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
ABBVIE INC COM 00287Y109   998,702 6,700 SH   SOLE   6,700 0 0
AMAZON COM INC COM 023135106   661,024 5,200 SH   SOLE   5,200 0 0
BLACK STONE MINERALS L P COM UNIT 09225M101   6,391,345 370,943 SH   SOLE   68,668 0 0
CANADIAN PACIFIC KANSAS CITY COM 13646K108   559,105 7,500 SH   SOLE   7,500 0 0
CHUBB LIMITED COM H1467J104   564,408 2,700 SH   SOLE   2,700 0 0
DORCHESTER MINERALS LP COM UNIT 25820R105   2,276,577 78,368 SH   SOLE   23,500 0 0
DUPONT DE NEMOURS INC COM 26614N102   447,540 6,000 SH   SOLE   6,000 0 0
ENERGY TRANSFER L P COM UT LTD PTN 29273V100   1,052,250 75,000 SH   SOLE   75,000 0 0
EXXON MOBIL CORP COM 30231G102   1,152,284 9,800 SH   SOLE   9,800 0 0
FIRST INDL RLTY TR INC COM 32054K103   574,920 12,000 SH   SOLE   12,000 0 0
FRANCO NEV CORP COM 351858105   4,576,638 34,285 SH   SOLE   5,600 0 0
HERSHEY CO COM 427866108   558,223 2,790 SH   SOLE   2,790 0 0
HOWARD HUGHES HOLDINGS INC COM 44267T102   3,063,941 41,332 SH   SOLE   7,500 0 0
HUBBELL INC COM 443510607   501,456 1,600 SH   SOLE   1,600 0 0
J P MORGAN EXCHANGE TRADED F ULTRA SHRT INC 46641Q837   1,003,600 20,000 SH   SOLE   20,000 0 0
JOHNSON & JOHNSON COM 478160104   747,600 4,800 SH   SOLE   4,800 0 0
JPMORGAN CHASE & CO COM 46625H100   870,120 6,000 SH   SOLE   6,000 0 0
LOUISIANA PAC CORP COM 546347105   558,227 10,100 SH   SOLE   10,100 0 0
LOWES COS INC COM 548661107   623,520 3,000 SH   SOLE   3,000 0 0
MARTIN MARIETTA MATLS INC COM 573284106   451,528 1,100 SH   SOLE   1,100 0 0
MICROSOFT CORP COM 594918104   1,010,400 3,200 SH   SOLE   3,200 0 0
NORTHROP GRUMMAN CORP COM 666807102   528,228 1,200 SH   SOLE   1,200 0 0
PIMCO ETF TR ENHAN SHRT MA AC 72201R833   600,840 6,000 SH   SOLE   6,000 0 0
PIONEER NAT RES CO COM 723787107   1,090,363 4,750 SH   SOLE   4,750 0 0
SPROTT PHYSICAL GOLD TR UNIT 85207H104   12,308,441 859,528 SH   SOLE   74,500 0 0
TEXAS INSTRS INC COM 882508104   508,832 3,200 SH   SOLE   3,200 0 0
TEXAS PACIFIC LAND CORPORATI COM 88262P102   13,768,790 7,551 SH   SOLE   1,445 0 0
TJX COS INC NEW COM 872540109   622,160 7,000 SH   SOLE   7,000 0 0
WARNER BROS DISCOVERY INC COM SER A 934423104   545,715 50,250 SH   SOLE   50,250 0 0