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
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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
2SEVENTY BIO INC COMMON STOCK COMMON STOCK 901384107   73,764 17,275 SH   DFND   17,275 0 0
3M CO COM 88579Y101   460,128 4,209 SH   DFND   4,209 0 0
ABBOTT LABS COM 002824100   1,121,723 10,191 SH   DFND   10,191 0 0
ABBVIE INC COM 00287Y109   3,725,479 24,040 SH   DFND   24,040 0 0
AFLAC INC COM 001055102   247,500 3,000 SH   DFND   3,000 0 0
ALAUNOS THERAPEUTICS INC COM 98973P101   2,404 34,000 SH   DFND   34,000 0 0
ALGOMA STL GROUP INC COM 015658107   188,638 18,807 SH   DFND   18,807 0 0
ALKERMES PLC COM G01767105   638,935 23,033 SH   DFND   23,033 0 0
ALLOGENE THERAPEUTICS INC COM 019770106   61,613 19,194 SH   DFND   19,194 0 0
ALNYLAM PHARMACEUTICALS INC COM 02043Q107   551,261 2,880 SH   DFND   2,880 0 0
ALPHABET INC CLASS A CL A 02079K305   777,934 5,569 SH   DFND   5,569 0 0
ALPHABET INC CLASS C CL C 02079K107   1,331,084 9,445 SH   DFND   9,445 0 0
ALPS ETF TR ALERIAN MLP ALERIAN MLP 00162Q452   4,324,284 101,700 SH   DFND   101,700 0 0
ALTRIA GROUP INC COM 02209S103   1,587,621 39,356 SH   DFND   39,356 0 0
AMERICAN STS WTR CO COM 029899101   359,317 4,468 SH   DFND   4,468 0 0
AMERICAN TOWER REIT COM 03027X100   302,232 1,400 SH   DFND   1,400 0 0
AMERICAN WTR WKS CO INC NEW COM 030420103   220,594 1,671 SH   DFND   1,671 0 0
AMGEN INC COM 031162100   1,059,050 3,677 SH   DFND   3,677 0 0
ANALOG DEVICES INC COM 032654105   882,547 4,445 SH   DFND   4,445 0 0
APPLE INC COM 037833100   1,832,284 9,517 SH   DFND   9,517 0 0
APPLIED DIGITAL CORP COM NEW 038169207   116,494 17,284 SH   DFND   17,284 0 0
APYX MED CORP COM 03837C106   1,611,300 615,000 SH   DFND   615,000 0 0
ARCHER DANIELS MIDLAND CO COM 039483102   48,543,267 672,158 SH   DFND   672,158 0 0
ASSOCIATED CAP GROUP INC CL A CL A 045528106   40,799,159 1,142,514 SH   DFND   1,142,514 0 0
ASTRAZENECA PLC SPONSORED ADR SPONSORED ADR 046353108   902,759 13,404 SH   DFND   13,404 0 0
ATLANTA BRAVES HLDGS INC COM SER A 047726104   1,249,397 29,205 SH   DFND   29,205 0 0
ATLANTA BRAVES HLDGS INC COM SER C 047726302   2,245,018 56,721 SH   DFND   56,721 0 0
AUTONATION INC COM 05329W102   45,174,595 300,803 SH   DFND   300,803 0 0
BAKKT HOLDINGS INC COM CL A 05759B107   2,067,303 927,042 SH   DFND   927,042 0 0
BANCO SANTANDER CENT HISPANO ADR ADR 05964H105   171,437 41,410 SH   DFND   41,410 0 0
BANK AMER CORP COM 060505104   931,817 27,675 SH   DFND   27,675 0 0
BANK OF NEW YORK MELLON CORP COM 064058100   612,316 11,764 SH   DFND   11,764 0 0
BEAM THERAPEUTICS INC COM 07373V105   261,230 9,597 SH   DFND   9,597 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108   542,625 1 SH   DFND   1 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW CL B NEW 084670702   16,620,537 46,601 SH   DFND   46,601 0 0
BGC GROUP INC CL A 088929104   1,107,938 153,454 SH   DFND   153,454 0 0
BHP GROUP LTD SPONSORED ADS 088606108   213,879 3,131 SH   DFND   3,131 0 0
BICYCLE THERAPEUTICS PLC SPONSORED ADS SPONSORED ADS 088786108   260,280 14,396 SH   DFND   14,396 0 0
BIOGEN INC COM 09062X103   807,104 3,119 SH   DFND   3,119 0 0
BITFARMS LTD COM 09173B107   53,253 18,300 SH   DFND   18,300 0 0
BLACK STONE MINERALS LP COM UNIT 09225M101   2,678,694 167,838 SH   DFND   167,838 0 0
BLACKROCK CREDIT ALL INC TR COM 092508100   419,343 40,634 SH   DFND   40,634 0 0
BLACKROCK FLOAT RATE OME STR COM 09255X100   750,624 59,291 SH   DFND   59,291 0 0
BLACKROCK FLOATING RATE INCOME COM 091941104   156,954 12,678 SH   DFND   12,678 0 0
BLACKROCK MUN 2030 TAR TERM COM SHS BEN IN COM SHS BEN IN 09257P105   269,360 12,950 SH   DFND   12,950 0 0
BLACKROCK MUNI INCOME FD COM 09253X102   1,227,566 105,461 SH   DFND   105,461 0 0
BLACKROCK MUNIHLDGS QUALITY FUND II INC COM 09254C107   605,509 60,430 SH   DFND   60,430 0 0
BLACKROCK MUNIHOLDINGS FD COM 09253N104   1,546,120 129,817 SH   DFND   129,817 0 0
BLACKROCK MUNIVEST FD INC COM 09253R105   330,653 46,440 SH   DFND   46,440 0 0
BLACKROCK MUNIYIELD QLTY FD COM 09254E103   496,493 42,654 SH   DFND   42,654 0 0
BLACKROCK MUNIYIELD QUALITY COM 09254G108   320,933 31,008 SH   DFND   31,008 0 0
BLACKSTONE INC COM CL A 09260D107   1,289,562 9,850 SH   DFND   9,850 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100   596,624 28,050 SH   DFND   28,050 0 0
BLUEBIRD BIO INC COM 09609G100   50,326 36,468 SH   DFND   36,468 0 0
BOEING CO COM 097023105   14,470,279 55,514 SH   DFND   55,514 0 0
BP PLC SPONS ADR SPONSORED ADR 055622104   336,973 9,519 SH   DFND   9,519 0 0
BRISTOL MYERS SQUIBBCO COM 110122108   2,182,522 42,536 SH   DFND   42,536 0 0
BROOKFIELD ASSET MANAGMT LTDCL A LMT VTG S CL A LMT VTG SHS 113004105   15,541,301 386,888 SH   DFND   386,888 0 0
BROOKFIELD CORP CL A LMT VTG S CL A LTD VT SH 11271J107   50,431,077 1,257,006 SH   DFND   1,257,006 0 0
BROOKFIELD INFRASTRUCTURE PARTNERS LP LP INT UNIT G16252101   1,183,111 37,571 SH   DFND   37,571 0 0
BROOKFIELD REAL ASSETS INCOME FUND SHS BEN INT 112830104   206,984 16,158 SH   DFND   16,158 0 0
BROOKFIELD REINS LTD CL A-1 EXCH NO CL A-1 EXCH NO G16250204   778,160 19,454 SH   DFND   19,454 0 0
BUNGE GLOBAL SA COM SHS H11356104   28,146,861 278,820 SH   DFND   278,820 0 0
BURFORD CAP LTD ORD SHS G17977110   5,731,160 367,382 SH   DFND   367,382 0 0
BWX TECHNOLOGIES INC COM 05605H100   227,198 2,961 SH   DFND   2,961 0 0
CACI INTL INC CL A CL A 127190304   127,472,915 393,605 SH   DFND   393,605 0 0
CAMECO CORP COM 13321L108   21,439,323 497,432 SH   DFND   497,432 0 0
CAPITAL SOUTHWEST CORP COM 140501107   369,720 15,600 SH   DFND   15,600 0 0
CARNIVAL CORP PAIREDCTF COMMON STOCK 143658300   21,129,445 1,139,668 SH   DFND   1,139,668 0 0
CATERPILLAR INC COM 149123101   2,057,568 6,959 SH   DFND   6,959 0 0
CBOE GLOBAL MARKETS INC COM 12503M108   72,429,735 405,632 SH   DFND   405,632 0 0
CENTERPOINT ENERGY INC COM 15189T107   235,217 8,233 SH   DFND   8,233 0 0
CHARLES RIV LABS INTL INC COM 159864107   43,181,651 182,664 SH   DFND   182,664 0 0
CHENIERE ENERGY INC COM NEW 16411R208   84,738,357 496,388 PRN   DFND   496,388 0 0
CHEVRON CORP COM 166764100   2,115,536 14,183 SH   DFND   14,183 0 0
CISCO SYSTEMS INC COM 17275R102   1,984,729 39,286 SH   DFND   39,286 0 0
CIVEO CORP COM NEW 17878Y207   85,329,548 3,734,335 SH   DFND   3,734,335 0 0
CME GROUP INC COM 12572Q105   42,273,727 200,730 SH   DFND   200,730 0 0
CMS ENERGY CORP COM 125896100   898,633 15,475 SH   DFND   15,475 0 0
COCA COLA CO COM 191216100   332,365 5,640 SH   DFND   5,640 0 0
COHEN & STEERS INC COM 19247A100   314,828 4,157 SH   DFND   4,157 0 0
COHEN & STEERS QUALITY RLTY COM 19247L106   627,092 51,233 SH   DFND   51,233 0 0
COLGATE PALMOLIVE CO COM 194162103   237,376 2,978 SH   DFND   2,978 0 0
COMCAST CORP CL A 20030N101   423,372 9,655 SH   DFND   9,655 0 0
CONOCOPHILLIPS COM 20825C104   242,354 2,088 SH   DFND   2,088 0 0
CORE LABORATORIES INC COM 21867A105   2,417,795 136,908 SH   DFND   136,908 0 0
COSTAMARE INC SHS SHS Y1771G102   2,434,212 233,834 SH   DFND   233,834 0 0
CRISPR THERAPEUTICS AG NAMEN AKT H17182108   668,693 10,682 SH   DFND   10,682 0 0
CSW INDUSTRIALS INC COM 126402106   1,866,690 9,000 SH   DFND   9,000 0 0
CVS HEALTH CORP COM 126650100   1,094,114 13,857 SH   DFND   13,857 0 0
DANAHER CORP COM 235851102   2,144,296 9,269 SH   DFND   9,269 0 0
DISNEY WALT CO COM 254687106   417,802 4,627 SH   DFND   4,627 0 0
DORCHESTER MINERALS LP COM UNIT 25820R105   28,874,035 907,133 SH   DFND   907,133 0 0
DORMAN PRODUCTS INC COM 258278100   250,230 3,000 SH   DFND   3,000 0 0
DOUBLELINE INCOME SOLUTIONS COM 258622109   775,566 63,363 SH   DFND   63,363 0 0
DOUBLELINE OPPORTUNISTIC CR COM 258623107   1,086,911 70,809 SH   DFND   70,809 0 0
DOW INC COM 260557103   383,167 6,987 SH   DFND   6,987 0 0
EAGLE MATERIALS COM 26969P108   4,082,358 20,126 SH   DFND   20,126 0 0
EATOM CORP PLC SHS G29183103   234,800 975 SH   DFND   975 0 0
EATON VANCE LTD DURATION INC COM 27828H105   118,955 12,417 SH   DFND   12,417 0 0
EATON VANCE MUN BD FD COM 27827X101   179,220 17,692 SH   DFND   17,692 0 0
EATON VANCE SR FLTNG RTE TR COM 27828Q105   253,213 20,001 SH   DFND   20,001 0 0
EATON VANCE SR INCOME TR SH BEN INT 27826S103   137,116 21,730 SH   DFND   21,730 0 0
EBAY INC COM 278642103   686,055 15,728 SH   DFND   15,728 0 0
EDITAS MEDICINE INC COM 28106W103   321,324 31,720 SH   DFND   31,720 0 0
ELI LILLY AND COMPANY COM 532457108   2,771,785 4,755 SH   DFND   4,755 0 0
EMERSON ELEC CO COM 291011104   1,810,050 18,597 SH   DFND   18,597 0 0
ENERGY TRANSFER EQUITY L P COM UT LTD PTN 29273V100   2,482,689 179,905 SH   DFND   179,905 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107   2,669,097 101,294 SH   DFND   101,294 0 0
EOG RES INC COM 26875P101   727,877 6,018 SH   DFND   6,018 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108   9,783,129 138,689 SH   DFND   138,689 0 0
EXXON MOBIL CORP COM 30231G102   4,547,490 45,484 SH   DFND   45,484 0 0
FEDERATED HERMES INC CL B 314211103   1,269,272 37,486 SH   DFND   37,486 0 0
FEDERATED HERMES PREM MUN INC FD COM 31423P108   386,727 35,189 SH   DFND   35,189 0 0
FIDELITY NATIONAL FINANCIAL FNF GROUP COM 31620R303   2,238,298 43,871 SH   DFND   43,871 0 0
FIDELITY NATL INFORMATION SVC COM 31620M106   1,450,090 24,140 SH   DFND   24,140 0 0
FITLIFE BRANDS INC COM NEW 33817P306   1,475,055 77,228 SH   DFND   77,228 0 0
FRANCO NEVADA CORP COM 351858105   96,642,183 872,143 SH   DFND   872,143 0 0
FREEPORT MCMORAN INC CL B 35671D857   4,409,699 103,587 SH   DFND   103,587 0 0
GALECTIN THERAPEUTICS INC COM NEW 363225202   89,212 53,742 SH   DFND   53,742 0 0
GALLAGHER ARTHUR J & CO COM 363576109   448,860 1,996 SH   DFND   1,996 0 0
GE HEALTHCARE TECHNOLOGIES INC COMMON STOCK 36266G107   283,919 3,672 SH   DFND   3,672 0 0
GENERAL ELECTRIC CO COM NEW 369604301   912,172 7,147 SH   DFND   7,147 0 0
GENERAL MTRS CO COM 37045V100   264,012 7,350 SH   DFND   7,350 0 0
GENUINE PARTS CO COM 372460105   318,550 2,300 SH   DFND   2,300 0 0
GOLDMAN SACHS GROUP INC COM 38141G104   460,224 1,193 SH   DFND   1,193 0 0
GRAYSCALE BASIC ATTENTION TOKEN TR TOKEN TR 38963U108   20,054 2,089 SH   DFND   2,089 0 0
GRAYSCALE BITCOIN CASH TRUST BCH TRUST BCH 38963P109   5,811,351 1,378,731 SH   DFND   1,378,731 0 0
GRAYSCALE BITCOIN TRUST BTC TRUST BTC 389637109   540,234,991 15,604,708 SH   DFND   15,604,708 0 0
GRAYSCALE DECENTRALAND TRUST TRUST 38964P108   11,540 691 SH   DFND   691 0 0
GRAYSCALE DIGITAL LARGE CAP FUND FUND G40705108   712,263 41,029 SH   DFND   41,029 0 0
GRAYSCALE ETHEREUM CLASSIC TRUST TRUST 38963Q107   672,891 56,498 SH   DFND   56,498 0 0
GRAYSCALE ETHEREUM TR ETH SHS ETH SHS 389638107   126,457 6,505 SH   DFND   6,505 0 0
GRAYSCALE LITECOIN TRUST LTC SHS LTC SHS 38963W104   7,358,227 467,189 SH   DFND   467,189 0 0
GRAYSCALE ZCASH TR ZEC TR ZEC COM 38964G108   45,237 15,492 SH   DFND   15,492 0 0
GREENBRIER COS INC COM 393657101   397,620 9,000 SH   DFND   9,000 0 0
GSK PLC SPONSORED ADR 37733W204   932,615 25,165 SH   DFND   25,165 0 0
HALEON PLC SPON ADS 405552100   115,895 14,082 SH   DFND   14,082 0 0
HONEYWELL INTL INC COM 438516106   1,290,346 6,153 SH   DFND   6,153 0 0
HORZN KINTCS BL LISTED FD TR 53656G209   1,835,890 74,777 SH   DFND   74,777 0 0
HORIZON KINETICS LISTED FD TR 53656F623   2,678,469 85,112 SH   DFND   85,112 0 0
HORZN KNTCS SPAC LISTED FD TR 53656G555   10,721,085 110,356 SH   DFND   110,356 0 0
HOWARD HUGHES HOLDINGS INC COM 44267T102   48,018,119 561,287 SH   DFND   561,287 0 0
I B M COM 459200101   593,686 3,630 SH   DFND   3,630 0 0
INTEL CORP COM 458140100   1,577,800 31,399 SH   DFND   31,399 0 0
INTELLIA THERAPEUTICS INC COM 45826J105   438,934 14,396 SH   DFND   14,396 0 0
INTER PARFUMS INC COM 458334109   22,869,758 158,807 SH   DFND   158,807 0 0
INTERCONTINENTAL EXCHANGE INC COM 45866F104   100,424,426 781,939 SH   DFND   781,939 0 0
INTL FLAVORS & FRAGRANCES COM 459506101   246,958 3,050 SH   DFND   3,050 0 0
INVESCO INSURED MUNICIPAL INCOME TRUST COM 46132P108   383,594 32,702 SH   DFND   32,702 0 0
INVESCO QUALITY MUNI INC COM 46133G107   213,043 22,402 SH   DFND   22,402 0 0
INVESCO EXCHANGE TRADED FD T S&P500 EQL WGT 46137V357   927,540 5,878 SH   DFND   5,878 0 0
INVESCO SR INCOME TR COM 46131H107   41,000 10,000 SH   DFND   10,000 0 0
INVESCO TR INVT GRADE NEW YO COM 46131T101   108,410 10,414 SH   DFND   10,414 0 0
IONIS PHARMACEUTICALS INC COM 462222100   631,161 12,476 SH   DFND   12,476 0 0
IRON MTN INC NEW COM 46284V101   1,850,971 26,450 SH   DFND   26,450 0 0
ISHARES GOLD TR ISHARES NEW 464285204   343,074 8,790 SH   DFND   8,790 0 0
ISHARES SILVER TR ISHARES 46428Q109   711,400 32,663 SH   DFND   32,663 0 0
ISHARES TR GL TIMB FORE ETF 464288174   798,696 9,824 SH   DFND   9,824 0 0
JOHNSON & JOHNSON COM 478160104   2,684,996 17,130 SH   DFND   17,130 0 0
JP MORGAN CHASE & CO COM 46625H100   431,204 2,535 SH   DFND   2,535 0 0
JP MORGAN EXCHANGE TRADED F ULTRA SHRT INC 46641Q837   967,480 19,261 SH   DFND   19,261 0 0
KAYNE ANDERSON ENERGY INFRSTR COM 486606106   119,247 13,582 SH   DFND   13,582 0 0
KIMBELL RTY PARTNERS LP UNIT 49435R102   1,165,213 77,423 SH   DFND   77,423 0 0
KINDER MORGAN INC DEL COM 49456B101   2,856,498 161,933 SH   DFND   161,933 0 0
KKR & CO INC COM 48251W104   419,055 5,058 SH   DFND   5,058 0 0
KLA-TENCOR CORP COM NEW 482480100   2,346,708 4,037 SH   DFND   4,037 0 0
KRAFT HEINZ COMPANY COM 500754106   292,549 7,911 SH   DFND   7,911 0 0
KRANESHARES TR GLOBAL CARB STRA 500767678   1,245,405 34,130 SH   DFND   34,130 0 0
L3 HARRIS TECHNOLOGIES INC COM 502431109   2,077,628 9,864 SH   DFND   9,864 0 0
LANTERN PHARMA INC COM 51654W101   123,225 28,791 SH   DFND   28,791 0 0
LAS VEGAS SANDS CORP COM 517834107   2,601,191 52,859 SH   DFND   52,859 0 0
LENNAR CORP CL A 526057104   764,128 5,127 SH   DFND   5,127 0 0
LIBERTY BROADBAND CORP COM SER A 530307107   208,132 2,581 SH   DFND   2,581 0 0
LIBERTY BROADBAND CORP COM SER C 530307305   8,112,834 100,668 SH   DFND   100,668 0 0
LIBERTY ENERGY INC COM CL A 53115L104   398,100 21,946 SH   DFND   21,946 0 0
LIBERTY LATIN AMERICA LTD COM CL C G9001E128   123,951 16,887 SH   DFND   16,887 0 0
LIBERTY MEDIA CORP DEL COM LBTY LIV S C 531229748   379,864 10,393 SH   DFND   10,393 0 0
LIBERTY MEDIA CORP DEL COM LBTY LIV S C 531229722   1,787,665 47,811 SH   DFND   47,811 0 0
LIBERTY MEDIA CORP DEL COM LBTY ONE S A 531229771   8,341,930 143,876 SH   DFND   143,876 0 0
LIBERTY MEDIA CORP DEL COM LBTY ONE S C 531229755   12,676,074 200,793 SH   DFND   200,793 0 0
LIBERTY MEDIA CORP DEL COM LBTY SRM S A 531229813   595,234 20,711 SH   DFND   20,711 0 0
LIBERTY MEDIA CORP DEL COM LBTY SRM S C 531229789   3,529,444 122,635 SH   DFND   122,635 0 0
LINDE PLC SHS SHS G54950103   599,637 1,460 SH   DFND   1,460 0 0
LIVE NATION ENTERTAINMENT INC COM 538034109   37,371,017 399,263 SH   DFND   399,263 0 0
LOEWS CORP COM 540424108   411,834 5,918 SH   DFND   5,918 0 0
LSB INDS INC COM 502160104   163,856 17,600 SH   DFND   17,600 0 0
MADISON SQUARE GARDEN ENTMT COM CL A 558256103   1,569,663 49,376 SH   DFND   49,376 0 0
MADISON SQUARE GARDEN SPORTS CP CL A CL A 55825T103   5,780,012 31,788 SH   DFND   31,788 0 0
MARATHON PETE CORP COM 56585A102   907,963 6,120 SH   DFND   6,120 0 0
MARKEL GROUP INC COM 570535104   3,697,425 2,604 SH   DFND   2,604 0 0
MARKETAXESS HLDGS INC COM 57060D108   212,316 725 SH   DFND   725 0 0
MARSH & MCLENNAN COS INC COM 571748102   25,878,949 136,586 SH   DFND   136,586 0 0
MASTERCARD INC CL A 57636Q104   9,321,608 21,856 SH   DFND   21,856 0 0
MCDONALDS CORP COM 580135101   1,217,767 4,107 SH   DFND   4,107 0 0
MERCK & COMPANY COM 58933Y105   2,893,498 26,541 SH   DFND   26,541 0 0
MESABI TR CTF BEN INT 590672101   59,778,902 2,920,318 SH   DFND   2,920,318 0 0
META PLATFORMS INC CL A 30303M102   206,240 583 SH   DFND   583 0 0
METALLA RTY & STREAMING LTD COM NEW 59124U605   1,230,515 399,518 SH   DFND   399,518 0 0
MFS HIGH INCOME MUN TR SH BEN INT 59318D104   217,604 61,297 SH   DFND   61,297 0 0
MICROSOFT COM 594918104   3,397,608 9,035 SH   DFND   9,035 0 0
MICROSTRATEGY INC CL A NEW 594972408   12,598,293 19,946 SH   DFND   19,946 0 0
MONDELEZ INTL INC CL A 609207105   1,150,985 15,891 SH   DFND   15,891 0 0
MOSAIC CO NEW COM 61945C103   296,559 8,300 SH   DFND   8,300 0 0
MOVADO GROUP INC COM 624580106   563,504 18,690 SH   DFND   18,690 0 0
NASDAQ INC COM 631103108   6,109,118 105,076 SH   DFND   105,076 0 0
NEUBERGER BERMAN MUNI FD INC COM 64124P101   428,449 41,396 SH   DFND   41,396 0 0
NEWMONT CORP COM 651639106   798,119 19,283 SH   DFND   19,283 0 0
NORFOLK SOUTHN CORP COM 655844108   825,675 3,493 SH   DFND   3,493 0 0
NOVARTIS AG SPONSORED ADR SPONSORED ADR 66987V109   1,191,143 11,797 SH   DFND   11,797 0 0
NOVO-NORDISK A S ADR ADR 670100205   1,601,406 15,480 SH   DFND   15,480 0 0
NUCANA PLC SPONSORED ADR SPONSORED ADR 67022C106   5,758 19,467 SH   DFND   19,467 0 0
NUTRIEN LTD COM 67077M108   16,329,035 289,882 SH   DFND   289,882 0 0
NUVEEN AMT-FREE QLTY MUN INCOME COM 670657105   4,660,865 423,715 SH   DFND   423,715 0 0
NUVEEN MUNICIPAL CREDIT INC COM SH BEN INT 67070X101   389,871 32,984 SH   DFND   32,984 0 0
NUVEEN AMT FREE MUN CR INC F COM 67071L106   169,924 14,376 SH   DFND   14,376 0 0
NUVEEN FLOATING RATE INCOME COM 67072T108   993,232 120,831 SH   DFND   120,831 0 0
NUVEEN MUN HIGH INC OPP FD COM 670682103   102,446 10,369 SH   DFND   10,369 0 0
NUVEEN MUN VALUE FD INC COM 670928100   99,330 11,550 SH   DFND   11,550 0 0
NUVEEN NY AMT FREE QLTY MUN INC FD COM 670656107   704,415 66,896 SH   DFND   66,896 0 0
NUVEEN NY QLTY INCOME FD COM 67066X107   230,052 20,838 SH   DFND   20,838 0 0
NUVEEN PFD & INCOME OPPORTUN COM 67073B106   112,987 16,714 SH   DFND   16,714 0 0
NUVEEN QUALITY MUNI INC FD COM 67066V101   1,934,733 168,972 SH   DFND   168,972 0 0
NUVEEN SELECT MAT MUN FD SH BEN INT SH BEN INT 67061T101   189,630 21,500 SH   DFND   21,500 0 0
NUVEEN TAXABLE MUNICIPAL INC FUND COM 67074C103   451,910 28,620 SH   DFND   28,620 0 0
NVIDIA CORP COM 67066G104   693,308 1,400 SH   DFND   1,400 0 0
OCCIDENTAL PETE CORP COM 674599105   271,442 4,546 SH   DFND   4,546 0 0
OIL STATE INTERNATIONAL INC COM 678026105   91,740 13,511 SH   DFND   13,511 0 0
OPENLANE INC COM 48238T109   1,620,421 109,414 SH   DFND   109,414 0 0
OSHKOSH CORP COM 688239201   14,743,108 135,994 SH   DFND   135,994 0 0
OSISKO GOLD ROYALTIES LTD COM 68827L101   19,198,211 1,344,413 SH   DFND   1,344,413 0 0
PACIFIC BIOSCIENCES CALIF INCOM COM 69404D108   112,982 11,517 SH   DFND   11,517 0 0
PARAMOUNT GLOBAL CL B 92556H206   721,175 48,761 SH   DFND   48,761 0 0
PATTERSON UTI ENERGY INC COM 703481101   4,334,051 401,301 SH   DFND   401,301 0 0
PCM FUND INC COM 69323T101   195,275 24,532 SH   DFND   24,532 0 0
PENSKE AUTOMOTIVE GRP INC COM 70959W103   30,422,437 189,536 SH   DFND   189,536 0 0
PEPSICO INC COM 713448108   389,783 2,295 SH   DFND   2,295 0 0
PERMIAN BASIN RTY TR UNIT BEN INT 714236106   50,029,040 3,583,742 SH   DFND   3,583,742 0 0
PFIZER INC COM 717081103   1,444,279 50,166 SH   DFND   50,166 0 0
PHILIP MORRIS INTL INC COM 718172109   2,151,045 22,864 SH   DFND   22,864 0 0
PIMCO DYNAMIC INCOME FD SHS 72201Y101   1,017,693 56,696 SH   DFND   56,696 0 0
PIMCO INCOME STRATEGY FUND COM 72201H108   836,328 99,091 SH   DFND   99,091 0 0
PIMCO INCOME STRATEGY FUND II COM 72201J104   2,022,474 279,734 SH   DFND   279,734 0 0
PIMCO MUN INCOME FD II COM 72200W106   124,915 15,050 SH   DFND   15,050 0 0
PIMCO NY MUNICIPAL INCOME FD COM 72200T103   270,046 34,357 SH   DFND   34,357 0 0
POTLATCHDELTIC CORP NEW COM 737630103   4,070,878 82,910 SH   DFND   82,910 0 0
PROSHARES TR II SHT VIX ST TRM 74347W130   1,380,804 13,354 SH   DFND   13,354 0 0
QUALCOMM INC COM 747525103   870,962 6,022 SH   DFND   6,022 0 0
QUEST DIAGNOSTICS INC COM 74834L100   641,142 4,650 SH   DFND   4,650 0 0
RAIN ONCOLOGY INC COM 75082Q105   28,790 23,992 SH   DFND   23,992 0 0
RAYONIER ADVANCED MATLS INC COM 75508B104   472,028 116,550 SH   DFND   116,550 0 0
RAYONIER INC COM 754907103   3,958,330 118,477 SH   DFND   118,477 0 0
RB GLOBAL INC COM 74935Q107   6,189,294 92,529 SH   DFND   92,529 0 0
REGENERON PHARMACEUTICALS COM 75886F107   645,543 735 SH   DFND   735 0 0
RELMADA THERAPEUTICS INC COM 75955J402   124,200 30,000 SH   DFND   30,000 0 0
RENN FUND INC COM 759720105   976,967 571,326 SH   DFND   571,326 0 0
REPLIMUNE GROUP INC COM 76029N106   121,358 14,396 SH   DFND   14,396 0 0
RESIDEO TECHNOLOGIES INC COM 76118Y104   1,276,862 67,846 SH   DFND   67,846 0 0
RIO TINTO PLC SPONSORED ADR 767204100   569,321 7,646 SH   DFND   7,646 0 0
ROCKWELL AUTOMATION INC COM 773903109   1,397,160 4,500 SH   DFND   4,500 0 0
ROYAL CARIBBEAN GROUP COM V7780T103   7,267,497 56,124 SH   DFND   56,124 0 0
ROYAL GOLD INC COM 780287108   15,481,583 127,989 SH   DFND   127,989 0 0
ROYALTY PHARMA PLC SHS CLASS A G7709Q104   6,086,814 216,690 SH   DFND   216,690 0 0
ROYCE MICRO-CAP TR INC COM 780915104   1,324,249 143,317 SH   DFND   143,317 0 0
RTX CORPORATION COM 75513E101   1,052,928 12,514 SH   DFND   12,514 0 0
S&P GLOBAL INC COM 78409V104   9,157,055 20,787 SH   DFND   20,787 0 0
SABINE ROYALTY TR UNIT BEN INT 785688102   2,352,205 34,663 SH   DFND   34,663 0 0
SALARIUS PHARMACEUTICALS INC COM NEW 79400X305   20,211 31,094 SH   DFND   31,094 0 0
SAN JUAN BASIN RTY TR UNIT BEN INT 798241105   656,824 129,296 SH   DFND   129,296 0 0
SANDSTORM GOLD LTD COM NEW 80013R206   24,186,088 4,808,367 SH   DFND   4,808,367 0 0
SCHLUMBERGER COM STK 806857108   391,081 7,515 SH   DFND   7,515 0 0
SCIENCE APPLICATNS INTL CP COM 808625107   51,724,020 416,056 SH   DFND   416,056 0 0
SCRIPPS E W CO OHIO CL A NEW 811054402   159,800 20,000 SH   DFND   20,000 0 0
SEABOARD CORP DEL COM 811543107   574,790 161 SH   DFND   161 0 0
SEALED AIR CORP NEW COM 81211K100   1,437,427 39,360 SH   DFND   39,360 0 0
SITIO ROYALTIES CORP CLASS A COM 82983N108   21,314,260 906,604 SH   DFND   906,604 0 0
SONOCO PRODUCTS COM 835495102   1,265,456 22,650 SH   DFND   22,650 0 0
SPDR GOLD TR GOLD SHS 78463V107   755,695 3,953 SH   DFND   3,953 0 0
SPDR SER TR OILGAS EQUIP 78468R549   4,037,335 47,773 SH   DFND   47,773 0 0
SPHERE ENTERTAINMENT CO CL A 55826T102   1,672,768 49,257 SH   DFND   49,257 0 0
SPROTT INC COM NEW 852066208   5,303,705 156,221 SH   DFND   156,221 0 0
SPROTT PHYSICAL GOLD TRUST UNIT UNIT 85207H104   264,773 16,621 SH   DFND   16,621 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103   1,297,596 2,730 SH   DFND   2,730 0 0
STAR BULK CARRIERS CORP SHS PAR Y8162K204   874,417 41,130 SH   DFND   41,130 0 0
STRYKER CORP COM 863667101   598,920 2,000 SH   DFND   2,000 0 0
SUNCOR ENERGY INC NEW COM ISIN COM 867224107   1,933,422 60,344 SH   DFND   60,344 0 0
TEJON RANCH CO COM 879080109   18,664,202 1,085,128 SH   DFND   1,085,128 0 0
TETRA TECHNOLOGIES INC DEL COM 88162F105   61,472 13,600 SH   DFND   13,600 0 0
TEXAS PACIFIC LAND CORP COM 88262P102   2,105,124,658 1,338,755 SH   DFND   1,338,755 0 0
THE SAINT JOE CO COM 790148100   32,378,157 538,022 SH   DFND   538,022 0 0
TORONTO DOMINION BK ONT COM NEW 891160509   1,337,634 20,700 SH   DFND   20,700 0 0
TRADEWEB MKTS INC CL A 892672106   250,193 2,753 SH   DFND   2,753 0 0
TRI POINTE HOMES INC COM 87265H109   3,179,345 89,812 SH   DFND   89,812 0 0
TRIPLE FLAG PRECIOUS METAL COM 89679M104   314,430 23,624 SH   DFND   23,624 0 0
UNION PACIFIC CORP COM 907818108   358,360 1,459 SH   DFND   1,459 0 0
VAIL RESORTS INC COM 91879Q109   311,026 1,457 SH   DFND   1,457 0 0
VALMONT INDS INC COM 920253101   437,831 1,875 SH   DFND   1,875 0 0
VANDA PHARMACEUTICALS INC COM 921659108   109,349 25,912 SH   DFND   25,912 0 0
VANECK ETF TRUST JUNIOR GOLD MINE 92189F791   1,202,470 31,719 SH   DFND   31,719 0 0
VANECK ETF TRUST GOLD MINERS ETF 92189F106   410,717 13,245 SH   DFND   13,245 0 0
VANECK ETF TRUST OIL SVCS ETF 92189H607   1,338,003 4,323 SH   DFND   4,323 0 0
VANGUARD BD INDEX FDS SHORT TRM BOND 921937827   580,808 7,541 SH   DFND   7,541 0 0
VANGUARD BD INDEX FDS VANGUARD ULTRA 92203C303   14,418,207 291,631 SH   DFND   291,631 0 0
VANGUARD INDEX FDS EXTEND MKT ETF 922908652   1,676,524 10,197 SH   DFND   10,197 0 0
VANGUARD INDEX FDS S&P 500 ETF SHS 922908363   1,587,768 3,635 SH   DFND   3,635 0 0
VANGUARD INDEX FDS TOTAL STK MKT 922908769   408,493 1,722 SH   DFND   1,722 0 0
VANGUARD SCOTTSDALE FDS SHORT TERM TREAS 92206C102   12,892,745 221,031 SH   DFND   221,031 0 0
VERALTO CORP COM SHS 92338C103   264,109 3,211 SH   DFND   3,211 0 0
VERISK ANALYTICS INC CL A 92345Y106   1,672,020 7,000 SH   DFND   7,000 0 0
VERIZON COMMUNICATIONS COM 92343V104   402,448 10,675 SH   DFND   10,675 0 0
VIPER ENERGY INC CL A 927959106   38,178,412 1,216,648 SH   DFND   1,216,648 0 0
VISA INC COM CL A 92826C839   1,129,659 4,339 SH   DFND   4,339 0 0
W P CAREY INC COM 92936U109   1,283,238 19,800 SH   DFND   19,800 0 0
WENDYS COMPANY COM 95058W100   22,032,013 1,131,007 SH   DFND   1,131,007 0 0
WEST FRASER TIMBER LTD COM 952845105   23,091,367 269,822 SH   DFND   269,822 0 0
WEYERHAEUSER CO COM NEW 962166104   1,409,715 40,544 SH   DFND   40,544 0 0
WHEATON PRECIOUS METALS CORP COM 962879102   144,628,665 2,931,266 SH   DFND   2,931,266 0 0
WILLIAMS COS INC COM 969457100   5,023,392 144,226 SH   DFND   144,226 0 0
WISDOMTREE INC COM 97717P104   1,425,728 205,733 SH   DFND   205,733 0 0
WSTRN AST INFL LKD OPP & I COM 95766R104   228,333 26,336 SH   DFND   26,336 0 0
DIREXION SHS ETF TR DAILY GOLD MINER 25460G880   370,000 14,800 SH Call DFND   14,800 0 0
DIREXION SHS ETF TR DAILY GOLD MINER 25460G807   270,000 18,000 SH Call DFND   18,000 0 0
BARCLAYS BANK PLC IPTH SR B S&P 06748F324   1,692,000 42,300 SH Call DFND   42,300 0 0
PROSHARES TR II ULTRA VIX SHORT 74347Y771   480,000 12,000 SH Call DFND   12,000 0 0
PROSHARES TR II ULTRA VIX SHORT 74347Y789   932,000 23,300 SH Call DFND   23,300 0 0