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
AFLAC INC COM 001055102 351,750 3,000 SH DFND 3,000 0 0
ALPS ETF TR ALERIAN MLP 00162Q452 6,685,539 128,940 SH DFND 128,940 0 0
ALPS ETF TR ALERIAN ENERGY 00162Q676 17,717 465 SH DFND 465 0 0
ABBOTT LABORATORIES COM 002824100 881,630 9,716 SH DFND 9,716 0 0
ABBVIE INC COM 00287Y109 4,752,725 18,887 SH DFND 18,887 0 0
AEHR TEST SYS COM 00760J108 699,317 7,280 SH DFND 7,280 0 0
AFFILIATED MANAGERS GROUP COM 008252108 676,123 1,998 SH DFND 1,998 0 0
ALLIANCE RESOURCE PARTNERS L UT LTD PART 01877R108 2,888,415 120,451 SH DFND 120,451 0 0
ALLIANCEBERNSTEIN HLDG L P UNIT LTD PARTN 01881G106 8,752,029 248,496 SH DFND 248,496 0 0
ALLOGENE THERAPEUTICS INC COM 019770106 34,894 16,776 SH DFND 16,776 0 0
ALNYLAM PHARMACEUTICALS INC COM 02043Q107 652,633 2,168 SH DFND 2,168 0 0
ALPHABET INC CAP STK CL C 02079K107 1,100,623 3,115 SH DFND 3,115 0 0
ALPHABET INC CAP STK CL A 02079K305 1,011,000 2,829 SH DFND 2,829 0 0
ALTRIA GROUP INC COM 02209S103 2,802,956 38,957 SH DFND 38,957 0 0
AMAZON COM INC COM 023135106 257,645 1,081 SH DFND 1,081 0 0
AMERICAN EXPRESS CO COM 025816109 441,755 1,306 SH DFND 1,306 0 0
AMERICAN TOWER CORP COM 03027X100 228,998 1,400 SH DFND 1,400 0 0
AMGEN INC COM 031162100 832,876 2,300 SH DFND 2,300 0 0
ANALOG DEVICES INC COM 032654105 1,440,306 3,626 SH DFND 3,626 0 0
APPLE INC COM 037833100 1,829,702 6,323 SH DFND 6,323 0 0
APYX MEDICAL CORPORATION COM 03837C106 2,626,650 585,000 SH DFND 585,000 0 0
ARCHER DANIELS MIDLAND CO COM 039483102 2,188,230 28,642 SH DFND 28,642 0 0
ATLANTA BRAVES HLDGS INC COM SER A 047726104 1,398,515 24,836 SH DFND 24,836 0 0
ATLANTA BRAVES HLDGS INC COM SER C 047726302 2,358,388 45,441 SH DFND 45,441 0 0
AUTONATION INC COM 05329W102 39,557,879 212,917 SH DFND 212,917 0 0
BP PLC SPONSORED ADR 055622104 342,379 9,266 SH DFND 9,266 0 0
BWX TECHNOLOGIES INC COM 05605H100 498,888 2,563 SH DFND 2,563 0 0
BAKKT INC COM CL A NEW 05759B305 2,186,515 279,964 SH DFND 279,964 0 0
BANCO SANTANDER SA ADR 05964H105 832,278 60,310 SH DFND 60,310 0 0
BANK OF AMER CORP COM 060505104 896,580 15,735 SH DFND 15,735 0 0
BANK OF NY MELLON CORP COM 064058100 1,490,640 10,308 SH DFND 10,308 0 0
BARRICK MNG CORP COM SHS 06849F108 397,361 10,818 SH DFND 10,818 0 0
BEAM THERAPEUTICS INC COM 07373V105 287,876 8,388 SH DFND 8,388 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 748,850 1 SH DFND 1 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 18,630,020 37,231 SH DFND 37,231 0 0
BHP BILLITON LIMITED SPONSORED ADS 088606108 269,175 3,231 SH DFND 3,231 0 0
BICYCLE THERAPEUTICS PLC SPONSORED ADS 088786108 53,356 12,584 SH DFND 12,584 0 0
BIOGEN INC COM 09062X103 588,980 2,726 SH DFND 2,726 0 0
BLACKROCK FLOATING RATE INC COM 091941104 135,147 12,678 SH DFND 12,678 0 0
BLACK STONE MINERALS L P COM UNIT 09225M101 2,112,795 151,238 SH DFND 151,238 0 0
BLACKROCK CR ALLOCATION COM 092508100 405,734 39,700 SH DFND 39,700 0 0
BLACKROCK MUNIHOLDINGS FD IN COM 09253N104 395,247 33,214 SH DFND 33,214 0 0
BLACKROCK MUNIYIELD QUALITY COM 09254E103 1,516,937 136,538 SH DFND 136,538 0 0
BLACKROCK MUNIYILD QULT FD I COM 09254F100 955,202 82,345 SH DFND 82,345 0 0
BLACKROCK MUNIYIELD N Y QUAL COM 09255E102 121,891 12,009 SH DFND 12,009 0 0
BLACKROCK FLOATING RATE INCO COM 09255X100 651,608 59,291 SH DFND 59,291 0 0
BLACKSTONE INC COM 09260D107 599,176 5,092 SH DFND 5,092 0 0
BOEING CO COM 097023105 217,769 1,006 SH DFND 1,006 0 0
BOOZ ALLEN HAMILTON HLDG COR CL A 099502106 853,688 14,071 SH DFND 14,071 0 0
BRISTOL-MYERS SQUIBB CO COM 110122108 2,567,086 44,552 SH DFND 44,552 0 0
BROADRIDGE FINL SOLUTIONS IN COM 11133T103 2,972,637 21,706 SH DFND 21,706 0 0
BROADCOM INC COM 11135F101 272,736 722 SH DFND 722 0 0
BROOKFIELD CORP CL A LTD VT SH 11271J107 67,604,752 1,587,339 SH DFND 1,587,339 0 0
BROOKFIELD REAL ASSETS INCOM SHS BEN INT 112830104 138,524 10,755 SH DFND 10,755 0 0
BROOKFIELD ASSET MANAGMT LTD CL A LMT VTG SHS 113004105 8,490,083 189,299 SH DFND 189,299 0 0
CBOE GLOBAL MKTS INC COM 12503M108 100,619,170 414,634 SH DFND 414,634 0 0
CME GROUP INC COM 12572Q105 62,665,802 283,774 SH DFND 283,774 0 0
CMS ENERGY CORP COM 125896100 933,071 12,197 SH DFND 12,197 0 0
CRA INTL INC COM 12618T105 372,846 2,620 SH DFND 2,620 0 0
CACI INTL INC CL A 127190304 71,222,982 153,743 SH DFND 153,743 0 0
CAMECO CORP COM 13321L108 71,071,860 697,741 SH DFND 697,741 0 0
CATERPILLAR INC COM 149123101 4,186,122 3,931 SH DFND 3,931 0 0
CENTERPOINT ENERGY INC COM 15189T107 424,590 9,641 SH DFND 9,641 0 0
CENTURI HOLDINGS INC COM SHS 155923105 2,904,340 96,043 SH DFND 96,043 0 0
CHARLES RIV LABS INTL INC COM 159864107 1,610,889 7,103 SH DFND 7,103 0 0
CHENIERE ENERGY PARTNERS L P COM UNIT 16411Q101 243,800 4,000 SH DFND 4,000 0 0
CHENIERE ENERGY INC COM NEW 16411R208 96,091,651 402,040 SH DFND 402,040 0 0
CHEVRON CORPORATION COM 166764100 2,287,488 13,800 SH DFND 13,800 0 0
CIRCLE INTERNET GROUP INC COM CL A 172573107 478,243 7,636 SH DFND 7,636 0 0
CISCO SYS INC COM 17275R102 4,024,884 34,266 SH DFND 34,266 0 0
CINTAS CORP COM 172908105 251,718 1,480 SH DFND 1,480 0 0
CITIGROUP INC COM NEW 172967424 1,046,201 7,475 SH DFND 7,475 0 0
CIVEO CORP CDA COM NEW 17878Y207 80,184,685 2,290,991 SH DFND 2,290,991 0 0
COHEN & STEERS QUALITY INCOM COM 19247L106 615,906 50,033 SH DFND 50,033 0 0
COHEN & STEERS QUALITY INCOM RIGHT 07/15/2026 19247L122 745 50,033 SH DFND 50,033 0 0
COLGATE PALMOLIVE CO COM 194162103 273,023 2,978 SH DFND 2,978 0 0
CONOCOPHILLIPS COM 20825C104 271,855 2,615 SH DFND 2,615 0 0
CONSTELLATION BRANDS INC CL A 21036P108 497,247 3,575 SH DFND 3,575 0 0
DANAHER CORP DEL COM 235851102 824,969 4,331 SH DFND 4,331 0 0
DIAMONDBACK ENERGY INC COM 25278X109 322,381 1,834 SH DFND 1,834 0 0
DIGITALBRIDGE GROUP INC CL A NEW 25401T603 194,899 12,351 SH DFND 12,351 0 0
DISNEY WALT CO COM 254687106 287,788 2,990 SH DFND 2,990 0 0
DORCHESTER MINERALS L P COM UNIT 25820R105 21,529,436 852,651 SH DFND 852,651 0 0
DORMAN PRODS INC COM 258278100 245,610 1,800 SH DFND 1,800 0 0
DOUBLELINE INCOME SOLUTIONS COM 258622109 510,452 46,153 SH DFND 46,153 0 0
DOUBLELINE OPPORTUNISTIC CR COM 258623107 273,896 19,047 SH DFND 19,047 0 0
EOG RES INC COM 26875P101 945,861 7,291 SH DFND 7,291 0 0
EQT CORP COM 26884L109 2,194,314 41,270 SH DFND 41,270 0 0
EAGLE MATLS INC COM 26969P108 2,404,000 10,684 SH DFND 10,684 0 0
EAGLEROCK LD LLC CL A SHS REP LTD 27005A105 35,789,526 1,684,213 SH DFND 1,684,213 0 0
EATON VANCE SR INCOME TR SH BEN INT 27826S103 108,215 21,730 SH DFND 21,730 0 0
EATON VANCE MUN BD FD COM 27827X101 176,212 17,692 SH DFND 17,692 0 0
EATON VANCE LIMITED DURATION COM 27828H105 116,347 12,417 SH DFND 12,417 0 0
EATON VANCE SR FLTNG RTE TR COM 27828Q105 212,011 20,001 SH DFND 20,001 0 0
EBAY INC. COM 278642103 424,985 3,803 SH DFND 3,803 0 0
EDITAS MEDICINE INC COM 28106W103 89,683 27,680 SH DFND 27,680 0 0
EMERSON ELEC CO COM 291011104 2,375,151 16,592 SH DFND 16,592 0 0
ENBRIDGE INC COM 29250N105 258,961 4,777 SH DFND 4,777 0 0
ENERFLEX LTD COM 29269R105 244,855 9,990 SH DFND 9,990 0 0
ENERGY RECOVERY INC COM 29270J100 260,931 28,928 SH DFND 28,928 0 0
ENERGY TRANSFER L P COM UT LTD PTN 29273V100 7,729,959 404,287 SH DFND 404,287 0 0
ENERGY TRANSFER L P 9.250% FXD PFD I 29273V704 95,119 8,300 SH DFND 8,300 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107 4,129,361 112,333 SH DFND 112,333 0 0
EQUITY LIFESTYLE PROPERTIES COM 29472R108 763,733 11,850 SH DFND 11,850 0 0
EXXON MOBIL CORP COM 30231G102 5,200,419 38,037 SH DFND 38,037 0 0
META PLATFORMS INC CL A 30303M102 542,971 964 SH DFND 964 0 0
FEDERATED HERMES INC CL B 314211103 464,897 8,419 SH DFND 8,419 0 0
FEDERATED HERMES PREM MUNI I COM 31423P108 392,613 34,170 SH DFND 34,170 0 0
FERMI INC COM 314911108 7,549,923 824,227 SH DFND 824,227 0 0
FIDELITY WISE ORIGIN BITCOIN SHS 315948109 290,015 5,681 SH DFND 5,681 0 0
FIDELITY NATL INFORMATION SV COM 31620M106 377,136 9,700 SH DFND 9,700 0 0
FIDELITY NATL FINL INC COM SHS 31620R303 2,134,980 45,271 SH DFND 45,271 0 0
FITLIFE BRANDS INC COM NEW 33817P405 1,596,450 145,000 SH DFND 145,000 0 0
FRANCO NEV CORP COM 351858105 161,211,339 773,418 SH DFND 773,418 0 0
FREEPORT MCMORAN INC CL B 35671D857 5,633,749 89,581 SH DFND 89,581 0 0
GALAXY DIGITAL INC. CL A 36317J209 33,793,634 1,236,051 SH DFND 1,236,051 0 0
GALECTIN THERAPEUTICS INC COM NEW 363225202 217,932 46,968 SH DFND 46,968 0 0
GALLAGHER ARTHUR J & CO COM 363576109 310,838 1,354 SH DFND 1,354 0 0
GE VERNOVA INC COM 36828A101 1,671,826 1,423 SH DFND 1,423 0 0
GE AEROSPACE COM NEW 369604301 2,374,680 6,354 SH DFND 6,354 0 0
GENERAL MILLS INC COM 370334104 753,768 21,660 SH DFND 21,660 0 0
GENERAL MTRS CO COM 37045V100 404,670 5,250 SH DFND 5,250 0 0
GENUINE PARTS CO COM 372460105 258,376 2,190 SH DFND 2,190 0 0
GSK PLC SPONSORED ADR 37733W204 1,260,491 24,046 SH DFND 24,046 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 604,799 598 SH DFND 598 0 0
WW GRAINGER INC COM 384802104 410,841 302 SH DFND 302 0 0
GRAYSCALE BITCOIN TRUST ETF SHS REP COM UT 389637109 552,612,345 12,139,990 SH DFND 12,139,990 0 0
GRAYSCALE ETHEREUM STAKING E SHS 389638107 68,815 5,393 SH DFND 5,393 0 0
GRAYSCALE BITCOIN CASH TRUST BCH BCHG 38963P109 2,889,992 1,950,062 SH DFND 1,950,062 0 0
GRAYSCALE ETHEREUM CLASSIC TRUST ETCG 38963Q107 274,051 71,182 SH DFND 71,182 0 0
GRAYSCALE BASIC ATTENTION TOKEN TR GBAT 38963U108 1,187 2,089 SH DFND 2,089 0 0
GRAYSCALE LITECOIN TRUST LTC SHS LTCN 38963W104 2,586,766 837,141 SH DFND 837,141 0 0
GRAYSCALE ZCASH TR ZEC COM ZCSH 38964G108 479,264 17,883 SH DFND 17,883 0 0
GRAYSCALE DECENTRALAND TRUST MANA 38964P108 367 691 SH DFND 691 0 0
GRAYSCALE ETHEREUM STAKING SHS NEW 38964R203 9,815 653 SH DFND 653 0 0
GRAYSCALE BITCOIN MINI TR ET SHS NEW 389930207 157,464,419 6,067,993 SH DFND 6,067,993 0 0
GREENBRIER COS INC COM 393657101 377,377 7,700 SH DFND 7,700 0 0
HALEON PLC SPON ADS 405552100 116,009 12,434 SH DFND 12,434 0 0
HAWAIIAN ELEC INDS INC MTN B COM 419870100 303,009,724 22,395,397 SH DFND 22,395,397 0 0
HONEYWELL AEROSPACE INC COM 43849R105 726,469 3,286 SH DFND 3,286 0 0
HONEYWELL INTL INC COM 438516205 735,735 3,286 SH DFND 3,286 0 0
HORIZON KINETICS HLDG CORP COM HKHC 439913104 35,488,728 1,075,416 SH DFND 1,075,416 0 0
HOWARD HUGHES HOLDINGS INC COM 44267T102 3,967,695 55,500 SH DFND 55,500 0 0
HUBBELL INC COM 443510607 855,432 1,635 SH DFND 1,635 0 0
INTELLIA THERAPEUTICS INC COM 45826J105 212,921 12,584 SH DFND 12,584 0 0
INTERPARFUMS INC COM 458334109 14,579,087 130,333 SH DFND 130,333 0 0
INTERCONTINENTAL EXCHANGE IN COM 45866F104 121,226,532 984,701 SH DFND 984,701 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 1,003,920 3,570 SH DFND 3,570 0 0
INVESCO TR INVT GRADE NEW YO COM 46131T101 170,678 14,739 SH DFND 14,739 0 0
INVESCO QUALITY MUN INCOME T COM 46133G107 222,286 21,965 SH DFND 21,965 0 0
INVESCO EXCHANGE TRADED FD T S&P MDCP400 VL 46137V191 23,298 163 SH DFND 163 0 0
INVESCO EXCHANGE TRADED FD T S&P500 EQL WGT 46137V357 666,252 3,131 SH DFND 3,131 0 0
INVESCO EXCHANGE TRADED FD T S&P MDCP MOMNTUM 46137V464 5,104 30 SH DFND 30 0 0
IONIS PHARMACEUTICALS INC COM 462222100 864,578 10,904 SH DFND 10,904 0 0
IRON MTN INC DEL COM 46284V101 2,254,002 17,845 SH DFND 17,845 0 0
ISHARES GOLD TR ISHARES NEW 464285204 646,819 8,566 SH DFND 8,566 0 0
ISHARES TR GL TIMB FORE ETF 464288174 325,588 4,915 SH DFND 4,915 0 0
ISHARES TR NATIONAL MUN ETF 464288414 5,381 50 SH DFND 50 0 0
ISHARES TR ASIA 50 ETF 464288430 1,133 8 SH DFND 8 0 0
ISHARES TR TRUST ISHARE 0-1 464288679 37,298 338 SH DFND 338 0 0
ISHARES TR PFD AND INCM SEC 464288687 40,430 1,326 SH DFND 1,326 0 0
ISHARES TR US AER DEF ETF 464288760 38,787 160 SH DFND 160 0 0
ISHARES TR US OIL EQ&SV ETF 464288844 84,224 3,131 SH DFND 3,131 0 0
ISHARES TR MICRO-CAP ETF 464288869 138,028 690 SH DFND 690 0 0
ISHARES SILVER TR ISHARES 46428Q109 1,591,535 29,765 SH DFND 29,765 0 0
ISHARES BITCOIN TRUST ETF SHS BEN INT 46438F101 27,873,983 837,308 SH DFND 837,308 0 0
JPMORGAN CHASE & CO COM 46625H100 293,288 896 SH DFND 896 0 0
JOHNSON & JOHNSON COM 478160104 3,938,631 15,508 SH DFND 15,508 0 0
OPENLANE INC COM 48238T109 2,929,277 71,030 SH DFND 71,030 0 0
KLA CORP COM NEW 482480100 5,990,452 19,855 SH DFND 19,855 0 0
KEEL INFRASTRUCTURE CORP COM SHS 486917107 105,042 18,300 SH DFND 18,300 0 0
KIMBELL RTY PARTNERS LP UNIT 49435R102 457,212 31,467 SH DFND 31,467 0 0
KIMBERLY-CLARK CORP COM 494368103 838,204 7,636 SH DFND 7,636 0 0
KINDER MORGAN INC DEL COM 49456B101 1,224,835 38,312 SH DFND 38,312 0 0
L3HARRIS TECHNOLOGIES INC COM 502431109 2,659,870 9,153 SH DFND 9,153 0 0
LADDER CAP CORP CL A 505743104 179,100 18,000 SH DFND 18,000 0 0
LANDBRIDGE COMPANY LLC CL A 514952100 461,276,842 5,821,263 SH DFND 5,821,263 0 0
LANTERN PHARMA INC COM 51654W101 104,934 25,164 SH DFND 25,164 0 0
LAS VEGAS SANDS CORP COM 517834107 1,852,542 40,107 SH DFND 40,107 0 0
LENNAR CORP CL A 526057104 478,147 5,284 SH DFND 5,284 0 0
LENNAR CORP CL B 526057302 5,056 57 SH DFND 57 0 0
LIBERTY LIVE HOLDINGS INC COM SER A 530909100 216,089 2,134 SH DFND 2,134 0 0
LIBERTY LIVE HOLDINGS INC COM SHS SER C 530909308 336,569 3,186 SH DFND 3,186 0 0
LIBERTY ENERGY INC COM CL A 53115L104 6,149,569 234,806 SH DFND 234,806 0 0
LIBERTY MEDIA CORP DEL COM LBTY ONE S C 531229755 7,241,867 76,118 SH DFND 76,118 0 0
LIBERTY MEDIA CORP DEL COM LBTY ONE S A 531229771 2,655,613 30,336 SH DFND 30,336 0 0
ELI LILLY & CO COM 532457108 4,586,620 3,824 SH DFND 3,824 0 0
LISTED FDS TR ROUNDHILL BALL 53656F417 2,860 155 SH DFND 155 0 0
LISTED FDS TR HORI KI INFL ETF 53656F623 4,536,955 90,957 SH DFND 90,957 0 0
LISTED FDS TR HORZN KINTCS BL 53656G209 5,362,291 179,946 SH DFND 179,946 0 0
LISTED FDS TR HORI KI ENER ETF 53656G514 339,760 8,760 SH DFND 8,760 0 0
LISTED FDS TR HORZN KNTCS SPAC 53656G555 6,699,593 71,541 SH DFND 71,541 0 0
LISTED FDS TR HORI KIN MED ETF 53656G563 190,510 5,189 SH DFND 5,189 0 0
LISTED FDS TR HORI KIN TEX ETF 53656H728 491,918 17,099 SH DFND 17,099 0 0
LISTED FDS TR HORI KI JAPA ETF 53656H835 5,509,420 244,972 SH DFND 244,972 0 0
LIVE NATION ENTERTAINMENT IN COM 538034109 18,492,096 100,989 SH DFND 100,989 0 0
LOCKHEED MARTIN CORP COM 539830109 258,296 507 SH DFND 507 0 0
LOEWS CORP COM 540424108 270,685 2,391 SH DFND 2,391 0 0
LOWES COS INC COM 548661107 235,483 1,068 SH DFND 1,068 0 0
ABERDEEN MUN INCOME FD SH BEN INT 552738106 97,855 17,412 SH DFND 17,412 0 0
MADISON SQUARE GARDEN ENTMT COM CL A 558256103 2,834,466 35,041 SH DFND 35,041 0 0
MADISON SQUARE GRDN SPRT COR CL A 55825T103 9,331,127 23,221 SH DFND 23,221 0 0
SPHERE ENTERTAINMENT CO CL A 55826T102 7,727,001 44,657 SH DFND 44,657 0 0
MARATHON PETE CORP COM 56585A102 1,329,995 5,202 SH DFND 5,202 0 0
MARKEL GROUP INC COM 570535104 4,031,093 2,064 SH DFND 2,064 0 0
MARKETAXESS HLDGS INC COM 57060D108 255,806 2,254 SH DFND 2,254 0 0
MARSH & MCLENNAN COS INC COM 571748102 23,330,982 139,983 SH DFND 139,983 0 0
MASTERCARD INCORPORATED CL A 57636Q104 9,080,727 17,681 SH DFND 17,681 0 0
MCDONALDS CORP COM 580135101 929,596 3,439 SH DFND 3,439 0 0
MERCK & CO INC COM 58933Y105 3,617,401 28,151 SH DFND 28,151 0 0
MESABI TR CTF BEN INT 590672101 81,450,362 3,219,382 SH DFND 3,219,382 0 0
METALLA RTY & STREAMING LTD COM NEW 59124U605 3,076,700 404,297 SH DFND 404,297 0 0
MIAMI INTL HLDGS INC COM 59356Q108 291,415,166 7,842,173 SH DFND 7,842,173 0 0
MICROSOFT CORP COM 594918104 2,571,569 6,894 SH DFND 6,894 0 0
STRATEGY INC CL A NEW 594972408 11,281,254 129,774 SH DFND 129,774 0 0
MODINE MFG CO COM 607828100 355,137 1,330 SH DFND 1,330 0 0
MONDELEZ INTL INC CL A 609207105 471,512 8,152 SH DFND 8,152 0 0
MOVADO GROUP INC COM 624580106 471,720 12,000 SH DFND 12,000 0 0
NRG ENERGY INC COM NEW 629377508 208,282 1,426 SH DFND 1,426 0 0
NASDAQ INC COM 631103108 5,591,017 70,934 SH DFND 70,934 0 0
NATURAL RESOURCE PARTNERS LP COM UNIT LTD PAR 63900P608 5,912,247 60,951 SH DFND 60,951 0 0
NEUBERGER MUN FD INC COM 64124P101 436,728 41,396 SH DFND 41,396 0 0
VIPER ENERGY INC CL A 64361Q101 70,050,092 1,652,125 SH DFND 1,652,125 0 0
NEWMONT CORP COM 651639106 523,040 5,600 SH DFND 5,600 0 0
NEXTERA ENERGY INC COM 65339F101 251,022 2,860 SH DFND 2,860 0 0
NORFOLK SOUTHN CORP COM 655844108 969,881 3,083 SH DFND 3,083 0 0
NOVARTIS AG SPONSORED ADR 66987V109 1,659,351 10,588 SH DFND 10,588 0 0
NOVO-NORDISK A S ADR 670100205 735,879 15,350 SH DFND 15,350 0 0
NUVEEN SELECT MAT MUN FD SH BEN INT 67061T101 202,530 21,500 SH DFND 21,500 0 0
NUVEEN NY AMT FREE COM 670656107 1,484,216 138,453 SH DFND 138,453 0 0
NUVEEN AMT FREE QLTY MUN INC COM 670657105 2,982,500 254,046 SH DFND 254,046 0 0
NVIDIA CORPORATION COM 67066G104 1,384,623 6,920 SH DFND 6,920 0 0
NUVEEN QUALITY MUNCP INCOME COM 67066V101 1,282,651 105,829 SH DFND 105,829 0 0
NUVEEN NY DIVI ADV COM 67066X107 292,112 24,903 SH DFND 24,903 0 0
NUVEEN MUN HIGH INCOME OPPOR COM 670682103 117,591 11,125 SH DFND 11,125 0 0
NUVEEN MUN CR INCOME FD COM SH BEN INT 67070X101 335,323 26,445 SH DFND 26,445 0 0
NUVEEN AMT FREE MUN CR INC F COM 67071L106 155,853 12,176 SH DFND 12,176 0 0
NUVEEN FLOATING RATE INCOME COM 67072T108 908,512 118,450 SH DFND 118,450 0 0
NUVEEN PFD & INCOME OPPORTUN COM 67073B106 129,437 16,426 SH DFND 16,426 0 0
NUVEEN TAXABLE MUNICPAL INM COM 67074C103 378,357 23,977 SH DFND 23,977 0 0
NUTRIEN LTD COM 67077M108 3,180,690 50,527 SH DFND 50,527 0 0
NUVEEN MUN VALUE FD INC COM 670928100 106,491 11,550 SH DFND 11,550 0 0
OCCIDENTAL PETE CORP COM 674599105 404,637 8,331 SH DFND 8,331 0 0
OR ROYALTIES INC. COM SHS 68390D106 60,596,710 1,915,799 SH DFND 1,915,799 0 0
OSHKOSH CORP COM 688239201 13,631,538 88,816 SH DFND 88,816 0 0
PCM FD INC COM 69323T101 136,889 24,532 SH DFND 24,532 0 0
PACIFIC BIOSCIENCES CALIF IN COM 69404D108 16,914 10,068 SH DFND 10,068 0 0
IPATH SERIES B S&P VXX 6XJ99I9J5 3,534 18,600 SH Call DFND 18,600 0 0
PENSKE AUTOMOTIVE GRP INC COM 70959W103 24,886,039 139,067 SH DFND 139,067 0 0
PEPSICO INC COM 713448108 249,136 1,840 SH DFND 1,840 0 0
PERMIAN BASIN RTY TR UNIT BEN INT 714236106 168,501,395 6,729,289 SH DFND 6,729,289 0 0
PFIZER INC COM 717081103 1,677,461 69,662 SH DFND 69,662 0 0
PHILIP MORRIS INTL INC COM 718172109 3,550,178 19,624 SH DFND 19,624 0 0
PIMCO MUN INCOME FD II COM 72200W106 114,531 15,050 SH DFND 15,050 0 0
PIMCO NEW YORK MUN FD II COM 72200Y102 266,825 37,634 SH DFND 37,634 0 0
PIMCO INCOME STRATEGY FD COM 72201H108 734,826 93,252 SH DFND 93,252 0 0
PIMCO INCOME STRATEGY FD II COM 72201J104 1,365,128 191,463 SH DFND 191,463 0 0
PIMCO DYNAMIC INCOME FD SHS 72201Y101 852,351 51,039 SH DFND 51,039 0 0
PLAINS ALL AMERN PIPELINE L UNIT LTD PARTN 726503105 2,344,512 105,324 SH DFND 105,324 0 0
POWER SOLUTIONS INTL INC COM NEW 73933G202 322,787 8,300 SH DFND 8,300 0 0
PROSHARES TR II SHT VIX ST TRM 74347W130 1,373,438 23,986 SH DFND 23,986 0 0
PURE CYCLE CORP COM NEW 746228303 541,133 50,526 SH DFND 50,526 0 0
QUALCOMM INC COM 747525103 882,742 4,777 SH DFND 4,777 0 0
QUEST DIAGNOSTICS INC COM 74834L100 614,655 2,900 SH DFND 2,900 0 0
RB GLOBAL INC COM 74935Q107 24,611,565 211,349 SH DFND 211,349 0 0
RAYONIER INC COM 754907103 386,743 18,174 SH DFND 18,174 0 0
RAYONIER ADVANCED MATLS INC COM 75508B104 538,410 68,500 SH DFND 68,500 0 0
RTX CORPORATION COM 75513E101 2,256,838 11,895 SH DFND 11,895 0 0
REDWIRE CORPORATION COM 75776W103 1,028,543 84,100 SH DFND 84,100 0 0
REGENERON PHARMACEUTICALS COM 75886F107 402,183 645 SH DFND 645 0 0
RENN FD INC COM 759720105 2,778,135 929,018 SH DFND 929,018 0 0
REPLIMUNE GROUP INC COM 76029N106 139,305 12,584 SH DFND 12,584 0 0
RESIDEO TECHNOLOGIES INC COM 76118Y104 1,598,416 51,396 SH DFND 51,396 0 0
RIO TINTO PLC SPONSORED ADR 767204100 1,540,334 16,226 SH DFND 16,226 0 0
ROCKWELL AUTOMATION INC COM 773903109 1,928,337 3,895 SH DFND 3,895 0 0
ROYAL GOLD INC COM 780287108 9,195,573 46,068 SH DFND 46,068 0 0
ROYCE MICRO-CAP TR INC COM 780915104 1,972,564 134,738 SH DFND 134,738 0 0
S&P GLOBAL INC COM 78409V104 1,209,721 2,970 SH DFND 2,970 0 0
STATE STR SPDR S&P 500 ETF T TR UNIT 78462F103 852,065 1,141 SH DFND 1,141 0 0
SPDR GOLD TR GOLD SHS 78463V107 1,344,587 3,650 SH DFND 3,650 0 0
SPDR SERIES TRUST SP O&G EQP SERV 78468R549 482,504 4,305 SH DFND 4,305 0 0
SPDR SERIES TRUST ST STR BLO 1 ETF 78468R663 22,910 250 SH DFND 250 0 0
SABINE RTY TR UNIT BEN INT 785688102 8,183,445 111,796 SH DFND 111,796 0 0
ST JOE CO COM 790148100 37,115,028 592,608 SH DFND 592,608 0 0
SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 24,055,803 7,494,020 SH DFND 7,494,020 0 0
SLB LIMITED COM STK 806857108 338,866 7,289 SH DFND 7,289 0 0
SCIENCE APPLICATIONS INTL CO COM 808625107 5,631,683 51,007 SH DFND 51,007 0 0
SEAPORT ENTMT GROUP INC COMMON STOCK 812215200 1,130,580 42,503 SH DFND 42,503 0 0
SELECT WATER SOLUTIONS INC CL A COM 81617J301 199,800 10,000 SH DFND 10,000 0 0
SIRIUSXM HOLDINGS INC COMMON STOCK 829933100 744,290 25,196 SH DFND 25,196 0 0
SONOCO PRODS CO COM 835495102 1,883,781 33,430 SH DFND 33,430 0 0
SPROTT INC COM NEW 852066208 26,089,617 232,217 SH DFND 232,217 0 0
SPROTT ASSET MANAGEMENT LP PHYSICAL GOLD TR 85207H104 490,625 16,262 SH DFND 16,262 0 0
SUNCOR ENERGY INC NEW COM 867224107 3,018,802 56,237 SH DFND 56,237 0 0
TEJON RANCH CO COM 879080109 37,618,578 2,011,689 SH DFND 2,011,689 0 0
TETRA TECHNOLOGIES INC DEL COM 88162F105 184,906 16,320 SH DFND 16,320 0 0
TEXAS PACIFIC LAND CORPORATI COM 88262P102 4,290,140,539 9,802,899 SH DFND 9,802,899 0 0
THERMO FISHER SCIENTIFIC INC COM 883556102 219,596 438 SH DFND 438 0 0
3M CO COM 88579Y101 437,157 2,700 SH DFND 2,700 0 0
TORONTO DOMINION BK ONT COM NEW 891160509 2,726,104 22,450 SH DFND 22,450 0 0
TRADEWEB MKTS INC CL A 892672106 9,740,768 97,740 SH DFND 97,740 0 0
TRIPLE FLAG PRECIOUS METAL COM 89679M104 15,185,115 506,677 SH DFND 506,677 0 0
UNITED PARCEL SVCS INC CL B 911312106 479,450 4,460 SH DFND 4,460 0 0
UNITED RENTALS INC COM 911363109 856,465 756 SH DFND 756 0 0
UNITEDHEALTH GROUP INC COM 91324P102 725,274 1,745 SH DFND 1,745 0 0
VALMONT INDS INC COM 920253101 693,698 1,201 SH DFND 1,201 0 0
VANDA PHARMACEUTICALS INC COM 921659108 138,606 22,648 SH DFND 22,648 0 0
VANECK ETF TRUST GOLD MINERS ETF 92189F106 327,151 4,336 SH DFND 4,336 0 0
VANECK ETF TRUST PREFERRED SECURT 92189F429 61,619 3,454 SH DFND 3,454 0 0
VANECK ETF TRUST JUNIOR GOLD MINE 92189F791 543,421 5,531 SH DFND 5,531 0 0
VANECK ETF TRUST HIGH YLD MUNIETF 92189H409 15,247 296 SH DFND 296 0 0
VANECK ETF TRUST OIL SERVICES ETF 92189H607 897,437 2,412 SH DFND 2,412 0 0
VANGUARD BD INDEX FDS SHORT TRM BOND 921937827 389,628 5,001 SH DFND 5,001 0 0
VANGUARD BD INDEX FDS VANGUARD ULTRA 92203C303 22,953,956 461,108 SH DFND 461,108 0 0
VANGUARD SCOTTSDALE FDS SHORT TERM TREAS 92206C102 4,244,642 72,932 SH DFND 72,932 0 0
VANGUARD SCOTTSDALE FDS VNG RUS2000IDX 92206C664 4,857 40 SH DFND 40 0 0
VANGUARD INDEX FDS S&P 500 ETF SHS 922908363 1,785,019 2,599 SH DFND 2,599 0 0
VANGUARD INDEX FDS SM CP VAL ETF 922908611 32,804 135 SH DFND 135 0 0
VANGUARD INDEX FDS EXTEND MKT ETF 922908652 1,214,285 4,932 SH DFND 4,932 0 0
VANGUARD INDEX FDS SMALL CP ETF 922908751 66,383 219 SH DFND 219 0 0
VANGUARD INDEX FDS TOTAL STK MKT 922908769 341,177 922 SH DFND 922 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 341,514 8,066 SH DFND 8,066 0 0
VERISK ANALYTICS INC COM 92345Y106 1,256,710 7,000 SH DFND 7,000 0 0
VERTIV HOLDINGS CO COM CL A 92537N108 3,520,632 10,515 SH DFND 10,515 0 0
VISA INC COM CL A 92826C839 1,600,858 4,666 SH DFND 4,666 0 0
WP CAREY INC COM 92936U109 1,573,000 22,000 SH DFND 22,000 0 0
WATERBRIDGE INFRASTRUCTURE L CL A SHS REPSTG 940923105 262,173,624 7,650,237 SH DFND 7,650,237 0 0
WENDYS CO COM 95058W100 901,977 108,803 SH DFND 108,803 0 0
WESTERN MIDSTREAM PARTNERS L COM UNIT LP INT 958669103 7,536,654 172,227 SH DFND 172,227 0 0
WEYERHAEUSER CO COM NEW 962166104 241,339 10,081 SH DFND 10,081 0 0
WHEATON PRECIOUS METALS CORP COM 962879102 189,472,941 1,686,903 SH DFND 1,686,903 0 0
WHITEHAWK MINERALS CORP CL A 96524T101 43,196,253 1,552,705 SH DFND 1,552,705 0 0
WILLIAMS COS INC COM 969457100 9,565,929 128,678 SH DFND 128,678 0 0
WISDOMTREE INC COM 97717P104 2,813,995 166,115 SH DFND 166,115 0 0
ALKERMES PLC SHS G01767105 1,054,816 20,132 SH DFND 20,132 0 0
ASTRAZENECA PLC ORD G0593M107 950,944 5,015 SH DFND 5,015 0 0
BROOKFIELD WEALTH SOL LTD CL A EXCHANGEAB G17434104 1,310,942 30,730 SH DFND 30,730 0 0
BURFORD CAPITAL LIMITED ORD SHS G17977110 279,259 68,112 SH DFND 68,112 0 0
CARNIVAL CORP LTD COMMON SHARES G2004J103 12,237,676 428,340 SH DFND 428,340 0 0
EATON CORP PLC SHS G29183103 339,618 797 SH DFND 797 0 0
GRAYSCALE COINDESK CRYPTO USD SHS G40705108 1,082,755 41,029 SH DFND 41,029 0 0
LINDE PLC SHS G54950103 726,516 1,400 SH DFND 1,400 0 0
ROYALTY PHARMA PLC SHS CLASS A G7709Q104 19,336,349 344,861 SH DFND 344,861 0 0
WHITE MTNS INS GROUP LTD COM G9618E107 25,307,802 12,206 SH DFND 12,206 0 0
BUNGE GLOBAL SA COM SHS H11356104 30,319,709 284,079 SH DFND 284,079 0 0
CRISPR THERAPEUTICS AG NAMEN AKT H17182108 510,113 9,353 SH DFND 9,353 0 0
AMRIZE LTD SHS H2927K103 1,842,741 34,573 SH DFND 34,573 0 0
ROYAL CARIBBEAN GROUP COM V7780T103 12,515,072 39,414 SH DFND 39,414 0 0
COSTAMARE INC SHS Y1771G102 3,117,347 222,350 SH DFND 222,350 0 0
COSTAMARE BULKERS HLDGS LTD COM SHS Y2001C101 484,305 27,580 SH DFND 27,580 0 0
STAR BULK CARRIERS CORP. SHS PAR Y8162K204 1,300,092 52,066 SH DFND 52,066 0 0