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: July 31, 2015
Estimated average burden
hours per response: 23.8
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 912,570 5,700 SH DFND 5,700 0 0
AT&T INC COM 00206R102 237,321 9,554 SH DFND 9,554 0 0
ABBOTT LABS COM 002824100 1,259,289 10,051 SH DFND 10,051 0 0
ABBVIE INC COM 00287Y109 4,464,923 19,541 SH DFND 19,541 0 0
AEHR TEST SYS COM 00760J108 430,047 21,300 SH DFND 21,300 0 0
AFFILIATED MANAGERS GROUP IN COM 008252108 632,774 2,195 SH DFND 2,195 0 0
AFLAC INC COM 001055102 330,810 3,000 SH DFND 3,000 0 0
ALKERMES PLC SHS G01767105 617,406 22,066 SH DFND 22,066 0 0
ALLIANCE RESOURCE PARTNERS L UT LTD PART 01877R108 1,489,995 64,141 SH DFND 64,141 0 0
ALLIANCEBERNSTEIN HLDG L P UNIT LTD PARTN 01881G106 7,455,153 193,741 SH DFND 193,741 0 0
ALLOGENE THERAPEUTICS INC COM 019770106 25,191 18,388 SH DFND 18,388 0 0
ALNYLAM PHARMACEUTICALS INC COM 02043Q107 944,816 2,376 SH DFND 2,376 0 0
ALPHABET INC CAP STK CL A 02079K305 964,979 3,083 SH DFND 3,083 0 0
ALPHABET INC CAP STK CL C 02079K107 1,022,360 3,258 SH DFND 3,258 0 0
ALPS ETF TR ALERIAN MLP 00162Q452 2,835,635 60,307 SH DFND 60,307 0 0
ALTRIA GROUP INC COM 02209S103 2,226,101 38,607 SH DFND 38,607 0 0
AMAZON COM INC COM 023135106 356,847 1,546 SH DFND 1,546 0 0
AMERICAN EXPRESS CO COM 025816109 249,716 675 SH DFND 675 0 0
AMER STATES WTR CO COM 029899101 307,605 4,244 SH DFND 4,244 0 0
AMERICAN TOWER CORP NEW COM 03027X100 245,798 1,400 SH DFND 1,400 0 0
AMERICAN WTR WKS CO INC NEW COM 030420103 218,036 1,671 SH DFND 1,671 0 0
AMGEN INC COM 031162100 817,620 2,498 SH DFND 2,498 0 0
ANALOG DEVICES INC COM 032654105 1,147,561 4,231 SH DFND 4,231 0 0
APPLE INC COM 037833100 1,886,318 6,939 SH DFND 6,939 0 0
APYX MEDICAL CORPORATION COM 03837C106 2,152,500 615,000 SH DFND 615,000 0 0
ARCHER DANIELS MIDLAND CO COM 039483102 3,461,011 60,202 SH DFND 60,202 0 0
ASTRAZENECA PLC SPONSORED ADR 046353108 1,010,678 10,994 SH DFND 10,994 0 0
ATLANTA BRAVES HLDGS INC COM SER A 047726104 1,077,886 25,368 SH DFND 25,368 0 0
ATLANTA BRAVES HLDGS INC COM SER C 047726302 1,821,445 46,171 SH DFND 46,171 0 0
AUTOMATIC DATA PROCESSING IN COM 053015103 232,535 904 SH DFND 904 0 0
AUTONATION INC COM 05329W102 52,957,816 256,479 SH DFND 256,479 0 0
BAKKT HOLDINGS INC COM CL A NEW 05759B305 3,260,048 324,706 SH DFND 324,706 0 0
BANCO SANTANDER SA ADR 05964H105 763,153 65,060 SH DFND 65,060 0 0
BANK AMERICA CORP COM 060505104 1,130,800 20,560 SH DFND 20,560 0 0
BANK NEW YORK MELLON CORP COM 064058100 1,377,291 11,864 SH DFND 11,864 0 0
BARRICK MNG CORP COM SHS 06849F108 459,332 10,547 SH DFND 10,547 0 0
BEAM THERAPEUTICS INC COM 07373V105 254,857 9,194 SH DFND 9,194 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 754,800 1 SH DFND 1 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 19,094,667 37,988 SH DFND 37,988 0 0
BGC GROUP INC CL A 088929104 237,194 26,562 SH DFND 26,562 0 0
BICYCLE THERAPEUTICS PLC SPONSORED ADS 088786108 97,647 13,792 SH DFND 13,792 0 0
BIOGEN INC COM 09062X103 525,858 2,988 SH DFND 2,988 0 0
BITFARMS LTD COM 09173B107 43,005 18,300 SH DFND 18,300 0 0
BLACK STONE MINERALS L P COM UNIT 09225M101 2,009,953 151,238 SH DFND 151,238 0 0
BLACKROCK CR ALLOCATION INCO COM 092508100 438,983 40,534 SH DFND 40,534 0 0
BLACKROCK FLOATING RATE INCO COM 09255X100 698,447 59,291 SH DFND 59,291 0 0
BLACKROCK FLOATING RATE INC COM 091941104 143,641 12,678 SH DFND 12,678 0 0
BLACKROCK INVT QUALITY MUN T COM 09247D105 472,158 42,157 SH DFND 42,157 0 0
BLACKROCK MUNIHOLDINGS QUALI COM 09254C107 606,112 60,430 SH DFND 60,430 0 0
BLACKROCK MUNIHOLDINGS FD IN COM 09253N104 197,196 16,797 SH DFND 16,797 0 0
BLACKROCK MUNIVEST FD II INC COM 09253T101 518,080 47,926 SH DFND 47,926 0 0
BLACKROCK MUNIVEST FD INC COM 09253R105 644,961 93,068 SH DFND 93,068 0 0
BLACKROCK MUNIYIELD QUALITY COM 09254E103 1,109,816 102,099 SH DFND 102,099 0 0
BLACKROCK MUNIYIELD QUALITY COM 09254G108 428,632 42,650 SH DFND 42,650 0 0
BLACKSTONE INC COM 09260D107 1,271,809 8,251 SH DFND 8,251 0 0
BOEING CO COM 097023105 218,422 1,006 SH DFND 1,006 0 0
BOOZ ALLEN HAMILTON HLDG COR CL A 099502106 1,175,134 13,930 SH DFND 13,930 0 0
BP PLC SPONSORED ADR 055622104 328,754 9,466 SH DFND 9,466 0 0
BRISTOL-MYERS SQUIBB CO COM 110122108 2,433,233 45,110 SH DFND 45,110 0 0
BROADCOM INC COM 11135F101 417,742 1,207 SH DFND 1,207 0 0
BROADRIDGE FINL SOLUTIONS IN COM 11133T103 4,557,800 20,423 SH DFND 20,423 0 0
BROOKFIELD ASSET MANAGMT LTD CL A LMT VTG SHS 113004105 9,978,906 190,473 SH DFND 190,473 0 0
BROOKFIELD CORP CL A LTD VT SH 11271J107 72,676,441 1,583,710 SH DFND 1,583,710 0 0
BROOKFIELD REAL ASSETS INCOM SHS BEN INT 112830104 139,384 10,755 SH DFND 10,755 0 0
BROOKFIELD WEALTH SOL LTD CL A EXCHANGEAB G17434104 1,412,365 30,737 SH DFND 30,737 0 0
BUNGE GLOBAL SA COM SHS H11356104 31,088,428 348,994 SH DFND 348,994 0 0
BURFORD CAP LTD ORD SHS G17977110 557,005 62,445 SH DFND 62,445 0 0
BWX TECHNOLOGIES INC COM 05605H100 457,507 2,647 SH DFND 2,647 0 0
CACI INTL INC CL A 127190304 84,498,870 158,591 SH DFND 158,591 0 0
CAMECO CORP COM 13321L108 61,673,009 674,096 SH DFND 674,096 0 0
CARNIVAL CORP UNIT 99/99/9999 143658300 29,243,515 957,548 SH DFND 957,548 0 0
CATERPILLAR INC COM 149123101 2,644,940 4,617 SH DFND 4,617 0 0
CBOE GLOBAL MKTS INC COM 12503M108 102,507,805 408,398 SH DFND 408,398 0 0
CENTERPOINT ENERGY INC COM 15189T107 296,483 7,733 SH DFND 7,733 0 0
CHARLES RIV LABS INTL INC COM 159864107 2,509,458 12,580 SH DFND 12,580 0 0
CHENIERE ENERGY INC COM NEW 16411R208 90,066,554 463,329 SH DFND 463,329 0 0
CHENIERE ENERGY PARTNERS LP COM UNIT 16411Q101 213,920 4,000 SH DFND 4,000 0 0
CHEVRON CORP NEW COM 166764100 2,031,320 13,328 SH DFND 13,328 0 0
CINTAS CORP COM 172908105 281,164 1,495 SH DFND 1,495 0 0
CISCO SYS INC COM 17275R102 2,999,625 38,941 SH DFND 38,941 0 0
CITIGROUP INC COM NEW 172967424 827,215 7,089 SH DFND 7,089 0 0
CIVEO CORP CDA COM NEW 17878Y207 56,019,763 2,449,487 SH DFND 2,449,487 0 0
CME GROUP INC COM 12572Q105 75,263,913 275,611 SH DFND 275,611 0 0
CMS ENERGY CORP COM 125896100 852,936 12,197 SH DFND 12,197 0 0
COHEN & STEERS INC COM 19247A100 204,411 3,256 SH DFND 3,256 0 0
COHEN & STEERS QUALITY INCOM COM 19247L106 571,376 50,033 SH DFND 50,033 0 0
COLGATE PALMOLIVE CO COM 194162103 235,321 2,978 SH DFND 2,978 0 0
CONSTELLATION BRANDS INC CL A 21036P108 644,687 4,673 SH DFND 4,673 0 0
COSTAMARE BULKERS HLDGS LTD COM SHS Y2001C101 491,733 31,910 SH DFND 31,910 0 0
COSTAMARE INC SHS Y1771G102 3,504,590 221,950 SH DFND 221,950 0 0
CRA INTL INC COM 12618T105 1,525,443 7,601 SH DFND 7,601 0 0
CRISPR THERAPEUTICS AG NAMEN AKT H17182108 536,933 10,239 SH DFND 10,239 0 0
DANAHER CORPORATION COM 235851102 1,010,910 4,416 SH DFND 4,416 0 0
DIGITALBRIDGE GROUP INC CL A NEW 25401T603 46,733,814 3,046,533 SH DFND 3,046,533 0 0
DISNEY WALT CO COM 254687106 540,219 4,748 SH DFND 4,748 0 0
DORCHESTER MINERALS LP COM UNIT 25820R105 19,579,813 875,662 SH DFND 875,662 0 0
DORMAN PRODS INC COM 258278100 221,742 1,800 SH DFND 1,800 0 0
DOUBLELINE INCOME SOLUTIONS COM 258622109 593,726 52,682 SH DFND 52,682 0 0
DOUBLELINE OPPORTUNISTIC CR COM 258623107 316,849 20,777 SH DFND 20,777 0 0
EAGLE MATLS INC COM 26969P108 3,460,537 16,743 SH DFND 16,743 0 0
EATON CORP PLC SHS G29183103 258,311 811 SH DFND 811 0 0
EATON VANCE LIMITED DURATION COM 27828H105 123,052 12,417 SH DFND 12,417 0 0
EATON VANCE MUN BD FD COM 27827X101 172,143 17,692 SH DFND 17,692 0 0
EATON VANCE SR FLTNG RTE TR COM 27828Q105 222,811 20,001 SH DFND 20,001 0 0
EATON VANCE SR INCOME TR SH BEN INT 27826S103 114,517 21,730 SH DFND 21,730 0 0
EBAY INC. COM 278642103 639,923 7,347 SH DFND 7,347 0 0
EDITAS MEDICINE INC COM 28106W103 62,197 30,340 SH DFND 30,340 0 0
ELI LILLY & CO COM 532457108 4,412,636 4,106 SH DFND 4,106 0 0
EMERSON ELEC CO COM 291011104 2,222,003 16,742 SH DFND 16,742 0 0
ENERGY RECOVERY INC COM 29270J100 383,655 28,440 SH DFND 28,440 0 0
ENERGY TRANSFER L P COM UT LTD PTN 29273V100 5,930,594 359,648 SH DFND 359,648 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107 3,592,739 112,063 SH DFND 112,063 0 0
EOG RES INC COM 26875P101 681,829 6,493 SH DFND 6,493 0 0
EQT CORP COM 26884L109 2,211,164 41,253 SH DFND 41,253 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 1,513,431 24,970 SH DFND 24,970 0 0
EVOLV TECHNOLOGIES HLDNGS IN COM CL A 30049H102 96,660 13,500 SH DFND 13,500 0 0
EXXON MOBIL CORP COM 30231G102 4,642,717 38,580 SH DFND 38,580 0 0
FEDERATED HERMES INC CL B 314211103 450,717 8,656 SH DFND 8,656 0 0
FEDERATED HERMES PREM MUNI I COM 31423P108 379,628 34,170 SH DFND 34,170 0 0
FERMI INC COM 314911108 869,608 108,701 SH DFND 108,701 0 0
FIDELITY NATIONAL FINANCIAL COM SHS 31620R303 2,387,751 43,740 SH DFND 43,740 0 0
FIDELITY NATL INFORMATION SV COM 31620M106 1,352,461 20,350 SH DFND 20,350 0 0
FIDELITY WISE ORIGIN BITCOIN SHS 315948109 433,062 5,681 SH DFND 5,681 0 0
FITLIFE BRANDS INC COM NEW 33817P405 2,512,999 154,456 SH DFND 154,456 0 0
FRANCO NEV CORP COM 351858105 200,667,895 968,101 SH DFND 968,101 0 0
FREEPORT-MCMORAN INC CL B 35671D857 4,729,282 93,114 SH DFND 93,114 0 0
GALAXY DIGITAL INC. CL A 36317J209 27,940,027 1,249,554 SH DFND 1,249,554 0 0
GALECTIN THERAPEUTICS INC COM NEW 363225202 214,173 51,484 SH DFND 51,484 0 0
GALLAGHER ARTHUR J & CO COM 363576109 505,416 1,953 SH DFND 1,953 0 0
GE HEALTHCARE TECHNOLOGIES I COMMON STOCK 36266G107 238,760 2,911 SH DFND 2,911 0 0
GE VERNOVA INC COM 36828A101 943,101 1,443 SH DFND 1,443 0 0
GE AEROSPACE COM NEW 369604301 1,974,164 6,409 SH DFND 6,409 0 0
GENERAL MTRS CO COM 37045V100 388,986 4,783 SH DFND 4,783 0 0
GENUINE PARTS CO COM 372460105 269,282 2,190 SH DFND 2,190 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 837,687 953 SH DFND 953 0 0
GRAYSCALE BASIC ATTENTION TOKEN TRUST 38963U108 3,321 2,089 SH DFND 2,089 0 0
GRAYSCALE BITCOIN CASH TRUST BCH 38963P109 6,423,196 1,486,851 SH DFND 1,486,851 0 0
GRAYSCALE BITCOIN MINI TR ET SHS NEW 389930207 116,076,135 2,997,060 SH DFND 2,997,060 0 0
GRAYSCALE BITCOIN TRUST ETF SHS REP COM UT 389637109 964,805,217 14,113,593 SH DFND 14,113,593 0 0
GRAYSCALE COINDESK CRYPTO USD SHS G40705108 1,695,449 41,029 SH DFND 41,029 0 0
GRAYSCALE DECENTRALAND TRUST 38964P108 717 691 SH DFND 691 0 0
GRAYSCALE ETHEREUM CLASSIC TRUST 38963Q107 461,744 71,191 SH DFND 71,191 0 0
GRAYSCALE ETHEREUM MINI TR E SHS NEW 38964R203 18,295 652 SH DFND 652 0 0
GRAYSCALE ETHEREUM TRUST ETF SHS 389638107 131,013 5,376 SH DFND 5,376 0 0
GRAYSCALE LITECOIN TRUST LTC SHS 38963W104 2,940,520 503,902 SH DFND 503,902 0 0
GRAYSCALE ZCASH TR ZEC COM 38964G108 477,039 15,173 SH DFND 15,173 0 0
GREENBRIER COS INC COM 393657101 406,638 8,700 SH DFND 8,700 0 0
GSK PLC SPONSORED ADR 37733W204 1,220,703 24,892 SH DFND 24,892 0 0
HALEON PLC SPON ADS 405552100 136,394 13,491 SH DFND 13,491 0 0
HAWAIIAN ELEC INDUSTRIES COM 419870100 238,526,064 19,392,363 SH DFND 19,392,363 0 0
HONEYWELL INTL INC COM 438516106 1,189,141 6,095 SH DFND 6,095 0 0
LISTED FDS TR HORZN KINTCS BL 53656G209 4,713,884 156,000 SH DFND 156,000 0 0
LISTED FDS TR HORIZON KINETICS 53656G514 282,157 8,635 SH DFND 8,635 0 0
HORIZON KINETICS HLDG CORP COM 439913104 25,269,855 1,075,313 SH DFND 1,075,313 0 0
LISTED FDS TR HORIZON KINETICS 53656F623 4,400,655 98,980 SH DFND 98,980 0 0
LISTED FDS TR HORIZON KINETICS 53656H835 4,687,643 182,317 SH DFND 182,317 0 0
LISTED FDS TR HORZN KNTCS SPAC 53656G555 6,524,428 71,954 SH DFND 71,954 0 0
HOWARD HUGHES HOLDINGS INC COM 44267T102 23,401,327 293,360 SH DFND 293,360 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 1,098,939 3,710 SH DFND 3,710 0 0
INTELLIA THERAPEUTICS INC COM 45826J105 123,990 13,792 SH DFND 13,792 0 0
INTERCONTINENTAL EXCHANGE IN COM 45866F104 134,550,786 830,766 SH DFND 830,766 0 0
INTERPARFUMS INC COM 458334109 11,753,845 138,558 SH DFND 138,558 0 0
INVESCO QUALITY MUN INCOME T COM 46133G107 220,265 22,115 SH DFND 22,115 0 0
INVESCO EXCHANGE TRADED FD T S&P500 EQL WGT 46137V357 653,426 3,411 SH DFND 3,411 0 0
INVESCO TR INVT GRADE NEW YO COM 46131T101 141,273 12,274 SH DFND 12,274 0 0
IONIS PHARMACEUTICALS INC COM 462222100 945,522 11,952 SH DFND 11,952 0 0
IRON MTN INC DEL COM 46284V101 1,526,694 18,405 SH DFND 18,405 0 0
ISHARES BITCOIN TRUST ETF SHS BEN INT 46438F101 39,564,247 796,863 SH DFND 796,863 0 0
ISHARES GOLD TR ISHARES NEW 464285204 695,302 8,566 SH DFND 8,566 0 0
ISHARES SILVER TR ISHARES 46428Q109 1,893,625 29,395 SH DFND 29,395 0 0
ISHARES TR GL TIMB FORE ETF 464288174 396,415 5,505 SH DFND 5,505 0 0
JOHNSON & JOHNSON COM 478160104 3,300,697 15,949 SH DFND 15,949 0 0
JPMORGAN CHASE & CO. COM 46625H100 609,318 1,891 SH DFND 1,891 0 0
KIMBELL RTY PARTNERS LP UNIT 49435R102 457,868 38,934 SH DFND 38,934 0 0
KINDER MORGAN INC DEL COM 49456B101 1,372,383 49,923 SH DFND 49,923 0 0
KKR & CO INC COM 48251W104 305,187 2,394 SH DFND 2,394 0 0
KLA CORP COM NEW 482480100 3,456,902 2,845 SH DFND 2,845 0 0
L3HARRIS TECHNOLOGIES INC COM 502431109 2,756,042 9,388 SH DFND 9,388 0 0
LADDER CAP CORP CL A 505743104 197,820 18,000 SH DFND 18,000 0 0
LANDBRIDGE COMPANY LLC CL A 514952100 276,439,101 5,642,766 SH DFND 5,642,766 0 0
LANTERN PHARMA INC COM 51654W101 83,573 27,582 SH DFND 27,582 0 0
LAS VEGAS SANDS CORP COM 517834107 2,555,457 39,260 SH DFND 39,260 0 0
LENNAR CORP CL A 526057104 482,029 4,689 SH DFND 4,689 0 0
LIBERTY BROADBAND CORP COM SER C 530307305 201,738 4,151 SH DFND 4,151 0 0
LIBERTY ENERGY INC COM CL A 53115L104 6,326,445 342,711 SH DFND 342,711 0 0
LIBERTY LIVE HOLDINGS INC COM SHS SER C 530909308 311,351 3,744 SH DFND 3,744 0 0
LIBERTY MEDIA CORP DEL COM LBTY ONE S A 531229771 3,219,288 36,018 SH DFND 36,018 0 0
LIBERTY MEDIA CORP DEL COM LBTY ONE S C 531229755 8,040,090 81,617 SH DFND 81,617 0 0
LINDE PLC SHS G54950103 614,001 1,440 SH DFND 1,440 0 0
LIVE NATION ENTERTAINMENT IN COM 538034109 24,208,470 169,884 SH DFND 169,884 0 0
LOEWS CORP COM 540424108 574,992 5,460 SH DFND 5,460 0 0
LOWES COS INC COM 548661107 257,558 1,068 SH DFND 1,068 0 0
MADISON SQUARE GARDEN ENTMT COM CL A 558256103 1,927,860 35,774 SH DFND 35,774 0 0
MADISON SQUARE GRDN SPRT COR CL A 55825T103 6,037,925 23,344 SH DFND 23,344 0 0
MARATHON PETE CORP COM 56585A102 857,060 5,270 SH DFND 5,270 0 0
MARKEL GROUP INC COM 570535104 4,517,498 2,102 SH DFND 2,102 0 0
MARKETAXESS HLDGS INC COM 57060D108 353,437 1,950 SH DFND 1,950 0 0
MARSH & MCLENNAN COS INC COM 571748102 29,068,196 156,685 SH DFND 156,685 0 0
MASTERCARD INCORPORATED CL A 57636Q104 11,176,998 19,579 SH DFND 19,579 0 0
MCDONALDS CORP COM 580135101 1,020,498 3,339 SH DFND 3,339 0 0
MERCK & CO INC COM 58933Y105 2,962,719 28,147 SH DFND 28,147 0 0
MESABI TR CTF BEN INT 590672101 116,626,909 3,027,698 SH DFND 3,027,698 0 0
META PLATFORMS INC CL A 30303M102 376,176 570 SH DFND 570 0 0
METALLA RTY & STREAMING LTD COM NEW 59124U605 3,146,208 404,397 SH DFND 404,397 0 0
MFS HIGH INCOME MUN TR SH BEN INT 59318D104 98,841 26,714 SH DFND 26,714 0 0
MIAMI INTL HLDGS INC COM 59356Q108 80,762,635 1,819,798 SH DFND 1,819,798 0 0
MICROSOFT CORP COM 594918104 3,486,146 7,208 SH DFND 7,208 0 0
MONDELEZ INTL INC CL A 609207105 443,774 8,244 SH DFND 8,244 0 0
MOVADO GROUP INC COM 624580106 247,440 12,000 SH DFND 12,000 0 0
NASDAQ INC COM 631103108 6,878,904 70,822 SH DFND 70,822 0 0
NATURAL RESOURCE PARTNERS L COM UNIT LTD PAR 63900P608 2,595,906 24,865 SH DFND 24,865 0 0
NETFLIX INC COM 64110L106 225,961 2,410 SH DFND 2,410 0 0
NEUBERGER MUN FD INC COM 64124P101 418,927 41,396 SH DFND 41,396 0 0
NEWMONT CORP COM 651639106 780,128 7,813 SH DFND 7,813 0 0
NEXTERA ENERGY INC COM 65339F101 235,220 2,930 SH DFND 2,930 0 0
NORFOLK SOUTHN CORP COM 655844108 875,687 3,033 SH DFND 3,033 0 0
NORTHROP GRUMMAN CORP COM 666807102 205,275 360 SH DFND 360 0 0
NOVARTIS AG SPONSORED ADR 66987V109 1,570,890 11,394 SH DFND 11,394 0 0
NOVO-NORDISK A S ADR 670100205 781,008 15,350 SH DFND 15,350 0 0
NUTRIEN LTD COM 67077M108 3,201,519 51,872 SH DFND 51,872 0 0
NUVEEN AMT FREE QLTY MUN INC COM 670657105 3,433,745 295,249 SH DFND 295,249 0 0
NUVEEN MUNICIPAL CREDIT INC COM SH BEN INT 67070X101 326,639 25,965 SH DFND 25,965 0 0
NUVEEN AMT FREE MUN CR INC F COM 67071L106 131,347 10,375 SH DFND 10,375 0 0
NUVEEN FLOATING RATE INCOME COM 67072T108 934,181 119,308 SH DFND 119,308 0 0
NUVEEN MUN VALUE FD INC COM 670928100 104,643 11,550 SH DFND 11,550 0 0
NUVEEN NEW YORK AMT QLT MUNI COM 670656107 1,364,733 135,256 SH DFND 135,256 0 0
NUVEEN NEW YORK QLT MUN INC COM 67066X107 242,653 21,550 SH DFND 21,550 0 0
NUVEEN PFD & INCOME OPPORTUN COM 67073B106 133,214 16,426 SH DFND 16,426 0 0
NUVEEN QUALITY MUNCP INCOME COM 67066V101 1,946,967 161,977 SH DFND 161,977 0 0
NUVEEN SELECT MAT MUN FD SH BEN INT 67061T101 200,165 21,500 SH DFND 21,500 0 0
NUVEEN TAXABLE MUNICPAL INM COM 67074C103 394,889 24,993 SH DFND 24,993 0 0
NVIDIA CORPORATION COM 67066G104 1,381,965 7,410 SH DFND 7,410 0 0
OCCIDENTAL PETE CORP COM 674599105 229,346 5,577 SH DFND 5,577 0 0
OPENLANE INC COM 48238T109 2,130,699 71,548 SH DFND 71,548 0 0
OR ROYALTIES INC. COM SHS 68390D106 64,233,692 1,815,024 SH DFND 1,815,024 0 0
OSHKOSH CORP COM 688239201 14,597,381 116,193 SH DFND 116,193 0 0
PACIFIC BIOSCIENCES CALIF IN COM 69404D108 20,633 11,034 SH DFND 11,034 0 0
PATTERSON-UTI ENERGY INC COM 703481101 1,580,094 258,608 SH DFND 258,608 0 0
PCM FD INC COM 69323T101 150,626 24,532 SH DFND 24,532 0 0
PENSKE AUTOMOTIVE GRP INC COM 70959W103 26,889,319 169,874 SH DFND 169,874 0 0
PEPSICO INC COM 713448108 292,780 2,040 SH DFND 2,040 0 0
PERMIAN BASIN RTY TR UNIT BEN INT 714236106 105,068,849 6,187,800 SH DFND 6,187,800 0 0
PFIZER INC COM 717081103 1,685,017 67,671 SH DFND 67,671 0 0
PHILIP MORRIS INTL INC COM 718172109 3,184,050 19,851 SH DFND 19,851 0 0
PIMCO DYNAMIC INCOME FD SHS 72201Y101 898,817 50,752 SH DFND 50,752 0 0
PIMCO INCOME STRATEGY FD COM 72201H108 786,114 93,252 SH DFND 93,252 0 0
PIMCO INCOME STRATEGY FD II COM 72201J104 1,435,969 191,463 SH DFND 191,463 0 0
PIMCO MUN INCOME FD II COM 72200W106 113,477 15,050 SH DFND 15,050 0 0
POTLATCHDELTIC CORPORATION COM 737630103 933,108 23,457 SH DFND 23,457 0 0
PROSHARES TR II SHT VIX ST TRM 74347W130 1,293,012 23,348 SH DFND 23,348 0 0
PURE CYCLE CORP COM NEW 746228303 555,335 50,531 SH DFND 50,531 0 0
QUALCOMM INC COM 747525103 1,066,325 6,234 SH DFND 6,234 0 0
QUEST DIAGNOSTICS INC COM 74834L100 520,590 3,000 SH DFND 3,000 0 0
RAYONIER ADVANCED MATLS INC COM 75508B104 556,605 94,500 SH DFND 94,500 0 0
RAYONIER INC COM 754907103 341,492 15,773 SH DFND 15,773 0 0
RB GLOBAL INC COM 74935Q107 11,071,549 107,627 SH DFND 107,627 0 0
REGENERON PHARMACEUTICALS COM 75886F107 544,168 705 SH DFND 705 0 0
RENN FD INC COM 759720105 2,225,486 865,948 SH DFND 865,948 0 0
REPLIMUNE GROUP INC COM 76029N106 134,058 13,792 SH DFND 13,792 0 0
RESIDEO TECHNOLOGIES INC COM 76118Y104 1,885,803 53,696 SH DFND 53,696 0 0
RIO TINTO PLC SPONSORED ADR 767204100 1,305,769 16,316 SH DFND 16,316 0 0
ROCKWELL AUTOMATION INC COM 773903109 1,639,930 4,215 SH DFND 4,215 0 0
ROYAL CARIBBEAN GROUP COM V7780T103 14,715,337 52,758 SH DFND 52,758 0 0
ROYAL GOLD INC COM 780287108 21,089,964 94,876 SH DFND 94,876 0 0
ROYALTY PHARMA PLC SHS CLASS A G7709Q104 13,653,874 353,361 SH DFND 353,361 0 0
ROYCE MICRO-CAP TR INC COM 780915104 1,399,987 134,227 SH DFND 134,227 0 0
RTX CORPORATION COM 75513E101 2,334,865 12,731 SH DFND 12,731 0 0
S&P GLOBAL INC COM 78409V104 2,235,693 4,278 SH DFND 4,278 0 0
SABINE RTY TR UNIT BEN INT 785688102 7,507,512 109,487 SH DFND 109,487 0 0
SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 35,019,029 6,231,144 SH DFND 6,231,144 0 0
SCIENCE APPLICATIONS INTL CO COM 808625107 5,300,956 52,662 SH DFND 52,662 0 0
SEALED AIR CORP NEW COM 81211K100 1,398,262 33,750 SH DFND 33,750 0 0
SEAPORT ENTMT GROUP INC COMMON STOCK 812215200 1,038,359 52,522 SH DFND 52,522 0 0
SIRIUSXM HOLDINGS INC COMMON STOCK 829933100 587,173 29,366 SH DFND 29,366 0 0
SONOCO PRODS CO COM 835495102 1,335,967 30,613 SH DFND 30,613 0 0
SPDR GOLD TR GOLD SHS 78463V107 1,443,757 3,643 SH DFND 3,643 0 0
SPDR SERIES TRUST STATE STREET SPD 78468R549 466,409 5,690 SH DFND 5,690 0 0
SPHERE ENTERTAINMENT CO CL A 55826T102 4,512,782 47,463 SH DFND 47,463 0 0
SPROTT INC COM NEW 852066208 21,016,201 214,626 SH DFND 214,626 0 0
SPROTT ASSET MANAGEMENT LP PHYSICAL GOLD TR 85207H104 536,971 16,262 SH DFND 16,262 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 882,404 1,294 SH DFND 1,294 0 0
STAR BULK CARRIERS CORP. SHS PAR Y8162K204 974,469 50,701 SH DFND 50,701 0 0
STRATEGY INC CL A NEW 594972408 21,178,335 139,377 SH DFND 139,377 0 0
SUNCOR ENERGY INC NEW COM 867224107 2,429,927 54,777 SH DFND 54,777 0 0
TEJON RANCH CO COM 879080109 30,161,276 1,912,573 SH DFND 1,912,573 0 0
TELEFONICA S A SPONSORED ADR 879382208 822,384 203,058 SH DFND 203,058 0 0
TETRA TECHNOLOGIES INC DEL COM 88162F105 127,432 13,600 SH DFND 13,600 0 0
TEXAS PACIFIC LAND CORPORATI COM 88262P102 2,968,063,138 10,333,762 SH DFND 10,333,762 0 0
ST JOE CO COM 790148100 32,940,645 554,837 SH DFND 554,837 0 0
THERMO FISHER SCIENTIFIC INC COM 883556102 253,799 438 SH DFND 438 0 0
TORONTO DOMINION BK ONT COM NEW 891160509 2,196,434 23,317 SH DFND 23,317 0 0
TRADEWEB MKTS INC CL A 892672106 568,133 5,283 SH DFND 5,283 0 0
TRI POINTE HOMES INC COM 87265H109 2,705,224 85,962 SH DFND 85,962 0 0
TRIPLE FLAG PRECIOUS METAL COM 89679M104 14,128,571 425,303 SH DFND 425,303 0 0
UNITED RENTALS INC COM 911363109 611,845 756 SH DFND 756 0 0
UNITEDHEALTH GROUP INC COM 91324P102 526,525 1,595 SH DFND 1,595 0 0
VALMONT INDS INC COM 920253101 523,418 1,301 SH DFND 1,301 0 0
VANDA PHARMACEUTICALS INC COM 921659108 218,947 24,824 SH DFND 24,824 0 0
VANECK ETF TRUST JUNIOR GOLD MINE 92189F791 1,208,457 10,621 SH DFND 10,621 0 0
VANECK ETF TRUST GOLD MINERS ETF 92189F106 743,868 8,673 SH DFND 8,673 0 0
VANECK ETF TRUST OIL SERVICES ETF 92189H607 972,566 3,415 SH DFND 3,415 0 0
VANGUARD BD INDEX FDS SHORT TRM BOND 921937827 589,341 7,478 SH DFND 7,478 0 0
VANGUARD BD INDEX FDS VANGUARD ULTRA 92203C303 17,072,293 342,542 SH DFND 342,542 0 0
VANGUARD TAX-MANAGED FDS VAN FTSE DEV MKT 921943858 256,751 4,110 SH DFND 4,110 0 0
VANGUARD INDEX FDS EXTEND MKT ETF 922908652 5,413,844 25,889 SH DFND 25,889 0 0
VANGUARD INDEX FDS S&P 500 ETF SHS 922908363 1,846,270 2,944 SH DFND 2,944 0 0
VANGUARD INDEX FDS TOTAL STK MKT 922908769 311,801 930 SH DFND 930 0 0
VANGUARD SCOTTSDALE FDS SHORT TERM TREAS 92206C102 6,465,350 110,086 SH DFND 110,086 0 0
VERISK ANALYTICS INC COM 92345Y106 1,565,830 7,000 SH DFND 7,000 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 271,709 6,671 SH DFND 6,671 0 0
VERTIV HOLDINGS CO COM CL A 92537N108 1,786,160 11,025 SH DFND 11,025 0 0
VIPER ENERGY INC CL A 64361Q101 66,246,755 1,714,904 SH DFND 1,714,904 0 0
VISA INC COM CL A 92826C839 1,636,412 4,666 SH DFND 4,666 0 0
WP CAREY INC COM 92936U109 1,415,920 22,000 SH DFND 22,000 0 0
WATERBRIDGE INFRASTRUCTURE L CL A SHS REPSTG 940923105 136,818,775 6,837,520 SH DFND 6,837,520 0 0
WENDYS CO COM 95058W100 2,997,933 359,896 SH DFND 359,896 0 0
WESTERN MIDSTREAM PARTNERS L COM UNIT LP INT 958669103 5,296,357 134,085 SH DFND 134,085 0 0
WEYERHAEUSER CO MTN BE COM NEW 962166104 261,205 11,026 SH DFND 11,026 0 0
WHEATON PRECIOUS METALS CORP COM 962879102 293,038,236 2,493,518 SH DFND 2,493,518 0 0
WHITE MTNS INS GROUP LTD COM G9618E107 27,265,835 13,121 SH DFND 13,121 0 0
WILLIAMS COS INC COM 969457100 8,254,376 137,321 SH DFND 137,321 0 0
WISDOMTREE INC COM 97717P104 2,419,438 198,477 SH DFND 198,477 0 0
BARCLAYS BANK PLC IPATH S&P 500 SH 06748M196 757,500 10,100 SH Call DFND 10,100 0 0
PROSHARES TR II VIX SHT TERM FUT 74347Y730 335,500 6,100 SH Call DFND 6,100 0 0