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
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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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
Apple Inc. COM 037833100   1,610,706 8,366 SH   SOLE 0 8,366 0 0
AbbVie Inc COM 00287Y109   31,149 201 SH   SOLE 0 201 0 0
Abbott Laboratories COM 002824100   18,869,574 171,432 SH   SOLE 0 162,137 0 9,295
Archer-Daniels-Midland COM 039483102   41,960 581 SH   SOLE 0 581 0 0
Automatic Data Processin COM 053015103   20,284,039 87,067 SH   SOLE 0 82,241 0 4,826
Agnico Eagle Mines Ltd COM 008474108   81,727 1,490 SH   SOLE 0 1,490 0 0
American Electric Power COM 025537101   487 6 SH   SOLE 0 6 0 0
Amazon.com Inc. COM 023135106   23,784,080 156,536 SH   SOLE 0 147,813 0 8,723
ASML Holding NV COM N07059210   59,040 78 SH   SOLE 0 78 0 0
Brookfield Asset Managem COM 113004105   15,987,115 397,986 SH   SOLE 0 376,440 0 21,546
Brookfield Corp. CL A LTD VT S 11271J107   18,208,723 453,856 SH   SOLE 0 426,990 0 26,866
Berkshire Hathaway A CL A 084670108   11,937,751 22 SH   SOLE 0 21 0 1
Berkshire Hathaway B CL B 084670702   4,317,369 12,105 SH   SOLE 0 11,484 0 621
Boston Scientific Corp. COM 101137107   17,979 311 SH   SOLE 0 311 0 0
Caterpillar Inc. COM 149123101   56,769 192 SH   SOLE 0 192 0 0
Crown Castle Intl Corp. COM 22822V101   7,142 62 SH   SOLE 0 62 0 0
Clorox Co. COM 189054109   10,709,935 75,110 SH   SOLE 0 75,110 0 0
CME Group Inc. COM CL A 12572Q105   19,601,226 93,073 SH   SOLE 0 87,145 0 5,928
Capital One Financial Co COM 14040H105   42,745 326 SH   SOLE 0 326 0 0
ConocoPhillips COM 20825C104   116,070 1,000 SH   SOLE 0 1,000 0 0
Cardiff Oncology Inc COM 14147L108   5,920 4,000 SH   SOLE 0 0 0 4,000
Chevron Corp. COM 166764100   559,052 3,748 SH   SOLE 0 3,748 0 0
Danaher Corp. COM 235851102   31,000 134 SH   SOLE 0 134 0 0
Walt Disney Co. COM 254687106   90,380 1,001 SH   SOLE 0 1,001 0 0
Devon Energy Corp. COM 25179M103   6,840 151 SH   SOLE 0 151 0 0
iShares MSCI Denmark ETF ETF 46429B523   22,430 200 SH   SOLE 0 200 0 0
Enbridge Inc. COM 29250N105   16,700,331 463,641 SH   SOLE 0 435,683 0 27,958
Invesco Russell 1000 Equ ETF 46138E420   15,259 346 SH   SOLE 0 346 0 0
iShares MSCI Europe Fina ETF 464289180   88,724 4,233 SH   SOLE 0 4,233 0 0
Freeport-McMoran Inc. COM 35671D857   26,436 621 SH   SOLE 0 621 0 0
Fresenius Medical Care A SPONSORED ADR 358029106   11,207 538 SH   SOLE 0 538 0 0
Franco-Nevada Corp. COM 351858105   15,635,792 141,105 SH   SOLE 0 133,259 0 7,846
General Dynamics Corp. COM 369550108   498,047 1,918 SH   SOLE 0 1,918 0 0
Greystone Housing Impact BEN UNIT CTF 02364V206   1,940,622 115,582 SH   SOLE 0 0 0 115,582
Alphabet Inc. - Cl A CL A 02079K305   26,310,964 188,353 SH   SOLE 0 177,445 0 10,908
GlaxoSmithKline Plc ADR 37733W204   14,824 400 SH   SOLE 0 400 0 0
Home Depot Inc. COM 437076102   51,983 150 SH   SOLE 0 150 0 0
Haleon PLC ADR 405552100   4,115 500 SH   SOLE 0 500 0 0
Hershey Foods Corp. COM 427866108   666,523 3,575 SH   SOLE 0 3,575 0 0
iShares Russell Mid-Cap ETF 464287481   21,101 202 SH   SOLE 0 202 0 0
Johnson & Johnson COM 478160104   16,948,784 108,133 SH   SOLE 0 101,925 0 6,208
JP Morgan Chase & Co. COM 46625H100   430,183 2,529 SH   SOLE 0 2,529 0 0
Coca-Cola Co. COM 191216100   992,853 16,848 SH   SOLE 0 16,848 0 0
Eli Lilly & Co. COM 532457108   175,459 301 SH   SOLE 0 301 0 0
Mastercard Inc. CL A 57636Q104   18,855,724 44,209 SH   SOLE 0 41,492 0 2,717
McDonalds Corp. COM 580135101   22,535 76 SH   SOLE 0 76 0 0
Mondelez Intl Inc Cl A CL A 609207105   83,295 1,150 SH   SOLE 0 1,150 0 0
Medtronic Inc. SHS G5960L103   57,254 695 SH   SOLE 0 695 0 0
MetLife Inc. COM 59156R108   35,049 530 SH   SOLE 0 530 0 0
Meta Platforms, Inc. CL A 30303M102   155,742 440 SH   SOLE 0 440 0 0
MFA Financial Inc. COM 55272X607   366,286 32,501 SH   SOLE 0 0 0 32,501
Merck & Co Inc. COM 58933Y105   125,264 1,149 SH   SOLE 0 0 0 1,149
Morgan Stanley COM 617446448   51,847 556 SH   SOLE 0 556 0 0
Microsoft Corp. COM 594918104   965,823 2,568 SH   SOLE 0 2,368 0 200
Micron Technology Inc. COM 595112103   284,609 3,335 SH   SOLE 0 3,335 0 0
Netflix Inc. COM 64110L106   62,321 128 SH   SOLE 0 128 0 0
New Gold Inc. COM 644535106   33,084 22,660 SH   SOLE 0 660 0 22,000
Nike Inc. - CL B Class B COM 654106103   24,320 224 SH   SOLE 0 224 0 0
ONEOK Inc. COM 682680103   84,264 1,200 SH   SOLE 0 1,200 0 0
Oracle Corp. COM 68389X105   171,956 1,631 SH   SOLE 0 1,631 0 0
Occidental Petroleum Cor COM 674599105   21,376 358 SH   SOLE 0 358 0 0
Paramount Global Class B COM 92556H206   6,389 432 SH   SOLE 0 432 0 0
Pepsico Inc. COM 713448108   478,779 2,819 SH   SOLE 0 2,819 0 0
Pfizer Inc. COM 717081103   13,850,363 481,082 SH   SOLE 0 453,541 0 27,541
The Procter & Gamble Co. COM 742718109   658,258 4,492 SH   SOLE 0 4,492 0 0
Palantir Technologies In COM 69608A108   26,136,775 1,522,235 SH   SOLE 0 1,426,250 0 95,985
Phillips 66 COM 718546104   942,631 7,080 SH   SOLE 0 7,080 0 0
Invesco QQQ UNIT SER 1 46090E103   265,369 648 SH   SOLE 0 648 0 0
Royal Gold Inc. COM 780287108   19,267,294 159,286 SH   SOLE 0 149,976 0 9,310
Reliance Steel & Aluminu COM 759509102   27,968 100 SH   SOLE 0 100 0 0
Invesco S&P 500 Equal We ETF 46137V357   366,569 2,323 SH   SOLE 0 2,323 0 0
Starbucks Corp. COM 855244109   23,426 244 SH   SOLE 0 244 0 0
Charles Schwab Corp. COM 808513105   22,360 325 SH   SOLE 0 325 0 0
Sealed Air Corp. COM 81211K100   7,304 200 SH   SOLE 0 200 0 0
Shell PLC ADR 780259305   36,256 551 SH   SOLE 0 551 0 0
iShares 1-3 Year Treasur ETF 464287457   28,774,252 350,734 SH   SOLE 0 330,752 0 19,982
SPDR S&P 500 TR UNIT 78462F103   523,852 1,102 SH   SOLE 0 1,102 0 0
Stryker Corp. COM 863667101   15,272 51 SH   SOLE 0 51 0 0
AT&T Inc. COM 00206R102   4,262 254 SH   SOLE 0 254 0 0
iShares TIPS Bond ETF 464287176   490,584 4,564 SH   SOLE 0 4,564 0 0
Thermo Fisher Scientific COM 883556102   44,586 84 SH   SOLE 0 84 0 0
Tesla Inc. COM 88160R101   275,813 1,110 SH   SOLE 0 1,110 0 0
Taiwan Semiconductor Co. ADR 874039100   36,712 353 SH   SOLE 0 353 0 0
Tyson Foods Inc. CL A 902494103   18,813 350 SH   SOLE 0 350 0 0
TotalEnergies SE ADR 89151E109   48,311 717 SH   SOLE 0 717 0 0
Union Pacific Corp. COM 907818108   61,197 249 SH   SOLE 0 249 0 0
US Bancorp. COM 902973304   2,463,584 56,922 SH   SOLE 0 56,922 0 0
Visa Inc. COM CL A 92826C839   18,658,166 71,666 SH   SOLE 0 67,305 0 4,361
Veralto Corp COM 92338C103   3,619 44 SH   SOLE 0 44 0 0
Verizon Communications I COM 92343V104   9,538 253 SH   SOLE 0 253 0 0
Warner Bros Discovery In COM 934423104   694 61 SH   SOLE 0 61 0 0
Wells Fargo Co. COM 949746101   16,784 341 SH   SOLE 0 341 0 0
Williams Cos. Inc. COM 969457100   30,755 883 SH   SOLE 0 883 0 0
Walmart Inc. COM 931142103   58,488 371 SH   SOLE 0 371 0 0
WR Berkley Corp. COM 084423102   20,420,330 288,749 SH   SOLE 0 272,126 0 16,623
SPDR Energy Select Secto ETF 81369Y506   30,182 360 SH   SOLE 0 360 0 0
Exxon Mobil Corp. COM 30231G102   19,096 191 SH   SOLE 0 191 0 0
Xylem Inc. COM 98419M100   22,872 200 SH   SOLE 0 200 0 0