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 901384107   66,509 17,275 SH   DFND   17,275 0 0
3M CO COM 88579Y101   608,030 5,950 SH   DFND   5,950 0 0
ABBOTT LABS COM 002824100   1,048,556 10,091 SH   DFND   10,091 0 0
ABBVIE INC COM 00287Y109   4,137,577 24,123 SH   DFND   24,123 0 0
AFLAC INC COM 001055102   267,930 3,000 SH   DFND   3,000 0 0
ALGOMA STL GROUP INC COM 015658107   131,976 18,962 SH   DFND   18,962 0 0
ALKERMES PLC COM G01767105   555,095 23,033 SH   DFND   23,033 0 0
ALLOGENE THERAPEUTICS INC COM 019770106   44,722 19,194 SH   DFND   19,194 0 0
ALNYLAM PHARMACEUTICALS INC COM 02043Q107   699,840 2,880 SH   DFND   2,880 0 0
ALPHABET INC CLASS A CL A 02079K305   904,739 4,967 SH   DFND   4,967 0 0
ALPHABET INC CLASS C CL C 02079K107   1,095,568 5,973 SH   DFND   5,973 0 0
ALPS ETF TR ALERIAN MLP ALERIAN MLP 00162Q452   2,662,746 55,497 SH   DFND   55,497 0 0
ALTRIA GROUP INC COM 02209S103   1,824,551 40,056 SH   DFND   40,056 0 0
AMAZON COM INC COM 023135106   211,801 1,096 SH   DFND   1,096 0 0
AMERICAN STS WTR CO COM 029899101   327,871 4,518 SH   DFND   4,518 0 0
AMERICAN TOWER REIT COM 03027X100   303,233 1,560 SH   DFND   1,560 0 0
AMERICAN WTR WKS CO INC NEW COM 030420103   225,954 1,749 SH   DFND   1,749 0 0
AMGEN INC COM 031162100   1,123,883 3,597 SH   DFND   3,597 0 0
ANALOG DEVICES INC COM 032654105   983,969 4,311 SH   DFND   4,311 0 0
APPLE INC COM 037833100   1,760,153 8,357 SH   DFND   8,357 0 0
APPLIED DIGITAL CORP COM NEW 038169207   149,577 25,139 SH   DFND   25,139 0 0
APYX MED CORP COM 03837C106   824,100 615,000 SH   DFND   615,000 0 0
ARCHER DANIELS MIDLAND CO COM 039483102   40,768,076 674,410 SH   DFND   674,410 0 0
ASSOCIATED CAP GROUP INC CL A CL A 045528106   34,413,140 1,011,556 SH   DFND   1,011,556 0 0
ASTRAZENECA PLC SPONSORED ADR SPONSORED ADR 046353108   1,011,530 12,970 SH   DFND   12,970 0 0
ATLANTA BRAVES HLDGS INC COM SER A 047726104   1,138,483 27,546 SH   DFND   27,546 0 0
ATLANTA BRAVES HLDGS INC COM SER C 047726302   2,114,182 53,605 SH   DFND   53,605 0 0
AUTONATION INC COM 05329W102   46,492,580 291,709 SH   DFND   291,709 0 0
BAKKT HOLDINGS INC COM CL A NEW 05759B305   8,499,621 449,240 SH   DFND   449,240 0 0
BANCO SANTANDER CENT HISPANO ADR ADR 05964H105   191,728 41,410 SH   DFND   41,410 0 0
BANK AMER CORP COM 060505104   1,044,957 26,275 SH   DFND   26,275 0 0
BANK OF NEW YORK MELLON CORP COM 064058100   722,513 12,064 SH   DFND   12,064 0 0
BEAM THERAPEUTICS INC COM 07373V105   224,858 9,597 SH   DFND   9,597 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108   612,241 1 SH   DFND   1 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW CL B NEW 084670702   18,355,022 45,121 SH   DFND   45,121 0 0
BGC GROUP INC CL A 088929104   1,055,868 127,213 SH   DFND   127,213 0 0
BICYCLE THERAPEUTICS PLC SPONSORED ADS SPONSORED ADS 088786108   291,375 14,396 SH   DFND   14,396 0 0
BIOGEN INC COM 09062X103   723,510 3,121 SH   DFND   3,121 0 0
BITFARMS LTD COM 09173B107   47,031 18,300 SH   DFND   18,300 0 0
BLACK STONE MINERALS LP COM UNIT 09225M101   2,603,382 166,138 SH   DFND   166,138 0 0
BLACKROCK CREDIT ALL INC TR COM 092508100   435,190 40,634 SH   DFND   40,634 0 0
BLACKROCK FLOAT RATE OME STR COM 09255X100   767,226 59,291 SH   DFND   59,291 0 0
BLACKROCK FLOATING RATE INCOME COM 091941104   161,771 12,678 SH   DFND   12,678 0 0
BLACKROCK MUNI INCOME FD COM 09253X102   1,260,617 102,157 SH   DFND   102,157 0 0
BLACKROCK MUNIHLDGS QUALITY FUND II INC COM 09254C107   616,386 60,430 SH   DFND   60,430 0 0
BLACKROCK MUNIHOLDINGS FD COM 09253N104   1,692,963 140,030 SH   DFND   140,030 0 0
BLACKROCK MUNIVEST FD INC COM 09253R105   332,975 46,440 SH   DFND   46,440 0 0
BLACKROCK MUNIYIELD QLTY FD COM 09254E103   476,872 42,654 SH   DFND   42,654 0 0
BLACKROCK MUNIYIELD QUALITY COM 09254G108   393,891 38,279 SH   DFND   38,279 0 0
BLACKSTONE INC COM CL A 09260D107   1,164,958 9,410 SH   DFND   9,410 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100   416,338 23,900 SH   DFND   23,900 0 0
BLUEBIRD BIO INC COM 09609G100   35,892 36,468 SH   DFND   36,468 0 0
BOEING CO COM 097023105   326,890 1,796 SH   DFND   1,796 0 0
BOOZ ALLEN HAMILTON HLDG COR CL A 099502106   618,062 4,016 SH   DFND   4,016 0 0
BP PLC SPONS ADR SPONSORED ADR 055622104   348,943 9,666 SH   DFND   9,666 0 0
BRISTOL MYERS SQUIBBCO COM 110122108   1,869,598 45,018 SH   DFND   45,018 0 0
BROOKFIELD ASSET MANAGMT LTDCL A LMT VTG S CL A LMT VTG SHS 113004105   10,284,620 270,292 SH   DFND   270,292 0 0
BROOKFIELD CORP CL A LMT VTG S CL A LTD VT SH 11271J107   47,806,936 1,150,865 SH   DFND   1,150,865 0 0
BROOKFIELD INFRASTRUCTURE PARTNERS LP LP INT UNIT G16252101   852,588 31,071 SH   DFND   31,071 0 0
BROOKFIELD REAL ASSETS INCOME FUND SHS BEN INT 112830104   154,154 12,081 SH   DFND   12,081 0 0
BROOKFIELD REINS LTD CL A-1 EXCH NO CL A-1 EXCH NO G16250204   801,958 19,181 SH   DFND   19,181 0 0
BUNGE GLOBAL SA COM SHS H11356104   30,732,491 287,838 SH   DFND   287,838 0 0
BURFORD CAP LTD ORD SHS G17977110   4,777,458 366,089 SH   DFND   366,089 0 0
BWX TECHNOLOGIES INC COM 05605H100   261,820 2,756 SH   DFND   2,756 0 0
CACI INTL INC CL A CL A 127190304   159,396,285 370,577 SH   DFND   370,577 0 0
CAMECO CORP COM 13321L108   25,546,038 519,228 SH   DFND   519,228 0 0
CARNIVAL CORP PAIREDCTF COMMON STOCK 143658300   20,437,541 1,091,749 SH   DFND   1,091,749 0 0
CATERPILLAR INC COM 149123101   2,156,156 6,473 SH   DFND   6,473 0 0
CBOE GLOBAL MARKETS INC COM 12503M108   68,744,825 404,239 SH   DFND   404,239 0 0
CENTERPOINT ENERGY INC COM 15189T107   255,058 8,233 SH   DFND   8,233 0 0
CHARLES RIV LABS INTL INC COM 159864107   33,131,404 160,381 SH   DFND   160,381 0 0
CHENIERE ENERGY INC COM NEW 16411R208   82,759,097 473,369 PRN   DFND   473,369 0 0
CHESAPEAKE ENERGY CORP COM 165167735   1,220,768 14,853 SH   DFND   14,853 0 0
CHEVRON CORP COM 166764100   2,195,042 14,033 SH   DFND   14,033 0 0
CISCO SYSTEMS INC COM 17275R102   1,938,978 40,812 SH   DFND   40,812 0 0
CITIGROUP INC COM NEW 172967424   390,977 6,161 SH   DFND   6,161 0 0
CIVEO CORP COM NEW 17878Y207   81,885,775 3,285,946 SH   DFND   3,285,946 0 0
CME GROUP INC COM 12572Q105   27,644,363 140,612 SH   DFND   140,612 0 0
CMS ENERGY CORP COM 125896100   921,227 15,475 SH   DFND   15,475 0 0
COCA COLA CO COM 191216100   365,351 5,740 SH   DFND   5,740 0 0
COHEN & STEERS INC COM 19247A100   312,459 4,306 SH   DFND   4,306 0 0
COHEN & STEERS QUALITY RLTY COM 19247L106   591,393 50,633 SH   DFND   50,633 0 0
COLGATE PALMOLIVE CO COM 194162103   288,985 2,978 SH   DFND   2,978 0 0
COMCAST CORP CL A 20030N101   378,325 9,661 SH   DFND   9,661 0 0
CONOCOPHILLIPS COM 20825C104   204,511 1,788 SH   DFND   1,788 0 0
COSTAMARE INC SHS SHS Y1771G102   3,747,683 228,100 SH   DFND   228,100 0 0
CRA INTL INC COM 12618T105   1,974,502 11,465 SH   DFND   11,465 0 0
CRISPR THERAPEUTICS AG NAMEN AKT H17182108   576,935 10,682 SH   DFND   10,682 0 0
CSW INDUSTRIALS INC COM 126402106   1,910,232 7,200 SH   DFND   7,200 0 0
CVS HEALTH CORP COM 126650100   846,330 14,330 SH   DFND   14,330 0 0
DANAHER CORP COM 235851102   2,250,654 9,008 SH   DFND   9,008 0 0
DISNEY WALT CO COM 254687106   450,512 4,537 SH   DFND   4,537 0 0
DORCHESTER MINERALS LP COM UNIT 25820R105   27,508,427 891,683 SH   DFND   891,683 0 0
DORMAN PRODUCTS INC COM 258278100   274,440 3,000 SH   DFND   3,000 0 0
DOUBLELINE INCOME SOLUTIONS COM 258622109   792,972 63,336 SH   DFND   63,336 0 0
DOUBLELINE OPPORTUNISTIC CR COM 258623107   1,073,389 69,882 SH   DFND   69,882 0 0
DOW INC COM 260557103   364,507 6,871 SH   DFND   6,871 0 0
EAGLE MATERIALS COM 26969P108   7,904,195 36,348 SH   DFND   36,348 0 0
EATOM CORP PLC SHS G29183103   305,711 975 SH   DFND   975 0 0
EATON VANCE LTD DURATION INC COM 27828H105   120,942 12,417 SH   DFND   12,417 0 0
EATON VANCE MUN BD FD COM 27827X101   187,181 17,692 SH   DFND   17,692 0 0
EATON VANCE SR FLTNG RTE TR COM 27828Q105   261,613 20,001 SH   DFND   20,001 0 0
EATON VANCE SR INCOME TR SH BEN INT 27826S103   137,768 21,730 SH   DFND   21,730 0 0
EBAY INC COM 278642103   756,163 14,076 SH   DFND   14,076 0 0
EDITAS MEDICINE INC COM 28106W103   148,132 31,720 SH   DFND   31,720 0 0
ELI LILLY AND COMPANY COM 532457108   3,854,203 4,257 SH   DFND   4,257 0 0
EMERSON ELEC CO COM 291011104   1,993,570 18,097 SH   DFND   18,097 0 0
ENERGY TRANSFER EQUITY L P COM UT LTD PTN 29273V100   2,767,489 170,622 SH   DFND   170,622 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107   1,920,157 66,258 SH   DFND   66,258 0 0
EOG RES INC COM 26875P101   726,018 5,768 SH   DFND   5,768 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108   7,645,051 117,381 SH   DFND   117,381 0 0
EVOLV TECHNOLOGIES HLDNGS IN COM CL A 30049H102   38,250 15,000 SH   DFND   15,000 0 0
EXXON MOBIL CORP COM 30231G102   5,403,618 46,939 SH   DFND   46,939 0 0
FEDERATED HERMES INC CL B 314211103   928,498 28,239 SH   DFND   28,239 0 0
FEDERATED HERMES PREM MUN INC FD COM 31423P108   399,581 34,959 SH   DFND   34,959 0 0
FIDELITY NATIONAL FINANCIAL FNF GROUP COM 31620R303   2,123,627 42,971 SH   DFND   42,971 0 0
FIDELITY NATL INFORMATION SVC COM 31620M106   1,834,262 24,340 SH   DFND   24,340 0 0
FIDELITY WISE ORIGIN BITCOIN SHS 315948109   299,284 5,705 SH   DFND   5,705 0 0
FITLIFE BRANDS INC COM NEW 33817P306   2,571,692 77,228 SH   DFND   77,228 0 0
FRANCO NEVADA CORP COM 351858105   108,872,724 918,602 SH   DFND   918,602 0 0
FREEPORT MCMORAN INC CL B 35671D857   4,905,781 100,942 SH   DFND   100,942 0 0
GALECTIN THERAPEUTICS INC COM NEW 363225202   121,457 53,742 SH   DFND   53,742 0 0
GALLAGHER ARTHUR J & CO COM 363576109   517,583 1,996 SH   DFND   1,996 0 0
GE HEALTHCARE TECHNOLOGIES INC COMMON STOCK 36266G107   271,473 3,484 SH   DFND   3,484 0 0
GE VERNOVA INC COM 36828A101   286,422 1,670 SH   DFND   1,670 0 0
GENERAL ELECTRIC CO COM NEW 369604301   1,041,254 6,550 SH   DFND   6,550 0 0
GENERAL MTRS CO COM 37045V100   267,145 5,750 SH   DFND   5,750 0 0
GENUINE PARTS CO COM 372460105   318,136 2,300 SH   DFND   2,300 0 0
GOLDMAN SACHS GROUP INC COM 38141G104   539,618 1,193 SH   DFND   1,193 0 0
GRAYSCALE BASIC ATTENTION TOKEN TR 38963U108   21,390 2,089 SH   DFND   2,089 0 0
GRAYSCALE BITCOIN CASH TRUST BCH 38963P109   9,820,401 953,437 SH   DFND   953,437 0 0
GRAYSCALE BITCOIN TRUST BTC 389637109   794,204,932 14,917,448 SH   DFND   14,917,448 0 0
GRAYSCALE DECENTRALAND TRUST 38964P108   13,820 691 SH   DFND   691 0 0
GRAYSCALE DIGITAL LARGE CAP FUND G40705108   922,874 41,029 SH   DFND   41,029 0 0
GRAYSCALE ETHEREUM CLASSIC TRUST 38963Q107   817,086 65,735 SH   DFND   65,735 0 0
GRAYSCALE ETHEREUM TR ETH SHS 389638107   208,527 6,641 SH   DFND   6,641 0 0
GRAYSCALE LITECOIN TRUST LTC SHS 38963W104   6,246,659 295,490 SH   DFND   295,490 0 0
GRAYSCALE ZCASH TR ZEC COM 38964G108   69,869 15,492 SH   DFND   15,492 0 0
GREENBRIER COS INC COM 393657101   374,102 7,550 SH   DFND   7,550 0 0
GSK PLC SPONSORED ADR 37733W204   968,852 25,165 SH   DFND   25,165 0 0
HALEON PLC SPON ADS 405552100   116,317 14,082 SH   DFND   14,082 0 0
HONEYWELL INTL INC COM 438516106   1,313,912 6,153 SH   DFND   6,153 0 0
HORZN KINTCS BL LISTED FD TR 53656G209   2,269,595 92,222 SH   DFND   92,222 0 0
LISTED FD TR HORIZON KINETICS 53656G514   225,681 7,942 SH   DFND   7,942 0 0
HORIZON KINETICS LISTED FD TR 53656F623   2,756,633 84,352 SH   DFND   84,352 0 0
HORZN KNTCS SPAC LISTED FD TR 53656G555   12,062,539 122,699 SH   DFND   122,699 0 0
HOWARD HUGHES HOLDINGS INC COM 44267T102   32,656,134 503,797 SH   DFND   503,797 0 0
I B M COM 459200101   631,268 3,650 SH   DFND   3,650 0 0
INTEL CORP COM 458140100   956,942 30,899 SH   DFND   30,899 0 0
INTELLIA THERAPEUTICS INC COM 45826J105   322,182 14,396 SH   DFND   14,396 0 0
INTER PARFUMS INC COM 458334109   18,079,058 155,814 SH   DFND   155,814 0 0
INTERCONTINENTAL EXCHANGE INC COM 45866F104   101,817,174 743,788 SH   DFND   743,788 0 0
INTL FLAVORS & FRAGRANCES COM 459506101   290,390 3,050 SH   DFND   3,050 0 0
INVESCO QUALITY MUNI INC COM 46133G107   219,381 22,115 SH   DFND   22,115 0 0
INVESCO EXCHANGE TRADED FD T S&P500 EQL WGT 46137V357   502,787 3,061 SH   DFND   3,061 0 0
INVESCO TR INVT GRADE NEW YO COM 46131T101   117,053 10,414 SH   DFND   10,414 0 0
IONIS PHARMACEUTICALS INC COM 462222100   594,606 12,476 SH   DFND   12,476 0 0
IRON MTN INC NEW COM 46284V101   2,159,842 24,100 SH   DFND   24,100 0 0
ISHARES BITCOIN TRUST SHS 46438F101   24,582,166 720,040 SH   DFND   720,040 0 0
ISHARES GOLD TR ISHARES NEW 464285204   387,111 8,812 SH   DFND   8,812 0 0
ISHARES SILVER TR ISHARES 46428Q109   823,351 30,988 SH   DFND   30,988 0 0
ISHARES TR GL TIMB FORE ETF 464288174   547,402 6,985 SH   DFND   6,985 0 0
JOHNSON & JOHNSON COM 478160104   2,423,223 16,579 SH   DFND   16,579 0 0
JP MORGAN CHASE & CO COM 46625H100   822,591 4,067 SH   DFND   4,067 0 0
JP MORGAN EXCHANGE TRADED F ULTRA SHRT INC 46641Q837   210,561 4,172 SH   DFND   4,172 0 0
KAYNE ANDERSON ENERGY INFRSTR COM 486606106   131,082 12,689 SH   DFND   12,689 0 0
KIMBELL RTY PARTNERS LP UNIT 49435R102   1,245,159 76,110 SH   DFND   76,110 0 0
KINDER MORGAN INC DEL COM 49456B101   1,982,728 99,785 SH   DFND   99,785 0 0
KKR & CO INC COM 48251W104   532,304 5,058 SH   DFND   5,058 0 0
KLA-TENCOR CORP COM NEW 482480100   3,073,773 3,728 SH   DFND   3,728 0 0
KRAFT HEINZ COMPANY COM 500754106   263,817 8,188 SH   DFND   8,188 0 0
KRANESHARES TR GLOBAL CARB STRA 500767678   1,012,518 31,116 SH   DFND   31,116 0 0
L3 HARRIS TECHNOLOGIES INC COM 502431109   2,188,385 9,744 SH   DFND   9,744 0 0
LANDBRIDGE COMPANY LLC CL A 514952100   108,941,562 4,705,899 SH   DFND   4,705,899 0 0
LANTERN PHARMA INC COM 51654W101   134,454 28,791 SH   DFND   28,791 0 0
LAS VEGAS SANDS CORP COM 517834107   2,180,286 49,272 SH   DFND   49,272 0 0
LENNAR CORP CL A 526057104   765,836 5,110 SH   DFND   5,110 0 0
LIBERTY BROADBAND CORP COM SER C 530307305   5,020,525 91,582 SH   DFND   91,582 0 0
LIBERTY ENERGY INC COM CL A 53115L104   4,930,112 236,003 SH   DFND   236,003 0 0
LIBERTY MEDIA CORP DEL COM LBTY LIV S C 531229748   355,895 9,488 SH   DFND   9,488 0 0
LIBERTY MEDIA CORP DEL COM LBTY LIV S C 531229722   1,357,391 35,469 SH   DFND   35,469 0 0
LIBERTY MEDIA CORP DEL COM LBTY ONE S A 531229771   6,341,299 98,728 SH   DFND   98,728 0 0
LIBERTY MEDIA CORP DEL COM LBTY ONE S C 531229755   7,429,994 103,424 SH   DFND   103,424 0 0
LIBERTY MEDIA CORP DEL COM LBTY SRM S A 531229813   431,770 19,493 SH   DFND   19,493 0 0
LIBERTY MEDIA CORP DEL COM LBTY SRM S C 531229789   2,179,618 98,358 SH   DFND   98,358 0 0
LINDE PLC SHS SHS G54950103   640,663 1,460 SH   DFND   1,460 0 0
LIVE NATION ENTERTAINMENT INC COM 538034109   34,333,119 366,259 SH   DFND   366,259 0 0
LOEWS CORP COM 540424108   431,325 5,771 SH   DFND   5,771 0 0
MADISON SQUARE GARDEN ENTMT COM CL A 558256103   1,609,152 47,010 SH   DFND   47,010 0 0
MADISON SQUARE GARDEN SPORTS CP CL A CL A 55825T103   5,744,738 30,536 SH   DFND   30,536 0 0
MARATHON PETE CORP COM 56585A102   1,027,002 5,920 SH   DFND   5,920 0 0
MARKEL GROUP INC COM 570535104   4,019,515 2,551 SH   DFND   2,551 0 0
MARKETAXESS HLDGS INC COM 57060D108   253,871 1,266 SH   DFND   1,266 0 0
MARSH & MCLENNAN COS INC COM 571748102   25,226,041 119,714 SH   DFND   119,714 0 0
MASTERCARD INC CL A 57636Q104   9,320,627 21,128 SH   DFND   21,128 0 0
MCDONALDS CORP COM 580135101   1,031,083 4,046 SH   DFND   4,046 0 0
MERCK & COMPANY COM 58933Y105   3,210,627 25,934 SH   DFND   25,934 0 0
MESABI TR CTF BEN INT 590672101   45,180,617 2,622,206 SH   DFND   2,622,206 0 0
META PLATFORMS INC CL A 30303M102   292,818 581 SH   DFND   581 0 0
METALLA RTY & STREAMING LTD COM NEW 59124U605   1,111,463 399,807 SH   DFND   399,807 0 0
MFS HIGH INCOME MUN TR SH BEN INT 59318D104   102,077 27,514 SH   DFND   27,514 0 0
MICROSOFT COM 594918104   3,774,206 8,444 SH   DFND   8,444 0 0
MICROSTRATEGY INC CL A NEW 594972408   25,946,213 18,836 SH   DFND   18,836 0 0
MONDELEZ INTL INC CL A 609207105   1,002,344 15,317 SH   DFND   15,317 0 0
MOVADO GROUP INC COM 624580106   453,968 18,261 SH   DFND   18,261 0 0
NASDAQ INC COM 631103108   6,241,337 103,573 SH   DFND   103,573 0 0
NETFLIX COM INC COM 64110L106   253,080 375 SH   DFND   375 0 0
NEUBERGER BERMAN MUNI FD INC COM 64124P101   442,109 41,396 SH   DFND   41,396 0 0
NEWMONT CORP COM 651639106   810,665 19,361 SH   DFND   19,361 0 0
NEXTERA ENERGY INC COM 65339F101   202,517 2,860 SH   DFND   2,860 0 0
NORFOLK SOUTHN CORP COM 655844108   714,488 3,328 SH   DFND   3,328 0 0
NOVARTIS AG SPONSORED ADR SPONSORED ADR 66987V109   1,255,909 11,797 SH   DFND   11,797 0 0
NOVO-NORDISK A S ADR ADR 670100205   2,207,902 15,468 SH   DFND   15,468 0 0
NUTRIEN LTD COM 67077M108   15,736,401 309,102 SH   DFND   309,102 0 0
NUVEEN AMT-FREE QLTY MUN INCOME COM 670657105   3,865,871 337,336 SH   DFND   337,336 0 0
NUVEEN MUNICIPAL CREDIT INC COM SH BEN INT 67070X101   345,121 27,945 SH   DFND   27,945 0 0
NUVEEN AMT FREE MUN CR INC F COM 67071L106   175,499 14,085 SH   DFND   14,085 0 0
NUVEEN FLOATING RATE INCOME COM 67072T108   1,042,534 120,524 SH   DFND   120,524 0 0
NUVEEN MUN HIGH INC OPP FD COM 670682103   111,882 10,369 SH   DFND   10,369 0 0
NUVEEN MUN VALUE FD INC COM 670928100   99,676 11,550 SH   DFND   11,550 0 0
NUVEEN NY AMT FREE QLTY MUN INC FD COM 670656107   741,877 66,896 SH   DFND   66,896 0 0
NUVEEN NY QLTY INCOME FD COM 67066X107   234,428 20,838 SH   DFND   20,838 0 0
NUVEEN PFD & INCOME OPPORTUN COM 67073B106   124,854 16,714 SH   DFND   16,714 0 0
NUVEEN QUALITY MUNI INC FD COM 67066V101   1,308,215 111,432 SH   DFND   111,432 0 0
NUVEEN SELECT MAT MUN FD SH BEN INT SH BEN INT 67061T101   194,360 21,500 SH   DFND   21,500 0 0
NUVEEN TAXABLE MUNICIPAL INC FUND COM 67074C103   418,057 26,954 SH   DFND   26,954 0 0
NVIDIA CORP COM 67066G104   1,601,078 12,960 SH   DFND   12,960 0 0
OCCIDENTAL PETE CORP COM 674599105   286,534 4,546 SH   DFND   4,546 0 0
OIL STATE INTERNATIONAL INC COM 678026105   50,172 11,300 SH   DFND   11,300 0 0
OPENLANE INC COM 48238T109   1,815,178 109,414 SH   DFND   109,414 0 0
OSHKOSH CORP COM 688239201   14,764,965 136,460 SH   DFND   136,460 0 0
OSISKO GOLD ROYALTIES LTD COM 68827L101   21,725,976 1,394,479 SH   DFND   1,394,479 0 0
PACIFIC BIOSCIENCES CALIF INCOM COM 69404D108   15,778 11,517 SH   DFND   11,517 0 0
PATTERSON UTI ENERGY INC COM 703481101   4,088,025 394,597 SH   DFND   394,597 0 0
PCM FUND INC COM 69323T101   182,027 24,532 SH   DFND   24,532 0 0
PENSKE AUTOMOTIVE GRP INC COM 70959W103   27,416,883 183,981 SH   DFND   183,981 0 0
PEPSICO INC COM 713448108   362,021 2,195 SH   DFND   2,195 0 0
PERMIAN BASIN RTY TR UNIT BEN INT 714236106   41,472,860 3,683,203 SH   DFND   3,683,203 0 0
PFIZER INC COM 717081103   1,607,311 57,445 SH   DFND   57,445 0 0
PHILIP MORRIS INTL INC COM 718172109   2,301,610 22,714 SH   DFND   22,714 0 0
PIMCO DYNAMIC INCOME FD SHS 72201Y101   1,058,025 56,248 SH   DFND   56,248 0 0
PIMCO INCOME STRATEGY FUND COM 72201H108   807,592 99,091 SH   DFND   99,091 0 0
PIMCO INCOME STRATEGY FUND II COM 72201J104   1,982,746 276,534 SH   DFND   276,534 0 0
PIMCO MUN INCOME FD II COM 72200W106   128,376 15,050 SH   DFND   15,050 0 0
PIMCO NY MUNICIPAL INCOME FD COM 72200T103   268,844 34,357 SH   DFND   34,357 0 0
POTLATCHDELTIC CORP NEW COM 737630103   2,553,016 64,814 SH   DFND   64,814 0 0
PRESTIGE CONSMR HEALTHCARE I COM 74112D101   213,228 3,097 SH   DFND   3,097 0 0
PROSHARES TR II SHT VIX ST TRM 74347W130   1,561,025 25,428 SH   DFND   25,428 0 0
PROSHARES TR ULTRAPRO QQQ 74347X831   489,205 6,627 SH   DFND   6,627 0 0
PROSHARES TR ULTRAPRO SHT QQQ 74347G432   512,507 61,897 SH   DFND   61,897 0 0
QUALCOMM INC COM 747525103   1,149,667 5,772 SH   DFND   5,772 0 0
QUEST DIAGNOSTICS INC COM 74834L100   622,804 4,550 SH   DFND   4,550 0 0
RAYONIER ADVANCED MATLS INC COM 75508B104   634,848 116,700 SH   DFND   116,700 0 0
RAYONIER INC COM 754907103   2,477,486 85,166 SH   DFND   85,166 0 0
RB GLOBAL INC COM 74935Q107   8,970,279 117,474 SH   DFND   117,474 0 0
REGENERON PHARMACEUTICALS COM 75886F107   773,558 736 SH   DFND   736 0 0
RELMADA THERAPEUTICS INC COM 75955J402   90,000 30,000 SH   DFND   30,000 0 0
RENN FUND INC COM 759720105   985,674 579,808 SH   DFND   579,808 0 0
REPLIMUNE GROUP INC COM 76029N106   129,564 14,396 SH   DFND   14,396 0 0
RESIDEO TECHNOLOGIES INC COM 76118Y104   1,287,948 65,846 SH   DFND   65,846 0 0
RIO TINTO PLC SPONSORED ADR 767204100   520,583 7,896 SH   DFND   7,896 0 0
ROCKWELL AUTOMATION INC COM 773903109   1,238,760 4,500 SH   DFND   4,500 0 0
ROYAL CARIBBEAN GROUP COM V7780T103   8,955,502 56,172 SH   DFND   56,172 0 0
ROYAL GOLD INC COM 780287108   11,137,792 88,988 SH   DFND   88,988 0 0
ROYALTY PHARMA PLC SHS CLASS A G7709Q104   6,033,028 228,784 SH   DFND   228,784 0 0
ROYCE MICRO-CAP TR INC COM 780915104   1,272,815 138,500 SH   DFND   138,500 0 0
RTX CORPORATION COM 75513E101   1,261,300 12,564 SH   DFND   12,564 0 0
S&P GLOBAL INC COM 78409V104   8,311,640 18,636 SH   DFND   18,636 0 0
SABINE ROYALTY TR UNIT BEN INT 785688102   6,446,885 99,658 SH   DFND   99,658 0 0
SAN JUAN BASIN RTY TR UNIT BEN INT 798241105   4,259,163 1,049,055 SH   DFND   1,049,055 0 0
SANDSTORM GOLD LTD COM NEW 80013R206   21,682,175 3,985,694 SH   DFND   3,985,694 0 0
SCHLUMBERGER COM STK 806857108   208,488 4,419 SH   DFND   4,419 0 0
SCIENCE APPLICATNS INTL CP COM 808625107   47,984,557 408,206 SH   DFND   408,206 0 0
SCRIPPS E W CO OHIO CL A NEW 811054402   62,800 20,000 SH   DFND   20,000 0 0
SEABOARD CORP DEL COM 811543107   455,156 144 SH   DFND   144 0 0
SEALED AIR CORP NEW COM 81211K100   1,238,524 35,600 SH   DFND   35,600 0 0
SITIO ROYALTIES CORP CLASS A COM 82983N108   18,296,564 774,950 SH   DFND   774,950 0 0
SONOCO PRODUCTS COM 835495102   1,148,808 22,650 SH   DFND   22,650 0 0
SPDR GOLD TR GOLD SHS 78463V107   837,034 3,893 SH   DFND   3,893 0 0
SPDR SER TR OILGAS EQUIP 78468R549   3,541,565 38,983 SH   DFND   38,983 0 0
SPHERE ENTERTAINMENT CO CL A 55826T102   1,843,139 52,571 SH   DFND   52,571 0 0
SPROTT INC COM NEW 852066208   6,718,149 162,313 SH   DFND   162,313 0 0
SPROTT PHYSICAL GOLD TRUST UNIT UNIT 85207H104   300,175 16,621 SH   DFND   16,621 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103   915,922 1,683 SH   DFND   1,683 0 0
STAR BULK CARRIERS CORP SHS PAR Y8162K204   1,082,879 44,417 SH   DFND   44,417 0 0
STRYKER CORP COM 863667101   680,500 2,000 SH   DFND   2,000 0 0
SUNCOR ENERGY INC NEW COM ISIN COM 867224107   2,222,906 58,344 SH   DFND   58,344 0 0
TEJON RANCH CO COM 879080109   15,506,585 908,944 SH   DFND   908,944 0 0
TELEFONICA S A SPONSORED ADR 879382208   1,308,742 310,865 SH   DFND   310,865 0 0
TETRA TECHNOLOGIES INC DEL COM 88162F105   47,056 13,600 SH   DFND   13,600 0 0
TEXAS PACIFIC LAND CORP COM 88262P102   2,712,706,646 3,694,427 SH   DFND   3,694,427 0 0
THE SAINT JOE CO COM 790148100   29,062,400 531,305 SH   DFND   531,305 0 0
TORONTO DOMINION BK ONT COM NEW 891160509   1,166,526 21,225 SH   DFND   21,225 0 0
TRADEWEB MKTS INC CL A 892672106   424,318 4,003 SH   DFND   4,003 0 0
TRI POINTE HOMES INC COM 87265H109   5,207,997 139,812 SH   DFND   139,812 0 0
TRIPLE FLAG PRECIOUS METAL COM 89679M104   389,003 25,097 SH   DFND   25,097 0 0
VALMONT INDS INC COM 920253101   459,704 1,675 SH   DFND   1,675 0 0
VANDA PHARMACEUTICALS INC COM 921659108   146,403 25,912 SH   DFND   25,912 0 0
VANECK ETF TRUST JUNIOR GOLD MINE 92189F791   1,207,691 28,673 SH   DFND   28,673 0 0
VANECK ETF TRUST GOLD MINERS ETF 92189F106   419,974 12,378 SH   DFND   12,378 0 0
VANECK ETF TRUST OIL SVCS ETF 92189H607   1,302,768 4,120 SH   DFND   4,120 0 0
VANGUARD BD INDEX FDS SHORT TRM BOND 921937827   576,861 7,521 SH   DFND   7,521 0 0
VANGUARD BD INDEX FDS VANGUARD ULTRA 92203C303   14,890,862 300,704 SH   DFND   300,704 0 0
VANGUARD INDEX FDS EXTEND MKT ETF 922908652   860,404 5,097 SH   DFND   5,097 0 0
VANGUARD INDEX FDS S&P 500 ETF SHS 922908363   1,720,947 3,441 SH   DFND   3,441 0 0
VANGUARD INDEX FDS TOTAL STK MKT 922908769   375,852 1,405 SH   DFND   1,405 0 0
VANGUARD SCOTTSDALE FDS SHORT TERM TREAS 92206C102   13,071,853 225,416 SH   DFND   225,416 0 0
VERALTO CORP COM SHS 92338C103   226,741 2,375 SH   DFND   2,375 0 0
VERISK ANALYTICS INC CL A 92345Y106   1,886,850 7,000 SH   DFND   7,000 0 0
VIPER ENERGY INC CL A 927959106   49,554,047 1,320,385 SH   DFND   1,320,385 0 0
VISA INC COM CL A 92826C839   1,138,857 4,339 SH   DFND   4,339 0 0
W P CAREY INC COM 92936U109   1,178,070 21,400 SH   DFND   21,400 0 0
WENDYS COMPANY COM 95058W100   16,991,077 1,001,832 SH   DFND   1,001,832 0 0
WEST FRASER TIMBER LTD COM 952845105   18,231,719 237,176 SH   DFND   237,176 0 0
WEYERHAEUSER CO COM NEW 962166104   923,351 32,524 SH   DFND   32,524 0 0
WHEATON PRECIOUS METALS CORP COM 962879102   144,758,247 2,761,508 SH   DFND   2,761,508 0 0
WHITE MTNS INS GROUP LTD COM G9618E107   2,480,819 1,365 SH   DFND   1,365 0 0
WILLIAMS COS INC COM 969457100   6,122,592 144,061 SH   DFND   144,061 0 0
WISDOMTREE INC COM 97717P104   2,096,683 211,573 SH   DFND   211,573 0 0
WSTRN AST INFL LKD OPP & I COM 95766R104   224,119 26,336 SH   DFND   26,336 0 0
DIREXION SHS ETF TR DAILY GOLD MINER 25460G880   281,400 20,100 SH Call DFND   20,100 0 0
DIREXION SHS ETF TR DLY JR GOLD 2X 25460G807   196,000 28,000 SH Call DFND   28,000 0 0
BARCLAYS BANK PLC IPTH SR B S&P 06748F324   1,139,700 39,300 SH Call DFND   39,300 0 0
PROSHARES TR II VIX SH TRM FUTRS 74347Y789   503,800 22,900 SH Call DFND   22,900 0 0