0001056823-23-000019.txt : 20230512 0001056823-23-000019.hdr.sgml : 20230512 20230512123558 ACCESSION NUMBER: 0001056823-23-000019 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20230331 FILED AS OF DATE: 20230512 DATE AS OF CHANGE: 20230512 EFFECTIVENESS DATE: 20230512 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 SEC ACT: 1934 Act SEC FILE NUMBER: 028-06986 FILM NUMBER: 23914367 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 13F-HR 1 primary_doc.xml X0202 13F-HR LIVE false false false 0001056823 XXXXXXXX 03-31-2023 03-31-2023 HORIZON KINETICS ASSET MANAGEMENT LLC

470 PARK AVENUE SOUTH 4TH FLOOR SOUTH NEW YORK NY 10016

13F HOLDINGS REPORT 028-06986 000106096 N Jay Kesslen 646-867-1176 /s/Jay Kesslen New York NY 05-12-2023 0 334 5208461225 false INFORMATION TABLE 2 form13fhr-infoTable.xml POLISH COM INC W EXP 06/02/202 28252C117 3734 37752 SH DFND 37752 0 0 2SEVENTY BIO INC COMMON STOCK 901384107 183600 18000 SH DFND 18000 0 0 3M CO COM 88579Y101 303663 2889 SH DFND 2889 0 0 A T & T INC COM 00206R102 217640 11306 SH DFND 11306 0 0 ABB LTD SPONSORED ADR 000375204 1021145 29771 SH DFND 29771 0 0 ABBOTT LABS COM 002824100 1512217 14934 SH DFND 14934 0 0 ABBVIE INC COM 00287Y109 4000665 25103 SH DFND 25103 0 0 ALAUNOS THERAPEUTICS INC COM 98973P101 21420 34000 SH DFND 34000 0 0 ALGOMA STL GROUP INC COM 015658107 149642 18520 SH DFND 18520 0 0 ALICO INC COM 016230104 242000 10000 SH DFND 10000 0 0 ALKERMES PLC COM G01767105 676560 24000 SH DFND 24000 0 0 ALLOGENE THERAPEUTICS INC COM 019770106 98800 20000 SH DFND 20000 0 0 ALNYLAM PHARMACEUTICALS INC COM 02043Q107 600960 3000 SH DFND 3000 0 0 ALPHABET INC CL A 02079K305 656611 6330 SH DFND 6330 0 0 ALPHABET INC CL C 02079K107 992472 9543 SH DFND 9543 0 0 ALPS ETF TR ALERIAN MLP ALERIAN MLP 00162Q452 3935034 101812 SH DFND 101812 0 0 ALTRIA GROUP INC COM 02209S103 1775073 39782 SH DFND 39782 0 0 AMC NETWORKS INC CL A 00164V103 180933 10292 SH DFND 10292 0 0 AMERICAN STS WTR CO COM 029899101 443561 4990 SH DFND 4990 0 0 AMERICAN TOWER REIT COM 03027X100 300380 1470 SH DFND 1470 0 0 AMERICAN WTR WKS CO INC NEW COM 030420103 273370 1866 SH DFND 1866 0 0 AMGEN INC COM 031162100 937990 3880 SH DFND 3880 0 0 ANALOG DEVICES INC COM 032654105 916035 4645 SH DFND 4645 0 0 APPLE INC COM 037833100 1866444 11319 SH DFND 11319 0 0 APPLIED BLOCKCHAIN INC COM NEW 038169207 32413 14470 SH DFND 14470 0 0 APYX MED CORP COM 03837C106 1771200 615000 SH DFND 615000 0 0 ARCHER DANIELS MIDLAND CO COM 039483102 77106173 967941 SH DFND 967941 0 0 ASSOCIATED CAP GROUP INC CL A 045528106 45687351 1236464 SH DFND 1236464 0 0 ASTRAZENECA PLC SPONSORED ADR 046353108 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903598 3250 SH DFND 3250 0 0 BITFARMS LTD COM COM 09173B107 17751 18300 SH DFND 18300 0 0 BLACK KNIGHT INC COM 09215C105 876869 15234 SH DFND 15234 0 0 BLACK STONE MINERALS L P COM UNIT 09225M101 2556497 162938 SH DFND 162938 0 0 BLACKROCK CR ALLOCATION INCO COM 092508100 456434 44357 SH DFND 44357 0 0 BLACKROCK FLOAT RATE INCO COM 09255X100 693705 59291 SH DFND 59291 0 0 BLACKROCK FLOATING RATE INCO COM 091941104 142120 12678 SH DFND 12678 0 0 BLACKROCK MUN TARGET TERM TR COM SHS BEN IN 09257P105 281274 12950 SH DFND 12950 0 0 BLACKROCK MUNI INTER DR FD I COM 09253X102 1279240 109524 SH DFND 109524 0 0 BLACKROCK MUNIHOLDINGS QUALI COM 09254C107 610231 60780 SH DFND 60780 0 0 BLACKROCK MUNIHOLDINGS QUALI COM 09253N104 1567488 130082 SH DFND 130082 0 0 BLACKROCK MUNIVEST FD INC COM 09253R105 321365 46440 SH DFND 46440 0 0 BLACKROCK MUNIYIELD QUALITY COM 09254E103 483696 42654 SH DFND 42654 0 0 BLACKROCK MUNIYIELD QUALITY COM 09254G108 321553 31008 SH DFND 31008 0 0 BLACKSTONE INC COM CL A 09260D107 628056 7150 SH DFND 7150 0 0 BLACKSTONE MTG TR INC COM CL A 09257W100 375564 21040 SH DFND 21040 0 0 BLUEBIRD BIO INC COM 09609G100 120840 38000 SH DFND 38000 0 0 BOEING CO COM 097023105 12768955 60109 SH DFND 60109 0 0 BP PLC SPONSORED ADR 055622104 347492 9159 SH DFND 9159 0 0 BRISTOL-MYERS SQUIBB CO COM 110122108 2947824 42531 SH DFND 42531 0 0 BROADRIDGE FINL SOLUTIONS INC COM 11133T103 668945 4564 SH DFND 4564 0 0 BROOKFIELD ASSET MANAGMT LTD CL A LMT VTG SHS 113004105 16616378 507835 SH DFND 507835 0 0 BROOKFIELD CORP CL A LTD VT SH 11271J107 69244737 2124723 SH DFND 2124723 0 0 BROOKFIELD INFRASTRUCTURE PARTNERS LP INT UNIT G16252101 1540925 45630 SH DFND 45630 0 0 BROOKFIELD REAL ASSETS INCOME FUND SHS BEN INT 112830104 309424 18810 SH DFND 18810 0 0 BUNGE LIMITED SHS COM G16962105 42166083 441437 SH DFND 441437 0 0 CACI INTL INC CL A 127190304 133646279 451081 SH DFND 451081 0 0 CAPITAL SOUTHWEST CORP COM 140501107 295148 16600 SH DFND 16600 0 0 CARNIVAL CORP COMMON STOCK 143658300 11491383 1132156 SH DFND 1132156 0 0 CATERPILLAR INC COM 149123101 1487460 6500 SH DFND 6500 0 0 CBOE GLOBAL MARKETS INC COM 12503M108 54903435 408995 SH DFND 408995 0 0 CBRE GROUP INC CL A 12504L109 26084547 358255 SH DFND 358255 0 0 CENTERPOINT ENERGY INC COM 15189T107 433239 14706 SH DFND 14706 0 0 CHARLES RIV LABS INTL INC COM 159864107 49843082 246968 SH DFND 246968 0 0 CHENIERE ENERGY INC COM NEW 16411R208 106535020 675984 PRN DFND 675984 0 0 CHEVRON CORP COM 166764100 2315893 14194 SH DFND 14194 0 0 CISCO SYSTEMS INC COM 17275R102 2077565 39743 SH DFND 39743 0 0 CIVEO CORP CDA COM NEW 17878Y207 83726365 4054545 SH DFND 4054545 0 0 CME GROUP INC COM 12572Q105 46077176 240587 SH DFND 240587 0 0 CMS ENERGY CORP COM 125896100 894614 14575 SH DFND 14575 0 0 COHEN & STEERS INC COM 19247A100 13639183 213246 SH DFND 213246 0 0 COHEN & STEERS QUALITY RLTY COM 19247L106 646457 54233 SH DFND 54233 0 0 COLGATE PALMOLIVE CO COM 194162103 223797 2978 SH DFND 2978 0 0 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27828H105 122692 12456 SH DFND 12456 0 0 EATON VANCE MUN BD FD COM 27827X101 183997 17692 SH DFND 17692 0 0 EATON VANCE SR FLTNG RTE TR COM 27828Q105 226611 20001 SH DFND 20001 0 0 EATON VANCE SR INCOME TR SH BEN INT 27826S103 116256 21730 SH DFND 21730 0 0 EBAY INC COM 278642103 955972 21545 SH DFND 21545 0 0 ECHOSTAR CORP CL A 278768106 1854734 101407 SH DFND 101407 0 0 EDITAS MEDICINE INC COM 28106W103 239612 33050 SH DFND 33050 0 0 EMERSON ELEC CO COM 291011104 1558590 17886 SH DFND 17886 0 0 ENERGY TRANSFER L P COM UT LTD PTN 29273V100 2189483 175580 SH DFND 175580 0 0 ENTERPRISE PRODS PARTNERS L COM 293792107 2673502 103224 SH DFND 103224 0 0 EOG RES INC COM 26875P101 726754 6340 SH DFND 6340 0 0 EQUITY LIFESTYLE PPTYS INC COM 29472R108 12055340 179582 SH DFND 179582 0 0 EXXON MOBIL CORP COM 30231G102 4935248 45005 SH DFND 45005 0 0 FEDERATED HERMES INC CL B 314211103 2223508 55394 SH DFND 55394 0 0 FEDERATED HERMES PREM MUN I COM 31423P108 401303 37089 SH DFND 37089 0 0 FIDELITY NATIONAL FINANCIAL FNF GROUP COM 31620R303 1527733 43737 SH DFND 43737 0 0 FIDELITY NATL INFORMATION SVC COM 31620M106 728348 13406 SH DFND 13406 0 0 FRANCO NEVADA COM 351858105 151337832 1037982 SH DFND 1037982 0 0 FREEPORT MCMORAN INC CL B 35671D857 4232017 103447 SH DFND 103447 0 0 GALECTIN THERAPEUTICS INC COM NEW 363225202 117600 56000 SH DFND 56000 0 0 GALLAGHER ARTHUR J & CO COM 363576109 407490 2130 SH DFND 2130 0 0 GE HEALTHCARE TECHNOLOGIES I COMMON STOCK 36266G107 288171 3513 SH DFND 3513 0 0 GENERAL ELECTRIC CO COM NEW 369604301 700652 7329 SH DFND 7329 0 0 GENERAL MLS INC COM 370334104 281995 3300 SH DFND 3300 0 0 GENERAL MTRS CO COM 37045V100 794122 21650 SH DFND 21650 0 0 GENUINE PARTS CO COM 372460105 409910 2450 SH DFND 2450 0 0 GILEAD SCIENCES INC COM 375558103 746730 9000 SH DFND 9000 0 0 GLADSTONE LD CORP COM 376549101 481933 28945 SH DFND 28945 0 0 GOLDMAN SACHS GROUP INC COM 38141G104 390242 1193 SH DFND 1193 0 0 GRAHAM HLDGS CO COM 384637104 599415 1006 SH DFND 1006 0 0 GRAYSCALE BASIC ATTENTION TOKEN TR 38963U108 3102 2089 SH DFND 2089 0 0 GRAYSCALE BITCOIN CASH TRUST BCH 38963P109 626294 736816 SH DFND 736816 0 0 GRAYSCALE BITCOIN TRUST BTC 389637109 259169427 15841652 SH DFND 15841652 0 0 GRAYSCALE DECENTRALAND TRUST 38964P108 6081 691 SH DFND 691 0 0 GRAYSCALE DIGITAL LARGE CAP FUND G40705108 338645 49079 SH DFND 49079 0 0 GRAYSCALE ETHEREUM CLASSIC TRUST 38963Q107 387573 56170 SH DFND 56170 0 0 GRAYSCALE ETHEREUM TR ETH SHS 389638107 55748 6505 SH DFND 6505 0 0 GRAYSCALE LITECOIN TRUST LTC SHS 38963W104 1348079 332859 SH DFND 332859 0 0 GRAYSCALE ZCASH TR ZEC COM 38964G108 34392 15492 SH DFND 15492 0 0 GREENBRIER COS INC COM 393657101 305615 9500 SH DFND 9500 0 0 GSK PLC SPONSORED ADR SPONSORED ADR 37733W204 812576 22838 SH DFND 22838 0 0 HALEON PLC SPON ADS 405552100 119438 14673 SH DFND 14673 0 0 HONEYWELL INTL INC COM 438516106 1201763 6288 SH DFND 6288 0 0 LISTED FD TR HORIZON KINETICS 53656F623 2759550 89480 SH DFND 89480 0 0 LISTED FD TR HORZN KNTC SPAC 53656G555 7965358 83059 SH DFND 83059 0 0 HOWARD HUGHES CORP COM 44267D107 50031255 625391 SH DFND 625391 0 0 I B M COM 459200101 469302 3580 SH DFND 3580 0 0 IAC INTERACTIVE CORP COM NEW 44891N208 508828 9861 SH DFND 9861 0 0 ICAHN ENTERPRISES LP DEPOSITARY UNIT 451100101 22116076 427694 SH DFND 427694 0 0 INTEL CORP COM 458140100 976800 29899 SH DFND 29899 0 0 INTELLIA THERAPEUTICS INC COM 45826J105 559050 15000 SH DFND 15000 0 0 INTER PARFUMS INC COM 458334109 23378690 164361 SH DFND 164361 0 0 INTERCONTINENTAL EXCHANGE INC COM 45866F104 100813906 966669 SH DFND 966669 0 0 INTL FLAVORS & FRAGRANCES COM 459506101 280478 3050 SH DFND 3050 0 0 INVESCO VALUE MUN INCOME TR COM 46132P108 398964 32702 SH DFND 32702 0 0 INVESCO QUALITY MUN INCOME T COM 46133G107 223572 22402 SH DFND 22402 0 0 INVESCO EXCHANGE TRADED FD T S&P500 EQL WGT 46137V357 583360 4034 SH DFND 4034 0 0 INVESCO SR INCOME TR COM 46131H107 36800 10000 SH DFND 10000 0 0 INVESCO TR INVT GRADE NEW YO COM 46131T101 108930 10414 SH DFND 10414 0 0 IONIS PHARMACEUTICALS INC COM 462222100 464620 13000 SH DFND 13000 0 0 IRON MTN INC COM 46284V101 1447512 27358 SH DFND 27358 0 0 ISHARES GOLD TR ISHARES NEW 464285204 393506 10530 SH DFND 10530 0 0 ISHARES SILVER TR ISHARES 46428Q109 701934 31733 SH DFND 31733 0 0 ISHARES TR GL TIMB FORE ETF 464288174 830160 11596 SH DFND 11596 0 0 JOHNSON & JOHNSON COM 478160104 2760969 17813 SH DFND 17813 0 0 JP MORGAN CHASE & CO COM 46625H100 359786 2761 SH DFND 2761 0 0 JP MORGAN EXCHANGE-TRADED F ULTRA SHRT INC 46641Q837 1930275 38360 SH DFND 38360 0 0 KAR AUCTION SVCS INC COM 48238T109 1507044 110164 SH DFND 110164 0 0 KAYNE ANDERSON ENERGY INFRSTR COM 486606106 109735 12701 SH DFND 12701 0 0 KIMBELL RTY PARTNERS LP UNIT 49435R102 1044653 68592 SH DFND 68592 0 0 KIMBERLY CLARK CORP COM 494368103 416082 3100 SH DFND 3100 0 0 KINDER MORGAN INC DEL COM 49456B101 2847966 162648 SH DFND 162648 0 0 KKR & CO INC COM 48251W104 265646 5058 SH DFND 5058 0 0 KLA-TENCOR CORP COM NEW 482480100 1812232 4540 SH DFND 4540 0 0 KRAFT HEINZ COMPANY COM 500754106 329626 8524 SH DFND 8524 0 0 KRANESHARES TR GLOBAL CARB STRA 500767678 1455078 36698 SH DFND 36698 0 0 L3 HARRIS TECHNOLOGIES INC COM 502431109 1784674 9094 SH DFND 9094 0 0 LANTERN PHARMA INC COM 51654W101 144900 30000 SH DFND 30000 0 0 LAS VEGAS SANDS CORP COM 517834107 3181983 55387 SH DFND 55387 0 0 LENNAR CORP CL A 526057104 547098 5205 SH DFND 5205 0 0 LIBERTY MEDIA CORP DEL COM A BRAVES GRP 531229706 1053486 30465 SH DFND 30465 0 0 LIBERTY MEDIA CORP DEL COM C BRAVES GRP 531229888 1643500 48783 SH DFND 48783 0 0 LIBERTY BROADBAND CORP COM SER A 530307107 286927 3494 SH DFND 3494 0 0 LIBERTY BROADBAND CORP COM SER C 530307305 9696728 118687 SH DFND 118687 0 0 LIBERTY MEDIA CORP DEL COM SER A FRMLA 531229870 11170372 165487 SH DFND 165487 0 0 LIBERTY MEDIA CORP DEL COM SER C FRMLA 531229854 15455926 206547 SH DFND 206547 0 0 LIBERTY LATIN AMERICA LTD COM CL C G9001E128 138652 16786 SH DFND 16786 0 0 LIBERTY MEDICA CORP DEL COM C SIRIUSXM 531229607 12399080 442983 SH DFND 442983 0 0 LIBERTY MEDIA CORP DEL COM A SIRIUSXM 531229409 4337714 154422 SH DFND 154422 0 0 LINDE PLC SHS G54950103 526051 1480 SH DFND 1480 0 0 LIVE NATION ENTERTAINMENT INC COM 538034109 31669890 452427 SH DFND 452427 0 0 LOEWS CORP COM 540424108 363437 6264 SH DFND 6264 0 0 LSB INDS INC COM 502160104 185021 17911 SH DFND 17911 0 0 MADISON SQUARE GARDEN SPORTS CP CL A 55825T103 6501755 33368 SH DFND 33368 0 0 MADISON SQUARE GRDN ENTERTNM CL A 55826T102 2973466 50338 SH DFND 50338 0 0 MARATHON PETE CORP COM 56585A102 865609 6420 SH DFND 6420 0 0 MARKEL CORP COM 570535104 3541624 2773 SH DFND 2773 0 0 MARSH & MCLENNAN COS INC COM 571748102 38681904 232254 SH DFND 232254 0 0 MASTERCARD INC CL A 57636Q104 12023981 33087 SH DFND 33087 0 0 MCDONALDS CORP COM 580135101 1148358 4107 SH DFND 4107 0 0 MERCK & COMPANY COM 58933Y105 2889731 27162 SH DFND 27162 0 0 MESABI TR CTF BEN INT 590672101 74377332 2953826 SH DFND 2953826 0 0 METALLA RTY & STREAMING LTD COM NEW 59124U605 2180760 390118 SH DFND 390118 0 0 MFS HIGH INCOME MUN TR SH BEN INT 59318D104 271363 74346 SH DFND 74346 0 0 MICROSOFT COM 594918104 2749232 9536 SH DFND 9536 0 0 MICROSTRATEGY INC CL A NEW 594972408 5830322 19945 SH DFND 19945 0 0 MONDELEZ INTL INC CL A 609207105 1206435 17304 SH DFND 17304 0 0 MOVADO GROUP INC COM 624580106 680612 23657 SH DFND 23657 0 0 NASDAQ INC COM 631103108 5863341 107250 SH DFND 107250 0 0 NEUBERGER BERMAN MUNI FD INC COM 64124P101 289649 26452 SH DFND 26452 0 0 NEUBERGER BERMAN NY MUN FD INC COM 64124K102 163126 16957 SH DFND 16957 0 0 NEWMONT CORP COM 651639106 1144160 23341 SH DFND 23341 0 0 NORFOLK SOUTHN CORP COM 655844108 949972 4481 SH DFND 4481 0 0 NOVARTIS AG SPONSORED ADR 66987V109 1122400 12200 SH DFND 12200 0 0 NOVO-NORDISK A S ADR 670100205 1231744 7740 SH DFND 7740 0 0 NUCANA PLC SPONSORED ADR 67022C106 18690 19467 SH DFND 19467 0 0 NUTRIEN LTD COM 67077M108 34219018 463358 SH DFND 463358 0 0 NUVEEN AMT FREE QLTY MUN INC COM 670657105 4711711 423715 SH DFND 423715 0 0 NUVEEN MUNICIPAL CREDIT INC COM SH BEN INT 67070X101 412096 34485 SH DFND 34485 0 0 NUVEEN AMT FREE MUN CR INC F COM 67071L106 197915 16801 SH DFND 16801 0 0 NUVEEN FLTNG RTE INCM OPP FD COM SHS 6706EN100 457012 56984 SH DFND 56984 0 0 NUVEEN MUN HIGH INCOME OPPOR COM 670682103 111985 10369 SH DFND 10369 0 0 NUVEEN MUN VALUE FD INC COM 670928100 102478 11632 SH DFND 11632 0 0 NUVEEN NEW YORK AMT QLT MUNI COM 670656107 707091 66896 SH DFND 66896 0 0 NUVEEN NEW YORK QLT MUN INC COM 67066X107 230052 20838 SH DFND 20838 0 0 NUVEEN PFD & INCM SECURITIES COM 67072C105 107242 16601 SH DFND 16601 0 0 NUVEEN QUALITY MUNCP INCOME COM 67066V101 1948873 169026 SH DFND 169026 0 0 NUVEEN SELECT MAT MUN FD SH BEN INT 67061T101 198445 21500 SH DFND 21500 0 0 NUVEEN SR INCOME FD COM 67067Y104 485013 105209 SH DFND 105209 0 0 NUVEEN TAXABLE MUNICIPAL INM COM 67074C103 469656 29135 SH DFND 29135 0 0 NVIDIA CORPORATION COM 67066G104 444432 1600 SH DFND 1600 0 0 OCCIDENTAL PETE CORP COM 674599105 265515 4253 SH DFND 4253 0 0 OIL STATE INTL INC COM 678026105 95045 11410 SH DFND 11410 0 0 ORGANON & CO COMMON STOCK 68622V106 418727 17803 SH DFND 17803 0 0 OSHKOSH CORP COM 688239201 11326455 136168 SH DFND 136168 0 0 OSISKO GOLD ROYALTIES LTD COM 68827L101 34365734 2172297 SH DFND 2172297 0 0 PACIFIC BIOSCIENCES CALIF IN COM 69404D108 138960 12000 SH DFND 12000 0 0 PARAMOUNT GLOBAL CL B 92556H206 1662787 74531 SH DFND 74531 0 0 PATTERSON UTI ENERGY INC COM 703481101 4753675 406297 SH DFND 406297 0 0 PCM FUND INC COM 69323T101 206559 24532 SH DFND 24532 0 0 PENSKE AUTOMOTIVE GRP INC COM 70959W103 28104486 198184 SH DFND 198184 0 0 PEPSICO INC COM 713448108 401789 2204 SH DFND 2204 0 0 PERKINELMER INC COM 714046109 271184 2035 SH DFND 2035 0 0 PERMIAN BASIN RTY TR UNIT BEN INT 714236106 98528779 4038065 SH DFND 4038065 0 0 PFIZER INC COM 717081103 1973170 48362 SH DFND 48362 0 0 PHILIP MORRIS 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765 SH DFND 765 0 0 RENN FUND INC COM 759720105 880661 503235 SH DFND 503235 0 0 REPLIMUNE GROUP INC COM 76029N106 264900 15000 SH DFND 15000 0 0 RESIDEO TECHNOLOGIES INC COM 76118Y104 1312467 71798 SH DFND 71798 0 0 RIO TINTO PLC SPONSORED ADR 767204100 370440 5400 SH DFND 5400 0 0 RITCHIE BROS AUCTIONEERS COM 767744105 5702464 101305 SH DFND 101305 0 0 ROCKWELL AUTOMATION INC COM 773903109 1400637 4773 SH DFND 4773 0 0 ROYAL CARIBBEAN GROUP COM V7780T103 3716615 56916 SH DFND 56916 0 0 ROYAL GOLD INC COM 780287108 17804392 137263 SH DFND 137263 0 0 ROYALTY PHARMA PLC SHS CLASS A G7709Q104 13443514 373120 SH DFND 373120 0 0 ROYCE MICRO-CAP TR INC COM 780915104 1259240 143585 SH DFND 143585 0 0 RUMBLE INC COM CL A 78137L105 650910 65091 SH DFND 65091 0 0 S&P GLOBAL INC COM 78409V104 9671540 28052 SH DFND 28052 0 0 SABINE ROYALTY TR UNIT BEN INT 785688102 2525567 35170 SH DFND 35170 0 0 SALARIUS PHARMACEUTICALS INC COM NEW 79400X305 61884 32400 SH DFND 32400 0 0 SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 1057407 100514 SH DFND 100514 0 0 SANDRIDGE ENERGY INC COM NEW 80007P869 147688 10249 SH DFND 10249 0 0 SANDSTORM GOLD LTD COM NEW 80013R206 35656769 6137137 SH DFND 6137137 0 0 SANOFI SPONSORED ADR 80105N105 707460 13000 SH DFND 13000 0 0 SCHLUMBERGER LTD COM STK 806857108 353127 7192 SH DFND 7192 0 0 SCIENCE APPLICATNS INTL CP COM 808625107 46446704 432223 SH DFND 432223 0 0 SCRIPPS E W CO OHIO CL A NEW 811054402 188200 20000 SH DFND 20000 0 0 SEABOARD CORP DEL COM 811543107 878412 233 SH DFND 233 0 0 SEALED AIR CORP NEW COM 81211K100 1693390 36885 SH DFND 36885 0 0 SITIO ROYALTIES CORP CLASS A COM 82983N108 42919310 1899085 SH DFND 1899085 0 0 SONOCO PRODUCTS COM 835495102 1314550 21550 SH DFND 21550 0 0 SPDR GOLD TRUST GOLD SHS 78463V107 730681 3988 SH DFND 3988 0 0 SPDR SER TR OILGAS EQUIP 78468R549 2210548 29392 SH DFND 29392 0 0 SPROTT INC COM NEW 852066208 9717465 266817 SH DFND 266817 0 0 SPROTT PHYSICAL GOLD TRUST UNIT 85207H104 256961 16621 SH DFND 16621 0 0 SPDR S&P 500 ETF TR TR UNIT 78462F103 1438187 3513 SH DFND 3513 0 0 STAR BULK CARRIERS CORP SHS PAR Y8162K204 1106354 52384 SH DFND 52384 0 0 STRYKER CORP COM 863667101 570940 2000 SH DFND 2000 0 0 SUNCOR ENERGY INC COM 867224107 1883214 60651 SH DFND 60651 0 0 TEJON RANCH CO DEL COM 879080109 21098196 1154800 SH DFND 1154800 0 0 TETRA TECHNOLOGIES INC DEL COM 88162F105 28832 10880 SH DFND 10880 0 0 TEXAS PACIFIC LAND CORP COM 88262P102 2413972746 1419132 SH DFND 1419132 0 0 THE SAINT JOE CO COM 790148100 29465447 708134 SH DFND 708134 0 0 TORONTO DOMINION BK ONT COM NEW 891160509 1150080 19200 SH DFND 19200 0 0 TRI POINTE HOMES INC COM 87265H109 2446216 96612 SH DFND 96612 0 0 TRIPLE FLAG PRECIOUS METAL COM 89679M104 647100 43284 SH DFND 43284 0 0 UNION PACIFIC CORP COM 907818108 472961 2350 SH DFND 2350 0 0 VAIL RESORTS INC COM 91879Q109 347482 1487 SH DFND 1487 0 0 VALMONT INDS INC COM 920253101 662506 2075 SH DFND 2075 0 0 VANDA PHARMACEUTICALS INC COM 921659108 183330 27000 SH DFND 27000 0 0 VANECK VECTORS ETF TR JR GOLD MINERS E 92189F791 1512505 38291 SH DFND 38291 0 0 VANECK VECTORS ETF TR GOLD MINERS ETF 92189F106 582464 18005 SH DFND 18005 0 0 VANECK VECTORS ETF TR OIL SVCS ETF 92189H607 1207313 4356 SH DFND 4356 0 0 VANGUARD BD INDEX FDS SHORT TRM BOND 921937827 571992 7478 SH DFND 7478 0 0 VANGUARD BD INDEX FDS VANGUARD ULTRA 92203C303 14761561 299788 SH DFND 299788 0 0 VANGUARD INDEX FDS EXTEND MKT ETF 922908652 551512 3934 SH DFND 3934 0 0 VANGUARD INDEX FDS S&P500 ETF SHS 922908363 1553921 4132 SH DFND 4132 0 0 VANGUARD INDEX FDS TOTAL STK MKT 922908769 496779 2434 SH DFND 2434 0 0 SHORT TERM TREAS SHORT TERM TREAS 92206C102 8193195 139959 SH DFND 139959 0 0 SHRT TRM CORP BD SHRT TRM CORP BD 92206C409 114193 1498 SH DFND 1498 0 0 VERISK ANALYTICS INC CL A 92345Y106 1343020 7000 SH DFND 7000 0 0 VERIZON COMMUNICATIONS COM 92343V104 410056 10544 SH DFND 10544 0 0 VIMEO INC COMMON STOCK 92719V100 48595 12688 SH DFND 12688 0 0 VIPER ENERGY PARTNERS LP COM UNT RP INT 92763M105 56311323 2011119 SH DFND 2011119 0 0 VISA INC COM COM CL A 92826C839 978271 4339 SH DFND 4339 0 0 W P CAREY INC COM 92936U109 1022340 13200 SH DFND 13200 0 0 WARNER BROS DISCOVERY INC COM SERIES A 934423104 2628140 174049 SH DFND 174049 0 0 WENDYS COMPANY COM 95058W100 26487769 1216151 SH DFND 1216151 0 0 WEST FRASER TIMBER LTD COM 952845105 32394467 454723 SH DFND 454723 0 0 WEYERHAEUSER CO COM NEW 962166104 1385684 45990 SH DFND 45990 0 0 WHEATON PRECIOUS METALS CORP COM 962879102 167188897 3471530 SH DFND 3471530 0 0 WILLIAMS COS INC COM 969457100 4316532 144559 SH DFND 144559 0 0 WISDOMTREE INC COM 97717P104 1132800 193311 SH DFND 193311 0 0 WESTERN ASSET / CLAYMORE INF COM 95766R104 242621 26516 SH DFND 26516 0 0 DIREXION SHS ETF TR DLY JR GOLD 2X 25460G807 204000 12000 SH Call DFND 12000 0 0 DIREXION SHS ETF TR IPTH SR B S&P 06747R477 2833600 32200 SH Call DFND 32200 0 0 BARCLAYS BANK PLC ULTRA VIX SHORT 74347Y839 1180800 98400 SH Call DFND 98400 0 0 PROSHARES TR II VIX SH TRM FUTRS 74347Y854 1934000 96700 SH Call DFND 96700 0 0 PROSHARES TR II UNITS 91232N207 200000 2000 SH Call DFND 2000 0 0