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
2SEVENTY BIO INC COMMON STOCK 901384107   50,788 17,275 SH   DFND   17,275 0 0
3M CO COM 88579Y101   1,236,037 9,575 SH   DFND   9,575 0 0
AT&T INC COM 00206R102   236,808 10,400 SH   DFND   10,400 0 0
ABBOTT LABS COM 002824100   1,135,738 10,041 SH   DFND   10,041 0 0
ABBVIE INC COM 00287Y109   4,628,730 26,048 SH   DFND   26,048 0 0
AFFILIATED MANAGERS GROUP IN COM 008252108   328,048 1,774 SH   DFND   1,774 0 0
AFLAC INC COM 001055102   310,320 3,000 SH   DFND   3,000 0 0
ALKERMES PLC COM G01767105   662,429 23,033 SH   DFND   23,033 0 0
ALLIANCE RESOURCE PARTNERS L UT LTD PART 01877R108   1,439,667 54,761 SH   DFND   54,761 0 0
ALLIANCE BERNSTEIN HLDG L P UNIT LTD PARTN 01881G106   2,644,035 71,287 SH   DFND   71,287 0 0
ALLOGENE THERAPEUTICS INC COM 019770106   40,883 19,194 SH   DFND   19,194 0 0
ALNYLAM PHARMACEUTICALS INC COM 02043Q107   677,693 2,880 SH   DFND   2,880 0 0
ALPHABET INC CAP STK CL A 02079K305   911,480 4,815 SH   DFND   4,815 0 0
ALPHABET INC CAP STK CL C 02079K107   1,017,902 5,345 SH   DFND   5,345 0 0
ALPS ETF TR ALERIAN MLP ALERIAN MLP 00162Q452   2,940,505 61,057 SH   DFND   61,057 0 0
ALTRIA GROUP INC COM 02209S103   3,304,571 63,197 SH   DFND   63,197 0 0
AMAZON COM INC COM 023135106   246,594 1,124 SH   DFND   1,124 0 0
AMERICAN EXPRESS CO COM 025816109   207,753 700 SH   DFND   700 0 0
AMERICAN STS WTR CO COM 029899101   347,253 4,468 SH   DFND   4,468 0 0
AMERICAN TOWER REIT COM 03027X100   293,456 1,600 SH   DFND   1,600 0 0
AMERICAN WTR WKS CO INC NEW COM 030420103   215,807 1,734 SH   DFND   1,734 0 0
AMGEN INC COM 031162100   937,522 3,597 SH   DFND   3,597 0 0
ANALOG DEVICES INC COM 032654105   1,010,404 4,756 SH   DFND   4,756 0 0
APPLE INC COM 037833100   2,005,333 8,008 SH   DFND   8,008 0 0
APPLIED DIGITAL CORP COM NEW 038169207   182,367 23,870 SH   DFND   23,870 0 0
APYX MED CORP COM 03837C106   971,700 615,000 SH   DFND   615,000 0 0
ARCHER DANIELS MIDLAND CO COM 039483102   27,569,737 545,719 SH   DFND   545,719 0 0
ARIS WATER SOLUTIONS INC CLASS A COM 04041L106   5,491,927 229,308 SH   DFND   229,308 0 0
ASSOCIATED CAP GROUP INC CL A 045528106   31,437,540 917,630 SH   DFND   917,630 0 0
ASTRAZENECA PLC SPONSORED ADR 046353108   843,636 12,876 SH   DFND   12,876 0 0
ATLANTA BRAVES HLDGS INC COM SER A 047726104   1,077,161 26,401 SH   DFND   26,401 0 0
ATLANTA BRAVES HLDGS INC COM SER C 047726302   1,995,068 52,145 SH   DFND   52,145 0 0
AUTOMATIC DATA PROCESSING IN COM 053015103   234,184 800 SH   DFND   800 0 0
AUTONATION INC COM 05329W102   47,928,535 282,198 SH   DFND   282,198 0 0
BAKKT HOLDINGS INC COM CL A NEW 05759B305   9,113,552 367,927 SH   DFND   367,927 0 0
BANCO SANTANDER S.A. ADR 05964H105   1,140,807 250,177 SH   DFND   250,177 0 0
BANK AMER CORP COM 060505104   2,163,439 49,225 SH   DFND   49,225 0 0
BANK OF NEW YORK MELLON CORP COM 064058100   926,877 12,064 SH   DFND   12,064 0 0
BEAM THERAPEUTICS INC COM 07373V105   238,006 9,597 SH   DFND   9,597 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108   680,920 1 SH   DFND   1 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW CL B NEW 084670702   19,763,008 43,600 SH   DFND   43,600 0 0
BGC GROUP INC CL A 088929104   1,318,103 145,486 SH   DFND   145,486 0 0
BICYCLE THERAPEUTICS PLC SPONSORED ADS 088786108   201,544 14,396 SH   DFND   14,396 0 0
BIOGEN INC COM 09062X103   484,603 3,169 SH   DFND   3,169 0 0
BITFARMS LTD COM 09173B107   27,267 18,300 SH   DFND   18,300 0 0
BLACK STONE MINERALS LP COM UNIT 09225M101   4,024,315 275,638 SH   DFND   275,638 0 0
BLACKROCK CREDIT ALL INC TR COM 092508100   533,701 51,023 SH   DFND   51,023 0 0
BLACKROCK FLOAT RATE OME STR COM 09255X100   1,015,712 73,870 SH   DFND   73,870 0 0
BLACKROCK FLOATING RATE INCOME COM 091941104   254,345 19,778 SH   DFND   19,778 0 0
BLACKROCK INVT QUALITY MUN T COM 09247D105   470,051 42,157 SH   DFND   42,157 0 0
BLACKROCK MUNI INCOME FD COM 09253X102   1,233,840 101,802 SH   DFND   101,802 0 0
BLACKROCK MUNI INCOME TR II COM 09249N101   151,617 14,426 SH   DFND   14,426 0 0
BLACKROCK MUNIHLDGS QUALITY FUND II INC COM 09254C107   615,300 61,530 SH   DFND   61,530 0 0
BLACKROCK MUNIHOLDINGS FD COM 09253N104   194,341 16,653 SH   DFND   16,653 0 0
BLACKROCK MUNIVEST FD II INC COM 09253T101   505,619 47,926 SH   DFND   47,926 0 0
BLACKROCK MUNIYIELD QLTY FD COM 09254E103   495,188 44,854 SH   DFND   44,854 0 0
BLACKROCK MUNIYIELD QUALITY COM 09254G108   390,249 39,579 SH   DFND   39,579 0 0
BLACKROCK N Y MUN INCOME TRU SH BEN INT 09248L106   185,835 18,237 SH   DFND   18,237 0 0
BLACKSTONE INC COM CL A 09260D107   5,207,084 30,200 SH   DFND   30,200 0 0
BOEING CO COM 097023105   233,640 1,320 SH   DFND   1,320 0 0
BOOZ ALLEN HAMILTON HLDG COR CL A 099502106   1,792,791 13,930 SH   DFND   13,930 0 0
BP PLC SPONSORED ADR 055622104   807,402 27,314 SH   DFND   27,314 0 0
BRISTOL MYERS SQUIBBCO COM 110122108   3,420,523 60,476 SH   DFND   60,476 0 0
BROADRIDGE FINL SOLUTIONS IN COM 11133T103   521,590 2,307 SH   DFND   2,307 0 0
BROOKFIELD ASSET MANAGMT LTD CL A LMT VTG SHS 113004105   12,699,987 234,360 SH   DFND   234,360 0 0
BROOKFIELD CORP CL A LTD VT SH 11271J107   70,008,426 1,218,597 SH   DFND   1,218,597 0 0
BROOKFIELD INFRAST PARTNERS LP INT UNIT G16252101   895,556 28,171 SH   DFND   28,171 0 0
BROOKFIELD REAL ASSETS INCOME FUND SHS BEN INT 112830104   234,618 17,614 SH   DFND   17,614 0 0
BROOKFIELD WEALTH SOL LTD CL A EXCHANGEAB G17434104   1,266,380 22,047 SH   DFND   22,047 0 0
BUNGE GLOBAL SA COM SHS H11356104   24,814,853 319,121 SH   DFND   319,121 0 0
BURFORD CAP LTD ORD SHS G17977110   4,372,606 342,950 SH   DFND   342,950 0 0
BWX TECHNOLOGIES INC COM 05605H100   299,639 2,690 SH   DFND   2,690 0 0
CACI INTL INC CL A 127190304   145,257,550 359,495 SH   DFND   359,495 0 0
CAMECO CORP COM 13321L108   31,705,111 616,951 SH   DFND   616,951 0 0
CANADIAN IMPERIAL BK COMM COM 136069101   663,915 10,500 SH   DFND   10,500 0 0
CARNIVAL CORP UNIT 99/9/9999 143658300   27,016,545 1,084,131 SH   DFND   1,084,131 0 0
CATERPILLAR INC COM 149123101   2,881,403 7,943 SH   DFND   7,943 0 0
CBOE GLOBAL MARKETS INC COM 12503M108   80,988,273 414,474 SH   DFND   414,474 0 0
CENTERPOINT ENERGY INC COM 15189T107   305,655 9,633 SH   DFND   9,633 0 0
CHARLES RIV LABS INTL INC COM 159864107   11,046,372 59,840 SH   DFND   59,840 0 0
CHENIERE ENERGY INC COM NEW 16411R208   105,137,050 489,305 PRN   DFND   489,305 0 0
CHENIERE ENERGY PARTNERS LP COM UNIT 16411Q101   212,480 4,000 SH   DFND   4,000 0 0
CHEVRON CORP COM 166764100   2,845,527 19,646 SH   DFND   19,646 0 0
CISCO SYSTEMS INC COM 17275R102   3,353,147 56,641 SH   DFND   56,641 0 0
CITIGROUP INC COM NEW 172967424   433,673 6,161 SH   DFND   6,161 0 0
CIVEO CORP COM NEW 17878Y207   69,614,502 3,064,019 SH   DFND   3,064,019 0 0
CME GROUP INC COM 12572Q105   29,226,727 125,853 SH   DFND   125,853 0 0
CMS ENERGY CORP COM 125896100   1,044,739 15,675 SH   DFND   15,675 0 0
COCA COLA CO COM 191216100   365,466 5,870 SH   DFND   5,870 0 0
COHEN & STEERS INC COM 19247A100   379,147 4,106 SH   DFND   4,106 0 0
COHEN & STEERS QUALITY RLTY COM 19247L106   952,602 77,827 SH   DFND   77,827 0 0
COLGATE PALMOLIVE CO COM 194162103   282,003 3,102 SH   DFND   3,102 0 0
COMCAST CORP CL A 20030N101   340,247 9,066 SH   DFND   9,066 0 0
COSTAMARE INC SHS Y1771G102   4,132,560 321,600 SH   DFND   321,600 0 0
CRA INTL INC COM 12618T105   2,345,281 12,528 SH   DFND   12,528 0 0
CRISPR THERAPEUTICS AG NAMEN AKT H17182108   420,444 10,682 SH   DFND   10,682 0 0
CSW INDUSTRIALS INC COM 126402106   1,905,120 5,400 SH   DFND   5,400 0 0
DANAHER CORP COM 235851102   1,532,935 6,678 SH   DFND   6,678 0 0
DELTA AIR LINES INC DEL COM NEW 247361702   278,300 4,600 SH   DFND   4,600 0 0
DIGITALBRIDGE GROUP INC CL A NEW 25401T603   50,572,070 4,483,340 SH   DFND   4,483,340 0 0
DISNEY WALT CO COM 254687106   635,289 5,705 SH   DFND   5,705 0 0
DOMINION ENERGY INC COM 25746U109   578,995 10,750 SH   DFND   10,750 0 0
DORCHESTER MINERALS LP COM UNIT 25820R105   30,285,187 908,646 SH   DFND   908,646 0 0
DORMAN PRODUCTS INC COM 258278100   388,650 3,000 SH   DFND   3,000 0 0
DOUBLELINE INCOME SOLUTIONS COM 258622109   733,196 58,329 SH   DFND   58,329 0 0
DOUBLELINE OPPORTUNISTIC CR COM 258623107   443,269 28,598 SH   DFND   28,598 0 0
DOW INC COM 260557103   556,643 13,871 SH   DFND   13,871 0 0
EAGLE MATERIALS COM 26969P108   7,390,285 29,949 SH   DFND   29,949 0 0
EATOM CORP PLC SHS G29183103   323,573 975 SH   DFND   975 0 0
EATON VANCE CALIF MUN BD FDMUN BD FD COM 27828A100   97,926 10,679 SH   DFND   10,679 0 0
EATON VANCE FLTING RATE INC COM 278279104   153,960 12,000 SH   DFND   12,000 0 0
EATON VANCE LTD DURATION INC COM 27828H105   153,076 15,668 SH   DFND   15,668 0 0
EATON VANCE MUN BD FD COM 27827X101   232,385 22,431 SH   DFND   22,431 0 0
EATON VANCE MUNI INCOME TRUS SH BEN INT 27826U108   101,242 10,014 SH   DFND   10,014 0 0
EATON VANCE NY MUN BD COM 27827Y109   232,132 24,358 SH   DFND   24,358 0 0
EATON VANCE SR FLTNG RTE TR COM 27828Q105   355,853 27,801 SH   DFND   27,801 0 0
EATON VANCE SR INCOME TR SH BEN INT 27826S103   197,278 32,130 SH   DFND   32,130 0 0
EBAY INC COM 278642103   826,227 13,337 SH   DFND   13,337 0 0
EDITAS MEDICINE INC COM 28106W103   40,284 31,720 SH   DFND   31,720 0 0
ELI LILLY AND COMPANY COM 532457108   3,286,404 4,257 SH   DFND   4,257 0 0
EMERSON ELEC CO COM 291011104   2,932,437 23,662 SH   DFND   23,662 0 0
ENBRIDGE INC COM 29250N105   531,733 12,532 SH   DFND   12,532 0 0
ENERGY TRANSFER EQUITY L P COM UT LTD PTN 29273V100   6,106,673 311,724 SH   DFND   311,724 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107   4,100,383 130,752 SH   DFND   130,752 0 0
EOG RES INC COM 26875P101   1,252,522 10,218 SH   DFND   10,218 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108   6,988,662 104,935 SH   DFND   104,935 0 0
EVOLV TECHNOLOGIES HLDNGS IN COM CL A 30049H102   53,325 13,500 SH   DFND   13,500 0 0
EXPAND ENERGY CORPORATION COM 165167735   219,309 2,203 SH   DFND   2,203 0 0
EXXON MOBIL CORP COM 30231G102   5,854,928 54,429 SH   DFND   54,429 0 0
FEDERATED HERMES INC CL B 314211103   1,031,697 25,096 SH   DFND   25,096 0 0
FEDERATED HERMES PREM MUN INC FD COM 31423P108   382,723 35,080 SH   DFND   35,080 0 0
FIDELITY NATIONAL FINANCIAL FNF GROUP COM 31620R303   3,259,825 58,066 SH   DFND   58,066 0 0
FIDELITY NATL INFORMATION SVC COM 31620M106   2,450,562 30,340 SH   DFND   30,340 0 0
FIDELITY WISE ORIGIN BITCOIN SHS 315948109   479,772 5,881 SH   DFND   5,881 0 0
FITLIFE BRANDS INC COM NEW 33817P306   2,517,633 77,228 SH   DFND   77,228 0 0
FRANCO NEVADA CORP COM 351858105   116,182,800 988,033 SH   DFND   988,033 0 0
FREEPORT MCMORAN INC CL B 35671D857   5,392,014 141,597 SH   DFND   141,597 0 0
GALECTIN THERAPEUTICS INC COM NEW 363225202   69,327 53,742 SH   DFND   53,742 0 0
GALLAGHER ARTHUR J & CO COM 363576109   555,494 1,957 SH   DFND   1,957 0 0
GE HEALTHCARE TECHNOLOGIES INC COMMON STOCK 36266G107   256,509 3,281 SH   DFND   3,281 0 0
GE VERNOVA INC COM 36828A101   488,790 1,486 SH   DFND   1,486 0 0
GENERAL ELECTRIC CO COM NEW 369604301   1,075,128 6,446 SH   DFND   6,446 0 0
GENERAL MTRS CO COM 37045V100   950,497 17,843 SH   DFND   17,843 0 0
GENUINE PARTS CO COM 372460105   275,554 2,360 SH   DFND   2,360 0 0
GOLDMAN SACHS GROUP INC COM 38141G104   683,136 1,193 SH   DFND   1,193 0 0
GRAYSCALE BASIC ATTENTION TOKEN TR 38963U108   14,644 2,089 SH   DFND   2,089 0 0
GRAYSCALE BITCOIN CASH TRUST BCH 38963P109   7,640,262 1,455,288 SH   DFND   1,455,288 0 0
GRAYSCALE BITCOIN MINI TR ET SHS NEW 389930207   128,302,326 3,064,302 SH   DFND   3,064,302 0 0
GRAYSCALE BITCOIN TRUST BTC 389637109   1,122,747,425 15,168,163 SH   DFND   15,168,163 0 0
GRAYSCALE DECENTRALAND TRUST 38964P108   8,299 691 SH   DFND   691 0 0
GRAYSCALE DIGITAL LARGE CAP FUND G40705108   1,687,933 41,029 SH   DFND   41,029 0 0
GRAYSCALE ETHEREUM CLASSIC TRUST 38963Q107   765,122 71,042 SH   DFND   71,042 0 0
GRAYSCALE ETHEREUM MINI TR E SHS NEW 38964R203   20,941 665 SH   DFND   665 0 0
GRAYSCALE ETHEREUM TR ETH SHS 389638107   187,258 6,683 SH   DFND   6,683 0 0
GRAYSCALE LITECOIN TRUST LTC SHS 38963W104   6,611,074 516,894 SH   DFND   516,894 0 0
GRAYSCALE ZCASH TR ZEC COM 38964G108   89,079 15,492 SH   DFND   15,492 0 0
GREENBRIER COS INC COM 393657101   850,810 13,950 SH   DFND   13,950 0 0
GSK PLC SPONSORED ADR 37733W204   1,348,234 39,865 SH   DFND   39,865 0 0
HALEON PLC SPON ADS 405552100   134,342 14,082 SH   DFND   14,082 0 0
HAWAIIAN ELEC INDUSTRIES COM 419870100   23,152,516 2,379,498 SH   DFND   2,379,498 0 0
HONEYWELL INTL INC COM 438516106   2,141,663 9,481 SH   DFND   9,481 0 0
LISTED FD TR HORZN KINTCS BL 53656G209   3,389,497 122,143 SH   DFND   122,143 0 0
LISTED FD TR HORIZON KINETICS 53656G514   264,526 8,811 SH   DFND   8,811 0 0
HORIZON KINETICS HLDG CORP COM 439913104   582,048 16,168 SH   DFND   16,168 0 0
LISTED FD TR HORIZON KINETICS 53656F623   3,627,765 95,267 SH   DFND   95,267 0 0
LISTED FD TR HORZN KNTCS SPAC 53656G555   12,343,710 125,435 SH   DFND   125,435 0 0
HOWARD HUGHES HOLDINGS INC COM 44267T102   35,275,281 458,597 SH   DFND   458,597 0 0
I B M COM 459200101   802,380 3,650 SH   DFND   3,650 0 0
INTELLIA THERAPEUTICS INC COM 45826J105   167,857 14,396 SH   DFND   14,396 0 0
INTER PARFUMS INC COM 458334109   19,347,787 147,120 SH   DFND   147,120 0 0
INTERCONTINENTAL EXCHANGE INC COM 45866F104   119,890,659 804,581 SH   DFND   804,581 0 0
INTL FLAVORS & FRAGRANCES COM 459506101   257,878 3,050 SH   DFND   3,050 0 0
INVESCO MUNI INCOME OPP TRST COM 46132X101   117,475 19,911 SH   DFND   19,911 0 0
INVESCO QUALITY MUNI INC COM 46133G107   218,054 22,115 SH   DFND   22,115 0 0
INVESCO EXCHANGE TRADED FD T S&P500 EQL WGT 46137V357   896,296 5,115 SH   DFND   5,115 0 0
INVESCO TR INVT GRADE NEW YO COM 46131T101   109,035 10,414 SH   DFND   10,414 0 0
INVESCO SR INCOME TR COM 46131H107   59,957 15,179 SH   DFND   15,179 0 0
IONIS PHARMACEUTICALS INC COM 462222100   436,161 12,476 SH   DFND   12,476 0 0
IRON MTN INC DEL COM 46284V101   3,458,119 32,900 SH   DFND   32,900 0 0
ISHARES BITCOIN TRUST SHS 46438F101   45,849,630 864,272 SH   DFND   864,272 0 0
ISHARES GOLD TR ISHARES NEW 464285204   430,242 8,690 SH   DFND   8,690 0 0
ISHARES SILVER TR ISHARES 46428Q109   808,068 30,690 SH   DFND   30,690 0 0
ISHARES TR GL TIMB FORE ETF 464288174   480,586 6,295 SH   DFND   6,295 0 0
JOHNSON & JOHNSON COM 478160104   2,834,878 19,602 SH   DFND   19,602 0 0
JP MORGAN CHASE & CO COM 46625H100   897,714 3,745 SH   DFND   3,745 0 0
KAYNE ANDERSON ENERGY INFRSTR COM 486606106   153,641 12,088 SH   DFND   12,088 0 0
KENVUE INC COM 49177J102   481,699 22,562 SH   DFND   22,562 0 0
KIMBELL RTY PARTNERS LP UNIT 49435R102   1,231,983 75,908 SH   DFND   75,908 0 0
KINDER MORGAN INC DEL COM 49456B101   2,839,626 103,636 SH   DFND   103,636 0 0
KKR & CO INC COM 48251W104   792,502 5,358 SH   DFND   5,358 0 0
KLA-TENCOR CORP COM NEW 482480100   3,039,699 4,824 SH   DFND   4,824 0 0
KRAFT HEINZ COMPANY COM 500754106   439,798 14,321 SH   DFND   14,321 0 0
KRANESHARES TR GLOBAL CARB STRA 500767678   733,033 25,010 SH   DFND   25,010 0 0
L3 HARRIS TECHNOLOGIES INC COM 502431109   3,460,230 16,455 SH   DFND   16,455 0 0
LADDER CAP CORP CL A 505743104   458,790 41,000 SH   DFND   41,000 0 0
LANDBRIDGE COMPANY LLC CL A 514952100   348,793,194 5,399,275 SH   DFND   5,399,275 0 0
LANTERN PHARMA INC COM 51654W101   91,843 28,791 SH   DFND   28,791 0 0
LAS VEGAS SANDS CORP COM 517834107   3,101,887 60,395 SH   DFND   60,395 0 0
LENNAR CORP CL A 526057104   784,128 5,750 SH   DFND   5,750 0 0
LIBERTY BROADBAND CORP COM SER C 530307305   6,510,549 87,086 SH   DFND   87,086 0 0
LIBERTY ENERGY INC COM CL A 53115L104   4,472,247 224,849 SH   DFND   224,849 0 0
LIBERTY MEDIA CORP DEL COM LBTY LIV S C 531229748   310,103 4,659 SH   DFND   4,659 0 0
LIBERTY MEDIA CORP DEL COM LBTY LIV S C 531229722   1,333,908 19,599 SH   DFND   19,599 0 0
LIBERTY MEDIA CORP DEL COM LBTY ONE S A 531229771   3,766,505 44,818 SH   DFND   44,818 0 0
LIBERTY MEDIA CORP DEL COM LBTY ONE S C 531229755   9,189,370 99,173 SH   DFND   99,173 0 0
LINDE PLC SHS G54950103   1,029,928 2,460 SH   DFND   2,460 0 0
LIVE NATION ENTERTAINMENT INC COM 538034109   42,700,682 329,735 SH   DFND   329,735 0 0
LOEWS CORP COM 540424108   469,437 5,543 SH   DFND   5,543 0 0
MACYS INC COM 55616P104   516,365 30,500 SH   DFND   30,500 0 0
MADISON SQUARE GARDEN ENTMT COM CL A 558256103   1,762,129 49,498 SH   DFND   49,498 0 0
MADISON SQUARE GARDEN SPRT COR CL A 55825T103   6,829,302 30,261 SH   DFND   30,261 0 0
MARATHON PETE CORP COM 56585A102   777,015 5,570 SH   DFND   5,570 0 0
MAREX GROUP PLC ORD G5S37H101   4,406,628 141,374 SH   DFND   141,374 0 0
MARKEL GROUP INC COM 570535104   4,324,213 2,505 SH   DFND   2,505 0 0
MARKETAXESS HLDGS INC COM 57060D108   337,704 1,494 SH   DFND   1,494 0 0
MARSH & MCLENNAN COS INC COM 571748102   30,720,497 144,628 SH   DFND   144,628 0 0
MASTERCARD INC CL A 57636Q104   10,157,821 19,291 SH   DFND   19,291 0 0
MCDONALDS CORP COM 580135101   1,172,895 4,046 SH   DFND   4,046 0 0
MERCK & COMPANY COM 58933Y105   3,339,940 33,574 SH   DFND   33,574 0 0
MESABI TR CTF BEN INT 590672101   79,917,010 2,843,010 SH   DFND   2,843,010 0 0
META PLATFORMS INC CL A 30303M102   341,232 583 SH   DFND   583 0 0
METALLA RTY & STREAMING LTD COM NEW 59124U605   1,007,868 401,541 SH   DFND   401,541 0 0
MFS HIGH INCOME MUN TR SH BEN INT 59318D104   130,324 35,414 SH   DFND   35,414 0 0
MICROSOFT COM 594918104   5,384,026 12,773 SH   DFND   12,773 0 0
MICROSTRATEGY INC CL A NEW 594972408   47,878,530 165,315 SH   DFND   165,315 0 0
MONDELEZ INTL INC CL A 609207105   703,500 11,778 SH   DFND   11,778 0 0
MOVADO GROUP INC COM 624580106   359,376 18,261 SH   DFND   18,261 0 0
NASDAQ INC COM 631103108   7,981,911 103,246 SH   DFND   103,246 0 0
NATURAL RESOURCE PARTNERS L COM UNIT LTD P 63900P608   2,041,845 18,395 SH   DFND   18,395 0 0
NETFLIX INC COM 64110L106   344,050 386 SH   DFND   386 0 0
NEUBERGER BERMAN MUNI FD INC COM 64124P101   429,825 41,529 SH   DFND   41,529 0 0
NEWMONT CORP COM 651639106   745,963 20,042 SH   DFND   20,042 0 0
NEXTERA ENERGY INC COM 65339F101   205,033 2,860 SH   DFND   2,860 0 0
NORFOLK SOUTHN CORP COM 655844108   790,470 3,368 SH   DFND   3,368 0 0
NOVARTIS AG SPONSORED ADR 66987V109   1,220,949 12,547 SH   DFND   12,547 0 0
NOVO-NORDISK A S ADR 670100205   1,351,890 15,716 SH   DFND   15,716 0 0
NUSCALE PWR CORP CL A COM 67079K100   242,952 13,550 SH   DFND   13,550 0 0
NUTRIEN LTD COM 67077M108   2,999,417 67,026 SH   DFND   67,026 0 0
NUVEEN AMT FREE QLTY MUN INC COM 670657105   3,876,180 343,633 SH   DFND   343,633 0 0
NUVEEN MUNICIPAL CREDIT INC COM SH BEN INT 67070X101   477,088 39,202 SH   DFND   39,202 0 0
NUVEEN AMT FREE MUN CR INC F COM 67071L106   325,577 26,556 SH   DFND   26,556 0 0
NUVEEN FLOATING RATE INCOME COM 67072T108   1,282,857 143,818 SH   DFND   143,818 0 0
NUVEEN MUN HIGH INC OPP FD COM 670682103   187,251 17,322 SH   DFND   17,322 0 0
NUVEEN MUN VALUE FD INC COM 670928100   106,086 12,350 SH   DFND   12,350 0 0
NUVEEN NY AMT FREE QLTY MUN INC FD COM 670656107   747,712 71,483 SH   DFND   71,483 0 0
NUVEEN NY QLTY INCOME FD COM 67066X107   434,557 38,119 SH   DFND   38,119 0 0
NUVEEN PFD & INCOME OPPORTUN COM 67073B106   224,309 28,538 SH   DFND   28,538 0 0
NUVEEN QUALITY MUNI INC FD COM 67066V101   1,610,448 138,117 SH   DFND   138,117 0 0
NUVEEN SELECT MAT MUN FD SH BEN INT SH BEN INT 67061T101   187,265 21,500 SH   DFND   21,500 0 0
NUVEEN TAXABLE MUNICIPAL INC FUND COM 67074C103   392,626 26,210 SH   DFND   26,210 0 0
NVIDIA CORP COM 67066G104   3,244,446 24,160 SH   DFND   24,160 0 0
OCCIDENTAL PETE CORP COM 674599105   388,313 7,859 SH   DFND   7,859 0 0
OIL STATE INTERNATIONAL INC COM 678026105   57,178 11,300 SH   DFND   11,300 0 0
OPENLANE INC COM 48238T109   2,120,043 106,857 SH   DFND   106,857 0 0
OSHKOSH CORP COM 688239201   13,321,129 140,119 SH   DFND   140,119 0 0
OSISKO GOLD ROYALTIES LTD COM 68827L101   30,044,591 1,659,922 SH   DFND   1,659,922 0 0
PACIFIC BIOSCIENCES CALIF IN COM 69404D108   21,076 11,517 SH   DFND   11,517 0 0
PATTERSON UTI ENERGY INC COM 703481101   2,870,697 347,542 SH   DFND   347,542 0 0
PCM FUND INC COM 69323T101   309,940 40,252 SH   DFND   40,252 0 0
PENSKE AUTOMOTIVE GRP INC COM 70959W103   27,891,369 182,966 SH   DFND   182,966 0 0
PEPSICO INC COM 713448108   351,715 2,313 SH   DFND   2,313 0 0
PERMIAN BASIN RTY TR UNIT BEN INT 714236106   43,722,598 3,946,083 SH   DFND   3,946,083 0 0
PFIZER INC COM 717081103   2,671,651 100,703 SH   DFND   100,703 0 0
PHILIP MORRIS INTL INC COM 718172109   4,608,683 38,294 SH   DFND   38,294 0 0
PIMCO DYNAMIC INCOME FD SHS 72201Y101   1,592,572 86,836 SH   DFND   86,836 0 0
PIMCO INCOME STRATEGY FUND COM 72201H108   1,135,373 135,486 SH   DFND   135,486 0 0
PIMCO INCOME STRATEGY FUND II COM 72201J104   1,917,083 257,327 SH   DFND   257,327 0 0
PIMCO MUN INCOME FD II COM 72200W106   188,699 23,325 SH   DFND   23,325 0 0
PIMCO NEW YORK MUN INCOME FD COM 72201E105   58,713 10,355 SH   DFND   10,355 0 0
PIMCO NY MUNICIPAL INCOME FD COM 72200T103   438,043 58,956 SH   DFND   58,956 0 0
POTLATCHDELTIC CORPORATION COM 737630103   1,709,428 43,552 SH   DFND   43,552 0 0
PRESTIGE CONSMR HEALTHCARE I COM 74112D101   253,558 3,247 SH   DFND   3,247 0 0
PROSHARES TR II SHT VIX ST TRM 74347W130   1,317,429 26,317 SH   DFND   26,317 0 0
QUALCOMM INC COM 747525103   879,014 5,722 SH   DFND   5,722 0 0
QUANTA SVCS INC COM 74762E102   284,445 900 SH   DFND   900 0 0
QUEST DIAGNOSTICS INC COM 74834L100   844,816 5,600 SH   DFND   5,600 0 0
RAYONIER ADVANCED MATLS INC COM 75508B104   1,779,525 215,700 SH   DFND   215,700 0 0
RAYONIER INC COM 754907103   1,445,070 55,367 SH   DFND   55,367 0 0
RB GLOBAL INC COM 74935Q107   9,979,970 110,630 SH   DFND   110,630 0 0
REGENERON PHARMACEUTICALS COM 75886F107   523,563 735 SH   DFND   735 0 0
RENN FUND INC COM 759720105   1,618,750 725,897 SH   DFND   725,897 0 0
REPLIMUNE GROUP INC COM 76029N106   174,336 14,396 SH   DFND   14,396 0 0
RESIDEO TECHNOLOGIES INC COM 76118Y104   1,805,092 78,312 SH   DFND   78,312 0 0
RIO TINTO PLC SPONSORED ADR 767204100   1,432,964 24,366 SH   DFND   24,366 0 0
ROCKWELL AUTOMATION INC COM 773903109   1,719,027 6,015 SH   DFND   6,015 0 0
ROYAL CARIBBEAN GROUP COM V7780T103   13,184,659 57,153 SH   DFND   57,153 0 0
ROYAL GOLD INC COM 780287108   9,861,346 74,792 SH   DFND   74,792 0 0
ROYALTY PHARMA PLC SHS CLASS A G7709Q104   8,142,169 319,176 SH   DFND   319,176 0 0
ROYCE MICRO-CAP TR INC COM 780915104   1,337,846 137,215 SH   DFND   137,215 0 0
RTX CORPORATION COM 75513E101   2,385,915 20,618 SH   DFND   20,618 0 0
S&P GLOBAL INC COM 78409V104   8,961,543 17,994 SH   DFND   17,994 0 0
SABINE ROYALTY TR UNIT BEN INT 785688102   7,123,977 109,921 SH   DFND   109,921 0 0
SAN JUAN BASIN RTY TR UNIT BEN INT 798241105   6,948,440 1,814,214 SH   DFND   1,814,214 0 0
SANDSTORM GOLD LTD COM NEW 80013R206   21,140,791 3,788,672 SH   DFND   3,788,672 0 0
SCIENCE APPLICATNS INTL CO COM 808625107   45,460,324 406,695 SH   DFND   406,695 0 0
SEALED AIR CORP NEW COM 81211K100   1,469,914 43,450 SH   DFND   43,450 0 0
SEAPORT ENTMT GROUP INC COMMON STOCK 812215200   1,537,809 55,020 SH   DFND   55,020 0 0
SIRIUSXM HOLDINGS INC COMMON STOCK 829933100   1,416,545 62,129 SH   DFND   62,129 0 0
SITIO ROYALTIES CORP CLASS A COM 82983N108   16,541,332 862,426 SH   DFND   862,426 0 0
SONOCO PRODUCTS COM 835495102   1,931,040 39,530 SH   DFND   39,530 0 0
SPDR GOLD TR GOLD SHS 78463V107   909,440 3,756 SH   DFND   3,756 0 0
SPDR SER TR OILGAS EQUIP 78468R549   1,318,280 16,704 SH   DFND   16,704 0 0
SPHERE ENTERTAINMENT CO CL A 55826T102   2,475,971 61,408 SH   DFND   61,408 0 0
SPROTT INC COM NEW 852066208   8,116,279 192,466 SH   DFND   192,466 0 0
SPROTT PHYSICAL GOLD TR UNIT 85207H104   334,747 16,621 SH   DFND   16,621 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103   861,538 1,470 SH   DFND   1,470 0 0
STAR BULK CARRIERS CORP SHS PAR Y8162K204   577,626 38,637 SH   DFND   38,637 0 0
STRYKER CORP COM 863667101   720,100 2,000 SH   DFND   2,000 0 0
SUNCOR ENERGY INC NEW COM 867224107   2,781,042 77,944 SH   DFND   77,944 0 0
TEJON RANCH CO COM 879080109   13,535,575 851,294 SH   DFND   851,294 0 0
TELEFONICA S A SPONSORED ADR 879382208   1,572,934 391,277 SH   DFND   391,277 0 0
TETRA TECHNOLOGIES INC DEL COM 88162F105   48,688 13,600 SH   DFND   13,600 0 0
TEXAS PACIFIC LAND CORP COM 88262P102   3,988,731,718 3,606,579 SH   DFND   3,606,579 0 0
THE SAINT JOE CO COM 790148100   25,349,586 564,202 SH   DFND   564,202 0 0
TORONTO DOMINION BK ONT COM NEW 891160509   1,647,778 30,950 SH   DFND   30,950 0 0
TRADEWEB MKTS INC CL A 892672106   622,263 4,753 SH   DFND   4,753 0 0
TRI POINTE HOMES INC COM 87265H109   4,496,675 124,012 SH   DFND   124,012 0 0
TRIPLE FLAG PRECIOUS METAL COM 89679M104   195,399 12,992 SH   DFND   12,992 0 0
VALMONT INDS INC COM 920253101   789,675 2,575 SH   DFND   2,575 0 0
VANDA PHARMACEUTICALS INC COM 921659108   124,118 25,912 SH   DFND   25,912 0 0
VANECK BITCOIN ETF SH BEN INT 92189K105   806,567 7,630 SH   DFND   7,630 0 0
VANECK ETF TRUST JUNIOR GOLD MINE 92189F791   957,285 22,393 SH   DFND   22,393 0 0
VANECK ETF TRUST GOLD MINERS ETF 92189F106   377,312 11,127 SH   DFND   11,127 0 0
VANECK ETF TRUST OIL SVCS ETF 92189H607   1,001,215 3,691 SH   DFND   3,691 0 0
VANGUARD BD INDEX FDS SHORT TRM BOND 921937827   577,825 7,478 SH   DFND   7,478 0 0
VANGUARD BD INDEX FDS VANGUARD ULTRA 92203C303   8,445,324 170,200 SH   DFND   170,200 0 0
VANGUARD INDEX FDS EXTEND MKT ETF 922908652   2,452,848 12,911 SH   DFND   12,911 0 0
VANGUARD INDEX FDS S&P 500 ETF SHS 922908363   1,824,411 3,386 SH   DFND   3,386 0 0
VANGUARD INDEX FDS TOTAL STK MKT 922908769   391,823 1,352 SH   DFND   1,352 0 0
VANGUARD SCOTTSDALE FDS SHORT TERM TREAS 92206C102   12,514,421 215,098 SH   DFND   215,098 0 0
VERISK ANALYTICS INC CL A 92345Y106   1,928,010 7,000 SH   DFND   7,000 0 0
VERIZON COMMUNICATIONS INC COM 92343V104   233,062 5,828 SH   DFND   5,828 0 0
VERTIV HOLDINGS CO COM CL A 92537N108   1,780,269 15,670 SH   DFND   15,670 0 0
VIPER ENERGY INC CL A 927959106   77,992,061 1,589,404 SH   DFND   1,589,404 0 0
VISA INC COM CL A 92826C839   1,434,506 4,539 SH   DFND   4,539 0 0
W P CAREY INC COM 92936U109   1,914,972 35,150 SH   DFND   35,150 0 0
WENDYS COMPANY COM 95058W100   12,756,722 782,621 SH   DFND   782,621 0 0
WEST FRASER TIMBER LTD COM 952845105   24,352,314 281,367 SH   DFND   281,367 0 0
WESTERN ASSET HIGH INCOME OPP COM 95766K109   39,583 10,072 SH   DFND   10,072 0 0
WEYERHAEUSER CO COM NEW 962166104   860,831 30,580 SH   DFND   30,580 0 0
WHEATON PRECIOUS METALS CORP COM 962879102   164,853,262 2,931,246 SH   DFND   2,931,246 0 0
WHITE MTNS INS GROUP LTD COM G9618E107   19,623,710 10,089 SH   DFND   10,089 0 0
WILLIAMS COS INC COM 969457100   9,356,807 172,890 SH   DFND   172,890 0 0
WISDOMTREE INC COM 97717P104   2,145,545 204,338 SH   DFND   204,338 0 0
WYNN RESORTS LTD COM 983134107   221,345 2,569 SH   DFND   2,569 0 0
BARCLAYS BANK PLC IPATH S&P 500 SH 06748M196   1,138,500 9,900 SH Call DFND   9,900 0 0
PROSHARES TR II VIX SHT TERM FUT 74347Y730   296,800 5,600 SH Call DFND   5,600 0 0
DIREXION SHS ETF TR DAILY GOLD MINER 25461A478   255,500 3,500 SH Call DFND   3,500 0 0
DIREXION SHS ETF TR DAILY JR GOLD MI 25461A577   335,500 6,100 SH Call DFND   6,100 0 0