Horizon Kinetics Asset Management 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL

OMB Number:		3235-0006
Expires:	Oct 31, 2018
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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
3M CO	COM	88579Y101	301	1,560	SH		DFND		1,560	0	0
A T & T INC	COM	00206R102	328	10,821	SH		DFND		10,821	0	0
ABB LTD	SPONSORED ADR	000375204	1,066	34,987	SH		DFND		34,987	0	0
ABBOTT LABS	COM	002824100	1,841	15,366	SH		DFND		15,366	0	0
ABBVIE INC	COM	00287Y109	3,139	29,007	SH		DFND		29,007	0	0
ACCENTURE PLC IRELAND	SHS CLASS A	G1151C101	247	894	SH		DFND		894	0	0
ALIBABA GROUP HLDG LTD	SPONSORED ADS	01609W102	472	2,080	SH		DFND		2,080	0	0
ALICO INC	COM	016230104	621	20,800	SH		DFND		20,800	0	0
ALKERMES PLC	COM	G01767105	411	22,000	SH		DFND		22,000	0	0
ALLEGHANY CORP DEL	COM	017175100	8,729	13,938	SH		DFND		13,938	0	0
ALNYLAM PHARMACEUTICALS INC	COM	02043Q107	424	3,000	SH		DFND		3,000	0	0
ALPHABET INC	CL A	02079K305	6,187	3,000	SH		DFND		3,000	0	0
ALPHABET INC	CL C	02079K107	5,955	2,879	SH		DFND		2,879	0	0
ALTRIA GROUP INC	COM	02209S103	2,230	43,582	SH		DFND		43,582	0	0
AMC NETWORKS INC	CL A	00164V103	8,776	165,078	SH		DFND		165,078	0	0
AMERICAN TOWER REIT	COM	03027X100	341	1,425	SH		DFND		1,425	0	0
AMGEN INC	COM	031162100	1,090	4,380	SH		DFND		4,380	0	0
ANALOG DEVICES INC	COM	032654105	826	5,325	SH		DFND		5,325	0	0
ANNALY CAP MGMT INC	COM	035710409	177	20,592	SH		DFND		20,592	0	0
APPLE INC	COM	037833100	1,758	14,391	SH		DFND		14,391	0	0
APYX MED CORP	COM	03837C106	5,941	615,000	SH		DFND		615,000	0	0
ARCHER DANIELS MIDLAND CO	COM	039483102	18,681	327,745	SH		DFND		327,745	0	0
ARENA PHARMACEUTICALS INC	COM NEW	040047607	312	4,500	SH		DFND		4,500	0	0
ASSOCIATED CAP GROUP INC	CL A	045528106	46,066	1,284,603	SH		DFND		1,284,603	0	0
ASTRAZENECA PLC	SPONSORED ADR	046353108	958	19,263	SH		DFND		19,263	0	0
AUTONATION INC	COM	05329W102	36,893	395,759	SH		DFND		395,759	0	0
BALCHEM CORP	COM	057665200	3,381	26,959	SH		DFND		26,959	0	0
BANCO SANTANDER S.A.	ADR	05964H105	134	39,079	SH		DFND		39,079	0	0
BANK AMER CORP	COM	060505104	1,318	34,076	SH		DFND		34,076	0	0
BANK OF NEW YORK MELLON CORP	COM	064058100	340	7,194	SH		DFND		7,194	0	0
BAXTER INTL INC	COM	071813109	680	8,058	SH		DFND		8,058	0	0
BEL FUSE INC	CL B	077347300	577	28,988	SH		DFND		28,988	0	0
BERKSHIRE HATHAWAY INC DEL	CL A	084670108	4,243	11	SH		DFND		11	0	0
BERKSHIRE HATHAWAY INC DEL	CL B NEW	084670702	16,139	63,175	SH		DFND		63,175	0	0
BGC PARTNERS INC	CL A	05541T101	10,264	2,125,047	SH		DFND		2,125,047	0	0
BHP GROUP LTD	SPONSORED ADS	088606108	230	3,321	SH		DFND		3,321	0	0
BIOGEN INC	COM	09062X103	1,098	3,925	SH		DFND		3,925	0	0
BLACK KNIGHT INC	COM	09215C105	857	11,588	SH		DFND		11,588	0	0
BLACK STONE MINERALS L P	COM UNIT	09225M101	1,860	213,350	SH		DFND		213,350	0	0
BLACKROCK CREDIT ALL INC TR	COM	092508100	654	44,576	SH		DFND		44,576	0	0
BLACKROCK FLOAT RATE OME STR	COM	09255X100	771	59,300	SH		DFND		59,300	0	0
BLACKROCK FLOATING RATE INCOME	COM	091941104	159	12,678	SH		DFND		12,678	0	0
BLACKROCK MUN TARGET TERM TR	COM SHS BEN IN	09257P105	560	22,050	SH		DFND		22,050	0	0
BLACKROCK MUNI INTER DR FD I	COM	09253X102	1,120	74,496	SH		DFND		74,496	0	0
BLACKROCK MUNICIPL INC QLTY	COM	092479104	273	18,053	SH		DFND		18,053	0	0
BLACKROCK MUNIHLDGS INVESTMENT QUALITY FUND	COM	09254P108	582	40,758	SH		DFND		40,758	0	0
BLACKROCK MUNIHLDGS QUALITY FUND II INC	COM	09254C107	1,378	102,863	SH		DFND		102,863	0	0
BLACKROCK MUNIHOLDINGS FD IN	COM	09253N104	2,147	134,194	SH		DFND		134,194	0	0
BLACKROCK MUNIVEST FD INC	COM	09253R105	432	46,440	SH		DFND		46,440	0	0
BLACKROCK MUNIYIELD QLTY FD	COM	09254E103	894	62,691	SH		DFND		62,691	0	0
BLACKROCK MUNIYIELD QUALITY	COM	09254G108	448	32,280	SH		DFND		32,280	0	0
BLACKROCK NY MUN INC QUALITY TRUST	COM	09249U105	299	20,769	SH		DFND		20,769	0	0
BLACKSTONE GROUP INC	COM CL A	09260D107	650	8,725	SH		DFND		8,725	0	0
BLACKSTONE MTG TR INC	COM CL A	09257W100	417	13,437	SH		DFND		13,437	0	0
BOEING CO	COM	097023105	21,357	83,845	SH		DFND		83,845	0	0
BRIGHAM MINERALS INC	CL A COM	10918L103	4,289	292,937	SH		DFND		292,937	0	0
BRISTOL MYERS SQUIBBCO	COM	110122108	3,013	47,721	SH		DFND		47,721	0	0
BROADRIDGE FINL SOLUTIONS INC	COM	11133T103	699	4,564	SH		DFND		4,564	0	0
BROOKFIELD ASSET MGMT INC	CL A LTD VT SH	112585104	75,303	1,692,208	SH		DFND		1,692,208	0	0
BROOKFIELD BUSINESS PARTNERS	UNIT LTD L P	G16234109	202	5,025	SH		DFND		5,025	0	0
BROOKFIELD INFRASTRUCTURE CO	COM SB VTG SHS A	11275Q107	391	5,123	SH		DFND		5,123	0	0
BROOKFIELD INFRASTRUCTURE PARTNERS LP	LP INT UNIT	G16252101	2,098	39,392	SH		DFND		39,392	0	0
BROOKFIELD PPTY PARTNERS L P	UNIT LTD PARTN	G16249107	332	18,670	SH		DFND		18,670	0	0
BROOKFIELD REAL ASSETS INCOME FUND	SHS BEN INT	112830104	401	19,359	SH		DFND		19,359	0	0
BWX TECHNOLOGIES INC	COM	05605H100	209	3,163	SH		DFND		3,163	0	0
CACI INTL INC	CL A	127190304	97,268	394,339	SH		DFND		394,339	0	0
CAPITAL SOUTHWEST CORP	COM	140501107	377	17,000	SH		DFND		17,000	0	0
CARNIVAL CORP	UNIT 99/99/9999	143658300	282	10,616	SH		DFND		10,616	0	0
CATCHMARK TIMBER TR INC	CL A	14912Y202	2,865	281,457	SH		DFND		281,457	0	0
CATERPILLAR INC	COM	149123101	1,829	7,888	SH		DFND		7,888	0	0
CBOE GLOBAL MARKETS INC	COM	12503M108	43,174	437,473	SH		DFND		437,473	0	0
CBRE GROUP INC	CL A	12504L109	3,939	49,795	SH		DFND		49,795	0	0
CENTERPOINT ENERGY INC	COM	15189T107	350	15,472	SH		DFND		15,472	0	0
CHARLES RIV LABS INTL INC	COM	159864107	35,009	120,792	SH		DFND		120,792	0	0
CHENIERE ENERGY INC	COM NEW	16411R208	37,821	525,220	SH		DFND		525,220	0	0
CHENIERE ENERGY INC	NOTE 4.250% 3/1	16411RAG4	29,800	36,475,500	PRN		DFND		36,475,500	0	0
CHEVRON CORP	COM	166764100	1,717	16,388	SH		DFND		16,388	0	0
CISCO SYSTEMS INC	COM	17275R102	1,999	38,657	SH		DFND		38,657	0	0
CIVEO CORP CDA	COM NEW	17878Y207	49,672	3,244,441	SH		DFND		3,244,441	0	0
CLEARBRIDGE MLP AND MIDSTRM TR	COM	18469Q207	200	9,986	SH		DFND		9,986	0	0
CME GROUP INC	COM	12572Q105	32,807	160,638	SH		DFND		160,638	0	0
CMS ENERGY CORP	COM	125896100	978	15,975	SH		DFND		15,975	0	0
COHEN & STEERS INC	COM	19247A100	4,410	67,503	SH		DFND		67,503	0	0
COHEN & STEERS QUALITY RLTY	COM	19247L106	755	54,233	SH		DFND		54,233	0	0
COLFAX CORP	COM	194014106	4,835	110,361	SH		DFND		110,361	0	0
COLGATE PALMOLIVE CO	COM	194162103	235	2,978	SH		DFND		2,978	0	0
COMCAST CORP NEW	CL A	20030N101	408	7,532	SH		DFND		7,532	0	0
CONTANGO OIL & GAS COMPANY	COM NEW	21075N204	39	10,068	SH		DFND		10,068	0	0
CORELOGIC INC	COM	21871D103	1,353	17,070	SH		DFND		17,070	0	0
COSTAMARE INC	SHS	Y1771G102	2,282	237,237	SH		DFND		237,237	0	0
CRISPR THERAPEUTICS AG	NAMEN AKT	H17182108	746	6,125	SH		DFND		6,125	0	0
CSW INDUSTRIALS INC	COM	126402106	1,512	11,200	SH		DFND		11,200	0	0
CSX CORP	COM	126408103	236	2,444	SH		DFND		2,444	0	0
CUBIC CORP	COM	229669106	369	4,952	SH		DFND		4,952	0	0
CVS HEALTH CORP	COM	126650100	1,056	14,039	SH		DFND		14,039	0	0
DANAHER CORP	COM	235851102	2,429	10,792	SH		DFND		10,792	0	0
DEERE & CO	COM	244199105	327	875	SH		DFND		875	0	0
DISCOVERY INC	COM SER A	25470F104	5,586	128,537	SH		DFND		128,537	0	0
DISCOVERY INC	COM SER C	25470F302	2,596	70,365	SH		DFND		70,365	0	0
DISH NETWORK CORP	CL A	25470M109	1,624	44,865	SH		DFND		44,865	0	0
DISNEY WALT CO	COM DISNEY	254687106	1,245	6,745	SH		DFND		6,745	0	0
DNP SELECT INCOME FD	COM	23325P104	130	13,113	SH		DFND		13,113	0	0
DORCHESTER MINERALS LP	COM UNIT	25820R105	11,826	865,730	SH		DFND		865,730	0	0
DORMAN PRODUCTS INC	COM	258278100	2,098	20,436	SH		DFND		20,436	0	0
DOUBLELINE INCOME SOLUTIONS	COM	258622109	4,215	232,093	SH		DFND		232,093	0	0
DOUBLELINE OPPORTUNISTIC CR	COM	258623107	5,252	266,048	SH		DFND		266,048	0	0
DOW INC	COM	260557103	271	4,246	SH		DFND		4,246	0	0
EATON VANCE LTD DUR INCOME F	COM	27828H105	173	13,729	SH		DFND		13,729	0	0
EATON VANCE MUN BD FD	COM	27827X101	279	20,955	SH		DFND		20,955	0	0
EATON VANCE NY MUN BD FD	COM	27827Y109	303	24,865	SH		DFND		24,865	0	0
EATON VANCE SR FLTNG RTE TR	COM	27828Q105	276	20,001	SH		DFND		20,001	0	0
EATON VANCE SR INCOME TR	SH BEN INT	27826S103	157	23,748	SH		DFND		23,748	0	0
EBAY INC	COM	278642103	1,424	23,255	SH		DFND		23,255	0	0
ECHOSTAR CORP	CL A	278768106	3,536	147,345	SH		DFND		147,345	0	0
EDITAS MEDICINE INC	COM	28106W103	336	8,000	SH		DFND		8,000	0	0
ELI LILLY AND COMPANY	COM	532457108	1,567	8,386	SH		DFND		8,386	0	0
EMERSON ELEC CO	COM	291011104	1,611	17,856	SH		DFND		17,856	0	0
ENERGY TRANSFER EQUITY L P	COM UT LTD PTN	29273V100	1,918	249,696	SH		DFND		249,696	0	0
ENTERPRISE PRODS PARTNERS L	COM	293792107	2,910	132,153	SH		DFND		132,153	0	0
EOG RES INC	COM	26875P101	274	3,782	SH		DFND		3,782	0	0
EQUITY COMMONWEALTH	COM SH BEN INT	294628102	1,914	68,842	SH		DFND		68,842	0	0
EQUITY LIFESTYLE PPTYS INC	COM	29472R108	13,906	218,512	SH		DFND		218,512	0	0
EXPEDIA GROUP INC	COM NEW	30212P303	1,756	10,203	SH		DFND		10,203	0	0
EXXON MOBIL CORP	COM	30231G102	2,803	50,206	SH		DFND		50,206	0	0
FEDERATED HERMES INC	CL B	314211103	1,161	37,101	SH		DFND		37,101	0	0
FEDERATED HERMES PREM MUN INC FD	COM	31423P108	605	41,657	SH		DFND		41,657	0	0
FIDELITY NATIONAL FINANCIAL FNF GROUP	FNF GROUP COM	31620R303	1,847	45,436	SH		DFND		45,436	0	0
FIDELITY NATL INFORMATION SVC	COM	31620M106	541	3,845	SH		DFND		3,845	0	0
FORTIVE CORP	COM	34959J108	268	3,793	SH		DFND		3,793	0	0
FRANCO NEVADA CORP	COM	351858105	96,196	767,786	SH		DFND		767,786	0	0
FREEPORT MCMORAN INC	CL B	35671D857	4,167	126,555	SH		DFND		126,555	0	0
GALLAGHER ARTHUR J & CO	COM	363576109	360	2,882	SH		DFND		2,882	0	0
GAMCO INVESTORS INC	CL A COM	361438104	6,088	328,181	SH		DFND		328,181	0	0
GANNETT CO INC NEW	COM	36472T109	54	10,075	SH		DFND		10,075	0	0
GENERAL ELECTRIC CO	COM	369604103	872	66,403	SH		DFND		66,403	0	0
GENERAL MLS INC	COM	370334104	242	3,950	SH		DFND		3,950	0	0
GENERAL MTRS CO	COM	37045V100	1,714	29,825	SH		DFND		29,825	0	0
GENUINE PARTS CO	COM	372460105	277	2,400	SH		DFND		2,400	0	0
GILEAD SCIENCES INC	COM	375558103	712	11,017	SH		DFND		11,017	0	0
GLADSTONE LD CORP	COM	376549101	649	35,446	SH		DFND		35,446	0	0
GLAXOSMITHKLINE PLC	SPONSORED ADR	37733W105	839	23,500	SH		DFND		23,500	0	0
GOLDMAN SACHS GROUP INC	COM	38141G104	405	1,240	SH		DFND		1,240	0	0
GRAHAM HLDGS CO	COM	384637104	574	1,021	SH		DFND		1,021	0	0
GREENBRIER COS INC	COM	393657101	340	7,200	SH		DFND		7,200	0	0
GREENLANE HLDGS INC	CL A	395330103	53	10,000	SH		DFND		10,000	0	0
HONEYWELL INTL INC	COM	438516106	1,427	6,573	SH		DFND		6,573	0	0
LISTED FD TR	HORIZON KINETICS	53656F623	1,230	45,375	SH		DFND		45,375	0	0
HOWARD HUGHES CORP	COM	44267D107	76,012	799,036	SH		DFND		799,036	0	0
IAA INC	COM	449253103	9,265	168,019	SH		DFND		168,019	0	0
IAC INTERACTIVECORP NEW	COM	44891N109	5,294	24,474	SH		DFND		24,474	0	0
ICAHN ENTERPRISES LP	DEPOSITARY UNIT	451100101	31,932	594,421	SH		DFND		594,421	0	0
IHS MARKIT LTD	SHS	G47567105	19,444	200,907	SH		DFND		200,907	0	0
INTEL CORP	COM	458140100	664	10,369	SH		DFND		10,369	0	0
INTELLIA THERAPEUTICS INC	COM	45826J105	803	10,000	SH		DFND		10,000	0	0
INTER PARFUMS INC	COM	458334109	13,516	190,552	SH		DFND		190,552	0	0
INTERCONTINENTAL EXCHANGE INC	COM	45866F104	65,797	589,155	SH		DFND		589,155	0	0
INTL FLAVORS & FRAGRANCES	COM	459506101	426	3,050	SH		DFND		3,050	0	0
INVESCO CURRENCYSHARES AUSTR	AUSTRALIAN DOL	46090N103	324	4,280	SH		DFND		4,280	0	0
INVESCO CURRENCYSHARES CDN D	CDN DLR SHS	46138T104	260	3,330	SH		DFND		3,330	0	0
INVESCO VALUE MUN INCOME TR	COM	46132P108	567	36,163	SH		DFND		36,163	0	0
INVESCO QUALITY MUNI INC TRS	COM	46133G107	753	58,055	SH		DFND		58,055	0	0
INVESCO EXCHANGE TRADED FD T	S&P500 EQL WGT	46137V357	610	4,308	SH		DFND		4,308	0	0
INVESCO SR INCOME TR	COM	46131H107	49	11,613	SH		DFND		11,613	0	0
INVESCO TR INVT GRADE NEW YO	COM	46131T101	137	10,414	SH		DFND		10,414	0	0
IONIS PHARMACEUTICALS INC	COM	462222100	360	8,000	SH		DFND		8,000	0	0
IRON MTN INC NEW	COM	46284V101	987	26,658	SH		DFND		26,658	0	0
ISHARES TR	ISHS 1-5YR INVS	464288646	2,953	54,000	SH		DFND		54,000	0	0
ISHARES GOLD TR	ISHARES	464285105	417	25,639	SH		DFND		25,639	0	0
ISHARES SILVER TR	ISHARES	46428Q109	839	36,970	SH		DFND		36,970	0	0
ISHARES TR	SHORT TREAS BD	464288679	1,557	14,085	SH		DFND		14,085	0	0
ISHARES TR	GL TIMB FORE ETF	464288174	1,408	16,520	SH		DFND		16,520	0	0
ISHARES TR	MICRO-CAP ETF	464288869	341	2,322	SH		DFND		2,322	0	0
JOHNSON & JOHNSON	COM	478160104	3,046	18,537	SH		DFND		18,537	0	0
JP MORGAN CHASE & CO ISIN	COM	46625H100	287	1,887	SH		DFND		1,887	0	0
JP MORGAN EXCHANGE TRADED FD	ULTRA SHRT INC	46641Q837	1,052	20,727	SH		DFND		20,727	0	0
KAR AUCTION SVCS INC	COM	48238T109	1,991	132,740	SH		DFND		132,740	0	0
KAYNE ANDERSON ENERGY INFRSTR	COM	486606106	273	38,138	SH		DFND		38,138	0	0
KAYNE ANDERSON NEXTGEN ENERGY	COM	48661E108	213	32,017	SH		DFND		32,017	0	0
KIMBELL RTY PARTNERS LP	UNIT	49435R102	927	91,385	SH		DFND		91,385	0	0
KKR & CO INC	COM	48251W104	247	5,058	SH		DFND		5,058	0	0
KLA-TENCOR CORP	COM NEW	482480100	2,004	6,065	SH		DFND		6,065	0	0
KRAFT HEINZ COMPANY	COM	500754106	352	8,792	SH		DFND		8,792	0	0
L3 HARRIS TECHNOLOGIES INC	COM	502431109	1,994	9,838	SH		DFND		9,838	0	0
LAS VEGAS SANDS CORP	COM	517834107	5,125	84,356	SH		DFND		84,356	0	0
LENDINGTREE INC NEW	COM	52603B107	1,754	8,233	SH		DFND		8,233	0	0
LENNAR CORP	CL A	526057104	550	5,435	SH		DFND		5,435	0	0
LIBERTY MEDIA CORP DEL	COM A BRAVES GRP	531229706	987	34,605	SH		DFND		34,605	0	0
LIBERTY MEDIA CORP DEL	COM C BRAVES GRP	531229888	1,535	55,180	SH		DFND		55,180	0	0
LIBERTY BROADBAND CORP	COM SER A	530307107	7,803	53,759	SH		DFND		53,759	0	0
LIBERTY BROADBAND CORP	COM SER C	530307305	41,371	275,532	SH		DFND		275,532	0	0
LIBERTY MEDIA CORP DEL	COM SER A FRMLA	531229870	6,590	172,426	SH		DFND		172,426	0	0
LIBERTY MEDIA CORP DEL	COM SER C FRMLA	531229854	9,761	225,474	SH		DFND		225,474	0	0
LIBERTY LATIN AMERICA LTD	COM CL C	G9001E128	215	16,578	SH		DFND		16,578	0	0
LIBERTY MEDIA CORP DEL	COM C SIRIUSXM	531229607	40,799	924,946	SH		DFND		924,946	0	0
LIBERTY MEDIA CORP DEL	COM A SIRIUSXM	531229409	18,426	418,010	SH		DFND		418,010	0	0
LINDE PLC	COM	G5494J103	444	1,586	SH		DFND		1,586	0	0
LIONS GATE ENTMNT CORP	CL B NON VTG	535919500	3,051	236,483	SH		DFND		236,483	0	0
LIVE NATION ENTERTAINMENT INC	COM	538034109	54,466	643,429	SH		DFND		643,429	0	0
LOEWS CORP	COM	540424108	363	7,070	SH		DFND		7,070	0	0
M & T BK CORP	COM	55261F104	235	1,550	SH		DFND		1,550	0	0
MADISON SQUARE GARDEN SPORTS CP	CL A	55825T103	7,139	39,778	SH		DFND		39,778	0	0
MADISON SQUARE GRDN ENTERTNM	CL A	55826T102	3,188	38,976	SH		DFND		38,976	0	0
MANTECH INTL CORP	CL A	564563104	2,174	25,000	SH		DFND		25,000	0	0
MARATHON PETE CORP	COM	56585A102	386	7,220	SH		DFND		7,220	0	0
MARKEL CORP	COM	570535104	5,632	4,942	SH		DFND		4,942	0	0
MARKETAXESS HLDGS INC	COM	57060D108	2,490	5,000	SH		DFND		5,000	0	0
MARSH & MCLENNAN COS INC	COM	571748102	4,144	34,021	SH		DFND		34,021	0	0
MASTERCARD INC CL A	CL A	57636Q104	14,771	41,485	SH		DFND		41,485	0	0
MATCH GROUP INC NEW	COM	57667L107	982	7,146	SH		DFND		7,146	0	0
MCDONALDS CORP	COM	580135101	941	4,200	SH		DFND		4,200	0	0
MERCK & COMPANY	COM	58933Y105	2,880	37,354	SH		DFND		37,354	0	0
MESABI TR	CTF BEN INT	590672101	51,267	1,704,371	SH		DFND		1,704,371	0	0
MFS HIGH INCOME MUN TR	SH BEN INT	59318D104	2,492	488,614	SH		DFND		488,614	0	0
MICROSOFT	COM	594918104	2,191	9,293	SH		DFND		9,293	0	0
MICROSTRATEGY INC	CL A NEW	594972408	7,653	11,275	SH		DFND		11,275	0	0
MONDELEZ INTL INC	CL A	609207105	1,317	22,505	SH		DFND		22,505	0	0
MOVADO GROUP INC	COM	624580106	850	29,880	SH		DFND		29,880	0	0
MSG NETWORK INC	CL A	553573106	1,373	91,288	SH		DFND		91,288	0	0
NASDAQ INC	COM	631103108	5,906	40,052	SH		DFND		40,052	0	0
NAVIGATOR HOLDINGS LTD	SHS	Y62132108	6,145	690,440	SH		DFND		690,440	0	0
NEUBERGER BERMAN MUNI FD INC	COM	64124P101	565	35,562	SH		DFND		35,562	0	0
NEUBERGER BERMAN NY MUN FD INC	COM	64124K102	363	29,549	SH		DFND		29,549	0	0
NEWELL BRANDS INC	COM	651229106	301	11,227	SH		DFND		11,227	0	0
NEWMONT CORP	COM	651639106	1,593	26,435	SH		DFND		26,435	0	0
NEXTERA ENERGY INC	COM	65339F101	243	3,220	SH		DFND		3,220	0	0
NORFOLK SOUTHN CORP	COM	655844108	1,312	4,886	SH		DFND		4,886	0	0
NOVARTIS AG	SPONSORED ADR	66987V109	1,886	22,060	SH		DFND		22,060	0	0
NOVO-NORDISK A S	ADR	670100205	522	7,740	SH		DFND		7,740	0	0
NUTRIEN LTD	COM	67077M108	3,835	71,167	SH		DFND		71,167	0	0
NUVEEN AMT-FREE QLTY MUN INCOME	COM	670657105	7,892	532,542	SH		DFND		532,542	0	0
NUVEEN DIV QLTY MUNI FD 3	COM SH BEN INT	67070X101	1,051	65,021	SH		DFND		65,021	0	0
NUVEEN DIVID AMT FREE MUNI CRED INC FD	COM	67071L106	358	21,176	SH		DFND		21,176	0	0
NUVEEN FLTNG RTE INCM OPP FD	COM SHS	6706EN100	564	59,169	SH		DFND		59,169	0	0
NUVEEN INT DUR QUAL MUN TRM	COM	670677103	310	21,130	SH		DFND		21,130	0	0
NUVEEN INTER DURATION MN TMF	COM	670671106	1,023	71,660	SH		DFND		71,660	0	0
NUVEEN MUN HIGH INC OPP FD	COM	670682103	175	12,099	SH		DFND		12,099	0	0
NUVEEN MUN VALUE FD INC	COM	670928100	147	13,198	SH		DFND		13,198	0	0
NUVEEN NY AMT FREE QLTY MUN INC FD	COM	670656107	1,348	98,746	SH		DFND		98,746	0	0
NUVEEN NY QLTY INCOME FD	COM	67066X107	714	50,071	SH		DFND		50,071	0	0
NUVEEN PREFERRED & INCOME SECURITIES FD	COM	67072C105	215	22,113	SH		DFND		22,113	0	0
NUVEEN QUALITY MUNI INC FD	COM	67066V101	2,584	170,676	SH		DFND		170,676	0	0
NUVEEN SELECT MAT MUN FD	SH BEN INT	67061T101	230	21,500	SH		DFND		21,500	0	0
NUVEEN SR INCOME FD	COM	67067Y104	590	105,209	SH		DFND		105,209	0	0
NUVEEN TAXABLE MUNICIPAL INC FUND	COM	67074C103	3,134	138,736	SH		DFND		138,736	0	0
NVIDIA CORP	COM	67066G104	331	620	SH		DFND		620	0	0
OCCIDENTAL PETE CORP	COM	674599105	261	9,800	SH		DFND		9,800	0	0
OSHKOSH CORP	COM	688239201	19,952	168,145	SH		DFND		168,145	0	0
OSISKO GOLD ROYALTIES LTD	COM	68827L101	3,248	294,731	SH		DFND		294,731	0	0
PACIFIC BIOSCIENCES CALIF IN	COM	69404D108	400	12,000	SH		DFND		12,000	0	0
PATTERSON UTI ENERGY INC	COM	703481101	2,952	414,076	SH		DFND		414,076	0	0
PAYPAL HLDGS INC	COM	70450Y103	19,502	80,308	SH		DFND		80,308	0	0
PCM FUND INC	COM	69323T101	341	29,777	SH		DFND		29,777	0	0
PENSKE AUTOMOTIVE GRP INC	COM	70959W103	20,229	252,108	SH		DFND		252,108	0	0
PEPSICO INC	COM	713448108	595	4,204	SH		DFND		4,204	0	0
PERKINELMER INC	COM	714046109	314	2,450	SH		DFND		2,450	0	0
PERMIAN BASIN RTY TR	UNIT BEN INT	714236106	1,344	337,772	SH		DFND		337,772	0	0
PFIZER INC	COM	717081103	2,090	57,685	SH		DFND		57,685	0	0
PHILIP MORRIS INTL INC	COM	718172109	2,095	23,603	SH		DFND		23,603	0	0
PIMCO DYNAMIC CREDIT AND MORTGAGE INCOME FD	COM SHS	72202D106	971	43,606	SH		DFND		43,606	0	0
PIMCO DYNAMIC INCOME FD	SHS	72201Y101	3,257	115,687	SH		DFND		115,687	0	0
PIMCO ETF TR	ENHAN SHRT MA AC	72201R833	491	4,816	SH		DFND		4,816	0	0
PIMCO INCOME OPPORTUNITY FD	COM	72202B100	1,966	74,751	SH		DFND		74,751	0	0
PIMCO INCOME STRATEGY FUND	COM	72201H108	2,172	180,825	SH		DFND		180,825	0	0
PIMCO INCOME STRATEGY FUND II	COM	72201J104	4,455	433,323	SH		DFND		433,323	0	0
PIMCO MUN INCOME FD II	COM	72200W106	224	15,050	SH		DFND		15,050	0	0
PIMCO NY MUNICIPAL INCOME FD	COM	72200T103	540	45,052	SH		DFND		45,052	0	0
PIONEER MUN HIGH INC ADV FD	COM	723762100	154	13,060	SH		DFND		13,060	0	0
PIONEER MUN HIGH INCOME FD	COM SHS	723763108	347	28,089	SH		DFND		28,089	0	0
POTLATCHDELTIC CORP NEW	COM	737630103	823	15,558	SH		DFND		15,558	0	0
PROSHARES TR II	SHT VIX ST TRM	74347W130	58,715	1,246,599	SH		DFND		1,246,599	0	0
QUEST DIAGNOSTICS INC	COM	74834L100	618	4,812	SH		DFND		4,812	0	0
RAYONIER ADVANCED MATLS INC	COM	75508B104	1,268	139,750	SH		DFND		139,750	0	0
RAYONIER INC	COM	754907103	3,103	96,213	SH		DFND		96,213	0	0
RAYTHEON TECHNOLOGIES CORP	COM	75513E101	902	11,671	SH		DFND		11,671	0	0
RENN FUND INC	COM	759720105	368	140,017	SH		DFND		140,017	0	0
RESIDEO TECHNOLOGIES INC	COM	76118Y104	2,222	78,650	SH		DFND		78,650	0	0
RITCHIE BROS AUCTIONEERS	COM	767744105	2,880	49,192	SH		DFND		49,192	0	0
ROCKWELL AUTOMATION INC	COM	773903109	1,327	4,998	SH		DFND		4,998	0	0
ROYAL CARIBBEAN GROUP	COM	V7780T103	1,295	15,121	SH		DFND		15,121	0	0
ROYAL GOLD INC	COM	780287108	18,148	168,627	SH		DFND		168,627	0	0
ROYALTY PHARMA PLC	SHS CLASS A	G7709Q104	2,171	49,765	SH		DFND		49,765	0	0
ROYCE MICRO-CAP TR INC	COM	780915104	4,061	359,361	SH		DFND		359,361	0	0
S&P GLOBAL INC	COM	78409V104	510	1,445	SH		DFND		1,445	0	0
SABINE ROYALTY TR	UNIT BEN INT	785688102	291	9,591	SH		DFND		9,591	0	0
SANDSTORM GOLD LTD	COM NEW	80013R206	19,441	2,859,006	SH		DFND		2,859,006	0	0
SANOFI	SPONSORED ADR	80105N105	841	17,000	SH		DFND		17,000	0	0
SCIENCE APPLICATNS INTL CP N	COM	808625107	34,699	415,107	SH		DFND		415,107	0	0
SCRIPPS E W CO OHIO	CL A NEW	811054402	925	48,000	SH		DFND		48,000	0	0
SEABOARD CORP DEL	COM	811543107	354	96	SH		DFND		96	0	0
SEALED AIR	COM	81211K100	1,669	36,435	SH		DFND		36,435	0	0
SIMULATIONS PLUS INC	COM	829214105	276	4,367	SH		DFND		4,367	0	0
SONOCO PRODUCTS	COM	835495102	1,396	22,050	SH		DFND		22,050	0	0
SPDR GOLD TRUST	GOLD SHS	78463V107	757	4,732	SH		DFND		4,732	0	0
SPDR SER TR	OILGAS EQUIP	78468R549	318	5,975	SH		DFND		5,975	0	0
SPDR SERIES TRUST	PORTFOLIO SHORT	78464A474	751	24,000	SH		DFND		24,000	0	0
SPROTT PHYSICAL GOLD TRUST	UNIT	85207H104	231	17,259	SH		DFND		17,259	0	0
SQUARE INC	CL A	852234103	250	1,103	SH		DFND		1,103	0	0
SPDR S&P 500 ETF TR	TR UNIT	78462F103	2,168	5,470	SH		DFND		5,470	0	0
STONECO LTD	COM CL A	G85158106	690	11,270	SH		DFND		11,270	0	0
STRYKER CORP	COM	863667101	487	2,000	SH		DFND		2,000	0	0
SUNCOR ENERGY INC NEW	COM	867224107	1,286	61,539	SH		DFND		61,539	0	0
TELEFLEX INC	COM	879369106	883	2,126	SH		DFND		2,126	0	0
TEXAS PACIFIC LAND CORPORATI	COM	88262P102	2,476,227	1,557,934	SH		DFND		1,557,934	0	0
THE SAINT JOE CO	COM	790148100	2,363	55,087	SH		DFND		55,087	0	0
TORONTO DOMINION BK ONT NEW	COM NEW	891160509	1,324	20,300	SH		DFND		20,300	0	0
TRI POINTE HOMES INC	COM	87265H109	3,666	180,062	SH		DFND		180,062	0	0
TRILOGY METALS INC	COM	89621C105	35	16,572	SH		DFND		16,572	0	0
UNION PACIFIC CORP	COM	907818108	1,342	6,087	SH		DFND		6,087	0	0
VAIL RESORTS INC	COM	91879Q109	368	1,262	SH		DFND		1,262	0	0
VALMONT INDS INC	COM	920253101	547	2,300	SH		DFND		2,300	0	0
VANECK VECTORS ETF TR	JR GOLD MINERS E	92189F791	2,772	61,588	SH		DFND		61,588	0	0
VANECK VECTORS ETF TR	OIL SVCS ETF	92189H607	790	4,135	SH		DFND		4,135	0	0
VANECK VECTORS	GOLD MINERS ETF	92189F106	2,943	90,547	SH		DFND		90,547	0	0
VANGUARD INDEX FDS	EXTEND MKT ETF	922908652	747	4,222	SH		DFND		4,222	0	0
VANGUARD INDEX FDS	S&P500 ETF SHS	922908363	1,687	4,631	SH		DFND		4,631	0	0
VANGUARD INDEX TR	TOTAL STK MKT	922908769	783	3,788	SH		DFND		3,788	0	0
VANGUARD SCOTTSDALE FDS	SHORT TERM TREAS	92206C102	11,840	192,457	SH		DFND		192,457	0	0
VANGUARD SCOTTSDALE FDS	SHRT TRM CORP BD	92206C409	1,808	21,919	SH		DFND		21,919	0	0
VERISK ANALYTICS INC	CL A	92345Y106	4,441	25,135	SH		DFND		25,135	0	0
VERIZON COMMUNICATIONS	COM	92343V104	1,428	24,554	SH		DFND		24,554	0	0
VIACOMCBS INC	CL B	92556H206	589	13,052	SH		DFND		13,052	0	0
VIASAT INC	COM	92552V100	677	14,088	SH		DFND		14,088	0	0
VIPER ENERGY PARTNERS LP	COM UNT RP INT	92763M105	5,079	348,836	SH		DFND		348,836	0	0
VISA INC	COM CL A	92826C839	6,352	30,001	SH		DFND		30,001	0	0
W P CAREY INC	COM	92936U109	892	12,600	SH		DFND		12,600	0	0
WELBILT INC	COM	949090104	292	18,000	SH		DFND		18,000	0	0
WENDYS COMPANY	COM	95058W100	39,727	1,960,840	SH		DFND		1,960,840	0	0
WEST FRASER TIMBER LTD	COM	952845105	4,644	64,459	SH		DFND		64,459	0	0
WEYERHAEUSER CO	COM NEW	962166104	6,549	183,954	SH		DFND		183,954	0	0
WHEATON PRECIOUS METALS CORP	COM	962879102	95,858	2,508,711	SH		DFND		2,508,711	0	0
WHITE MOUNTAINS INSURANCE GROUP LTD	COM	G9618E107	1,152	1,033	SH		DFND		1,033	0	0
WILLIAMS COS INC	COM	969457100	3,507	148,056	SH		DFND		148,056	0	0
WSTRN ASSET INFLATION LINKED OPPORT INC FD	COM	95766R104	331	27,225	SH		DFND		27,225	0	0
WYNN RESORTS LTD	COM	983134107	413	3,291	SH		DFND		3,291	0	0
ZIOPHARM ONCOLOGY INC	COM	98973P101	122	34,000	SH		DFND		34,000	0	0
BARCLAYS BANK PLC	IPTH SR B S&P	06746P621	8,280	217,900	SH	Call	DFND		217,900	0	0
PROSHARES TR II	ULTRA VIX SHORT	74347W148	1,136	56,800	SH	Call	DFND		56,800	0	0
PROSHARES TR II	VIX SH TRM FUTRS	74347W171	605	22,400	SH	Call	DFND		22,400	0	0
UNITED STS NAT GAS FD LP	COM	912318300	992	62,000	SH	Call	DFND		62,000	0	0
UNITED STS OIL FD LP	COM	91232N207	4,042	70,000	SH	Call	DFND		70,000	0	0