FD II | COM | 72200W106 |  | 113477 | 15050 | SH |  | DFND |  | 15050 | 0 | 0 |
| POTLATCHDELTIC CORPORATION | COM | 737630103 |  | 933108 | 23457 | SH |  | DFND |  | 23457 | 0 | 0 |
| PROSHARES TR II | SHT VIX ST TRM | 74347W130 |  | 1293012 | 23348 | SH |  | DFND |  | 23348 | 0 | 0 |
| PURE CYCLE CORP | COM NEW | 746228303 |  | 555335 | 50531 | SH |  | DFND |  | 50531 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 1066325 | 6234 | SH |  | DFND |  | 6234 | 0 | 0 |
| QUEST DIAGNOSTICS INC | COM | 74834L100 |  | 520590 | 3000 | SH |  | DFND |  | 3000 | 0 | 0 |
| RAYONIER ADVANCED MATLS INC | COM | 75508B104 |  | 556605 | 94500 | SH |  | DFND |  | 94500 | 0 | 0 |
| RAYONIER INC | COM | 754907103 |  | 341492 | 15773 | SH |  | DFND |  | 15773 | 0 | 0 |
| RB GLOBAL INC | COM | 74935Q107 |  | 11071549 | 107627 | SH |  | DFND |  | 107627 | 0 | 0 |
| REGENERON PHARMACEUTICALS | COM | 75886F107 |  | 544168 | 705 | SH |  | DFND |  | 705 | 0 | 0 |
| RENN FD INC | COM | 759720105 |  | 2225486 | 865948 | SH |  | DFND |  | 865948 | 0 | 0 |
| REPLIMUNE GROUP INC | COM | 76029N106 |  | 134058 | 13792 | SH |  | DFND |  | 13792 | 0 | 0 |
| RESIDEO TECHNOLOGIES INC | COM | 76118Y104 |  | 1885803 | 53696 | SH |  | DFND |  | 53696 | 0 | 0 |
| RIO TINTO PLC | SPONSORED ADR | 767204100 |  | 1305769 | 16316 | SH |  | DFND |  | 16316 | 0 | 0 |
| ROCKWELL AUTOMATION INC | COM | 773903109 |  | 1639930 | 4215 | SH |  | DFND |  | 4215 | 0 | 0 |
| ROYAL CARIBBEAN GROUP | COM | V7780T103 |  | 14715337 | 52758 | SH |  | DFND |  | 52758 | 0 | 0 |
| ROYAL GOLD INC | COM | 780287108 |  | 21089964 | 94876 | SH |  | DFND |  | 94876 | 0 | 0 |
| ROYALTY PHARMA PLC | SHS CLASS A | G7709Q104 |  | 13653874 | 353361 | SH |  | DFND |  | 353361 | 0 | 0 |
| ROYCE MICRO-CAP TR INC | COM | 780915104 |  | 1399987 | 134227 | SH |  | DFND |  | 134227 | 0 | 0 |
| RTX CORPORATION | COM | 75513E101 |  | 2334865 | 12731 | SH |  | DFND |  | 12731 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 2235693 | 4278 | SH |  | DFND |  | 4278 | 0 | 0 |
| SABINE RTY TR | UNIT BEN INT | 785688102 |  | 7507512 | 109487 | SH |  | DFND |  | 109487 | 0 | 0 |
| SAN JUAN BASIN RTY TR | UNIT BEN INT | 798241105 |  | 35019029 | 6231144 | SH |  | DFND |  | 6231144 | 0 | 0 |
| SCIENCE APPLICATIONS INTL CO | COM | 808625107 |  | 5300956 | 52662 | SH |  | DFND |  | 52662 | 0 | 0 |
| SEALED AIR CORP NEW | COM | 81211K100 |  | 1398262 | 33750 | SH |  | DFND |  | 33750 | 0 | 0 |
| SEAPORT ENTMT GROUP INC | COMMON STOCK | 812215200 |  | 1038359 | 52522 | SH |  | DFND |  | 52522 | 0 | 0 |
| SIRIUSXM HOLDINGS INC | COMMON STOCK | 829933100 |  | 587173 | 29366 | SH |  | DFND |  | 29366 | 0 | 0 |
| SONOCO PRODS CO | COM | 835495102 |  | 1335967 | 30613 | SH |  | DFND |  | 30613 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 1443757 | 3643 | SH |  | DFND |  | 3643 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78468R549 |  | 466409 | 5690 | SH |  | DFND |  | 5690 | 0 | 0 |
| SPHERE ENTERTAINMENT CO | CL A | 55826T102 |  | 4512782 | 47463 | SH |  | DFND |  | 47463 | 0 | 0 |
| SPROTT INC | COM NEW | 852066208 |  | 21016201 | 214626 | SH |  | DFND |  | 214626 | 0 | 0 |
| SPROTT ASSET MANAGEMENT LP | PHYSICAL GOLD TR | 85207H104 |  | 536971 | 16262 | SH |  | DFND |  | 16262 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 882404 | 1294 | SH |  | DFND |  | 1294 | 0 | 0 |
| STAR BULK CARRIERS CORP. | SHS PAR | Y8162K204 |  | 974469 | 50701 | SH |  | DFND |  | 50701 | 0 | 0 |
| STRATEGY INC | CL A NEW | 594972408 |  | 21178335 | 139377 | SH |  | DFND |  | 139377 | 0 | 0 |
| SUNCOR ENERGY INC NEW | COM | 867224107 |  | 2429927 | 54777 | SH |  | DFND |  | 54777 | 0 | 0 |
| TEJON RANCH CO | COM | 879080109 |  | 30161276 | 1912573 | SH |  | DFND |  | 1912573 | 0 | 0 |
| TELEFONICA S A | SPONSORED ADR | 879382208 |  | 822384 | 203058 | SH |  | DFND |  | 203058 | 0 | 0 |
| TETRA TECHNOLOGIES INC DEL | COM | 88162F105 |  | 127432 | 13600 | SH |  | DFND |  | 13600 | 0 | 0 |
| TEXAS PACIFIC LAND CORPORATI | COM | 88262P102 |  | 2968063138 | 10333762 | SH |  | DFND |  | 10333762 | 0 | 0 |
| ST JOE CO | COM | 790148100 |  | 32940645 | 554837 | SH |  | DFND |  | 554837 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 253799 | 438 | SH |  | DFND |  | 438 | 0 | 0 |
| TORONTO DOMINION BK ONT | COM NEW | 891160509 |  | 2196434 | 23317 | SH |  | DFND |  | 23317 | 0 | 0 |
| TRADEWEB MKTS INC | CL A | 892672106 |  | 568133 | 5283 | SH |  | DFND |  | 5283 | 0 | 0 |
| TRI POINTE HOMES INC | COM | 87265H109 |  | 2705224 | 85962 | SH |  | DFND |  | 85962 | 0 | 0 |
| TRIPLE FLAG PRECIOUS METAL | COM | 89679M104 |  | 14128571 | 425303 | SH |  | DFND |  | 425303 | 0 | 0 |
| UNITED RENTALS INC | COM | 911363109 |  | 611845 | 756 | SH |  | DFND |  | 756 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 526525 | 1595 | SH |  | DFND |  | 1595 | 0 | 0 |
| VALMONT INDS INC | COM | 920253101 |  | 523418 | 1301 | SH |  | DFND |  | 1301 | 0 | 0 |
| VANDA PHARMACEUTICALS INC | COM | 921659108 |  | 218947 | 24824 | SH |  | DFND |  | 24824 | 0 | 0 |
| VANECK ETF TRUST | JUNIOR GOLD MINE | 92189F791 |  | 1208457 | 10621 | SH |  | DFND |  | 10621 | 0 | 0 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 |  | 743868 | 8673 | SH |  | DFND |  | 8673 | 0 | 0 |
| VANECK ETF TRUST | OIL SERVICES ETF | 92189H607 |  | 972566 | 3415 | SH |  | DFND |  | 3415 | 0 | 0 |
| VANGUARD BD INDEX FDS | SHORT TRM BOND | 921937827 |  | 589341 | 7478 | SH |  | DFND |  | 7478 | 0 | 0 |
| VANGUARD BD INDEX FDS | VANGUARD ULTRA | 92203C303 |  | 17072293 | 342542 | SH |  | DFND |  | 342542 | 0 | 0 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 |  | 256751 | 4110 | SH |  | DFND |  | 4110 | 0 | 0 |
| VANGUARD INDEX FDS | EXTEND MKT ETF | 922908652 |  | 5413844 | 25889 | SH |  | DFND |  | 25889 | 0 | 0 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 1846270 | 2944 | SH |  | DFND |  | 2944 | 0 | 0 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 311801 | 930 | SH |  | DFND |  | 930 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | SHORT TERM TREAS | 92206C102 |  | 6465350 | 110086 | SH |  | DFND |  | 110086 | 0 | 0 |
| VERISK ANALYTICS INC | COM | 92345Y106 |  | 1565830 | 7000 | SH |  | DFND |  | 7000 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 271709 | 6671 | SH |  | DFND |  | 6671 | 0 | 0 |
| VERTIV HOLDINGS CO | COM CL A | 92537N108 |  | 1786160 | 11025 | SH |  | DFND |  | 11025 | 0 | 0 |
| VIPER ENERGY INC | CL A | 64361Q101 |  | 66246755 | 1714904 | SH |  | DFND |  | 1714904 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 1636412 | 4666 | SH |  | DFND |  | 4666 | 0 | 0 |
| WP CAREY INC | COM | 92936U109 |  | 1415920 | 22000 | SH |  | DFND |  | 22000 | 0 | 0 |
| WATERBRIDGE INFRASTRUCTURE L | CL A SHS REPSTG | 940923105 |  | 136818775 | 6837520 | SH |  | DFND |  | 6837520 | 0 | 0 |
| WENDYS CO | COM | 95058W100 |  | 2997933 | 359896 | SH |  | DFND |  | 359896 | 0 | 0 |
| WESTERN MIDSTREAM PARTNERS L | COM UNIT LP INT | 958669103 |  | 5296357 | 134085 | SH |  | DFND |  | 134085 | 0 | 0 |
| WEYERHAEUSER CO MTN BE | COM NEW | 962166104 |  | 261205 | 11026 | SH |  | DFND |  | 11026 | 0 | 0 |
| WHEATON PRECIOUS METALS CORP | COM | 962879102 |  | 293038236 | 2493518 | SH |  | DFND |  | 2493518 | 0 | 0 |
| WHITE MTNS INS GROUP LTD | COM | G9618E107 |  | 27265835 | 13121 | SH |  | DFND |  | 13121 | 0 | 0 |
| WILLIAMS COS INC | COM | 969457100 |  | 8254376 | 137321 | SH |  | DFND |  | 137321 | 0 | 0 |
| WISDOMTREE INC | COM | 97717P104 |  | 2419438 | 198477 | SH |  | DFND |  | 198477 | 0 | 0 |
| BARCLAYS BANK PLC | IPATH S 500 SH | 06748M196 |  | 757500 | 10100 | SH | Call | DFND |  | 10100 | 0 | 0 |
| PROSHARES TR II | VIX SHT TERM FUT | 74347Y730 |  | 335500 | 6100 | SH | Call | DFND |  | 6100 | 0 | 0 |

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