0001056823-25-000001.txt : 20250210 0001056823-25-000001.hdr.sgml : 20250210 20250210164414 ACCESSION NUMBER: 0001056823-25-000001 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20241231 FILED AS OF DATE: 20250210 DATE AS OF CHANGE: 20250210 EFFECTIVENESS DATE: 20250210 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HORIZON KINETICS ASSET MANAGEMENT LLC CENTRAL INDEX KEY: 0001056823 ORGANIZATION NAME: 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: 25606296 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 12-31-2024 12-31-2024 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 General Counsel 646-867-1176 /s/Jay Kesslen NEW YORK NY 02-10-2025 0 349 8032554336 false
INFORMATION TABLE 2 form13fhr-infoTable.xml 2SEVENTY BIO INC COMMON STOCK 901384107 50788 17275 SH DFND 17275 0 0 3M CO COM 88579Y101 1236037 9575 SH DFND 9575 0 0 AT&T INC COM 00206R102 236808 10400 SH DFND 10400 0 0 ABBOTT LABS COM 002824100 1135738 10041 SH DFND 10041 0 0 ABBVIE INC COM 00287Y109 4628730 26048 SH DFND 26048 0 0 AFFILIATED MANAGERS GROUP IN COM 008252108 328048 1774 SH DFND 1774 0 0 AFLAC INC COM 001055102 310320 3000 SH DFND 3000 0 0 ALKERMES PLC COM G01767105 662429 23033 SH DFND 23033 0 0 ALLIANCE RESOURCE PARTNERS L UT LTD PART 01877R108 1439667 54761 SH DFND 54761 0 0 ALLIANCE BERNSTEIN HLDG L P UNIT LTD PARTN 01881G106 2644035 71287 SH DFND 71287 0 0 ALLOGENE THERAPEUTICS INC COM 019770106 40883 19194 SH DFND 19194 0 0 ALNYLAM PHARMACEUTICALS INC COM 02043Q107 677693 2880 SH DFND 2880 0 0 ALPHABET INC CAP STK CL A 02079K305 911480 4815 SH DFND 4815 0 0 ALPHABET INC CAP STK CL C 02079K107 1017902 5345 SH DFND 5345 0 0 ALPS ETF TR ALERIAN MLP ALERIAN MLP 00162Q452 2940505 61057 SH DFND 61057 0 0 ALTRIA GROUP INC COM 02209S103 3304571 63197 SH DFND 63197 0 0 AMAZON COM INC COM 023135106 246594 1124 SH DFND 1124 0 0 AMERICAN EXPRESS CO COM 025816109 207753 700 SH DFND 700 0 0 AMERICAN STS WTR CO COM 029899101 347253 4468 SH DFND 4468 0 0 AMERICAN TOWER REIT COM 03027X100 293456 1600 SH DFND 1600 0 0 AMERICAN WTR WKS CO INC NEW COM 030420103 215807 1734 SH DFND 1734 0 0 AMGEN INC COM 031162100 937522 3597 SH DFND 3597 0 0 ANALOG DEVICES INC COM 032654105 1010404 4756 SH DFND 4756 0 0 APPLE INC COM 037833100 2005333 8008 SH DFND 8008 0 0 APPLIED DIGITAL CORP COM NEW 038169207 182367 23870 SH DFND 23870 0 0 APYX MED CORP COM 03837C106 971700 615000 SH DFND 615000 0 0 ARCHER DANIELS MIDLAND CO COM 039483102 27569737 545719 SH DFND 545719 0 0 ARIS WATER SOLUTIONS INC CLASS A COM 04041L106 5491927 229308 SH DFND 229308 0 0 ASSOCIATED CAP GROUP INC CL A 045528106 31437540 917630 SH DFND 917630 0 0 ASTRAZENECA PLC SPONSORED ADR 046353108 843636 12876 SH DFND 12876 0 0 ATLANTA BRAVES HLDGS INC COM SER A 047726104 1077161 26401 SH DFND 26401 0 0 ATLANTA BRAVES HLDGS INC COM SER C 047726302 1995068 52145 SH DFND 52145 0 0 AUTOMATIC DATA PROCESSING IN COM 053015103 234184 800 SH DFND 800 0 0 AUTONATION INC COM 05329W102 47928535 282198 SH DFND 282198 0 0 BAKKT HOLDINGS INC COM CL A NEW 05759B305 9113552 367927 SH DFND 367927 0 0 BANCO SANTANDER S.A. ADR 05964H105 1140807 250177 SH DFND 250177 0 0 BANK AMER CORP COM 060505104 2163439 49225 SH DFND 49225 0 0 BANK OF NEW YORK MELLON CORP COM 064058100 926877 12064 SH DFND 12064 0 0 BEAM THERAPEUTICS INC COM 07373V105 238006 9597 SH DFND 9597 0 0 BERKSHIRE HATHAWAY INC DEL CL A 084670108 680920 1 SH DFND 1 0 0 BERKSHIRE HATHAWAY INC DEL CL B NEW CL B NEW 084670702 19763008 43600 SH DFND 43600 0 0 BGC GROUP INC CL A 088929104 1318103 145486 SH DFND 145486 0 0 BICYCLE THERAPEUTICS PLC SPONSORED ADS 088786108 201544 14396 SH DFND 14396 0 0 BIOGEN INC COM 09062X103 484603 3169 SH DFND 3169 0 0 BITFARMS LTD COM 09173B107 27267 18300 SH DFND 18300 0 0 BLACK STONE MINERALS LP COM UNIT 09225M101 4024315 275638 SH DFND 275638 0 0 BLACKROCK CREDIT ALL INC TR COM 092508100 533701 51023 SH DFND 51023 0 0 BLACKROCK FLOAT RATE OME STR COM 09255X100 1015712 73870 SH DFND 73870 0 0 BLACKROCK FLOATING RATE INCOME COM 091941104 254345 19778 SH DFND 19778 0 0 BLACKROCK INVT QUALITY MUN T COM 09247D105 470051 42157 SH DFND 42157 0 0 BLACKROCK MUNI INCOME FD COM 09253X102 1233840 101802 SH DFND 101802 0 0 BLACKROCK MUNI INCOME TR II COM 09249N101 151617 14426 SH DFND 14426 0 0 BLACKROCK MUNIHLDGS QUALITY FUND II INC COM 09254C107 615300 61530 SH DFND 61530 0 0 BLACKROCK MUNIHOLDINGS FD COM 09253N104 194341 16653 SH DFND 16653 0 0 BLACKROCK MUNIVEST FD II INC COM 09253T101 505619 47926 SH DFND 47926 0 0 BLACKROCK MUNIYIELD QLTY FD COM 09254E103 495188 44854 SH DFND 44854 0 0 BLACKROCK MUNIYIELD QUALITY COM 09254G108 390249 39579 SH DFND 39579 0 0 BLACKROCK N Y MUN INCOME TRU SH BEN INT 09248L106 185835 18237 SH DFND 18237 0 0 BLACKSTONE INC COM CL A 09260D107 5207084 30200 SH DFND 30200 0 0 BOEING CO COM 097023105 233640 1320 SH DFND 1320 0 0 BOOZ ALLEN HAMILTON HLDG COR CL A 099502106 1792791 13930 SH DFND 13930 0 0 BP PLC SPONSORED ADR 055622104 807402 27314 SH DFND 27314 0 0 BRISTOL MYERS SQUIBBCO COM 110122108 3420523 60476 SH DFND 60476 0 0 BROADRIDGE FINL SOLUTIONS IN COM 11133T103 521590 2307 SH DFND 2307 0 0 BROOKFIELD ASSET MANAGMT LTD CL A LMT VTG SHS 113004105 12699987 234360 SH DFND 234360 0 0 BROOKFIELD CORP CL A LTD VT SH 11271J107 70008426 1218597 SH DFND 1218597 0 0 BROOKFIELD INFRAST PARTNERS LP INT UNIT G16252101 895556 28171 SH DFND 28171 0 0 BROOKFIELD REAL ASSETS INCOME FUND SHS BEN INT 112830104 234618 17614 SH DFND 17614 0 0 BROOKFIELD WEALTH SOL LTD CL A EXCHANGEAB G17434104 1266380 22047 SH DFND 22047 0 0 BUNGE GLOBAL SA COM SHS H11356104 24814853 319121 SH DFND 319121 0 0 BURFORD CAP LTD ORD SHS G17977110 4372606 342950 SH DFND 342950 0 0 BWX TECHNOLOGIES INC COM 05605H100 299639 2690 SH DFND 2690 0 0 CACI INTL INC CL A 127190304 145257550 359495 SH DFND 359495 0 0 CAMECO CORP COM 13321L108 31705111 616951 SH DFND 616951 0 0 CANADIAN IMPERIAL BK COMM COM 136069101 663915 10500 SH DFND 10500 0 0 CARNIVAL CORP UNIT 99/9/9999 143658300 27016545 1084131 SH DFND 1084131 0 0 CATERPILLAR INC COM 149123101 2881403 7943 SH DFND 7943 0 0 CBOE GLOBAL MARKETS INC COM 12503M108 80988273 414474 SH DFND 414474 0 0 CENTERPOINT ENERGY INC COM 15189T107 305655 9633 SH DFND 9633 0 0 CHARLES RIV LABS INTL INC COM 159864107 11046372 59840 SH DFND 59840 0 0 CHENIERE ENERGY INC COM NEW 16411R208 105137050 489305 PRN DFND 489305 0 0 CHENIERE ENERGY PARTNERS LP COM UNIT 16411Q101 212480 4000 SH DFND 4000 0 0 CHEVRON CORP COM 166764100 2845527 19646 SH DFND 19646 0 0 CISCO SYSTEMS INC COM 17275R102 3353147 56641 SH DFND 56641 0 0 CITIGROUP INC COM NEW 172967424 433673 6161 SH DFND 6161 0 0 CIVEO CORP COM NEW 17878Y207 69614502 3064019 SH DFND 3064019 0 0 CME GROUP INC COM 12572Q105 29226727 125853 SH DFND 125853 0 0 CMS ENERGY CORP COM 125896100 1044739 15675 SH DFND 15675 0 0 COCA COLA CO COM 191216100 365466 5870 SH DFND 5870 0 0 COHEN & STEERS INC COM 19247A100 379147 4106 SH DFND 4106 0 0 COHEN & STEERS QUALITY RLTY COM 19247L106 952602 77827 SH DFND 77827 0 0 COLGATE PALMOLIVE CO COM 194162103 282003 3102 SH DFND 3102 0 0 COMCAST CORP CL A 20030N101 340247 9066 SH DFND 9066 0 0 COSTAMARE INC SHS Y1771G102 4132560 321600 SH DFND 321600 0 0 CRA INTL INC COM 12618T105 2345281 12528 SH DFND 12528 0 0 CRISPR THERAPEUTICS AG NAMEN AKT H17182108 420444 10682 SH DFND 10682 0 0 CSW INDUSTRIALS INC COM 126402106 1905120 5400 SH DFND 5400 0 0 DANAHER CORP COM 235851102 1532935 6678 SH DFND 6678 0 0 DELTA AIR LINES INC DEL COM NEW 247361702 278300 4600 SH DFND 4600 0 0 DIGITALBRIDGE GROUP INC CL A NEW 25401T603 50572070 4483340 SH DFND 4483340 0 0 DISNEY WALT CO COM 254687106 635289 5705 SH DFND 5705 0 0 DOMINION ENERGY INC COM 25746U109 578995 10750 SH DFND 10750 0 0 DORCHESTER MINERALS LP COM UNIT 25820R105 30285187 908646 SH DFND 908646 0 0 DORMAN PRODUCTS INC COM 258278100 388650 3000 SH DFND 3000 0 0 DOUBLELINE INCOME SOLUTIONS COM 258622109 733196 58329 SH DFND 58329 0 0 DOUBLELINE OPPORTUNISTIC CR COM 258623107 443269 28598 SH DFND 28598 0 0 DOW INC COM 260557103 556643 13871 SH DFND 13871 0 0 EAGLE MATERIALS COM 26969P108 7390285 29949 SH DFND 29949 0 0 EATOM CORP PLC SHS G29183103 323573 975 SH DFND 975 0 0 EATON VANCE CALIF MUN BD FDMUN BD FD COM 27828A100 97926 10679 SH DFND 10679 0 0 EATON VANCE FLTING RATE INC COM 278279104 153960 12000 SH DFND 12000 0 0 EATON VANCE LTD DURATION INC COM 27828H105 153076 15668 SH DFND 15668 0 0 EATON VANCE MUN BD FD COM 27827X101 232385 22431 SH DFND 22431 0 0 EATON VANCE MUNI INCOME TRUS SH BEN INT 27826U108 101242 10014 SH DFND 10014 0 0 EATON VANCE NY MUN BD COM 27827Y109 232132 24358 SH DFND 24358 0 0 EATON VANCE SR FLTNG RTE TR COM 27828Q105 355853 27801 SH DFND 27801 0 0 EATON VANCE SR INCOME TR SH BEN INT 27826S103 197278 32130 SH DFND 32130 0 0 EBAY INC COM 278642103 826227 13337 SH DFND 13337 0 0 EDITAS MEDICINE INC COM 28106W103 40284 31720 SH DFND 31720 0 0 ELI LILLY AND COMPANY COM 532457108 3286404 4257 SH DFND 4257 0 0 EMERSON ELEC CO COM 291011104 2932437 23662 SH DFND 23662 0 0 ENBRIDGE INC COM 29250N105 531733 12532 SH DFND 12532 0 0 ENERGY TRANSFER EQUITY L P COM UT LTD PTN 29273V100 6106673 311724 SH DFND 311724 0 0 ENTERPRISE PRODS PARTNERS L COM 293792107 4100383 130752 SH DFND 130752 0 0 EOG RES INC COM 26875P101 1252522 10218 SH DFND 10218 0 0 EQUITY LIFESTYLE PPTYS INC COM 29472R108 6988662 104935 SH DFND 104935 0 0 EVOLV TECHNOLOGIES HLDNGS IN COM CL A 30049H102 53325 13500 SH DFND 13500 0 0 EXPAND ENERGY CORPORATION COM 165167735 219309 2203 SH DFND 2203 0 0 EXXON MOBIL CORP COM 30231G102 5854928 54429 SH DFND 54429 0 0 FEDERATED HERMES INC CL B 314211103 1031697 25096 SH DFND 25096 0 0 FEDERATED HERMES PREM MUN INC FD COM 31423P108 382723 35080 SH DFND 35080 0 0 FIDELITY NATIONAL FINANCIAL FNF GROUP COM 31620R303 3259825 58066 SH DFND 58066 0 0 FIDELITY NATL INFORMATION SVC COM 31620M106 2450562 30340 SH DFND 30340 0 0 FIDELITY WISE ORIGIN BITCOIN SHS 315948109 479772 5881 SH DFND 5881 0 0 FITLIFE BRANDS INC COM NEW 33817P306 2517633 77228 SH DFND 77228 0 0 FRANCO NEVADA CORP COM 351858105 116182800 988033 SH DFND 988033 0 0 FREEPORT MCMORAN INC CL B 35671D857 5392014 141597 SH DFND 141597 0 0 GALECTIN THERAPEUTICS INC COM NEW 363225202 69327 53742 SH DFND 53742 0 0 GALLAGHER ARTHUR J & CO COM 363576109 555494 1957 SH DFND 1957 0 0 GE HEALTHCARE TECHNOLOGIES INC COMMON STOCK 36266G107 256509 3281 SH DFND 3281 0 0 GE VERNOVA INC COM 36828A101 488790 1486 SH DFND 1486 0 0 GENERAL ELECTRIC CO COM NEW 369604301 1075128 6446 SH DFND 6446 0 0 GENERAL MTRS CO COM 37045V100 950497 17843 SH DFND 17843 0 0 GENUINE PARTS CO COM 372460105 275554 2360 SH DFND 2360 0 0 GOLDMAN SACHS GROUP INC COM 38141G104 683136 1193 SH DFND 1193 0 0 GRAYSCALE BASIC ATTENTION TOKEN TR 38963U108 14644 2089 SH DFND 2089 0 0 GRAYSCALE BITCOIN CASH TRUST BCH 38963P109 7640262 1455288 SH DFND 1455288 0 0 GRAYSCALE BITCOIN MINI TR ET SHS NEW 389930207 128302326 3064302 SH DFND 3064302 0 0 GRAYSCALE BITCOIN TRUST BTC 389637109 1122747425 15168163 SH DFND 15168163 0 0 GRAYSCALE DECENTRALAND TRUST 38964P108 8299 691 SH DFND 691 0 0 GRAYSCALE DIGITAL LARGE CAP FUND G40705108 1687933 41029 SH DFND 41029 0 0 GRAYSCALE ETHEREUM CLASSIC TRUST 38963Q107 765122 71042 SH DFND 71042 0 0 GRAYSCALE ETHEREUM MINI TR E SHS NEW 38964R203 20941 665 SH DFND 665 0 0 GRAYSCALE ETHEREUM TR ETH SHS 389638107 187258 6683 SH DFND 6683 0 0 GRAYSCALE LITECOIN TRUST LTC SHS 38963W104 6611074 516894 SH DFND 516894 0 0 GRAYSCALE ZCASH TR ZEC COM 38964G108 89079 15492 SH DFND 15492 0 0 GREENBRIER COS INC COM 393657101 850810 13950 SH DFND 13950 0 0 GSK PLC SPONSORED ADR 37733W204 1348234 39865 SH DFND 39865 0 0 HALEON PLC SPON ADS 405552100 134342 14082 SH DFND 14082 0 0 HAWAIIAN ELEC INDUSTRIES COM 419870100 23152516 2379498 SH DFND 2379498 0 0 HONEYWELL INTL INC COM 438516106 2141663 9481 SH DFND 9481 0 0 LISTED FD TR HORZN KINTCS BL 53656G209 3389497 122143 SH DFND 122143 0 0 LISTED FD TR HORIZON KINETICS 53656G514 264526 8811 SH DFND 8811 0 0 HORIZON KINETICS HLDG CORP COM 439913104 582048 16168 SH DFND 16168 0 0 LISTED FD TR HORIZON KINETICS 53656F623 3627765 95267 SH DFND 95267 0 0 LISTED FD TR HORZN KNTCS SPAC 53656G555 12343710 125435 SH DFND 125435 0 0 HOWARD HUGHES HOLDINGS INC COM 44267T102 35275281 458597 SH DFND 458597 0 0 I B M COM 459200101 802380 3650 SH DFND 3650 0 0 INTELLIA THERAPEUTICS INC COM 45826J105 167857 14396 SH DFND 14396 0 0 INTER PARFUMS INC COM 458334109 19347787 147120 SH DFND 147120 0 0 INTERCONTINENTAL EXCHANGE INC COM 45866F104 119890659 804581 SH DFND 804581 0 0 INTL FLAVORS & FRAGRANCES COM 459506101 257878 3050 SH DFND 3050 0 0 INVESCO MUNI INCOME OPP TRST COM 46132X101 117475 19911 SH DFND 19911 0 0 INVESCO QUALITY MUNI INC COM 46133G107 218054 22115 SH DFND 22115 0 0 INVESCO EXCHANGE TRADED FD T S&P500 EQL WGT 46137V357 896296 5115 SH DFND 5115 0 0 INVESCO TR INVT GRADE NEW YO COM 46131T101 109035 10414 SH DFND 10414 0 0 INVESCO SR INCOME TR COM 46131H107 59957 15179 SH DFND 15179 0 0 IONIS PHARMACEUTICALS INC COM 462222100 436161 12476 SH DFND 12476 0 0 IRON MTN INC DEL COM 46284V101 3458119 32900 SH DFND 32900 0 0 ISHARES BITCOIN TRUST SHS 46438F101 45849630 864272 SH DFND 864272 0 0 ISHARES GOLD TR ISHARES NEW 464285204 430242 8690 SH DFND 8690 0 0 ISHARES SILVER TR ISHARES 46428Q109 808068 30690 SH DFND 30690 0 0 ISHARES TR GL TIMB FORE ETF 464288174 480586 6295 SH DFND 6295 0 0 JOHNSON & JOHNSON COM 478160104 2834878 19602 SH DFND 19602 0 0 JP MORGAN CHASE & CO COM 46625H100 897714 3745 SH DFND 3745 0 0 KAYNE ANDERSON ENERGY INFRSTR COM 486606106 153641 12088 SH DFND 12088 0 0 KENVUE INC COM 49177J102 481699 22562 SH DFND 22562 0 0 KIMBELL RTY PARTNERS LP UNIT 49435R102 1231983 75908 SH DFND 75908 0 0 KINDER MORGAN INC DEL COM 49456B101 2839626 103636 SH DFND 103636 0 0 KKR & CO INC COM 48251W104 792502 5358 SH DFND 5358 0 0 KLA-TENCOR CORP COM NEW 482480100 3039699 4824 SH DFND 4824 0 0 KRAFT HEINZ COMPANY COM 500754106 439798 14321 SH DFND 14321 0 0 KRANESHARES TR GLOBAL CARB STRA 500767678 733033 25010 SH DFND 25010 0 0 L3 HARRIS TECHNOLOGIES INC COM 502431109 3460230 16455 SH DFND 16455 0 0 LADDER CAP CORP CL A 505743104 458790 41000 SH DFND 41000 0 0 LANDBRIDGE COMPANY LLC CL A 514952100 348793194 5399275 SH DFND 5399275 0 0 LANTERN PHARMA INC COM 51654W101 91843 28791 SH DFND 28791 0 0 LAS VEGAS SANDS CORP COM 517834107 3101887 60395 SH DFND 60395 0 0 LENNAR CORP CL A 526057104 784128 5750 SH DFND 5750 0 0 LIBERTY BROADBAND CORP COM SER C 530307305 6510549 87086 SH DFND 87086 0 0 LIBERTY ENERGY INC COM CL A 53115L104 4472247 224849 SH DFND 224849 0 0 LIBERTY MEDIA CORP DEL COM LBTY LIV S C 531229748 310103 4659 SH DFND 4659 0 0 LIBERTY MEDIA CORP DEL COM LBTY LIV S C 531229722 1333908 19599 SH DFND 19599 0 0 LIBERTY MEDIA CORP DEL COM LBTY ONE S A 531229771 3766505 44818 SH DFND 44818 0 0 LIBERTY MEDIA CORP DEL COM LBTY ONE S C 531229755 9189370 99173 SH DFND 99173 0 0 LINDE PLC SHS G54950103 1029928 2460 SH DFND 2460 0 0 LIVE NATION ENTERTAINMENT INC COM 538034109 42700682 329735 SH DFND 329735 0 0 LOEWS CORP COM 540424108 469437 5543 SH DFND 5543 0 0 MACYS INC COM 55616P104 516365 30500 SH DFND 30500 0 0 MADISON SQUARE GARDEN ENTMT COM CL A 558256103 1762129 49498 SH DFND 49498 0 0 MADISON SQUARE GARDEN SPRT COR CL A 55825T103 6829302 30261 SH DFND 30261 0 0 MARATHON PETE CORP COM 56585A102 777015 5570 SH DFND 5570 0 0 MAREX GROUP PLC ORD G5S37H101 4406628 141374 SH DFND 141374 0 0 MARKEL GROUP INC COM 570535104 4324213 2505 SH DFND 2505 0 0 MARKETAXESS HLDGS INC COM 57060D108 337704 1494 SH DFND 1494 0 0 MARSH & MCLENNAN COS INC COM 571748102 30720497 144628 SH DFND 144628 0 0 MASTERCARD INC CL A 57636Q104 10157821 19291 SH DFND 19291 0 0 MCDONALDS CORP COM 580135101 1172895 4046 SH DFND 4046 0 0 MERCK & COMPANY COM 58933Y105 3339940 33574 SH DFND 33574 0 0 MESABI TR CTF BEN INT 590672101 79917010 2843010 SH DFND 2843010 0 0 META PLATFORMS INC CL A 30303M102 341232 583 SH DFND 583 0 0 METALLA RTY & STREAMING LTD COM NEW 59124U605 1007868 401541 SH DFND 401541 0 0 MFS HIGH INCOME MUN TR SH BEN INT 59318D104 130324 35414 SH DFND 35414 0 0 MICROSOFT COM 594918104 5384026 12773 SH DFND 12773 0 0 MICROSTRATEGY INC CL A NEW 594972408 47878530 165315 SH DFND 165315 0 0 MONDELEZ INTL INC CL A 609207105 703500 11778 SH DFND 11778 0 0 MOVADO GROUP INC COM 624580106 359376 18261 SH DFND 18261 0 0 NASDAQ INC COM 631103108 7981911 103246 SH DFND 103246 0 0 NATURAL RESOURCE PARTNERS L COM UNIT LTD P 63900P608 2041845 18395 SH DFND 18395 0 0 NETFLIX INC COM 64110L106 344050 386 SH DFND 386 0 0 NEUBERGER BERMAN MUNI FD INC COM 64124P101 429825 41529 SH DFND 41529 0 0 NEWMONT CORP COM 651639106 745963 20042 SH DFND 20042 0 0 NEXTERA ENERGY INC COM 65339F101 205033 2860 SH DFND 2860 0 0 NORFOLK SOUTHN CORP COM 655844108 790470 3368 SH DFND 3368 0 0 NOVARTIS AG SPONSORED ADR 66987V109 1220949 12547 SH DFND 12547 0 0 NOVO-NORDISK A S ADR 670100205 1351890 15716 SH DFND 15716 0 0 NUSCALE PWR CORP CL A COM 67079K100 242952 13550 SH DFND 13550 0 0 NUTRIEN LTD COM 67077M108 2999417 67026 SH DFND 67026 0 0 NUVEEN AMT FREE QLTY MUN INC COM 670657105 3876180 343633 SH DFND 343633 0 0 NUVEEN MUNICIPAL CREDIT INC COM SH BEN INT 67070X101 477088 39202 SH DFND 39202 0 0 NUVEEN AMT FREE MUN CR INC F COM 67071L106 325577 26556 SH DFND 26556 0 0 NUVEEN FLOATING RATE INCOME COM 67072T108 1282857 143818 SH DFND 143818 0 0 NUVEEN MUN HIGH INC OPP FD COM 670682103 187251 17322 SH DFND 17322 0 0 NUVEEN MUN VALUE FD INC COM 670928100 106086 12350 SH DFND 12350 0 0 NUVEEN NY AMT FREE QLTY MUN INC FD COM 670656107 747712 71483 SH DFND 71483 0 0 NUVEEN NY QLTY INCOME FD COM 67066X107 434557 38119 SH DFND 38119 0 0 NUVEEN PFD & INCOME OPPORTUN COM 67073B106 224309 28538 SH DFND 28538 0 0 NUVEEN QUALITY MUNI INC FD COM 67066V101 1610448 138117 SH DFND 138117 0 0 NUVEEN SELECT MAT MUN FD SH BEN INT SH BEN INT 67061T101 187265 21500 SH DFND 21500 0 0 NUVEEN TAXABLE MUNICIPAL INC FUND COM 67074C103 392626 26210 SH DFND 26210 0 0 NVIDIA CORP COM 67066G104 3244446 24160 SH DFND 24160 0 0 OCCIDENTAL PETE CORP COM 674599105 388313 7859 SH DFND 7859 0 0 OIL STATE INTERNATIONAL INC COM 678026105 57178 11300 SH DFND 11300 0 0 OPENLANE INC COM 48238T109 2120043 106857 SH DFND 106857 0 0 OSHKOSH CORP COM 688239201 13321129 140119 SH DFND 140119 0 0 OSISKO GOLD ROYALTIES LTD COM 68827L101 30044591 1659922 SH DFND 1659922 0 0 PACIFIC BIOSCIENCES CALIF IN COM 69404D108 21076 11517 SH DFND 11517 0 0 PATTERSON UTI ENERGY INC COM 703481101 2870697 347542 SH DFND 347542 0 0 PCM FUND INC COM 69323T101 309940 40252 SH DFND 40252 0 0 PENSKE AUTOMOTIVE GRP INC COM 70959W103 27891369 182966 SH DFND 182966 0 0 PEPSICO INC COM 713448108 351715 2313 SH DFND 2313 0 0 PERMIAN BASIN RTY TR UNIT BEN INT 714236106 43722598 3946083 SH DFND 3946083 0 0 PFIZER INC COM 717081103 2671651 100703 SH DFND 100703 0 0 PHILIP MORRIS INTL INC COM 718172109 4608683 38294 SH DFND 38294 0 0 PIMCO DYNAMIC INCOME FD SHS 72201Y101 1592572 86836 SH DFND 86836 0 0 PIMCO INCOME STRATEGY FUND COM 72201H108 1135373 135486 SH DFND 135486 0 0 PIMCO INCOME STRATEGY FUND II COM 72201J104 1917083 257327 SH DFND 257327 0 0 PIMCO MUN INCOME FD II COM 72200W106 188699 23325 SH DFND 23325 0 0 PIMCO NEW YORK MUN INCOME FD COM 72201E105 58713 10355 SH DFND 10355 0 0 PIMCO NY MUNICIPAL INCOME FD COM 72200T103 438043 58956 SH DFND 58956 0 0 POTLATCHDELTIC CORPORATION COM 737630103 1709428 43552 SH DFND 43552 0 0 PRESTIGE CONSMR HEALTHCARE I COM 74112D101 253558 3247 SH DFND 3247 0 0 PROSHARES TR II SHT VIX ST TRM 74347W130 1317429 26317 SH DFND 26317 0 0 QUALCOMM INC COM 747525103 879014 5722 SH DFND 5722 0 0 QUANTA SVCS INC COM 74762E102 284445 900 SH DFND 900 0 0 QUEST DIAGNOSTICS INC COM 74834L100 844816 5600 SH DFND 5600 0 0 RAYONIER ADVANCED MATLS INC COM 75508B104 1779525 215700 SH DFND 215700 0 0 RAYONIER INC COM 754907103 1445070 55367 SH DFND 55367 0 0 RB GLOBAL INC COM 74935Q107 9979970 110630 SH DFND 110630 0 0 REGENERON PHARMACEUTICALS COM 75886F107 523563 735 SH DFND 735 0 0 RENN FUND INC COM 759720105 1618750 725897 SH DFND 725897 0 0 REPLIMUNE GROUP INC COM 76029N106 174336 14396 SH DFND 14396 0 0 RESIDEO TECHNOLOGIES INC COM 76118Y104 1805092 78312 SH DFND 78312 0 0 RIO TINTO PLC SPONSORED ADR 767204100 1432964 24366 SH DFND 24366 0 0 ROCKWELL AUTOMATION INC COM 773903109 1719027 6015 SH DFND 6015 0 0 ROYAL CARIBBEAN GROUP COM V7780T103 13184659 57153 SH DFND 57153 0 0 ROYAL GOLD INC COM 780287108 9861346 74792 SH DFND 74792 0 0 ROYALTY PHARMA PLC SHS CLASS A G7709Q104 8142169 319176 SH DFND 319176 0 0 ROYCE MICRO-CAP TR INC COM 780915104 1337846 137215 SH DFND 137215 0 0 RTX CORPORATION COM 75513E101 2385915 20618 SH DFND 20618 0 0 S&P GLOBAL INC COM 78409V104 8961543 17994 SH DFND 17994 0 0 SABINE ROYALTY TR UNIT BEN INT 785688102 7123977 109921 SH DFND 109921 0 0 SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 6948440 1814214 SH DFND 1814214 0 0 SANDSTORM GOLD LTD COM NEW 80013R206 21140791 3788672 SH DFND 3788672 0 0 SCIENCE APPLICATNS INTL CO COM 808625107 45460324 406695 SH DFND 406695 0 0 SEALED AIR CORP NEW COM 81211K100 1469914 43450 SH DFND 43450 0 0 SEAPORT ENTMT GROUP INC COMMON STOCK 812215200 1537809 55020 SH DFND 55020 0 0 SIRIUSXM HOLDINGS INC COMMON STOCK 829933100 1416545 62129 SH DFND 62129 0 0 SITIO ROYALTIES CORP CLASS A COM 82983N108 16541332 862426 SH DFND 862426 0 0 SONOCO PRODUCTS COM 835495102 1931040 39530 SH DFND 39530 0 0 SPDR GOLD TR GOLD SHS 78463V107 909440 3756 SH DFND 3756 0 0 SPDR SER TR OILGAS EQUIP 78468R549 1318280 16704 SH DFND 16704 0 0 SPHERE ENTERTAINMENT CO CL A 55826T102 2475971 61408 SH DFND 61408 0 0 SPROTT INC COM NEW 852066208 8116279 192466 SH DFND 192466 0 0 SPROTT PHYSICAL GOLD TR UNIT 85207H104 334747 16621 SH DFND 16621 0 0 SPDR S&P 500 ETF TR TR UNIT 78462F103 861538 1470 SH DFND 1470 0 0 STAR BULK CARRIERS CORP SHS PAR Y8162K204 577626 38637 SH DFND 38637 0 0 STRYKER CORP COM 863667101 720100 2000 SH DFND 2000 0 0 SUNCOR ENERGY INC NEW COM 867224107 2781042 77944 SH DFND 77944 0 0 TEJON RANCH CO COM 879080109 13535575 851294 SH DFND 851294 0 0 TELEFONICA S A SPONSORED ADR 879382208 1572934 391277 SH DFND 391277 0 0 TETRA TECHNOLOGIES INC DEL COM 88162F105 48688 13600 SH DFND 13600 0 0 TEXAS PACIFIC LAND CORP COM 88262P102 3988731718 3606579 SH DFND 3606579 0 0 THE SAINT JOE CO COM 790148100 25349586 564202 SH DFND 564202 0 0 TORONTO DOMINION BK ONT COM NEW 891160509 1647778 30950 SH DFND 30950 0 0 TRADEWEB MKTS INC CL A 892672106 622263 4753 SH DFND 4753 0 0 TRI POINTE HOMES INC COM 87265H109 4496675 124012 SH DFND 124012 0 0 TRIPLE FLAG PRECIOUS METAL COM 89679M104 195399 12992 SH DFND 12992 0 0 VALMONT INDS INC COM 920253101 789675 2575 SH DFND 2575 0 0 VANDA PHARMACEUTICALS INC COM 921659108 124118 25912 SH DFND 25912 0 0 VANECK BITCOIN ETF SH BEN INT 92189K105 806567 7630 SH DFND 7630 0 0 VANECK ETF TRUST JUNIOR GOLD MINE 92189F791 957285 22393 SH DFND 22393 0 0 VANECK ETF TRUST GOLD MINERS ETF 92189F106 377312 11127 SH DFND 11127 0 0 VANECK ETF TRUST OIL SVCS ETF 92189H607 1001215 3691 SH DFND 3691 0 0 VANGUARD BD INDEX FDS SHORT TRM BOND 921937827 577825 7478 SH DFND 7478 0 0 VANGUARD BD INDEX FDS VANGUARD ULTRA 92203C303 8445324 170200 SH DFND 170200 0 0 VANGUARD INDEX FDS EXTEND MKT ETF 922908652 2452848 12911 SH DFND 12911 0 0 VANGUARD INDEX FDS S&P 500 ETF SHS 922908363 1824411 3386 SH DFND 3386 0 0 VANGUARD INDEX FDS TOTAL STK MKT 922908769 391823 1352 SH DFND 1352 0 0 VANGUARD SCOTTSDALE FDS SHORT TERM TREAS 92206C102 12514421 215098 SH DFND 215098 0 0 VERISK ANALYTICS INC CL A 92345Y106 1928010 7000 SH DFND 7000 0 0 VERIZON COMMUNICATIONS INC COM 92343V104 233062 5828 SH DFND 5828 0 0 VERTIV HOLDINGS CO COM CL A 92537N108 1780269 15670 SH DFND 15670 0 0 VIPER ENERGY INC CL A 927959106 77992061 1589404 SH DFND 1589404 0 0 VISA INC COM CL A 92826C839 1434506 4539 SH DFND 4539 0 0 W P CAREY INC COM 92936U109 1914972 35150 SH DFND 35150 0 0 WENDYS COMPANY COM 95058W100 12756722 782621 SH DFND 782621 0 0 WEST FRASER TIMBER LTD COM 952845105 24352314 281367 SH DFND 281367 0 0 WESTERN ASSET HIGH INCOME OPP COM 95766K109 39583 10072 SH DFND 10072 0 0 WEYERHAEUSER CO COM NEW 962166104 860831 30580 SH DFND 30580 0 0 WHEATON PRECIOUS METALS CORP COM 962879102 164853262 2931246 SH DFND 2931246 0 0 WHITE MTNS INS GROUP LTD COM G9618E107 19623710 10089 SH DFND 10089 0 0 WILLIAMS COS INC COM 969457100 9356807 172890 SH DFND 172890 0 0 WISDOMTREE INC COM 97717P104 2145545 204338 SH DFND 204338 0 0 WYNN RESORTS LTD COM 983134107 221345 2569 SH DFND 2569 0 0 BARCLAYS BANK PLC IPATH S&P 500 SH 06748M196 1138500 9900 SH Call DFND 9900 0 0 PROSHARES TR II VIX SHT TERM FUT 74347Y730 296800 5600 SH Call DFND 5600 0 0 DIREXION SHS ETF TR DAILY GOLD MINER 25461A478 255500 3500 SH Call DFND 3500 0 0 DIREXION SHS ETF TR DAILY JR GOLD MI 25461A577 335500 6100 SH Call DFND 6100 0 0