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
3M CO COM 88579Y101   726,150 5,000 SH   DFND   5,000 0 0
AT&T INC COM 00206R102   263,519 9,090 SH   DFND   9,090 0 0
ABBOTT LABORATORIES COM 002824100   982,141 9,566 SH   DFND   9,566 0 0
ABBVIE INC COM 00287Y109   4,177,765 19,209 SH   DFND   19,209 0 0
AEHR TEST SYS COM 00760J108   800,928 21,600 SH   DFND   21,600 0 0
AFFILIATED MANAGERS GROUP COM 008252108   552,847 1,998 SH   DFND   1,998 0 0
AFLAC INC COM 001055102   329,130 3,000 SH   DFND   3,000 0 0
ALKERMES PLC SHS G01767105   746,061 21,099 SH   DFND   21,099 0 0
ALLIANCE RESOURCE PARTNERS L UT LTD PART 01877R108   2,895,204 104,709 SH   DFND   104,709 0 0
ALLIANCEBERNSTEIN HLDG L P UNIT LTD PARTN 01881G106   8,141,216 217,447 SH   DFND   217,447 0 0
ALLOGENE THERAPEUTICS INC COM 019770106   42,900 17,582 SH   DFND   17,582 0 0
ALNYLAM PHARMACEUTICALS INC COM 02043Q107   751,737 2,272 SH   DFND   2,272 0 0
EA SERIES TRUST ALPHA ARCH 1-3 02072L565   5,520,868 47,475 SH   DFND   47,475 0 0
ALPHABET INC CAP STK CL A 02079K305   843,413 2,933 SH   DFND   2,933 0 0
ALPHABET INC CAP STK CL C 02079K107   945,204 3,295 SH   DFND   3,295 0 0
ALPS ETF TR ALERIAN MLP 00162Q452   5,607,213 106,520 SH   DFND   106,520 0 0
ALTRIA GROUP INC COM 02209S103   2,570,772 38,957 SH   DFND   38,957 0 0
AMAZON COM INC COM 023135106   247,216 1,187 SH   DFND   1,187 0 0
AMERICAN EXPRESS CO COM 025816109   395,039 1,306 SH   DFND   1,306 0 0
AMER STATES WTR CO COM 029899101   330,762 4,374 SH   DFND   4,374 0 0
AMERICAN TOWER CORP COM 03027X100   241,612 1,400 SH   DFND   1,400 0 0
AMERICAN WTR WKS CO INC NEW COM 030420103   227,385 1,671 SH   DFND   1,671 0 0
AMGEN INC COM 031162100   844,088 2,399 SH   DFND   2,399 0 0
ANALOG DEVICES INC COM 032654105   1,196,658 3,761 SH   DFND   3,761 0 0
APPLE INC COM 037833100   1,631,089 6,427 SH   DFND   6,427 0 0
APYX MEDICAL CORPORATION COM 03837C106   2,269,350 615,000 SH   DFND   615,000 0 0
ARCHER DANIELS MIDLAND CO COM 039483102   4,311,394 59,312 SH   DFND   59,312 0 0
ASTRAZENECA PLC ORD G0593M107   1,036,588 5,256 SH   DFND   5,256 0 0
ATLANTA BRAVES HLDGS INC COM SER A 047726104   1,188,557 25,208 SH   DFND   25,208 0 0
ATLANTA BRAVES HLDGS INC COM SER C 047726302   1,961,254 45,931 SH   DFND   45,931 0 0
AUTONATION INC COM 05329W102   43,943,880 225,053 SH   DFND   225,053 0 0
BAKKT INC COM CL A NEW 05759B305   2,329,720 316,538 SH   DFND   316,538 0 0
BANCO SANTANDER SA ADR 05964H105   702,857 62,310 SH   DFND   62,310 0 0
BANK AMERICA CORP COM 060505104   802,425 16,460 SH   DFND   16,460 0 0
BANK NEW YORK MELLON CORP COM 064058100   1,222,838 10,308 SH   DFND   10,308 0 0
BARRICK MNG CORP COM SHS 06849F108   440,419 10,797 SH   DFND   10,797 0 0
BEAM THERAPEUTICS INC COM 07373V105   209,490 8,791 SH   DFND   8,791 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108   718,140 1 SH   DFND   1 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702   18,225,413 38,033 SH   DFND   38,033 0 0
BHP BILLITON LIMITED SPONSORED ADS 088606108   235,023 3,231 SH   DFND   3,231 0 0
BICYCLE THERAPEUTICS PLC SPONSORED ADS 088786108   61,192 13,188 SH   DFND   13,188 0 0
BIOGEN INC COM 09062X103   523,774 2,857 SH   DFND   2,857 0 0
BITFARMS LTD COM 09173B107   35,685 18,300 SH   DFND   18,300 0 0
BLACK STONE MINERALS L P COM UNIT 09225M101   2,286,719 151,238 SH   DFND   151,238 0 0
BLACKROCK CR ALLOCATION COM 092508100   409,393 40,534 SH   DFND   40,534 0 0
BLACKROCK FLOATING RATE INCO COM 09255X100   653,387 59,291 SH   DFND   59,291 0 0
BLACKROCK FLOATING RATE INC COM 091941104   136,415 12,678 SH   DFND   12,678 0 0
BLACKROCK MUNIHOLDINGS FD IN COM 09253N104   840,698 74,530 SH   DFND   74,530 0 0
BLACKROCK MUNIYIELD N Y QUAL COM 09255E102   115,286 12,009 SH   DFND   12,009 0 0
BLACKROCK MUNIYIELD QUALITY COM 09254E103   2,186,017 207,994 SH   DFND   207,994 0 0
BLACKROCK MUNIYILD QULT FD I COM 09254F100   911,131 82,981 SH   DFND   82,981 0 0
BLACKSTONE INC COM 09260D107   585,529 5,092 SH   DFND   5,092 0 0
BOEING CO COM 097023105   200,224 1,006 SH   DFND   1,006 0 0
BOOZ ALLEN HAMILTON HLDG COR CL A 099502106   1,092,108 13,996 SH   DFND   13,996 0 0
BP PLC SPONSORED ADR 055622104   444,902 9,466 SH   DFND   9,466 0 0
BRISTOL-MYERS SQUIBB CO COM 110122108   2,711,419 44,706 SH   DFND   44,706 0 0
BROADCOM INC COM 11135F101   278,249 899 SH   DFND   899 0 0
BROADRIDGE FINL SOLUTIONS IN COM 11133T103   3,603,156 22,176 SH   DFND   22,176 0 0
BROOKFIELD ASSET MANAGMT LTD CL A LMT VTG SHS 113004105   8,426,453 189,571 SH   DFND   189,571 0 0
BROOKFIELD CORP CL A LTD VT SH 11271J107   63,616,256 1,571,936 SH   DFND   1,571,936 0 0
BROOKFIELD REAL ASSETS INCOM SHS BEN INT 112830104   138,309 10,755 SH   DFND   10,755 0 0
BROOKFIELD WEALTH SOL LTD CL A EXCHANGEAB G17434104   1,272,512 30,737 SH   DFND   30,737 0 0
BUNGE GLOBAL SA COM SHS H11356104   42,859,312 336,944 SH   DFND   336,944 0 0
BURFORD CAPITAL LIMITED ORD SHS G17977110   176,895 39,136 SH   DFND   39,136 0 0
BWX TECHNOLOGIES INC COM 05605H100   541,285 2,647 SH   DFND   2,647 0 0
CACI INTL INC CL A 127190304   84,108,408 154,648 SH   DFND   154,648 0 0
CAMECO CORP COM 13321L108   70,794,673 651,825 SH   DFND   651,825 0 0
CARNIVAL CORP COMMON STOCK 143658300   24,784,070 957,653 SH   DFND   957,653 0 0
CATERPILLAR INC COM 149123101   2,916,730 4,117 SH   DFND   4,117 0 0
CBOE GLOBAL MKTS INC COM 12503M108   115,257,172 410,066 SH   DFND   410,066 0 0
CENTERPOINT ENERGY INC COM 15189T107   436,693 10,118 SH   DFND   10,118 0 0
CHARLES RIV LABS INTL INC COM 159864107   2,103,120 12,192 SH   DFND   12,192 0 0
CHENIERE ENERGY INC COM NEW 16411R208   119,272,365 420,328 SH   DFND   420,328 0 0
CHENIERE ENERGY PARTNERS L P COM UNIT 16411Q101   258,520 4,000 SH   DFND   4,000 0 0
CHEVRON CORPORATION COM 166764100   2,900,324 14,018 SH   DFND   14,018 0 0
CINTAS CORP COM 172908105   253,203 1,497 SH   DFND   1,497 0 0
CIRCLE INTERNET GROUP INC COM CL A 172573107   661,382 6,932 SH   DFND   6,932 0 0
CISCO SYS INC COM 17275R102   2,908,927 37,491 SH   DFND   37,491 0 0
CITIGROUP INC COM NEW 172967424   847,740 7,475 SH   DFND   7,475 0 0
CIVEO CORP CDA COM NEW 17878Y207   62,243,260 2,352,353 SH   DFND   2,352,353 0 0
CME GROUP INC COM 12572Q105   79,819,165 270,253 SH   DFND   270,253 0 0
CMS ENERGY CORP COM 125896100   946,243 12,197 SH   DFND   12,197 0 0
COHEN & STEERS QUALITY INCOM COM 19247L106   602,898 50,033 SH   DFND   50,033 0 0
COLGATE PALMOLIVE CO COM 194162103   253,815 2,978 SH   DFND   2,978 0 0
CONOCOPHILLIPS COM 20825C104   371,052 2,811 SH   DFND   2,811 0 0
CONSENSUS MINING & SEIGNIORAGE CORP COM COM 20848D105   4,279,418 164,593 SH   DFND   164,593 0 0
CONSTELLATION BRANDS INC CL A 21036P108   700,950 4,673 SH   DFND   4,673 0 0
COSTAMARE BULKERS HLDGS LTD COM SHS Y2001C101   426,663 27,580 SH   DFND   27,580 0 0
COSTAMARE INC SHS Y1771G102   3,749,265 221,850 SH   DFND   221,850 0 0
COSTCO WHOLESALE CORPORATION COM 22160K105   207,257 208 SH   DFND   208 0 0
CRA INTL INC COM 12618T105   1,132,389 6,995 SH   DFND   6,995 0 0
CRISPR THERAPEUTICS AG NAMEN AKT H17182108   465,996 9,796 SH   DFND   9,796 0 0
DANAHER CORP DEL COM 235851102   826,466 4,359 SH   DFND   4,359 0 0
DIAMONDBACK ENERGY INC COM 25278X109   395,976 2,002 SH   DFND   2,002 0 0
DIGITALBRIDGE GROUP INC CL A NEW 25401T603   14,485,237 939,380 SH   DFND   939,380 0 0
DISNEY WALT CO COM 254687106   456,841 4,740 SH   DFND   4,740 0 0
DORCHESTER MINERALS L P COM UNIT 25820R105   23,312,122 860,226 SH   DFND   860,226 0 0
DOUBLELINE INCOME SOLUTIONS COM 258622109   578,993 53,462 SH   DFND   53,462 0 0
DOUBLELINE OPPORTUNISTIC CR COM 258623107   298,877 20,471 SH   DFND   20,471 0 0
DOW HLDGS INC COM 260557103   228,284 5,481 SH   DFND   5,481 0 0
EAGLE MATLS INC COM 26969P108   3,195,158 16,865 SH   DFND   16,865 0 0
EATON CORP PLC SHS G29183103   285,063 797 SH   DFND   797 0 0
EATON VANCE LIMITED DURATION COM 27828H105   117,341 12,417 SH   DFND   12,417 0 0
EATON VANCE MUN BD FD COM 27827X101   172,851 17,692 SH   DFND   17,692 0 0
EATON VANCE SR FLTNG RTE TR COM 27828Q105   210,811 20,001 SH   DFND   20,001 0 0
EATON VANCE SR INCOME TR SH BEN INT 27826S103   108,433 21,730 SH   DFND   21,730 0 0
EBAY INC. COM 278642103   668,724 7,347 SH   DFND   7,347 0 0
EDITAS MEDICINE INC COM 28106W103   71,655 29,010 SH   DFND   29,010 0 0
ELI LILLY & CO COM 532457108   3,646,888 3,965 SH   DFND   3,965 0 0
EMERSON ELEC CO COM 291011104   2,173,889 16,592 SH   DFND   16,592 0 0
ENERFLEX LTD COM 29269R105   208,991 9,990 SH   DFND   9,990 0 0
ENERGY RECOVERY INC COM 29270J100   291,305 28,928 SH   DFND   28,928 0 0
ENERGY TRANSFER L P COM UT LTD PTN 29273V100   7,695,061 398,708 SH   DFND   398,708 0 0
ENERGY TRANSFER L P 9.250% FXD PFD I 29273V704   96,031 8,300 SH   DFND   8,300 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107   4,344,789 114,820 SH   DFND   114,820 0 0
EOG RES INC COM 26875P101   1,093,961 7,567 SH   DFND   7,567 0 0
EQT CORP COM 26884L109   2,706,062 42,521 SH   DFND   42,521 0 0
EQUITY LIFESTYLE PROPERTIES COM 29472R108   1,183,171 18,955 SH   DFND   18,955 0 0
EXXON MOBIL CORP COM 30231G102   6,734,145 39,692 SH   DFND   39,692 0 0
FEDERATED HERMES INC CL B 314211103   485,948 8,569 SH   DFND   8,569 0 0
FEDERATED HERMES PREM MUNI I COM 31423P108   373,478 34,170 SH   DFND   34,170 0 0
FERMI INC COM 314911108   3,109,368 532,426 SH   DFND   532,426 0 0
FIDELITY NATL FINL INC COM SHS 31620R303   2,062,890 44,478 SH   DFND   44,478 0 0
FIDELITY NATL INFORMATION SV COM 31620M106   206,404 4,400 SH   DFND   4,400 0 0
FIDELITY WISE ORIGIN BITCOIN SHS 315948109   335,349 5,681 SH   DFND   5,681 0 0
FITLIFE BRANDS INC COM NEW 33817P405   2,193,275 154,456 SH   DFND   154,456 0 0
FRANCO NEV CORP COM 351858105   187,090,315 757,297 SH   DFND   757,297 0 0
FREEPORT MCMORAN INC CL B 35671D857   5,400,765 91,881 SH   DFND   91,881 0 0
GALAXY DIGITAL INC. CL A 36317J209   23,080,378 1,250,969 SH   DFND   1,250,969 0 0
GALECTIN THERAPEUTICS INC COM NEW 363225202   137,341 49,226 SH   DFND   49,226 0 0
GALLAGHER ARTHUR J & CO COM 363576109   422,981 1,953 SH   DFND   1,953 0 0
GE HEALTHCARE TECHNOLOGIES I COMMON STOCK 36266G107   207,205 2,911 SH   DFND   2,911 0 0
GE VERNOVA INC COM 36828A101   1,256,103 1,439 SH   DFND   1,439 0 0
GE AEROSPACE COM NEW 369604301   1,821,236 6,418 SH   DFND   6,418 0 0
GENERAL MILLS INC COM 370334104   1,119,950 30,090 SH   DFND   30,090 0 0
GENERAL MTRS CO COM 37045V100   391,125 5,250 SH   DFND   5,250 0 0
GENUINE PARTS CO COM 372460105   231,593 2,190 SH   DFND   2,190 0 0
GOLDMAN SACHS GROUP INC COM 38141G104   527,052 623 SH   DFND   623 0 0
WW GRAINGER INC COM 384802104   332,697 305 SH   DFND   305 0 0
GRAYSCALE BASIC ATTENTION TOKEN TR TOKEN TRUST 38963U108   1,177 2,089 SH   DFND   2,089 0 0
GRAYSCALE BITCOIN CASH TRUST BCH TRUST BCH 38963P109   4,982,257 1,487,241 SH   DFND   1,487,241 0 0
GRAYSCALE BITCOIN MINI TR ET SHS NEW 389930207   90,102,437 3,004,416 SH   DFND   3,004,416 0 0
GRAYSCALE BITCOIN TRUST ETF SHS REP COM UT 389637109   738,897,574 14,004,882 SH   DFND   14,004,882 0 0
GRAYSCALE COINDESK CRYPTO USD SHS G40705108   1,279,695 41,029 SH   DFND   41,029 0 0
GRAYSCALE DECENTRALAND TRUST TRUST 38964P108   549 691 SH   DFND   691 0 0
GRAYSCALE ETHEREUM CLASSIC TRUST TUST 38963Q107   313,245 71,192 SH   DFND   71,192 0 0
GRAYSCALE ETHEREUM STAKING SHS NEW 38964R203   12,969 653 SH   DFND   653 0 0
GRAYSCALE ETHEREUM STAKING E SHS 389638107   92,059 5,393 SH   DFND   5,393 0 0
GRAYSCALE LITECOIN TRUST LTC SHS TRUST LTC SHS 38963W104   2,398,983 587,986 SH   DFND   587,986 0 0
GRAYSCALE ZCASH TR ZEC COM TR ZEC COM 38964G108   313,614 15,173 SH   DFND   15,173 0 0
GREENBRIER COS INC COM 393657101   458,055 8,700 SH   DFND   8,700 0 0
GSK PLC SPONSORED ADR 37733W204   1,347,685 24,419 SH   DFND   24,419 0 0
HALEON PLC SPON ADS 405552100   129,129 12,900 SH   DFND   12,900 0 0
HAWAIIAN ELEC INDS INC MTN B COM 419870100   321,067,763 21,635,294 SH   DFND   21,635,294 0 0
HONEYWELL INTL INC COM 438516106   1,486,373 6,576 SH   DFND   6,576 0 0
LISTED FDS TR HORZN KINTCS BL 53656G209   5,104,034 166,055 SH   DFND   166,055 0 0
LISTED FDS TR HORIZON KINETICS 53656G514   360,701 8,960 SH   DFND   8,960 0 0
HORIZON KINETICS HLDG CORP COM COM 439913104   35,488,728 1,075,416 SH   DFND   1,075,416 0 0
LISTED FDS TR HORIZON KINETICS 53656F623   5,224,309 100,352 SH   DFND   100,352 0 0
LISTED FDS TR HORIZON KINETICS 53656H835   5,158,854 227,765 SH   DFND   227,765 0 0
LISTED FDS TR HORIZON KINETICS 53656G563   172,847 5,189 SH   DFND   5,189 0 0
LISTED FDS TR HORZN KNTCS SPAC 53656G555   6,528,142 71,954 SH   DFND   71,954 0 0
LISTED FDS TR HORIZON KINETICS 53656H728   443,200 15,737 SH   DFND   15,737 0 0
HOWARD HUGHES HOLDINGS INC COM 44267T102   12,424,897 196,410 SH   DFND   196,410 0 0
HUBBELL INC COM 443510607   1,733,294 3,532 SH   DFND   3,532 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101   868,968 3,585 SH   DFND   3,585 0 0
INTELLIA THERAPEUTICS INC COM 45826J105   169,070 13,188 SH   DFND   13,188 0 0
INTERCONTINENTAL EXCHANGE IN COM 45866F104   131,942,006 838,899 SH   DFND   838,899 0 0
INTERPARFUMS INC COM 458334109   12,566,130 138,333 SH   DFND   138,333 0 0
INVESCO QUALITY MUN INCOME T COM 46133G107   211,303 21,965 SH   DFND   21,965 0 0
INVESCO EXCHANGE TRADED FD T S&P500 EQL WGT 46137V357   598,474 3,118 SH   DFND   3,118 0 0
INVESCO EXCHANGE TRADED FD T S&P MDCP400 VL 46137V191   21,185 163 SH   DFND   163 0 0
INVESCO TR INVT GRADE NEW YO COM 46131T101   161,243 14,739 SH   DFND   14,739 0 0
IONIS PHARMACEUTICALS INC COM 462222100   858,129 11,428 SH   DFND   11,428 0 0
BARCLAYS BANK PLC IPATH S&P 500 SH 06748M196   757,500 10,100 SH Call DFND   10,100 0 0
IRON MTN INC DEL COM 46284V101   1,879,887 18,405 SH   DFND   18,405 0 0
ISHARES BITCOIN TRUST ETF SHS BEN INT 46438F101   30,480,238 793,343 SH   DFND   793,343 0 0
ISHARES GOLD TR ISHARES NEW 464285204   755,179 8,566 SH   DFND   8,566 0 0
ISHARES SILVER TR ISHARES 46428Q109   2,034,320 29,855 SH   DFND   29,855 0 0
ISHARES TR TRUST ISHARE 0-1 464288679   37,312 338 SH   DFND   338 0 0
ISHARES TR US AER DEF ETF 464288760   35,000 160 SH   DFND   160 0 0
ISHARES TR US OIL EQ&SV ETF 464288844   90,642 3,131 SH   DFND   3,131 0 0
ISHARES TR GL TIMB FORE ETF 464288174   373,195 5,260 SH   DFND   5,260 0 0
ISHARES TR MICRO-CAP ETF 464288869   110,131 690 SH   DFND   690 0 0
ISHARES TR ASIA 50 ETF 464288430   849 8 SH   DFND   8 0 0
ISHARES TR PFD AND INCM SEC 464288687   40,204 1,326 SH   DFND   1,326 0 0
JOHNSON & JOHNSON COM 478160104   3,839,969 15,709 SH   DFND   15,709 0 0
JPMORGAN CHASE & CO COM 46625H100   423,002 1,438 SH   DFND   1,438 0 0
KIMBELL RTY PARTNERS LP UNIT 49435R102   525,836 36,340 SH   DFND   36,340 0 0
KINDER MORGAN INC DEL COM 49456B101   1,307,066 38,982 SH   DFND   38,982 0 0
KLA CORP COM NEW 482480100   3,177,461 2,158 SH   DFND   2,158 0 0
L3HARRIS TECHNOLOGIES INC COM 502431109   3,159,277 9,153 SH   DFND   9,153 0 0
LADDER CAP CORP CL A 505743104   175,860 18,000 SH   DFND   18,000 0 0
LANDBRIDGE COMPANY LLC CL A 514952100   390,625,134 5,657,134 SH   DFND   5,657,134 0 0
LANTERN PHARMA INC COM 51654W101   36,131 26,373 SH   DFND   26,373 0 0
LAS VEGAS SANDS CORP COM 517834107   2,155,577 40,007 SH   DFND   40,007 0 0
LENNAR CORP CL A 526057104   426,730 4,914 SH   DFND   4,914 0 0
LENNAR CORP CL B 526057302   4,795 57 SH   DFND   57 0 0
LIBERTY BROADBAND CORP COM SER A 530307107   46,353 923 SH   DFND   923 0 0
LIBERTY BROADBAND CORP COM SER C 530307305   204,369 4,063 SH   DFND   4,063 0 0
LIBERTY ENERGY INC COM CL A 53115L104   8,300,794 288,222 SH   DFND   288,222 0 0
LIBERTY LIVE HOLDINGS INC COM SER A 530909100   210,314 2,295 SH   DFND   2,295 0 0
LIBERTY LIVE HOLDINGS INC COM SHS SER C 530909308   336,537 3,576 SH   DFND   3,576 0 0
LIBERTY MEDIA CORP DEL COM LBTY ONE S A 531229771   2,661,903 34,092 SH   DFND   34,092 0 0
LIBERTY MEDIA CORP DEL COM LBTY ONE S C 531229755   6,885,770 80,990 SH   DFND   80,990 0 0
LINDE PLC SHS G54950103   694,064 1,400 SH   DFND   1,400 0 0
LISTED FDS TR ROUNDHILL BALL 53656F417   2,469 155 SH   DFND   155 0 0
LIVE NATION ENTERTAINMENT IN COM 538034109   23,969,844 157,169 SH   DFND   157,169 0 0
LOCKHEED MARTIN CORP COM 539830109   306,426 507 SH   DFND   507 0 0
LOEWS CORP COM 540424108   689,540 6,460 SH   DFND   6,460 0 0
LOWES COS INC COM 548661107   252,347 1,068 SH   DFND   1,068 0 0
MADISON SQUARE GARDEN ENTMT COM CL A 558256103   2,104,913 35,731 SH   DFND   35,731 0 0
MADISON SQUARE GRDN SPRT COR CL A 55825T103   7,503,726 23,347 SH   DFND   23,347 0 0
MARATHON PETE CORP COM 56585A102   1,270,224 5,202 SH   DFND   5,202 0 0
MARKEL GROUP INC COM 570535104   4,022,426 2,102 SH   DFND   2,102 0 0
MARKETAXESS HLDGS INC COM 57060D108   346,788 2,102 SH   DFND   2,102 0 0
MARSH & MCLENNAN COS INC COM 571748102   26,250,011 151,341 SH   DFND   151,341 0 0
MASTERCARD INCORPORATED CL A 57636Q104   9,751,136 19,516 SH   DFND   19,516 0 0
MCDONALDS CORP COM 580135101   1,068,807 3,439 SH   DFND   3,439 0 0
MERCK & CO INC COM 58933Y105   3,414,189 28,383 SH   DFND   28,383 0 0
MESABI TR CTF BEN INT 590672101   98,940,608 3,140,972 SH   DFND   3,140,972 0 0
META PLATFORMS INC CL A 30303M102   324,916 568 SH   DFND   568 0 0
METALLA RTY & STREAMING LTD COM NEW 59124U605   2,680,489 404,297 SH   DFND   404,297 0 0
MFS HIGH INCOME MUN TR SH BEN INT 59318D104   79,858 21,525 SH   DFND   21,525 0 0
MIAMI INTL HLDGS INC COM 59356Q108   134,334,287 3,451,549 SH   DFND   3,451,549 0 0
MICROSOFT CORP COM 594918104   2,562,997 6,924 SH   DFND   6,924 0 0
MODINE MFG CO COM 607828100   299,060 1,380 SH   DFND   1,380 0 0
MONDELEZ INTL INC CL A 609207105   475,184 8,244 SH   DFND   8,244 0 0
MOVADO GROUP INC COM 624580106   293,040 12,000 SH   DFND   12,000 0 0
NASDAQ INC COM 631103108   6,002,273 70,706 SH   DFND   70,706 0 0
NATURAL RESOURCE PARTNERS LP COM UNIT LTD PAR 63900P608   7,002,391 57,871 SH   DFND   57,871 0 0
NETFLIX INC. COM 64110L106   231,722 2,410 SH   DFND   2,410 0 0
NEUBERGER MUN FD INC COM 64124P101   420,169 41,396 SH   DFND   41,396 0 0
NEWMONT CORP COM 651639106   695,073 6,421 SH   DFND   6,421 0 0
NEXTERA ENERGY INC COM 65339F101   265,637 2,860 SH   DFND   2,860 0 0
NORFOLK SOUTHN CORP COM 655844108   870,471 3,033 SH   DFND   3,033 0 0
NORTHROP GRUMMAN CORP COM 666807102   245,606 360 SH   DFND   360 0 0
NOVARTIS AG SPONSORED ADR 66987V109   1,678,875 10,991 SH   DFND   10,991 0 0
NOVO-NORDISK A S ADR 670100205   564,113 15,350 SH   DFND   15,350 0 0
NRG ENERGY INC COM NEW 629377508   209,711 1,435 SH   DFND   1,435 0 0
NUTRIEN LTD COM 67077M108   3,865,365 51,224 SH   DFND   51,224 0 0
NUVEEN AMT FREE QLTY MUN INC COM 670657105   3,327,516 296,306 SH   DFND   296,306 0 0
NUVEEN MUN CR INCOME FD COM SH BEN INT 67070X101   322,100 26,445 SH   DFND   26,445 0 0
NUVEEN AMT FREE MUN CR INC F COM 67071L106   150,130 12,176 SH   DFND   12,176 0 0
NUVEEN FLOATING RATE INCOME COM 67072T108   897,196 119,308 SH   DFND   119,308 0 0
NUVEEN MUN HIGH INCOME OPPOR COM 670682103   107,630 10,369 SH   DFND   10,369 0 0
NUVEEN MUN VALUE FD INC COM 670928100   103,835 11,550 SH   DFND   11,550 0 0
NUVEEN NY AMT FREE COM 670656107   1,413,605 138,453 SH   DFND   138,453 0 0
NUVEEN NY DIVI ADV COM 67066X107   277,668 24,903 SH   DFND   24,903 0 0
NUVEEN PFD & INCOME OPPORTUN COM 67073B106   123,852 16,426 SH   DFND   16,426 0 0
NUVEEN QUALITY MUNCP INCOME COM 67066V101   1,867,868 162,423 SH   DFND   162,423 0 0
NUVEEN SELECT MAT MUN FD SH BEN INT 67061T101   203,175 21,500 SH   DFND   21,500 0 0
NUVEEN TAXABLE MUNICPAL INM COM 67074C103   388,994 24,840 SH   DFND   24,840 0 0
NVIDIA CORPORATION COM 67066G104   1,222,544 7,010 SH   DFND   7,010 0 0
OCCIDENTAL PETE CORP COM 674599105   575,250 8,850 SH   DFND   8,850 0 0
OPENLANE INC COM 48238T109   2,079,648 71,343 SH   DFND   71,343 0 0
OR ROYALTIES INC. COM SHS 68390D106   66,692,548 1,754,144 SH   DFND   1,754,144 0 0
OSHKOSH CORP COM 688239201   17,045,371 115,789 SH   DFND   115,789 0 0
PACIFIC BIOSCIENCES CALIF IN COM 69404D108   13,927 10,551 SH   DFND   10,551 0 0
PATTERSON-UTI ENERGY INC COM 703481101   2,800,725 258,608 SH   DFND   258,608 0 0
PCM FD INC COM 69323T101   140,078 24,532 SH   DFND   24,532 0 0
PENSKE AUTOMOTIVE GRP INC COM 70959W103   21,307,615 142,507 SH   DFND   142,507 0 0
PEPSICO INC COM 713448108   285,734 1,840 SH   DFND   1,840 0 0
PERMIAN BASIN RTY TR UNIT BEN INT 714236106   137,290,964 6,379,692 SH   DFND   6,379,692 0 0
PFIZER INC COM 717081103   1,936,116 68,950 SH   DFND   68,950 0 0
PHILIP MORRIS INTL INC COM 718172109   3,262,820 19,734 SH   DFND   19,734 0 0
PIMCO DYNAMIC INCOME FD SHS 72201Y101   880,806 51,479 SH   DFND   51,479 0 0
PIMCO INCOME STRATEGY FD COM 72201H108   746,016 93,252 SH   DFND   93,252 0 0
PIMCO INCOME STRATEGY FD II COM 72201J104   1,319,177 191,463 SH   DFND   191,463 0 0
PIMCO MUN INCOME FD II COM 72200W106   113,929 15,050 SH   DFND   15,050 0 0
PIMCO NEW YORK MUN FD II COM 72200Y102   257,793 37,634 SH   DFND   37,634 0 0
PLAINS ALL AMERN PIPELINE L UNIT LTD PARTN 726503105   2,014,367 90,209 SH   DFND   90,209 0 0
POWER SOLUTIONS INTL INC COM NEW 73933G202   304,400 5,000 SH   DFND   5,000 0 0
PROSHARES TR II SHT VIX ST TRM 74347W130   1,098,559 23,986 SH   DFND   23,986 0 0
PROSHARES TR ULTRAPRO QQQ 74347X831   502,161 12,048 SH   DFND   12,048 0 0
PROSHARES TR ULTRAPRO SHORT 74350P675   497,428 6,180 SH   DFND   6,180 0 0
PROSHARES TR II VIX SHT TERM FUT 74347Y730   244,000 6,100 SH Call DFND   6,100 0 0
PURE CYCLE CORP COM NEW 746228303   508,342 50,531 SH   DFND   50,531 0 0
QUALCOMM INC COM 747525103   709,835 5,512 SH   DFND   5,512 0 0
QUEST DIAGNOSTICS INC COM 74834L100   568,342 2,900 SH   DFND   2,900 0 0
RAYONIER ADVANCED MATLS INC COM 75508B104   758,295 68,500 SH   DFND   68,500 0 0
RAYONIER INC COM 754907103   629,659 30,536 SH   DFND   30,536 0 0
RB GLOBAL INC COM 74935Q107   17,898,187 186,731 SH   DFND   186,731 0 0
REGENERON PHARMACEUTICALS COM 75886F107   521,532 675 SH   DFND   675 0 0
RENN FD INC COM 759720105   2,991,570 912,064 SH   DFND   912,064 0 0
REPLIMUNE GROUP INC COM 76029N106   100,888 13,188 SH   DFND   13,188 0 0
RESIDEO TECHNOLOGIES INC COM 76118Y104   1,715,704 50,896 SH   DFND   50,896 0 0
RIO TINTO PLC SPONSORED ADR 767204100   1,520,254 16,296 SH   DFND   16,296 0 0
ROCKWELL AUTOMATION INC COM 773903109   1,397,838 3,895 SH   DFND   3,895 0 0
ROYAL CARIBBEAN GROUP COM V7780T103   14,226,293 51,698 SH   DFND   51,698 0 0
ROYAL GOLD INC COM 780287108   11,997,075 47,142 SH   DFND   47,142 0 0
ROYALTY PHARMA PLC SHS CLASS A G7709Q104   16,347,364 340,783 SH   DFND   340,783 0 0
ROYCE MICRO-CAP TR INC COM 780915104   1,502,058 132,808 SH   DFND   132,808 0 0
RTX CORPORATION COM 75513E101   2,294,546 11,895 SH   DFND   11,895 0 0
S&P GLOBAL INC COM 78409V104   1,595,055 3,750 SH   DFND   3,750 0 0
SABINE RTY TR UNIT BEN INT 785688102   8,374,027 111,150 SH   DFND   111,150 0 0
SAN JUAN BASIN RTY TR UNIT BEN INT 798241105   33,568,225 6,978,841 SH   DFND   6,978,841 0 0
SCIENCE APPLICATIONS INTL CO COM 808625107   4,801,149 50,581 SH   DFND   50,581 0 0
SEALED AIR CORP NEW COM 81211K100   1,398,163 33,250 SH   DFND   33,250 0 0
SEAPORT ENTMT GROUP INC COMMON STOCK 812215200   1,126,411 52,440 SH   DFND   52,440 0 0
SIRIUSXM HOLDINGS INC COMMON STOCK 829933100   595,649 25,808 SH   DFND   25,808 0 0
SLB LIMITED COM STK 806857108   401,818 7,819 SH   DFND   7,819 0 0
SONOCO PRODS CO COM 835495102   1,689,231 31,230 SH   DFND   31,230 0 0
SPDR GOLD TR GOLD SHS 78463V107   1,662,210 3,863 SH   DFND   3,863 0 0
SPDR SERIES TRUST STATE STREET SPD 78468R549   671,806 5,775 SH   DFND   5,775 0 0
SPDR SERIES TRUST STATE STREET SPD 78468R663   22,910 250 SH   DFND   250 0 0
SPHERE ENTERTAINMENT CO CL A 55826T102   5,429,985 46,252 SH   DFND   46,252 0 0
SPROTT INC COM NEW 852066208   29,579,833 206,997 SH   DFND   206,997 0 0
SPROTT ASSET MANAGEMENT LP PHYSICAL GOLD TR 85207H104   576,325 16,262 SH   DFND   16,262 0 0
STAR BULK CARRIERS CORP. SHS PAR Y8162K204   1,189,148 51,770 SH   DFND   51,770 0 0
STATE STR SPDR S&P 500 ETF T TR UNIT 78462F103   809,023 1,244 SH   DFND   1,244 0 0
STRATEGY INC CL A NEW 594972408   17,378,774 139,253 SH   DFND   139,253 0 0
SUNCOR ENERGY INC NEW COM 867224107   3,717,828 56,237 SH   DFND   56,237 0 0
TEJON RANCH CO COM 879080109   35,845,097 1,902,606 SH   DFND   1,902,606 0 0
TETRA TECHNOLOGIES INC DEL COM 88162F105   139,046 16,320 SH   DFND   16,320 0 0
TEXAS PACIFIC LAND CORPORATI COM 88262P102   4,752,898,409 10,015,379 SH   DFND   10,015,379 0 0
ST JOE CO COM 790148100   34,075,817 542,609 SH   DFND   542,609 0 0
THERMO FISHER SCIENTIFIC INC COM 883556102   215,290 438 SH   DFND   438 0 0
TORONTO DOMINION BK ONT COM NEW 891160509   2,099,475 22,500 SH   DFND   22,500 0 0
TRADEWEB MKTS INC CL A 892672106   621,598 5,283 SH   DFND   5,283 0 0
TRI POINTE HOMES INC COM 87265H109   4,017,191 85,966 SH   DFND   85,966 0 0
TRIPLE FLAG PRECIOUS METAL COM 89679M104   14,350,158 413,430 SH   DFND   413,430 0 0
UNITED RENTALS INC COM 911363109   550,791 756 SH   DFND   756 0 0
UNITEDHEALTH GROUP INC COM 91324P102   458,650 1,695 SH   DFND   1,695 0 0
VALMONT INDS INC COM 920253101   479,884 1,201 SH   DFND   1,201 0 0
VANDA PHARMACEUTICALS INC COM 921659108   164,016 23,736 SH   DFND   23,736 0 0
VANECK ETF TRUST HIGH YLD MUNIETF 92189H409   14,841 296 SH   DFND   296 0 0
VANECK ETF TRUST JUNIOR GOLD MINE 92189F791   666,942 5,556 SH   DFND   5,556 0 0
VANECK ETF TRUST PREFERRED SECURT 92189F429   60,583 3,454 SH   DFND   3,454 0 0
VANECK ETF TRUST GOLD MINERS ETF 92189F106   459,859 5,011 SH   DFND   5,011 0 0
VANECK ETF TRUST OIL SERVICES ETF 92189H607   975,064 2,412 SH   DFND   2,412 0 0
VANGUARD BD INDEX FDS SHORT TRM BOND 921937827   392,128 5,001 SH   DFND   5,001 0 0
VANGUARD BD INDEX FDS VANGUARD ULTRA 92203C303   16,879,803 339,054 SH   DFND   339,054 0 0
VANGUARD INDEX FDS EXTEND MKT ETF 922908652   1,244,323 6,046 SH   DFND   6,046 0 0
VANGUARD INDEX FDS S&P 500 ETF SHS 922908363   1,759,187 2,944 SH   DFND   2,944 0 0
VANGUARD INDEX FDS SM CP VAL ETF 922908611   29,329 135 SH   DFND   135 0 0
VANGUARD INDEX FDS SMALL CP ETF 922908751   57,360 219 SH   DFND   219 0 0
VANGUARD INDEX FDS TOTAL STK MKT 922908769   295,787 922 SH   DFND   922 0 0
VANGUARD SCOTTSDALE FDS SHORT TERM TREAS 92206C102   5,780,708 98,748 SH   DFND   98,748 0 0
VERISK ANALYTICS INC COM 92345Y106   1,328,250 7,000 SH   DFND   7,000 0 0
VERIZON COMMUNICATIONS INC COM 92343V104   377,052 7,511 SH   DFND   7,511 0 0
VERTIV HOLDINGS CO COM CL A 92537N108   2,762,645 11,025 SH   DFND   11,025 0 0
VIPER ENERGY INC CL A 64361Q101   78,127,514 1,662,641 SH   DFND   1,662,641 0 0
VISA INC COM CL A 92826C839   1,410,252 4,666 SH   DFND   4,666 0 0
WP CAREY INC COM 92936U109   1,495,120 22,000 SH   DFND   22,000 0 0
WATERBRIDGE INFRASTRUCTURE L CL A SHS REPSTG 940923105   196,696,106 7,342,147 SH   DFND   7,342,147 0 0
WENDYS CO COM 95058W100   1,870,780 269,177 SH   DFND   269,177 0 0
WESTERN MIDSTREAM PARTNERS L COM UNIT LP INT 958669103   6,988,360 169,744 SH   DFND   169,744 0 0
WEYERHAEUSER CO COM NEW 962166104   252,973 10,355 SH   DFND   10,355 0 0
WHEATON PRECIOUS METALS CORP COM 962879102   230,776,606 1,761,519 SH   DFND   1,761,519 0 0
WHITE MTNS INS GROUP LTD COM G9618E107   28,806,544 13,112 SH   DFND   13,112 0 0
WILLIAMS COS INC COM 969457100   10,065,553 138,301 SH   DFND   138,301 0 0
WISDOMTREE INC COM 97717P104   2,446,901 168,056 SH   DFND   168,056 0 0