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
Alibaba Group ADR SPONSORED ADS 01609W102   862,372 10,985 SH   SOLE   7,985 0 3,000
Alphabet Inc. Class A CAP STK CL A 02079K305   27,938 200 SH   OTR   200 0 0
Alphabet Inc. Class A CAP STK CL A 02079K305   6,028,322 43,155 SH   SOLE   39,560 0 3,595
Alphabet Inc. Class C CAP STK CL C 02079K107   28,186 200 SH   OTR   200 0 0
Alphabet Inc. Class C CAP STK CL C 02079K107   1,050,633 7,455 SH   SOLE   5,775 0 1,680
American Express Co. COM 025816109   74,936 400 SH   OTR   400 0 0
American Express Co. COM 025816109   4,621,303 24,668 SH   SOLE   22,768 0 1,900
Apple Inc. COM 037833100   1,456,489 7,565 SH   SOLE   7,565 0 0
Arch Capital Group Ltd ORD G0450A105   12,997 175 SH   OTR   175 0 0
Arch Capital Group Ltd ORD G0450A105   3,652,450 49,178 SH   SOLE   45,061 0 4,117
Bank of America COM 060505104   104,377 3,100 SH   SOLE   3,100 0 0
Baxter International COM 071813109   933,000 23,953 SH   SOLE   23,503 0 450
Berkshire Hathaway Class B CL B NEW 084670702   1,909,201 5,353 SH   SOLE   4,853 0 500
Blackstone Group Inc COM 09260D107   104,736 800 SH   OTR   800 0 0
Blackstone Group Inc COM 09260D107   12,092,557 92,366 SH   SOLE   88,041 0 4,325
Blackstone Mortgage Trust COM CL A 09257W100   1,521,048 69,486 SH   SOLE   66,871 0 2,615
Boeing COM 097023105   2,762,735 10,599 SH   SOLE   10,599 0 0
Bristol-Myers Squibb COM 110122108   10,262 200 SH   OTR   200 0 0
Bristol-Myers Squibb COM 110122108   960,882 18,727 SH   SOLE   15,002 0 3,725
Brookfield Asset Management Ltd. CL A LMT VTG SHS 113004105   13,899 346 SH   OTR   346 0 0
Brookfield Asset Management Ltd. CL A LMT VTG SHS 113004105   1,718,553 42,782 SH   SOLE   40,173 0 2,609
Brookfield Corp F Class A CL A LTD VT SH 11271J107   55,646 1,387 SH   OTR   1,387 0 0
Brookfield Corp F Class A CL A LTD VT SH 11271J107   6,711,434 167,284 SH   SOLE   155,035 0 12,249
Brookfield Renewable LP PARTNERSHIP UNIT G16258108   631,035 24,012 SH   SOLE   23,112 0 900
Brookfield Renewable CF Class A CL A SUB VTG 11284V105   172,337 5,986 SH   SOLE   5,761 0 225
BWX Technologies Inc COM 05605H100   191,825 2,500 SH   SOLE   1,000 0 1,500
Cambria Tail Risk ETF TAIL RISK 132061862   122,976 9,600 SH   SOLE   9,600 0 0
Canadian National Railway Co. COM 136375102   2,003,799 15,950 SH   SOLE   15,950 0 0
Chevron Corp. COM 166764100   1,360,041 9,118 SH   SOLE   7,514 0 1,604
Cisco Systems, Inc. COM 17275R102   1,620,985 32,086 SH   SOLE   32,086 0 0
Civeo Corp COM NEW 17878Y207   182,800 8,000 SH   SOLE   0 0 8,000
CloudFlare, Inc. CL A COM 18915M107   79,097 950 SH   SOLE   950 0 0
Coca-Cola Company COM 191216100   331,481 5,625 SH   SOLE   5,625 0 0
Colgate-Palmolive Co COM 194162103   714,202 8,960 SH   SOLE   2,260 0 6,700
Comcast Corporation CL A 20030N101   789,300 18,000 SH   SOLE   18,000 0 0
Commercial Metals Co COM 201723103   145,116 2,900 SH   SOLE   2,900 0 0
Consolidated Edison COM 209115104   18,194 200 SH   OTR   200 0 0
Consolidated Edison COM 209115104   706,564 7,767 SH   SOLE   7,367 0 400
Costco Wholesale Co COM 22160K105   108,013 160 SH   SOLE   160 0 0
Coupang, Inc. CL A 22266T109   1,352,610 83,546 SH   SOLE   62,447 0 21,099
Crane Company COMMON STOCK 224408104   149,447 1,265 SH   SOLE   265 0 1,000
Deere & Co COM 244199105   730,987 1,821 SH   SOLE   1,571 0 250
Devon Energy Corp COM 25179M103   137,033 3,025 SH   SOLE   2,925 0 100
Dominion Resources, Inc COM 25746U109   305,500 6,500 SH   SOLE   6,500 0 0
Duke Energy Corp COM NEW 26441C204   843,278 8,690 SH   SOLE   8,690 0 0
Edison International COM 281020107   578,160 8,000 SH   SOLE   8,000 0 0
Eli Lilly & Company COM 532457108   588,749 1,010 SH   SOLE   1,005 0 5
Enbridge Inc COM 29250N105   460,912 12,796 SH   SOLE   12,000 0 796
Enovix Corporation COM 293594107   5,634 450 SH   OTR   450 0 0
Enovix Corporation COM 293594107   569,172 45,461 SH   SOLE   45,041 0 420
Enterprise Products Partners L.P. COM 293792107   384,051 14,575 SH   SOLE   14,425 0 150
ESAB Corp COM 29605J106   69,344 800 SH   SOLE   0 0 800
ExxonMobil Corp COM 30231G102   821,936 8,221 SH   SOLE   4,891 0 3,330
Franco-Nevada Corp COM 351858105   30,473 275 SH   OTR   275 0 0
Franco-Nevada Corp COM 351858105   954,074 8,610 SH   SOLE   7,462 0 1,148
Generac Holdings Inc COM 368736104   94,345 730 SH   SOLE   730 0 0
General Mills Inc COM 370334104   144,219 2,214 SH   SOLE   2,214 0 0
Grab Holdings Ltd. CLASS A ORD G4124C109   392,305 116,411 SH   SOLE   83,559 0 32,852
Guardant Health, Inc. COM 40131M109   18,935 700 SH   OTR   700 0 0
Guardant Health, Inc. COM 40131M109   1,643,504 60,758 SH   SOLE   58,663 0 2,095
Home Depot COM 437076102   242,585 700 SH   OTR   700 0 0
Home Depot COM 437076102   9,790,731 28,252 SH   SOLE   24,852 0 3,400
Honeywell International Inc. COM 438516106   337,843 1,611 SH   SOLE   1,611 0 0
Horizon Kinetics Blockchain Development ETF HORZN KINTCS BL 53656G209   49,103 2,000 SH   SOLE   2,000 0 0
Hubspot Inc COM 443573100   98,692 170 SH   SOLE   170 0 0
Intuitive Surgical COM NEW 46120E602   126,510 375 SH   SOLE   375 0 0
Johnson & Johnson COM 478160104   31,348 200 SH   OTR   200 0 0
Johnson & Johnson COM 478160104   2,722,731 17,371 SH   SOLE   16,921 0 450
JPMorgan Chase & Co COM 46625H100   8,200,351 48,209 SH   SOLE   48,209 0 0
Kimberly-Clark Corp COM 494368103   123,303 1,005 SH   SOLE   1,005 0 0
Markel Group Inc. COM 570535104   35,498 25 SH   OTR   25 0 0
Markel Group Inc. COM 570535104   2,365,553 1,666 SH   SOLE   1,308 0 358
Marriott Vacations COM 57164Y107   710,619 8,295 SH   SOLE   8,295 0 0
Martin Marietta Matr COM 573284106   523,856 1,050 SH   SOLE   1,050 0 0
MDU Resources Group, Inc. COM 552690109   6,974 350 SH   OTR   350 0 0
MDU Resources Group, Inc. COM 552690109   115,303 5,765 SH   SOLE   5,275 0 490
Mercadolibre Inc COM 58733R102   15,715 10 SH   OTR   10 0 0
Mercadolibre Inc COM 58733R102   1,672,119 1,064 SH   SOLE   884 0 180
Merck & Co. Inc. COM 58933Y105   109,790 1,000 SH   OTR   1,000 0 0
Merck & Co. Inc. COM 58933Y105   9,670,303 88,080 SH   SOLE   82,702 0 5,378
Microsoft Corporation COM 594918104   319,634 850 SH   OTR   850 0 0
Microsoft Corporation COM 594918104   19,548,815 51,986 SH   SOLE   48,274 0 3,712
NextEra Energy, Inc. COM 65339F101   242,960 4,000 SH   SOLE   4,000 0 0
Nu Holdings Ltd. ORD SHS CL A G6683N103   525,623 63,100 SH   SOLE   40,900 0 22,200
Oaktree Specialty Lending Corporation COM 67401P405   303,237 14,850 SH   SOLE   14,850 0 0
Obsidian Energy Ltd. COM 674482203   329,454 48,592 SH   SOLE   18,592 0 30,000
OGE Energy Corp. COM 670837103   1,170,155 33,500 SH   SOLE   33,000 0 500
Paypal Holdings Inc COM 70450Y103   253,316 4,125 SH   SOLE   3,575 0 550
Penn NTNL Gaming COM 707569109   233,686 8,981 SH   SOLE   8,981 0 0
PG&E Corporation COM 69331C108   649,891 36,025 SH   SOLE   33,525 0 2,500
PhenixFIN Corporation COM 71742W103   10,351 245 SH   OTR   245 0 0
PhenixFIN Corporation COM 71742W103   5,702,287 135,469 SH   SOLE   86,719 0 48,750
Philip Morris International Inc. COM 718172109   189,806 1,990 SH   SOLE   1,800 0 190
Portland General Electric Co. COM NEW 736508847   21,908 500 SH   OTR   500 0 0
Portland General Electric Co. COM NEW 736508847   2,523,230 57,530 SH   SOLE   54,205 0 3,325
Procter & Gamble COM 742718109   555,387 3,790 SH   SOLE   3,790 0 0
ProShares Short S&P500 SHORT S&P 500 NE 74347B425   285,780 22,000 SH   SOLE   9,000 0 13,000
Qualcomm Inc. COM 747525103   8,170,181 56,490 SH   SOLE   55,165 0 1,325
Raytheon Technologies Co COM 75513E101   109,382 1,300 SH   SOLE   1,300 0 0
Regeneron Pharms Inc COM 75886F107   215,181 245 SH   SOLE   245 0 0
Ryerson Holding Corporation COM 783754104   225,420 6,500 SH   SOLE   2,500 0 4,000
Saba Capital Income & Opportunities Fund SHS NEW 78518H202   381,016 48,175 SH   SOLE   48,175 0 0
Saba Closed End Funds ETF SABA INT RATE 30151E806   20,393 1,075 SH   OTR   1,075 0 0
Saba Closed End Funds ETF SABA INT RATE 30151E806   465,903 24,560 SH   SOLE   24,560 0 0
Science Applications Inte COM 808625107   158,508 1,275 SH   SOLE   0 0 1,275
Skyward Specialty Insurance COM 830940102   101,640 3,000 SH   SOLE   0 0 3,000
Skywater Technology Inc COM 83089J108   144,300 15,000 SH   SOLE   0 0 15,000
SLB COM STK 806857108   2,078,214 39,744 SH   SOLE   38,894 0 850
Snowflake Inc. CL A 833445109   359,195 1,805 SH   SOLE   1,550 0 255
Southern Company COM 842587107   1,911,541 27,261 SH   SOLE   27,261 0 0
Sportradar Group AG CLASS A ORD SHS H8088L103   110,500 10,000 SH   SOLE   2,000 0 8,000
Sportsman's Warehouse Holding COM 84920Y106   55,380 13,000 SH   SOLE   0 0 13,000
The Williams Companies, Inc. COM 969457100   52,245 1,500 SH   SOLE   1,500 0 0
Thermo Fisher Scientific COM 883556102   17,528 33 SH   SOLE   33 0 0
Tidewater Inc. COM 88642R109   36,055 500 SH   SOLE   0 0 500
Union Pacific Corp. COM 907818108   98,248 400 SH   OTR   400 0 0
Union Pacific Corp. COM 907818108   8,036,686 32,720 SH   SOLE   32,720 0 0
Vaneck Vectors Green Bond ETF GREEN BOND ETF 92189F171   196,598 8,250 SH   SOLE   8,250 0 0
Viper Energy Inc Class A CL A 927959106   203,970 6,500 SH   SOLE   2,500 0 4,000
Weyerhaeuser Co REIT COM NEW 962166104   52,155 1,500 SH   OTR   1,500 0 0
Weyerhaeuser Co REIT COM NEW 962166104   6,199,665 178,305 SH   SOLE   170,655 0 7,650