The Securities and Exchange Commission has not necessarily
reviewed the information in this filing and has not determined
if it is accurate and complete.
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 FORM 13F FORM 13F INFORMATION TABLE |
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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 |
| ABBVIE | COM | 00287Y109 | 16,305,166 | 62,331 | SH | SOLE | 12,941 | 0 | 49,390 | ||
| AH REALTY TRUST INC | COM | 04208T108 | 4,270,000 | 700,000 | SH | SOLE | 700,000 | 0 | 0 | ||
| ALLIANCE RESOURCE PAR LP | COM | 01877R108 | 6,431,919 | 264,797 | SH | SOLE | 144,000 | 0 | 120,797 | ||
| ALPHABET INC CAPT STK CLA | CAP STK CL A | 02079K305 | 2,154,285 | 6,261 | SH | SOLE | 0 | 0 | 6,261 | ||
| ALTRIA GROUP INC | COM | 02209S103 | 15,873,902 | 235,728 | SH | SOLE | 65,159 | 0 | 170,569 | ||
| AMGEN INC | COM | 031162100 | 15,097,645 | 35,818 | SH | SOLE | 4,768 | 0 | 31,050 | ||
| APPLE INC | COM | 037833100 | 26,063,144 | 78,263 | SH | SOLE | 0 | 0 | 78,263 | ||
| AT&T INC | COM | 00206R102 | 10,522,817 | 431,263 | SH | SOLE | 67,348 | 0 | 363,915 | ||
| BANK OF AMERICA CORP | COM | 060505104 | 13,003,653 | 238,906 | SH | SOLE | 46,635 | 0 | 192,271 | ||
| BERKSHIRE HATHAWAY INC CL B | CL B NEW | 084670702 | 25,246,065 | 50,700 | SH | SOLE | 46,502 | 0 | 4,198 | ||
| BLACKSTONE INC | COM | 09260D107 | 986,392 | 8,800 | SH | SOLE | 8,800 | 0 | 0 | ||
| BLACKSTONE SECURED LENDING F | COM | 09261X102 | 1,203,053 | 50,169 | SH | SOLE | 0 | 0 | 50,169 | ||
| BLUE OWL CAPITAL CORP | COM | 69121K104 | 2,023,017 | 192,852 | SH | SOLE | 102,492 | 0 | 90,360 | ||
| BLUE OWL CAPITAL INC COM CL A | COM CL A | 09581B103 | 2,631,519 | 289,496 | SH | SOLE | 170,000 | 0 | 119,496 | ||
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 | 7,808,611 | 125,138 | SH | SOLE | 24,541 | 0 | 100,597 | ||
| BRITISH AMER TOBACCO F SPONSORED ADR | COM | 110448107 | 18,660,070 | 343,016 | SH | SOLE | 120,802 | 0 | 222,214 | ||
| BROADCOM INC COM | COM | 11135F101 | 2,354,027 | 6,703 | SH | SOLE | 0 | 0 | 6,703 | ||
| CALUMET INC | COM | 131428104 | 99,847,070 | 1,906,206 | SH | SOLE | 850,000 | 1,056,206 | 1,056,206 | ||
| CHEVRON CORP | COM | 166764100 | 13,961,429 | 68,368 | SH | SOLE | 0 | 0 | 68,368 | ||
| CISCO SYSTEMS INC | COM | 17275R102 | 16,414,436 | 152,508 | SH | SOLE | 30,200 | 0 | 122,308 | ||
| CITIGROUP INC | COM | 172967424 | 18,518,230 | 143,020 | SH | SOLE | 27,920 | 0 | 115,100 | ||
| CONAGRA BRANDS INC | COM | 205887102 | 1,291,584 | 96,100 | SH | SOLE | 42,731 | 0 | 53,369 | ||
| CRESCENT CAP BDC INC | COM | 225655109 | 1,093,026 | 119,066 | SH | SOLE | 119,066 | 0 | 0 | ||
| CUMMINS INC | COM | 231021106 | 14,403,521 | 27,883 | SH | SOLE | 6,198 | 0 | 21,685 | ||
| DELEK LOGISTICS PARTNERS LP | COM UNT RP INT | 24664T103 | 3,935,571 | 73,963 | SH | SOLE | 44,198 | 0 | 29,765 | ||
| DORCHESTER MINERALS LP | COM | 25820R105 | 25,956,179 | 925,684 | SH | SOLE | 135,957 | 0 | 789,727 | ||
| ENBRIDGE INC COM | COM | 29250N105 | 2,159,228 | 46,445 | SH | SOLE | 0 | 0 | 46,445 | ||
| ENERGY TRANSFER LP | COM | 29273V100 | 29,132,281 | 1,473,560 | SH | SOLE | 485,040 | 0 | 988,520 | ||
| ENTERPRISE PRODUCTS PARTNERS LP | COM | 293792107 | 14,200,128 | 398,768 | SH | SOLE | 68,000 | 0 | 330,768 | ||
| EXXON MOBIL HOLDINGS CORP | COM | 30231G102 | 1,634,010 | 10,040 | SH | SOLE | 0 | 0 | 10,040 | ||
| FIDUS INVT COPR | COM | 316500107 | 634,349 | 32,919 | SH | SOLE | 0 | 0 | 32,919 | ||
| FIRST FINANCIAL BANKSHARES INC | COM | 32020R109 | 278,042 | 8,760 | SH | SOLE | 0 | 0 | 8,760 | ||
| GLOBAL PARTNERS LP COMUNITS | COM | 37946R109 | 456,518 | 9,860 | SH | SOLE | 0 | 0 | 9,860 | ||
| GLOBAL X FDS GLBL X MLP ETF | GLBL X MLP ETF | 37954Y343 | 3,608,660 | 67,781 | SH | SOLE | 34,755 | 0 | 33,026 | ||
| GLOBAL X FDS US PREFERRED ETF | US PFD ETF | 37954Y657 | 766,128 | 43,530 | SH | SOLE | 0 | 0 | 43,530 | ||
| GOLDMAN SACHS BDC INC | SHS | 38147U107 | 2,013,762 | 221,536 | SH | SOLE | 158,523 | 0 | 63,013 | ||
| GLODMAN SACHS GROUP | COM | 38141G104 | 12,971,486 | 14,407 | SH | SOLE | 3,767 | 0 | 10,640 | ||
| GOLUB CAPITAL BDC INC | COM | 38173M102 | 2,275,307 | 180,151 | SH | SOLE | 84,128 | 0 | 96,023 | ||
| HESS MIDSTREAM LP CL A | CL A SHS | 428103105 | 767,953 | 20,550 | SH | SOLE | 16,375 | 0 | 4,175 | ||
| HF SINCLAIR COPR | COM | 403949100 | 24,509,742 | 228,380 | SH | SOLE | 32,584 | 0 | 195,796 | ||
| HORMEL FOODS CORP | COM | 440452100 | 6,051,232 | 303,472 | SH | SOLE | 47,895 | 0 | 255,577 | ||
| HP INC | COM | 40434L105 | 7,874,552 | 251,744 | SH | SOLE | 41,284 | 0 | 210,460 | ||
| ISHARES IBOXX INVESTMENT GRADE CORP BONDS | IBOXX INV CP ETF | 464287242 | 939,766 | 9,197 | SH | SOLE | 0 | 0 | 9,197 | ||
| ISHARES SELECT DIVIDEND ETF | SELECT DIVID ETF | 464287168 | 202,356 | 1,331 | SH | SOLE | 0 | 0 | 1,331 | ||
| ISHARES SILVER TRUST ETF IV | ISHARES | 46428Q109 | 381,570 | 7,000 | SH | SOLE | 0 | 0 | 7,000 | ||
| J P MORGAN EXCHANGE TRADES F | NASDAQ EQT PREM | 46654Q203 | 135,096,632 | 2,205,299 | SH | SOLE | 948,342 | 0 | 1,256,957 | ||
| JOHNSON & JOHNSON | COM | 478160104 | 602,813 | 2,277 | SH | SOLE | 0 | 0 | 2,277 | ||
| KAYNE ANDERSON BDC INC | COM SHS | 48662X105 | 1,273,936 | 101,428 | SH | SOLE | 24,085 | 0 | 77,343 | ||
| KIMBELL RTY PARTNERS LP | UNIT | 49435R102 | 796,538 | 55,780 | SH | SOLE | 55,780 | 0 | 0 | ||
| KIMBERLY-CLARK CORP | COM | 494368103 | 8,646,718 | 88,748 | SH | SOLE | 12,110 | 0 | 76,638 | ||
| KINDER MORGAN INC | COM | 49456B101 | 4,121,023 | 136,684 | SH | SOLE | 0 | 0 | 136,684 | ||
| KKR & CO INC | COM | 48251W104 | 986,040 | 10,800 | SH | SOLE | 10,800 | 0 | 0 | ||
| MARKEL GROUP INC | COM | 570535104 | 10,274,700 | 6,000 | SH | SOLE | 6,000 | 0 | 0 | ||
| MCDONALDS CORP | COM | 580135101 | 4,208,651 | 18,224 | SH | SOLE | 15,900 | 0 | 2,324 | ||
| MEDICAL PROPERTIES TRUST INC | COM | 58463J304 | 738,606 | 213,470 | SH | SOLE | 200,000 | 0 | 13,470 | ||
| META PLATFORMS INC CLASS A | CL A | 30303M102 | 1,405,399 | 1,938 | SH | SOLE | 1,800 | 0 | 138 | ||
| MICROSOFT COPR | COM | 594918104 | 9,169,113 | 17,877 | SH | SOLE | 3,400 | 0 | 14,477 | ||
| MORGAN STANLEY DIRECT LENDIN | COM SHS | 61774A103 | 1,979,212 | 145,210 | SH | SOLE | 69,744 | 0 | 75,466 | ||
| MPLX LP | COM | 55336V100 | 12,472,177 | 221,452 | SH | SOLE | 21,645 | 0 | 199,807 | ||
| NEWMONT CORP | COM | 651639106 | 21,834,669 | 189,307 | SH | SOLE | 32,985 | 0 | 156,322 | ||
| NNN REIT INC COM | COM | 637417106 | 3,243,357 | 78,933 | SH | SOLE | 0 | 0 | 78,933 | ||
| NUVEEN CHURCHILL DIRECT LEND | COM SHS | 67090S108 | 1,439,833 | 128,099 | SH | SOLE | 53,000 | 0 | 75,099 | ||
| OCCIDENTAL PETROL CORP | COM | 674599105 | 53,516,291 | 967,395 | SH | SOLE | 452,870 | 0 | 514,525 | ||
| OCCIDENTAL PETE CORP WTS EXP 08/03/2027 | *W EXP 08/03/2027 | 674599162 | 5,134,631 | 154,425 | SH | SOLE | 154,425 | 0 | 0 | ||
| ONEOK INC NEW | COM | 30609A109 | 1,615,099 | 18,941 | SH | SOLE | 0 | 0 | 18,941 | ||
| PEABODY ENERGY CORP | COM | 704551100 | 2,439,000 | 100,000 | SH | SOLE | 100,000 | 0 | 0 | ||
| PEPSICO INC | COM | 713448108 | 11,073,427 | 87,385 | SH | SOLE | 43,799 | 0 | 43,586 | ||
| PFIZER INC | COM | 717081103 | 9,840,797 | 345,049 | SH | SOLE | 50,815 | 0 | 294,234 | ||
| PLAINS ALL AMERICAN PIPELINE LP | COM | 726503105 | 19,523,007 | 823,061 | SH | SOLE | 189,460 | 0 | 633,601 | ||
| PLAINS GP HOLDING LP | COM | 72651A207 | 1,495,803 | 57,753 | SH | SOLE | 36,844 | 0 | 20,909 | ||
| PROCTER AND GAMBLE CO | COM | 742718109 | 4,770,995 | 32,840 | SH | SOLE | 0 | 0 | 32,840 | ||
| RAYONIER INC | COM | 754907103 | 3,072,509 | 167,348 | SH | SOLE | 156,000 | 0 | 11,348 | ||
| REALTY INCOME COPR REIT | COM | 756109104 | 3,403,850 | 62,686 | SH | SOLE | 0 | 0 | 62,686 | ||
| RLJ LODGING TRUST | CUM CONV PFD A | 74965L200 | 5,021,884 | 208,897 | SH | SOLE | 97,065 | 0 | 111,832 | ||
| SCHWAB US DIVIDEND EQUITY ETF | US DIVIDEND EQ | 808524797 | 7,476,370 | 229,830 | SH | SOLE | 0 | 0 | 229,830 | ||
| SCHWAB US LARGE-CAP GROWTH ETF | US LCAP GR ETF | 808524300 | 1,571,111 | 43,727 | SH | SOLE | 0 | 0 | 43,727 | ||
| SELECT SECTOR SPDR TRUST | ST ENER INCO ETF | 81369Y829 | 3,018,400 | 110,000 | SH | SOLE | 35,000 | 0 | 75,000 | ||
| SELECT WATER SOLUTIONS INC CL A | COM | 81617J301 | 8,097,296 | 409,161 | SH | SOLE | 0 | 0 | 409,161 | ||
| SIMON PROPERTY GROUP INC | COM | 828806109 | 1,162,200 | 5,789 | SH | SOLE | 0 | 0 | 5,789 | ||
| STARWOOD PROPERTY TRUST INC | COM | 85571B105 | 4,048,663 | 299,901 | SH | SOLE | 238,975 | 0 | 60,926 | ||
| SUN COMMUNITIES REIT | COM | 866674104 | 3,940,445 | 35,570 | SH | SOLE | 13,300 | 0 | 22,270 | ||
| SUNOCO LP | COM | 86765K109 | 41,231,449 | 565,822 | SH | SOLE | 160,000 | 0 | 405,822 | ||
| TRINITY PETROLEUM TR | COM | 896556107 | 302,604 | 10,020 | SH | SOLE | 10,020 | 0 | 0 | ||
| UNITED PARCEL SERVICE INC | COM | 911312106 | 3,949,989 | 42,273 | SH | SOLE | 8,259 | 0 | 34,014 | ||
| UNIVERSAL CORP | COM | 913456109 | 5,640,480 | 134,972 | SH | SOLE | 26,691 | 0 | 108,281 | ||
| VALERO ENERGY COPR NEW | COM | 91913Y100 | 24,196,167 | 62,424 | SH | SOLE | 10,682 | 0 | 51,742 | ||
| VANECK ETF TR VANECK BDC INCOME ETF | BDC INCOME ETF | 92189F411 | 913,012 | 70,831 | SH | SOLE | 0 | 0 | 70,831 | ||
| VERIZON COMMUNICATIONS INC | COM | 92343V104 | 13,453,442 | 293,295 | SH | SOLE | 81,888 | 0 | 211,407 | ||
| VIRTUS INFRACAP US PREF STCK ETF | VIRTUS INFRCAP | 26923G822 | 5,644,965 | 285,821 | SH | SOLE | 220,001 | 0 | 65,820 | ||
| WELLS FARGO & CO | COM | 949746101 | 12,531,347 | 156,544 | SH | SOLE | 29,449 | 0 | 127,095 | ||
| WESTERN MIDSTREAM PARTNERS LP | COM | 958669103 | 18,103,981 | 408,023 | SH | SOLE | 99,105 | 0 | 308,918 | ||
| WEYERHAEUSER CO COM | COM | 962166104 | 4,366,946 | 229,236 | SH | SOLE | 162,600 | 0 | 66,636 | ||
| WILLIAMS COS INC | COM | 969457100 | 2,371,065 | 34,884 | SH | SOLE | 0 | 0 | 34,884 | ||
| W P CAREY INC COM | COM | 92936U109 | 6,220,444 | 96,247 | SH | SOLE | 41,365 | 0 | 54,882 | ||