# EDGAR Filing Document

**Accession Number:** 0001588456
**File Stem:** 0001214659-25-012256
**Filing Date:** 2025-8
**Character Count:** 20410
**Document Hash:** 778e588b1b18d2af67b72e615de5696b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001214659-25-012256.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0001214659-25-012256

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**EFFECTIVENESS DATE**: 20250814

**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:** 251218720

**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:** 06-30-2025

**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:** 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  08-13-2025<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:** 163

**Form 13F Information Table Value Total:** $1036193472

      (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 |
| Abbvie Inc. | COM | 00287Y109 |  | 276725 | 1491 | SH |  | DFND |  | 0 | 1491 | 0 |
| Accenture PLC | COM | G1151C101 |  | 338343 | 1132 | SH |  | DFND |  | 0 | 1132 | 0 |
| ACNB Corporation | COM | 000868109 |  | 13473737 | 314513 | SH |  | DFND |  | 96825 | 217688 | 0 |
| Adobe Systems Inc. | COM | 00724F101 |  | 233289 | 603 | SH |  | DFND |  | 100 | 503 | 0 |
| AerSale Corp. | COM | 00810F106 |  | 10091283 | 1679082 | SH |  | DFND |  | 834683 | 844399 | 0 |
| Alphabet Inc. Cl A | COM | 02079K305 |  | 7226331 | 41005 | SH |  | DFND |  | 9100 | 31905 | 0 |
| Alphabet Inc. Cl C | COM | 02079K107 |  | 4405835 | 24837 | SH |  | DFND |  | 0 | 24837 | 0 |
| Amazon.com | COM | 023135106 |  | 2773309 | 12641 | SH |  | DFND |  | 4200 | 8441 | 0 |
| Apple Inc. | COM | 037833100 |  | 3477353 | 16949 | SH |  | DFND |  | 4500 | 12449 | 0 |
| Astronics Corporation | COM | 046433108 |  | 13477140 | 402543 | SH |  | DFND |  | 129250 | 273293 | 0 |
| Asure Software Inc. | COM | 04649U102 |  | 38075712 | 3901200 | SH |  | DFND |  | 1346515 | 2554685 | 0 |
| Bank of America Corp. | COM | 060505104 |  | 423642 | 8953 | SH |  | DFND |  | 0 | 8953 | 0 |
| Barrett Business Services | COM | 068463108 |  | 47839667 | 1147509 | SH |  | DFND |  | 418440 | 729069 | 0 |
| BGC Group Inc | COM | 088929104 |  | 42418511 | 4146482 | SH |  | DFND |  | 1318735 | 2827747 | 0 |
| Blackrock Inc. | COM | 09290D101 |  | 340733 | 325 | SH |  | DFND |  | 0 | 325 | 0 |
| Broadcom Inc. | COM | 11135F101 |  | 248694 | 902 | SH |  | DFND |  | 0 | 902 | 0 |
| Campbell Soup Co. | COM | 134429109 |  | 1894170 | 61800 | SH |  | DFND |  | 41500 | 20300 | 0 |
| CF Industries Holdings Inc. | COM | 125269100 |  | 1052809 | 11444 | SH |  | DFND |  | 10700 | 744 | 0 |
| Chemours | COM | 163851108 |  | 160300 | 14000 | SH |  | DFND |  | 14000 | 0 | 0 |
| Chevron Corporation | COM | 166764100 |  | 2274524 | 15885 | SH |  | DFND |  | 0 | 15885 | 0 |
| Clorox Co. | COM | 189054109 |  | 1969148 | 16400 | SH |  | DFND |  | 10000 | 6400 | 0 |
| Compass Minerals International Inc. | COM | 20451N101 |  | 341530 | 17000 | SH |  | DFND |  | 15000 | 2000 | 0 |
| Direxion Daily Small Cap Bull 3X Shs | COM | 25459W847 |  | 335400 | 10000 | SH |  | DFND |  | 10000 | 0 | 0 |
| Direxion Financial Bull 3X Shs | COM | 25459Y694 |  | 1180200 | 7000 | SH |  | DFND |  | 7000 | 0 | 0 |
| Direxion NASDAQ-100 Equal Weighted ETF | COM | 25459Y207 |  | 979729 | 9966 | SH |  | DFND |  | 0 | 9966 | 0 |
| Dow Jones Indl Average SPDR ETF | COM | 78467X109 |  | 528780 | 1200 | SH |  | DFND |  | 200 | 1000 | 0 |
| Duke Energy Corp. | COM | 26441C204 |  | 323014 | 2737 | SH |  | DFND |  | 0 | 2737 | 0 |
| ECN Capital Corporation | COM | 26829L107 |  | 38396976 | 19083984 | SH |  | DFND |  | 6603540 | 12480444 | 0 |
| Energy Select Sector SPDR | COM | 81369Y506 |  | 1596130 | 18820 | SH |  | DFND |  | 11500 | 7320 | 0 |
| Everi Holdings Inc. | COM | 30034T103 |  | 351158 | 24660 | SH |  | DFND |  | 0 | 24660 | 0 |
| Exxon Mobil Corp. | COM | 30231G102 |  | 460981 | 4276 | SH |  | DFND |  | 0 | 4276 | 0 |
| Financials Select Sector SPDR | COM | 81369Y605 |  | 423980 | 8096 | SH |  | DFND |  | 0 | 8096 | 0 |
| First American Financial Corp. | COM | 31847R102 |  | 14060029 | 229028 | SH |  | DFND |  | 72210 | 156818 | 0 |
| First Northwest Bancorp | COM | 335834107 |  | 4033638 | 523849 | SH |  | DFND |  | 169538 | 354311 | 0 |
| First Trust NASDAQ CyberSecurity ETF | COM | 33734X846 |  | 236943 | 3135 | SH |  | DFND |  | 0 | 3135 | 0 |
| FirstEnergy Corp. | COM | 337932107 |  | 1196813 | 29727 | SH |  | DFND |  | 29700 | 27 | 0 |
| FTIS Enhanced Liquid Income Offshore Fund | COM | 15146E102 |  | 344659 | 344659 | SH |  | DFND |  | 0 | 344659 | 0 |
| Harrow Inc. | COM | 415858109 |  | 59411325 | 1945361 | SH |  | DFND |  | 605814 | 1339547 | 0 |
| Healthcare Select Sector SPDR | COM | 81369Y209 |  | 475571 | 3528 | SH |  | DFND |  | 0 | 3528 | 0 |
| Helmerich  Payne | COM | 423452101 |  | 1440200 | 95000 | SH |  | DFND |  | 61000 | 34000 | 0 |
| Highland Opportunities  Income Fund | PFD | 43010E503 |  | 1619523 | 100842 | SH |  | DFND |  | 96642 | 4200 | 0 |
| Home Depot Inc. | COM | 437076102 |  | 1069067 | 2916 | SH |  | DFND |  | 0 | 2916 | 0 |
| Hometrust Bancshares Inc | COM | 437872104 |  | 5983393 | 159941 | SH |  | DFND |  | 19435 | 140506 | 0 |
| Honeywell International Inc. | COM | 438516106 |  | 476490 | 2046 | SH |  | DFND |  | 0 | 2046 | 0 |
| Information Services Group | COM | 45675Y104 |  | 27450359 | 5718825 | SH |  | DFND |  | 1707879 | 4010946 | 0 |
| International Business Machines Corp. | COM | 459200101 |  | 10877755 | 36901 | SH |  | DFND |  | 0 | 36901 | 0 |
| International Workplace Group | COM | G4969N103 |  | 22297877 | 7769295 | SH |  | DFND |  | 2371275 | 5398020 | 0 |
| Intuit | COM | 461202103 |  | 206235 | 262 | SH |  | DFND |  | 0 | 262 | 0 |
| Invesco QQQ Trust Series 1 | COM | 46090E103 |  | 1479677 | 2682 | SH |  | DFND |  | 0 | 2682 | 0 |
| Invesco S 100 Equal Weight ETF | COM | 46137V449 |  | 1111032 | 10103 | SH |  | DFND |  | 0 | 10103 | 0 |
| iShares Bitcoin Trust ETF | COM | 46438F101 |  | 214235 | 3500 | SH |  | DFND |  | 0 | 3500 | 0 |
| iShares Core Dividend Growth ETF | COM | 46434V621 |  | 261284 | 4086 | SH |  | DFND |  | 0 | 4086 | 0 |
| iShares Core MSCI EAFE ETF | COM | 46432F842 |  | 245016 | 2935 | SH |  | DFND |  | 0 | 2935 | 0 |
| iShares Core MSCI Emerging Markets | COM | 46434G103 |  | 378591 | 6307 | SH |  | DFND |  | 0 | 6307 | 0 |
| iShares Core MSCI Total Int'l Stock ETF | COM | 46432F834 |  | 338569 | 4379 | SH |  | DFND |  | 0 | 4379 | 0 |
| iShares Core S 500 | COM | 464287200 |  | 3116328 | 5019 | SH |  | DFND |  | 0 | 5019 | 0 |
| iShares Core S Mid Cap ETF | COM | 464287507 |  | 2716440 | 43799 | SH |  | DFND |  | 0 | 43799 | 0 |
| iShares Core S Small Cap ETF | COM | 464287804 |  | 419708 | 3840 | SH |  | DFND |  | 0 | 3840 | 0 |
| iShares Russell 1000 Index Fund ETF | COM | 464287622 |  | 240568 | 708 | SH |  | DFND |  | 0 | 708 | 0 |
| iShares Russell 2000 Index ETF | COM | 464287655 |  | 663554 | 3075 | SH |  | DFND |  | 800 | 2275 | 0 |
| iShares US Pharmaceuticals ETF | COM | 464288836 |  | 224475 | 3425 | SH |  | DFND |  | 0 | 3425 | 0 |
| Jefferies Financial Group Inc. | COM | 47233W109 |  | 23061054 | 421669 | SH |  | DFND |  | 135795 | 285874 | 0 |
| JM Smucker Company | COM | 832696405 |  | 903440 | 9200 | SH |  | DFND |  | 2300 | 6900 | 0 |
| JP Morgan Chase  Co. | COM | 46625H100 |  | 32673120 | 112701 | SH |  | DFND |  | 0 | 112701 | 0 |
| JP Morgan Chase Fin'l Co LLC Alerian | COM | 48133Q309 |  | 232819 | 7694 | SH |  | DFND |  | 0 | 7694 | 0 |
| Keurig Dr Pepper Inc | COM | 49271V100 |  | 1120734 | 33900 | SH |  | DFND |  | 31400 | 2500 | 0 |
| KKR  Co. Inc. Cl A | COM | 48251W104 |  | 42069749 | 316243 | SH |  | DFND |  | 95995 | 220248 | 0 |
| Kraft Heinz Company | COM | 500754106 |  | 232380 | 9000 | SH |  | DFND |  | 9000 | 0 | 0 |
| Lakeland Industries Inc. | COM | 511795106 |  | 15720544 | 1155073 | SH |  | DFND |  | 365937 | 789136 | 0 |
| Lantheus Holdings Inc. | COM | 516544103 |  | 44502289 | 543639 | SH |  | DFND |  | 172358 | 371281 | 0 |
| LendingTree Inc. | COM | 52603B107 |  | 240955 | 6500 | SH |  | DFND |  | 6500 | 0 | 0 |
| Ligand Pharmaceuticals | COM | 53220K504 |  | 26061481 | 229253 | SH |  | DFND |  | 72255 | 156998 | 0 |
| Lockheed Martin Corp. | COM | 539830109 |  | 406605 | 878 | SH |  | DFND |  | 0 | 878 | 0 |
| Mastercard Incorporated | COM | 57636Q104 |  | 1610380 | 2866 | SH |  | DFND |  | 0 | 2866 | 0 |
| Meta Platforms Inc. | COM | 30303M102 |  | 1007534 | 1365 | SH |  | DFND |  | 0 | 1365 | 0 |
| Microsoft Corp | COM | 594918104 |  | 4670362 | 9389 | SH |  | DFND |  | 3600 | 5789 | 0 |
| Molson Coors Brewing Company | COM | 60871R209 |  | 1043553 | 21700 | SH |  | DFND |  | 15000 | 6700 | 0 |
| Motorcar Parts of America Inc. | COM | 620071100 |  | 27154920 | 2424546 | SH |  | DFND |  | 805275 | 1619271 | 0 |
| Nutrien Ltd. | COM | 67077M108 |  | 1443568 | 24787 | SH |  | DFND |  | 24500 | 287 | 0 |
| Nvidia Corporation | COM | 67066G104 |  | 1166914 | 7386 | SH |  | DFND |  | 1600 | 5786 | 0 |
| Palantir Technologies Inc. | COM | 69608A108 |  | 8242008 | 60461 | SH |  | DFND |  | 450 | 60011 | 0 |
| Papa John's International | COM | 698813102 |  | 1898872 | 38800 | SH |  | DFND |  | 34000 | 4800 | 0 |
| Paychex Inc. | COM | 704326107 |  | 337035 | 2317 | SH |  | DFND |  | 0 | 2317 | 0 |
| Paypal Holdings Inc. | COM | 70450Y103 |  | 1538424 | 20700 | SH |  | DFND |  | 17000 | 3700 | 0 |
| Peabody Energy Corp | COM | 704551100 |  | 1003655 | 74788 | SH |  | DFND |  | 70088 | 4700 | 0 |
| Pepsico Inc. | COM | 713448108 |  | 3440962 | 26060 | SH |  | DFND |  | 22500 | 3560 | 0 |
| Perion Network Ltd. | COM | M78673114 |  | 32610965 | 3212903 | SH |  | DFND |  | 1095634 | 2117269 | 0 |
| Pfizer Inc. | COM | 717081103 |  | 2096564 | 86492 | SH |  | DFND |  | 84300 | 2192 | 0 |
| Phillips 66 | COM | 718546104 |  | 1598533 | 13399 | SH |  | DFND |  | 8000 | 5399 | 0 |
| Pioneer Bancorp | COM | 723561106 |  | 4315125 | 358697 | SH |  | DFND |  | 57490 | 301207 | 0 |
| PowerFleet Inc. | COM | 73931J109 |  | 29064110 | 6743413 | SH |  | DFND |  | 2922909 | 3820504 | 0 |
| ProShares S 500 Dividend Aristocrats | COM | 74348A467 |  | 4154436 | 41256 | SH |  | DFND |  | 0 | 41256 | 0 |
| ProShares UltraPro QQQ | COM | 74347X831 |  | 1037500 | 12500 | SH |  | DFND |  | 12500 | 0 | 0 |
| Qualcomm Inc. | COM | 747525103 |  | 1394314 | 8755 | SH |  | DFND |  | 7500 | 1255 | 0 |
| Quest Diagnostics Inc. | COM | 74834L100 |  | 1508892 | 8400 | SH |  | DFND |  | 6200 | 2200 | 0 |
| QuinStreet Inc. | COM | 74874Q100 |  | 66882958 | 4154221 | SH |  | DFND |  | 1440589 | 2713632 | 0 |
| Range Resources | COM | 75281A109 |  | 528710 | 13000 | SH |  | DFND |  | 13000 | 0 | 0 |
| Raymond James Financial Inc. | COM | 754730109 |  | 8963633 | 58445 | SH |  | DFND |  | 0 | 58445 | 0 |
| Reliance Global Group | COM | 75946W405 |  | 277755 | 148532 | SH |  | DFND |  | 0 | 148532 | 0 |
| Royce Micro Cap Closed Fund | COM | 780915104 |  | 109463 | 11834 | SH |  | DFND |  | 0 | 11834 | 0 |
| S Regional Banking SPDR | COM | 78464A698 |  | 397913 | 6700 | SH |  | DFND |  | 5200 | 1500 | 0 |
| Saba Closed-End Funds ETF | COM | 30151E806 |  | 3515312 | 158063 | SH |  | DFND |  | 0 | 158063 | 0 |
| Schwab International Equity ETF | COM | 808524805 |  | 1601540 | 72468 | SH |  | DFND |  | 0 | 72468 | 0 |
| Schwab Strategic Tr Emerging Mkts Eqty ETF | COM | 808524706 |  | 251137 | 8332 | SH |  | DFND |  | 0 | 8332 | 0 |
| Secure Waste Infrastructure Corp | COM | 813921103 |  | 30119769 | 2642085 | SH |  | DFND |  | 816680 | 1825405 | 0 |
| Shell PLC Spon ADS | COM | 780259305 |  | 739305 | 10500 | SH |  | DFND |  | 10500 | 0 | 0 |
| SmartFinancial Inc. | COM | 83190L208 |  | 18154915 | 537446 | SH |  | DFND |  | 159171 | 378275 | 0 |
| Southern Co. | COM | 842587107 |  | 745826 | 8122 | SH |  | DFND |  | 7500 | 622 | 0 |
| Southern States Bancshares | COM | 843878307 |  | 5202510 | 143044 | SH |  | DFND |  | 21345 | 121699 | 0 |
| SPDR S MidCap 400 ETF Trust | COM | 78467Y107 |  | 218095 | 385 | SH |  | DFND |  | 0 | 385 | 0 |
| Standard  Poor's Depositary Receipts | COM | 78462F103 |  | 5859811 | 9484 | SH |  | DFND |  | 6500 | 2984 | 0 |
| StoneX Group Inc. | COM | 861896108 |  | 22715551 | 249238 | SH |  | DFND |  | 82852 | 166386 | 0 |
| Synovus Financial Corp. | COM | 87161C501 |  | 20333332 | 392915 | SH |  | DFND |  | 124056 | 268859 | 0 |
| Target Corp. | COM | 87612E106 |  | 2027332 | 20551 | SH |  | DFND |  | 13500 | 7051 | 0 |
| Target Hospitality Corp. | COM | 87615L107 |  | 34542246 | 4851439 | SH |  | DFND |  | 1518585 | 3332854 | 0 |
| Technology Sector SPDR | COM | 81369Y803 |  | 281085 | 1110 | SH |  | DFND |  | 0 | 1110 | 0 |
| Thermo Fisher Scientific Inc. | COM | 883556102 |  | 566022 | 1396 | SH |  | DFND |  | 0 | 1396 | 0 |
| Total Energies SE | COM | 89151E109 |  | 255628 | 4164 | SH |  | DFND |  | 3700 | 464 | 0 |
| Tractor Supply Co. | COM | 892356106 |  | 986799 | 18700 | SH |  | DFND |  | 18000 | 700 | 0 |
| Tronox Holdings PLC | COM | G9087Q102 |  | 12392526 | 2444285 | SH |  | DFND |  | 674902 | 1769383 | 0 |
| Utilities Select Sector SPDR | COM | 81369Y886 |  | 2299395 | 28158 | SH |  | DFND |  | 3700 | 24458 | 0 |
| Vanguard Dividend Appreciation Indx ETF | COM | 921908844 |  | 4548930 | 22226 | SH |  | DFND |  | 5400 | 16826 | 0 |
| Vanguard FTSE All World Ex US ETF | COM | 922042775 |  | 685986 | 10205 | SH |  | DFND |  | 0 | 10205 | 0 |
| Vanguard FTSE Emerging Markets ETF | COM | 922042858 |  | 231400 | 4679 | SH |  | DFND |  | 0 | 4679 | 0 |
| Vanguard Growth Indx Fd ETF | COM | 922908736 |  | 592717 | 1352 | SH |  | DFND |  | 0 | 1352 | 0 |
| Vanguard High Dividend Yield Index Fd ETF | COM | 921946406 |  | 725385 | 5441 | SH |  | DFND |  | 0 | 5441 | 0 |
| Vanguard Index Fund ETF | COM | 922908769 |  | 330980 | 1089 | SH |  | DFND |  | 0 | 1089 | 0 |
| Vanguard Intermediate Term Corp. Bond ETF | COM | 92206C870 |  | 545599 | 6580 | SH |  | DFND |  | 0 | 6580 | 0 |
| Vanguard Mid-Cap Index Fund | COM | 922908629 |  | 271155 | 969 | SH |  | DFND |  | 0 | 969 | 0 |
| Vanguard S 500 Indx Fd ETF | COM | 922908363 |  | 474689 | 836 | SH |  | DFND |  | 0 | 836 | 0 |
| Vanguard Total Bond Market Indx ETF | COM | 921937835 |  | 1358152 | 18446 | SH |  | DFND |  | 0 | 18446 | 0 |
| Visa Inc. | COM | 92826C839 |  | 263069 | 741 | SH |  | DFND |  | 0 | 741 | 0 |
| Vivid Seats Inc. | COM | 92854T209 |  | 9240648 | 5467839 | SH |  | DFND |  | 1773478 | 3694361 | 0 |
| Walmart Inc. | COM | 931142103 |  | 562797 | 5756 | SH |  | DFND |  | 0 | 5756 | 0 |
| Waste Management | COM | 94106L109 |  | 440407 | 1925 | SH |  | DFND |  | 0 | 1925 | 0 |
| WisdomTree Equity Premium Income Fund | COM | 97717X560 |  | 2865110 | 89423 | SH |  | DFND |  | 0 | 89423 | 0 |
| WisdomTree US Mid-Cap Div Fund | COM | 97717W505 |  | 3991024 | 79629 | SH |  | DFND |  | 0 | 79629 | 0 |
| Zebra Technologies | COM | 989207105 |  | 531921 | 1725 | SH |  | DFND |  | 0 | 1725 | 0 |
| Brown-Forman Corporation Class B | COM | 115637209 |  | 1157130 | 43000 | SH | Call | DFND |  | 43000 | 0 | 0 |
| Peabody Energy Corporation | COM | 704551100 |  | 1175592 | 87600 | SH | Call | DFND |  | 67600 | 20000 | 0 |
| Helmerich  Payne Inc. | COM | 423452101 |  | 1819200 | 120000 | SH | Call | DFND |  | 85000 | 35000 | 0 |
| Harrow Inc. | COM | 415858109 |  | 1633890 | 53500 | SH | Call | DFND |  | 43500 | 10000 | 0 |
| Lantheus Holdings Inc | COM | 516544103 |  | 1719060 | 21000 | SH | Call | DFND |  | 0 | 21000 | 0 |
| Paychex Inc. | COM | 704326107 |  | 2909200 | 20000 | SH | Call | DFND |  | 20000 | 0 | 0 |
| Pfizer Inc. | COM | 717081103 |  | 6302400 | 260000 | SH | Call | DFND |  | 260000 | 0 | 0 |
| QuinStreet Inc. | COM | 74874Q100 |  | 1449000 | 90000 | SH | Call | DFND |  | 90000 | 0 | 0 |
| Rocket Companies Inc. Class A | COM | 77311W101 |  | 283600 | 20000 | SH | Call | DFND |  | 0 | 20000 | 0 |
| SEMrush Holdings Inc. Class A | COM | 81686C104 |  | 362000 | 40000 | SH | Call | DFND |  | 40000 | 0 | 0 |
| J.M. Smucker Company | COM | 832696405 |  | 5401000 | 55000 | SH | Call | DFND |  | 0 | 55000 | 0 |
| Constellation Brands Inc. Class A | COM | 21036P108 |  | 1626800 | 10000 | SH | Call | DFND |  | 0 | 10000 | 0 |
| Target Corporation | COM | 87612E106 |  | 1381100 | 14000 | SH | Call | DFND |  | 7000 | 7000 | 0 |
| Tronox Holdings Plc | COM | G9087Q102 |  | 304200 | 60000 | SH | Call | DFND |  | 60000 | 0 | 0 |
| TotalEnergies SE Sponsored ADR | COM | 89151E109 |  | 920850 | 15000 | SH | Call | DFND |  | 15000 | 0 | 0 |
| Energy Select Sector SPDR Fund | COM | 81369Y506 |  | 1696200 | 20000 | SH | Call | DFND |  | 10000 | 10000 | 0 |
| Compass Minerals International Inc. | COM | 20451N101 |  | 66297 | 3300 | SH | Put | DFND |  | 0 | 3300 | 0 |
| SPDR Dow Jones Industrial Average ETF Trust | COM | 78467X109 |  | 88130 | 200 | SH | Put | DFND |  | 200 | 0 | 0 |
| GE Vernova Inc. | COM | 36828A101 |  | 2645750 | 5000 | SH | Put | DFND |  | 0 | 5000 | 0 |
| iShares Russell 2000 ETF | COM | 464287655 |  | 43158 | 200 | SH | Put | DFND |  | 200 | 0 | 0 |
| Microsoft Corporation | COM | 594918104 |  | 9948200 | 20000 | SH | Put | DFND |  | 20000 | 0 | 0 |
| NVIDIA Corporation | COM | 67066G104 |  | 1974875 | 12500 | SH | Put | DFND |  | 12500 | 0 | 0 |
| PepsiCo Inc. | COM | 713448108 |  | 2970900 | 22500 | SH | Put | DFND |  | 22500 | 0 | 0 |
| Pfizer Inc. | COM | 717081103 |  | 860520 | 35500 | SH | Put | DFND |  | 35500 | 0 | 0 |
| Rocket Companies Inc. Class A | COM | 77311W101 |  | 283600 | 20000 | SH | Put | DFND |  | 0 | 20000 | 0 |

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