# EDGAR Filing Document

**Accession Number:** 0001588456
**File Stem:** 0001214659-26-001995
**Filing Date:** 2026-2
**Character Count:** 22055
**Document Hash:** 43698e5fbdaab0c6df9d31f30925b452
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001214659-26-001995.hdr.sgml**: 20260217

**ACCESSION NUMBER**: 0001214659-26-001995

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260217

**DATE AS OF CHANGE**: 20260217

**EFFECTIVENESS DATE**: 20260217

**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:** 26640612

**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:** 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:** 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  02-13-2026<br>[Signature]  [City, State]  [Date]

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

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

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

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

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 182

**Form 13F Information Table Value Total:** $1091043294

      (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 |
| Abbott Laboratories | COM | 002824100 |  | 363718 | 2903 | SH |  | DFND |  | 0 | 2903 | 0 |
| Abbvie Inc. | COM | 00287Y109 |  | 340637 | 1491 | SH |  | DFND |  | 0 | 1491 | 0 |
| Accenture PLC | COM | G1151C101 |  | 572016 | 2132 | SH |  | DFND |  | 0 | 2132 | 0 |
| ACNB Corp. | COM | 000868109 |  | 17925376 | 370742 | SH |  | DFND |  | 107551 | 263191 | 0 |
| Aersale Corp. | COM | 00810F106 |  | 11681566 | 1642977 | SH |  | DFND |  | 834683 | 808294 | 0 |
| Alphabet Inc. Cl A | COM | 02079K305 |  | 11030377 | 35241 | SH |  | DFND |  | 4700 | 30541 | 0 |
| Alphabet Inc. Cl C | COM | 02079K107 |  | 7090939 | 22597 | SH |  | DFND |  | 0 | 22597 | 0 |
| Amazon.com | COM | 023135106 |  | 3680194 | 15944 | SH |  | DFND |  | 5300 | 10644 | 0 |
| Amphenol Corp-Cl A | COM | 032095101 |  | 405420 | 3000 | SH |  | DFND |  | 0 | 3000 | 0 |
| Apple Inc. | COM | 037833100 |  | 6374259 | 23447 | SH |  | DFND |  | 3700 | 19747 | 0 |
| Astronics Corp. | COM | 046433108 |  | 30126740 | 555434 | SH |  | DFND |  | 178840 | 376594 | 0 |
| Asure Software Inc. | COM | 04649U102 |  | 38073935 | 4041819 | SH |  | DFND |  | 1346515 | 2695304 | 0 |
| Automatic Data Processing Inc. | COM | 053015103 |  | 450153 | 1750 | SH |  | DFND |  | 0 | 1750 | 0 |
| Bank of America Corp. | COM | 060505104 |  | 492457 | 8954 | SH |  | DFND |  | 0 | 8954 | 0 |
| Barrett Business Services Inc. | COM | 068463108 |  | 36187238 | 999371 | SH |  | DFND |  | 337785 | 661586 | 0 |
| Berkshire Hathaway Inc. Cl B | COM | 084670702 |  | 711752 | 1416 | SH |  | DFND |  | 0 | 1416 | 0 |
| BGC Group Inc. | COM | 088929104 |  | 37067332 | 4150877 | SH |  | DFND |  | 1331270 | 2819607 | 0 |
| Blackrock Inc. | COM | 09290D101 |  | 508133 | 475 | SH |  | DFND |  | 0 | 475 | 0 |
| Broadcom Inc. | COM | 11135F101 |  | 303848 | 878 | SH |  | DFND |  | 0 | 878 | 0 |
| Campbell Soup Co. | COM | 134429109 |  | 1875651 | 67300 | SH |  | DFND |  | 38500 | 28800 | 0 |
| Canadian National Railway Co. | COM | 136375102 |  | 233286 | 2360 | SH |  | DFND |  | 0 | 2360 | 0 |
| Caterpillar Inc. | COM | 149123101 |  | 698901 | 1220 | SH |  | DFND |  | 0 | 1220 | 0 |
| CF Industries Holdings Inc. | COM | 125269100 |  | 1511730 | 19547 | SH |  | DFND |  | 17100 | 2447 | 0 |
| Chemours | COM | 163851108 |  | 2317914 | 196600 | SH |  | DFND |  | 114000 | 82600 | 0 |
| Chevron Corporation | COM | 166764100 |  | 2424762 | 15909 | SH |  | DFND |  | 0 | 15909 | 0 |
| Chubb Limited | COM | H1467J104 |  | 392335 | 1257 | SH |  | DFND |  | 0 | 1257 | 0 |
| Cisco Systems Inc. | COM | 17275R102 |  | 500695 | 6500 | SH |  | DFND |  | 0 | 6500 | 0 |
| Clorox Co. | COM | 189054109 |  | 1835106 | 18200 | SH |  | DFND |  | 10500 | 7700 | 0 |
| Constellation Brands Inc. | COM | 21036P108 |  | 203077 | 1472 | SH |  | DFND |  | 0 | 1472 | 0 |
| CubeSmart | COM | 229663109 |  | 10815 | 300 | SH |  | DFND |  | 0 | 300 | 0 |
| Custom Truck One Source | COM | 23204X103 |  | 1886400 | 327500 | SH |  | DFND |  | 0 | 327500 | 0 |
| Diamedica Therapeutics Inc | COM | 25253X207 |  | 398000 | 50000 | SH |  | DFND |  | 0 | 50000 | 0 |
| Direxion Daily Small Cap Bull 3X Shs | COM | 25459W847 |  | 214038 | 4700 | SH |  | DFND |  | 4700 | 0 | 0 |
| Direxion Financial Bull 3X Shs | COM | 25459Y694 |  | 1178310 | 7000 | SH |  | DFND |  | 7000 | 0 | 0 |
| Direxion NASDAQ-100 Equal Weighted ETF | COM | 25459Y207 |  | 1417625 | 13856 | SH |  | DFND |  | 0 | 13856 | 0 |
| Dow Jones Indl Average SPDR ETF | COM | 78467X109 |  | 576684 | 1200 | SH |  | DFND |  | 200 | 1000 | 0 |
| Duke Energy Corp. | COM | 26441C204 |  | 320851 | 2737 | SH |  | DFND |  | 0 | 2737 | 0 |
| Eli Lilly  Co. | COM | 532457108 |  | 351441 | 327 | SH |  | DFND |  | 0 | 327 | 0 |
| Energy Select Sector SPDR | COM | 81369Y506 |  | 1662321 | 37180 | SH |  | DFND |  | 23000 | 14180 | 0 |
| Exxon Mobil Corp. | COM | 30231G102 |  | 787774 | 6546 | SH |  | DFND |  | 0 | 6546 | 0 |
| FB Financial Corp. | COM | 30257X104 |  | 6258751 | 112164 | SH |  | DFND |  | 17076 | 95088 | 0 |
| Financials Select Sector SPDR | COM | 81369Y605 |  | 427727 | 7810 | SH |  | DFND |  | 0 | 7810 | 0 |
| First American Financial Corp. | COM | 31847R102 |  | 16703263 | 271863 | SH |  | DFND |  | 85360 | 186503 | 0 |
| First Northwest Bancorp | COM | 335834107 |  | 1901569 | 202726 | SH |  | DFND |  | 0 | 202726 | 0 |
| First Trust NASDAQ Cybersecurity ETF | COM | 33734X846 |  | 221495 | 3100 | SH |  | DFND |  | 0 | 3100 | 0 |
| FirstEnergy Corp. | COM | 337932107 |  | 1321952 | 29528 | SH |  | DFND |  | 28500 | 1028 | 0 |
| Global Self Storage Inc | COM | 37955N106 |  | 61200 | 12000 | SH |  | DFND |  | 12000 | 0 | 0 |
| Harrow Inc. | COM | 415858109 |  | 90311459 | 1843091 | SH |  | DFND |  | 592054 | 1251037 | 0 |
| Healthcare Select Sector SPDR | COM | 81369Y209 |  | 535576 | 3460 | SH |  | DFND |  | 0 | 3460 | 0 |
| Helmerich  Payne | COM | 423452101 |  | 2122320 | 74000 | SH |  | DFND |  | 40000 | 34000 | 0 |
| Highland Opps  Income Fund 5.375 Sr A Pfd | PFD | 43010E503 |  | 1908000 | 120000 | SH |  | DFND |  | 105000 | 15000 | 0 |
| Home Depot Inc. | COM | 437076102 |  | 1038189 | 3017 | SH |  | DFND |  | 0 | 3017 | 0 |
| Hometrust Bancshares Inc. | COM | 437872104 |  | 10669946 | 248485 | SH |  | DFND |  | 66599 | 181886 | 0 |
| Honeywell International Inc. | COM | 438516106 |  | 399169 | 2046 | SH |  | DFND |  | 0 | 2046 | 0 |
| Information Services Group Inc. | COM | 45675Y104 |  | 27614504 | 4777596 | SH |  | DFND |  | 1465434 | 3312162 | 0 |
| International Business Machines Corp. | COM | 459200101 |  | 7932110 | 26779 | SH |  | DFND |  | 0 | 26779 | 0 |
| International Workplace Group PLC | COM | G4969N103 |  | 24856946 | 7966970 | SH |  | DFND |  | 2371275 | 5595695 | 0 |
| Invesco QQQ Trust Series 1 | COM | 46090E103 |  | 1656303 | 2696 | SH |  | DFND |  | 0 | 2696 | 0 |
| Invesco S 100 Equal Weight ETF | COM | 46137V449 |  | 1425144 | 12061 | SH |  | DFND |  | 0 | 12061 | 0 |
| iShares Core Dividend Growth ETF | COM | 46434V621 |  | 353536 | 5093 | SH |  | DFND |  | 0 | 5093 | 0 |
| iShares Core MSCI EAFE ETF | COM | 46432F842 |  | 275578 | 3080 | SH |  | DFND |  | 0 | 3080 | 0 |
| iShares Core MSCI Emerging Markets | COM | 46434G103 |  | 427693 | 6363 | SH |  | DFND |  | 0 | 6363 | 0 |
| iShares Core MSCI Total Int'l Stock ETF | COM | 46432F834 |  | 410837 | 4854 | SH |  | DFND |  | 0 | 4854 | 0 |
| iShares Core S 500 | COM | 464287200 |  | 3364501 | 4912 | SH |  | DFND |  | 0 | 4912 | 0 |
| iShares Core S Mid Cap ETF | COM | 464287507 |  | 3273731 | 49602 | SH |  | DFND |  | 0 | 49602 | 0 |
| iShares Core S Small Cap ETF | COM | 464287804 |  | 594429 | 4946 | SH |  | DFND |  | 0 | 4946 | 0 |
| iShares Russell 1000 Index Fund ETF | COM | 464287622 |  | 264564 | 708 | SH |  | DFND |  | 0 | 708 | 0 |
| iShares Russell 2000 Index ETF | COM | 464287655 |  | 655770 | 2664 | SH |  | DFND |  | 800 | 1864 | 0 |
| iShares US Pharmaceuticals ETF | COM | 464288836 |  | 290543 | 3425 | SH |  | DFND |  | 0 | 3425 | 0 |
| Jefferies Financial Group Inc. | COM | 47233W109 |  | 25991988 | 419429 | SH |  | DFND |  | 135795 | 283634 | 0 |
| JM Smucker Company | COM | 832696405 |  | 317883 | 3250 | SH |  | DFND |  | 0 | 3250 | 0 |
| Johnson  Johnson | COM | 478160104 |  | 1066780 | 5155 | SH |  | DFND |  | 0 | 5155 | 0 |
| JP Morgan Chase  Co. | COM | 46625H100 |  | 36083908 | 111985 | SH |  | DFND |  | 0 | 111985 | 0 |
| JP Morgan Chase Fin'l Co LLC Alerian | COM | 48133Q309 |  | 234851 | 7852 | SH |  | DFND |  | 0 | 7852 | 0 |
| Keurig Dr Pepper Inc | COM | 49271V100 |  | 2243601 | 80100 | SH |  | DFND |  | 58000 | 22100 | 0 |
| KKR  Co Inc. | COM | 48251W104 |  | 40408300 | 316978 | SH |  | DFND |  | 95995 | 220983 | 0 |
| Kla Corp. | COM | 482480100 |  | 1579604 | 1300 | SH |  | DFND |  | 0 | 1300 | 0 |
| Lakeland Industries Inc. | COM | 511795106 |  | 10629508 | 1202433 | SH |  | DFND |  | 378797 | 823636 | 0 |
| Lantheus Holdings Inc. | COM | 516544103 |  | 37189737 | 558824 | SH |  | DFND |  | 178058 | 380766 | 0 |
| Ligand Pharmaceuticals Inc. | COM | 53220K504 |  | 39495021 | 208891 | SH |  | DFND |  | 68270 | 140621 | 0 |
| Linde PLC | COM | G54950103 |  | 484273 | 1136 | SH |  | DFND |  | 0 | 1136 | 0 |
| Lockheed Martin Corp. | COM | 539830109 |  | 424740 | 878 | SH |  | DFND |  | 0 | 878 | 0 |
| Lowes Companies Inc. | COM | 548661107 |  | 398349 | 1652 | SH |  | DFND |  | 0 | 1652 | 0 |
| Marriott International A | COM | 571903202 |  | 313032 | 1009 | SH |  | DFND |  | 0 | 1009 | 0 |
| Mastercard Incorporated | COM | 57636Q104 |  | 1721873 | 3016 | SH |  | DFND |  | 0 | 3016 | 0 |
| Matthews International Corp. | COM | 577128101 |  | 26605492 | 1018587 | SH |  | DFND |  | 299658 | 718929 | 0 |
| McDonalds Corp. | COM | 580135101 |  | 399153 | 1306 | SH |  | DFND |  | 0 | 1306 | 0 |
| McKesson Corp. | COM | 58155Q103 |  | 563539 | 687 | SH |  | DFND |  | 0 | 687 | 0 |
| Merck  Co. Inc. | COM | 58933Y105 |  | 244730 | 2325 | SH |  | DFND |  | 0 | 2325 | 0 |
| Meta Platforms Inc. | COM | 30303M102 |  | 903708 | 1369 | SH |  | DFND |  | 0 | 1369 | 0 |
| Microsoft Corp | COM | 594918104 |  | 5020574 | 10381 | SH |  | DFND |  | 2600 | 7781 | 0 |
| Molson Coors Brewing Company | COM | 60871R209 |  | 1713156 | 36700 | SH |  | DFND |  | 27000 | 9700 | 0 |
| Motorcar Parts of America Inc. | COM | 620071100 |  | 27634467 | 2239422 | SH |  | DFND |  | 738245 | 1501177 | 0 |
| National Fuel Gas Co. | COM | 636180101 |  | 424318 | 5300 | SH |  | DFND |  | 4400 | 900 | 0 |
| National Storage Affiliates | COM | 637870106 |  | 2821 | 100 | SH |  | DFND |  | 0 | 100 | 0 |
| NextEra Energy Inc. | COM | 65339F101 |  | 341754 | 4257 | SH |  | DFND |  | 0 | 4257 | 0 |
| Nike Inc. | COM | 654106103 |  | 262103 | 4114 | SH |  | DFND |  | 0 | 4114 | 0 |
| Northern Trust Corporation | COM | 665859104 |  | 737586 | 5400 | SH |  | DFND |  | 0 | 5400 | 0 |
| Nutrien Ltd. | COM | 67077M108 |  | 1252085 | 20287 | SH |  | DFND |  | 20000 | 287 | 0 |
| Nvidia Corporation | COM | 67066G104 |  | 1268240 | 6800 | SH |  | DFND |  | 700 | 6100 | 0 |
| Palantir Technologies Inc. | COM | 69608A108 |  | 8123484 | 45702 | SH |  | DFND |  | 450 | 45252 | 0 |
| Papa John's International | COM | 698813102 |  | 1607920 | 41775 | SH |  | DFND |  | 33000 | 8775 | 0 |
| Paychex Inc. | COM | 704326107 |  | 1107761 | 9875 | SH |  | DFND |  | 2600 | 7275 | 0 |
| Paypal Holdings Inc. | COM | 70450Y103 |  | 2651328 | 45415 | SH |  | DFND |  | 25500 | 19915 | 0 |
| Peabody Energy Corp | COM | 704551100 |  | 540184 | 18188 | SH |  | DFND |  | 10688 | 7500 | 0 |
| Pepsico Inc. | COM | 713448108 |  | 912787 | 6360 | SH |  | DFND |  | 0 | 6360 | 0 |
| Perion Network Ltd. | COM | M78673114 |  | 35944189 | 3752003 | SH |  | DFND |  | 1286590 | 2465413 | 0 |
| Pfizer Inc. | COM | 717081103 |  | 2238729 | 89909 | SH |  | DFND |  | 63000 | 26909 | 0 |
| Phillips 66 | COM | 718546104 |  | 1729433 | 13402 | SH |  | DFND |  | 8000 | 5402 | 0 |
| Pioneer Bancorp | COM | 723561106 |  | 4885597 | 362433 | SH |  | DFND |  | 57490 | 304943 | 0 |
| PowerFleet Inc. | COM | 73931J109 |  | 40351418 | 7584853 | SH |  | DFND |  | 2936454 | 4648399 | 0 |
| Procter  Gamble Co. | COM | 742718109 |  | 219541 | 1532 | SH |  | DFND |  | 0 | 1532 | 0 |
| Progressive | COM | 743315103 |  | 571577 | 2510 | SH |  | DFND |  | 0 | 2510 | 0 |
| ProShares S 500 Dividend Aristocrats | COM | 74348A467 |  | 4545428 | 43677 | SH |  | DFND |  | 0 | 43677 | 0 |
| ProShares UltraPro QQQ | COM | 74347X831 |  | 1212560 | 23000 | SH |  | DFND |  | 23000 | 0 | 0 |
| Public Storage | COM | 74460D109 |  | 1167750 | 4500 | SH |  | DFND |  | 4500 | 0 | 0 |
| Qualcomm Inc. | COM | 747525103 |  | 1617270 | 9455 | SH |  | DFND |  | 7700 | 1755 | 0 |
| Quest Diagnostics Inc. | COM | 74834L100 |  | 1509711 | 8700 | SH |  | DFND |  | 6500 | 2200 | 0 |
| QuinStreet Inc. | COM | 74874Q100 |  | 59950864 | 4171946 | SH |  | DFND |  | 1440589 | 2731357 | 0 |
| Range Resources | COM | 75281A109 |  | 1216470 | 34500 | SH |  | DFND |  | 31500 | 3000 | 0 |
| Raymond James Financial Inc. | COM | 754730109 |  | 8875408 | 55268 | SH |  | DFND |  | 0 | 55268 | 0 |
| Royce Micro Cap Closed Fund | COM | 780915104 |  | 226330 | 21700 | SH |  | DFND |  | 0 | 21700 | 0 |
| S Regional Banking SPDR | COM | 78464A698 |  | 356455 | 5500 | SH |  | DFND |  | 4000 | 1500 | 0 |
| Saba Closed-End Funds ETF | COM | 30151E806 |  | 4484006 | 194618 | SH |  | DFND |  | 0 | 194618 | 0 |
| Schwab International Equity ETF | COM | 808524805 |  | 1749316 | 72767 | SH |  | DFND |  | 0 | 72767 | 0 |
| Schwab Strategic Tr Emerging Mkts Eqty ETF | COM | 808524706 |  | 296212 | 9045 | SH |  | DFND |  | 0 | 9045 | 0 |
| Secure Waste Infrastructure Corp. | COM | 813921103 |  | 32994612 | 2618620 | SH |  | DFND |  | 816680 | 1801940 | 0 |
| SmartFinancial Inc. | COM | 83190L208 |  | 17592469 | 475601 | SH |  | DFND |  | 143491 | 332110 | 0 |
| Southern Co. | COM | 842587107 |  | 664622 | 7622 | SH |  | DFND |  | 7500 | 122 | 0 |
| SPDR Bloomberg Barclays 1-3 Month Bill ETF | COM | 78468R663 |  | 340116 | 3722 | SH |  | DFND |  | 0 | 3722 | 0 |
| SPDR S MidCap 400 ETF Trust | COM | 78467Y107 |  | 232263 | 385 | SH |  | DFND |  | 0 | 385 | 0 |
| Standard  Poor's Depositary Receipts | COM | 78462F103 |  | 6536448 | 9585 | SH |  | DFND |  | 6500 | 3085 | 0 |
| StoneX Group Inc. | COM | 861896108 |  | 15904404 | 167186 | SH |  | DFND |  | 53917 | 113269 | 0 |
| Synovus Financial Corp. | COM | 87161C501 |  | 17961925 | 358880 | SH |  | DFND |  | 109061 | 249819 | 0 |
| Target Corp. | COM | 87612E106 |  | 2482924 | 25401 | SH |  | DFND |  | 17300 | 8101 | 0 |
| Target Hospitality Corp. | COM | 87615L107 |  | 36082150 | 4504638 | SH |  | DFND |  | 1477495 | 3027143 | 0 |
| Technology Sector SPDR | COM | 81369Y803 |  | 259146 | 1800 | SH |  | DFND |  | 0 | 1800 | 0 |
| Tesla Inc. | COM | 88160R101 |  | 201475 | 448 | SH |  | DFND |  | 200 | 248 | 0 |
| Texas Instruments | COM | 882508104 |  | 438418 | 2527 | SH |  | DFND |  | 0 | 2527 | 0 |
| Thermo Fisher Scientific Inc. | COM | 883556102 |  | 808912 | 1396 | SH |  | DFND |  | 0 | 1396 | 0 |
| TJX Companies Inc. | COM | 872540109 |  | 360984 | 2350 | SH |  | DFND |  | 0 | 2350 | 0 |
| Tractor Supply Co. | COM | 892356106 |  | 1605321 | 32100 | SH |  | DFND |  | 29600 | 2500 | 0 |
| Trane Technologies PLC | COM | G8994E103 |  | 396595 | 1019 | SH |  | DFND |  | 0 | 1019 | 0 |
| Travelers Companies Inc. | COM | 89417E109 |  | 360835 | 1244 | SH |  | DFND |  | 0 | 1244 | 0 |
| Tronox Holdings PLC | COM | G9087Q102 |  | 7485480 | 1795079 | SH |  | DFND |  | 114600 | 1680479 | 0 |
| Utilities Select Sector SPDR | COM | 81369Y886 |  | 2191535 | 51336 | SH |  | DFND |  | 0 | 51336 | 0 |
| Vanguard Dividend Appreciation Indx ETF | COM | 921908844 |  | 4652710 | 21170 | SH |  | DFND |  | 4000 | 17170 | 0 |
| Vanguard FTSE All World Ex US ETF | COM | 922042775 |  | 754039 | 10251 | SH |  | DFND |  | 0 | 10251 | 0 |
| Vanguard FTSE Emerging Markets ETF | COM | 922042858 |  | 278196 | 5175 | SH |  | DFND |  | 0 | 5175 | 0 |
| Vanguard Growth Indx Fd ETF | COM | 922908736 |  | 912488 | 1870 | SH |  | DFND |  | 0 | 1870 | 0 |
| Vanguard High Dividend Yield Index Fd ETF | COM | 921946406 |  | 909832 | 6339 | SH |  | DFND |  | 0 | 6339 | 0 |
| Vanguard Index Fund ETF | COM | 922908769 |  | 520940 | 1554 | SH |  | DFND |  | 0 | 1554 | 0 |
| Vanguard Intermediate Term Corp. Bond ETF | COM | 92206C870 |  | 520493 | 6215 | SH |  | DFND |  | 0 | 6215 | 0 |
| Vanguard Mid-Cap Index Fund | COM | 922908629 |  | 284070 | 979 | SH |  | DFND |  | 0 | 979 | 0 |
| Vanguard S 500 Indx Fd ETF | COM | 922908363 |  | 613961 | 979 | SH |  | DFND |  | 0 | 979 | 0 |
| Vanguard Total Bond Market Index ETF | COM | 921937835 |  | 1394632 | 18829 | SH |  | DFND |  | 0 | 18829 | 0 |
| Verizon Communications Inc. | COM | 92343V104 |  | 1495009 | 36705 | SH |  | DFND |  | 0 | 36705 | 0 |
| Visa Inc. | COM | 92826C839 |  | 253620 | 723 | SH |  | DFND |  | 0 | 723 | 0 |
| Walmart Inc. | COM | 931142103 |  | 942189 | 8457 | SH |  | DFND |  | 0 | 8457 | 0 |
| Waste Management | COM | 94106L109 |  | 642625 | 2925 | SH |  | DFND |  | 0 | 2925 | 0 |
| Wells Fargo  Company | COM | 949746101 |  | 212216 | 2277 | SH |  | DFND |  | 0 | 2277 | 0 |
| Westrock Coffee Co | COM | 96145W103 |  | 244200 | 60000 | SH |  | DFND |  | 60000 | 0 | 0 |
| WisdomTree Equity Premium Income Fund | COM | 97717X560 |  | 3447782 | 104415 | SH |  | DFND |  | 0 | 104415 | 0 |
| WisdomTree US Mid-Cap Div Fund | COM | 97717W505 |  | 4466406 | 86558 | SH |  | DFND |  | 0 | 86558 | 0 |
| Zebra Technologies | COM | 989207105 |  | 418865 | 1725 | SH |  | DFND |  | 0 | 1725 | 0 |
| Asure Software Inc. | COM | 04649U102 |  | 126228 | 13400 | SH | Call | DFND |  | 13400 | 0 | 0 |
| Peabody Energy Corporation | COM | 704551100 |  | 460350 | 15500 | SH | Call | DFND |  | 15500 | 0 | 0 |
| Chemours Co. | COM | 163851108 |  | 1273320 | 108000 | SH | Call | DFND |  | 64000 | 44000 | 0 |
| CubeSmart | COM | 229663109 |  | 3244500 | 90000 | SH | Call | DFND |  | 50000 | 40000 | 0 |
| FMC Corporation | COM | 302491303 |  | 1178950 | 85000 | SH | Call | DFND |  | 85000 | 0 | 0 |
| Harrow Inc. | COM | 415858109 |  | 2033500 | 41500 | SH | Call | DFND |  | 29500 | 12000 | 0 |
| National Storage Affiliates Trust | COM | 637870106 |  | 846300 | 30000 | SH | Call | DFND |  | 30000 | 0 | 0 |
| Paychex Inc. | COM | 704326107 |  | 1682700 | 15000 | SH | Call | DFND |  | 0 | 15000 | 0 |
| Pfizer Inc. | COM | 717081103 |  | 8341500 | 335000 | SH | Call | DFND |  | 300000 | 35000 | 0 |
| Public Storage | COM | 74460D109 |  | 1038000 | 4000 | SH | Call | DFND |  | 4000 | 0 | 0 |
| PayPal Holdings Inc. | COM | 70450Y103 |  | 6480180 | 111000 | SH | Call | DFND |  | 96000 | 15000 | 0 |
| Target Corporation | COM | 87612E106 |  | 2492625 | 25500 | SH | Call | DFND |  | 12000 | 13500 | 0 |
| Clorox Company | COM | 189054109 |  | 1058715 | 10500 | SH | Put | DFND |  | 10500 | 0 | 0 |
| SPDR Dow Jones Industrial Average ETF Trust | COM | 78467X109 |  | 96114 | 200 | SH | Put | DFND |  | 200 | 0 | 0 |
| Alphabet Inc. Class A | COM | 02079K305 |  | 5790500 | 18500 | SH | Put | DFND |  | 10500 | 8000 | 0 |
| iShares Russell 2000 ETF | COM | 464287655 |  | 49232 | 200 | SH | Put | DFND |  | 200 | 0 | 0 |
| ProShares UltraPro QQQ | COM | 74347X831 |  | 1476160 | 28000 | SH | Put | DFND |  | 0 | 28000 | 0 |

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