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
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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   1,371,497 7,998 SH   SOLE 0 7,998 0 0
Abbott Laboratories COM 002824100   19,544,915 171,959 SH   SOLE 0 163,259 0 8,700
Archer-Daniels-Midland COM 039483102   36,493 581 SH   SOLE 0 581 0 0
Automatic Data Processin COM 053015103   21,743,406 87,064 SH   SOLE 0 82,525 0 4,539
Agnico Eagle Mines Ltd COM 008474108   88,879 1,490 SH   SOLE 0 1,490 0 0
American Electric Power COM 025537101   517 6 SH   SOLE 0 6 0 0
Amazon.com Inc. COM 023135106   27,532,842 152,638 SH   SOLE 0 145,000 0 7,638
ASML Holding NV COM N07059210   75,697 78 SH   SOLE 0 78 0 0
Brookfield Asset Managem COM 113004105   17,957,602 427,358 SH   SOLE 0 404,358 0 23,000
Brookfield Corp. CL A LTD VT S 11271J107   19,141,059 457,154 SH   SOLE 0 431,951 0 25,203
Berkshire Hathaway A CL A 084670108   11,419,920 18 SH   SOLE 0 18 0 0
Berkshire Hathaway B CL B 084670702   4,486,948 10,670 SH   SOLE 0 8,785 0 1,885
Caterpillar Inc. COM 149123101   70,355 192 SH   SOLE 0 192 0 0
Crown Castle Intl Corp. COM 22822V101   6,561 62 SH   SOLE 0 62 0 0
Clorox Co. COM 189054109   11,500,092 75,110 SH   SOLE 0 75,110 0 0
CME Group Inc. COM CL A 12572Q105   20,014,273 92,964 SH   SOLE 0 87,375 0 5,589
ConocoPhillips COM 20825C104   127,280 1,000 SH   SOLE 0 1,000 0 0
Cardiff Oncology Inc COM 14147L108   21,360 4,000 SH   SOLE 0 0 0 4,000
Chevron Corp. COM 166764100   591,210 3,748 SH   SOLE 0 3,748 0 0
Walt Disney Co. COM 254687106   70,969 580 SH   SOLE 0 580 0 0
Devon Energy Corp. COM 25179M103   7,577 151 SH   SOLE 0 151 0 0
iShares Select Dividend ETF 464287168   5,789 47 SH   SOLE 0 47 0 0
Editas Medicine Inc. COM 28106W103   1,113 150 SH   SOLE 0 150 0 0
Enbridge Inc. COM 29250N105   17,666,496 488,295 SH   SOLE 0 460,295 0 28,000
Invesco Russell 1000 Equ ETF 46138E420   15,982 346 SH   SOLE 0 346 0 0
iShares MSCI Europe Fina ETF 464289180   96,258 4,233 SH   SOLE 0 4,233 0 0
Freeport-McMoran Inc. COM 35671D857   29,199 621 SH   SOLE 0 621 0 0
Fresenius Medical Care A SPONSORED ADR 358029106   10,373 538 SH   SOLE 0 538 0 0
Franco-Nevada Corp. COM 351858105   17,878,709 150,040 SH   SOLE 0 141,689 0 8,351
General Dynamics Corp. COM 369550108   541,816 1,918 SH   SOLE 0 1,918 0 0
Greystone Housing Impact BEN UNIT CTF 02364V206   1,890,585 116,058 SH   SOLE 0 0 0 116,058
Alphabet Inc. - Cl A CL A 02079K305   28,015,705 185,621 SH   SOLE 0 175,314 0 10,307
GlaxoSmithKline Plc ADR 37733W204   17,148 400 SH   SOLE 0 400 0 0
Home Depot Inc. COM 437076102   57,540 150 SH   SOLE 0 150 0 0
Haleon PLC ADR 405552100   4,245 500 SH   SOLE 0 500 0 0
Hershey Foods Corp. COM 427866108   625,707 3,217 SH   SOLE 0 3,217 0 0
Johnson & Johnson COM 478160104   17,689,615 111,825 SH   SOLE 0 105,806 0 6,019
JP Morgan Chase & Co. COM 46625H100   506,559 2,529 SH   SOLE 0 2,529 0 0
Coca-Cola Co. COM 191216100   1,030,761 16,848 SH   SOLE 0 16,848 0 0
Eli Lilly & Co. COM 532457108   234,166 301 SH   SOLE 0 301 0 0
Mastercard Inc. CL A 57636Q104   21,271,590 44,171 SH   SOLE 0 41,639 0 2,532
Mondelez Intl Inc Cl A CL A 609207105   80,500 1,150 SH   SOLE 0 1,150 0 0
Medtronic Inc. SHS G5960L103   60,569 695 SH   SOLE 0 695 0 0
MetLife Inc. COM 59156R108   39,278 530 SH   SOLE 0 530 0 0
Meta Platforms, Inc. CL A 30303M102   213,655 440 SH   SOLE 0 440 0 0
MFA Financial Inc. COM 55272X607   370,836 32,501 SH   SOLE 0 0 0 32,501
Merck & Co Inc. COM 58933Y105   152,587 1,156 SH   SOLE 0 0 0 1,156
Morgan Stanley COM 617446448   52,353 556 SH   SOLE 0 556 0 0
Microsoft Corp. COM 594918104   1,080,728 2,569 SH   SOLE 0 2,368 0 201
Micron Technology Inc. COM 595112103   393,163 3,335 SH   SOLE 0 3,335 0 0
Netflix Inc. COM 64110L106   77,738 128 SH   SOLE 0 128 0 0
New Gold Inc. COM 644535106   38,522 22,660 SH   SOLE 0 660 0 22,000
ONEOK Inc. COM 682680103   96,204 1,200 SH   SOLE 0 1,200 0 0
Oracle Corp. COM 68389X105   204,870 1,631 SH   SOLE 0 1,631 0 0
Occidental Petroleum Cor COM 674599105   23,266 358 SH   SOLE 0 358 0 0
Paramount Global Class B COM 92556H206   5,085 432 SH   SOLE 0 432 0 0
Pepsico Inc. COM 713448108   493,353 2,819 SH   SOLE 0 2,819 0 0
Pfizer Inc. COM 717081103   15,589,324 561,777 SH   SOLE 0 527,788 0 33,989
The Procter & Gamble Co. COM 742718109   728,827 4,492 SH   SOLE 0 4,492 0 0
Palantir Technologies In COM 69608A108   28,139,849 1,222,940 SH   SOLE 0 1,155,966 0 66,974
Phillips 66 COM 718546104   1,156,447 7,080 SH   SOLE 0 7,080 0 0
Invesco QQQ UNIT SER 1 46090E103   287,718 648 SH   SOLE 0 648 0 0
Royal Gold Inc. COM 780287108   19,741,807 162,070 SH   SOLE 0 153,093 0 8,977
Invesco S&P 500 Equal We ETF 46137V357   430,369 2,541 SH   SOLE 0 2,541 0 0
Sealed Air Corp. COM 81211K100   7,440 200 SH   SOLE 0 200 0 0
iShares 1-3 Year Treasur ETF 464287457   29,477,717 360,451 SH   SOLE 0 341,409 0 19,042
Sirius XM Radio Inc. COM 82968B103   155 40 SH   SOLE 0 40 0 0
SPDR S&P 500 TR UNIT 78462F103   577,823 1,105 SH   SOLE 0 1,105 0 0
Stryker Corp. COM 863667101   18,251 51 SH   SOLE 0 51 0 0
AT&T Inc. COM 00206R102   4,470 254 SH   SOLE 0 254 0 0
Tesla Inc. COM 88160R101   195,127 1,110 SH   SOLE 0 1,110 0 0
Taiwan Semiconductor Co. ADR 874039100   48,026 353 SH   SOLE 0 353 0 0
Tyson Foods Inc. CL A 902494103   20,556 350 SH   SOLE 0 350 0 0
TotalEnergies SE ADR 89151E109   49,351 717 SH   SOLE 0 717 0 0
Union Pacific Corp. COM 907818108   61,274 249 SH   SOLE 0 249 0 0
US Bancorp. COM 902973304   2,544,413 56,922 SH   SOLE 0 56,922 0 0
Visa Inc. COM CL A 92826C839   20,028,372 71,766 SH   SOLE 0 67,689 0 4,077
Verizon Communications I COM 92343V104   10,616 253 SH   SOLE 0 253 0 0
Warner Bros Discovery In COM 934423104   533 61 SH   SOLE 0 61 0 0
Wells Fargo Co. COM 949746101   19,764 341 SH   SOLE 0 341 0 0
Williams Cos. Inc. COM 969457100   34,411 883 SH   SOLE 0 883 0 0
Walmart Inc. COM 931142103   66,969 1,113 SH   SOLE 0 1,113 0 0
WR Berkley Corp. COM 084423102   25,211,503 285,069 SH   SOLE 0 269,326 0 15,743
SPDR Energy Select Secto ETF 81369Y506   33,988 360 SH   SOLE 0 360 0 0
Exxon Mobil Corp. COM 30231G102   22,202 191 SH   SOLE 0 191 0 0