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
Advanced Micro Devices, Inc. COM 007903107   172,730 1,430 SH   SOLE   1,430 0 0
Alibaba Group ADR SPONSORED ADS 01609W102   484,999 5,720 SH   SOLE   3,720 0 2,000
Alphabet Inc. Class A CAP STK CL A 02079K305   37,860 200 SH   OTR   200 0 0
Alphabet Inc. Class A CAP STK CL A 02079K305   8,127,596 42,935 SH   SOLE   39,340 0 3,595
Alphabet Inc. Class C CAP STK CL C 02079K107   38,088 200 SH   OTR   200 0 0
Alphabet Inc. Class C CAP STK CL C 02079K107   1,463,531 7,685 SH   SOLE   5,505 0 2,180
Amazon Com Inc COM 023135106   206,227 940 SH   SOLE   580 0 0
American Express Co. COM 025816109   118,716 400 SH   OTR   400 0 0
American Express Co. COM 025816109   7,237,224 24,385 SH   SOLE   22,485 0 1,900
Apple Inc. COM 037833100   1,437,411 5,740 SH   SOLE   5,740 0 0
Applied Materials COM 038222105   434,222 2,670 SH   SOLE   2,670 0 0
Arch Capital Group Ltd ORD G0450A105   23,088 250 SH   OTR   250 0 0
Arch Capital Group Ltd ORD G0450A105   5,081,466 55,024 SH   SOLE   50,244 0 4,780
Bank of America COM 060505104   87,900 2,000 SH   SOLE   2,000 0 0
Berkshire Hathaway Class B CL B NEW 084670702   2,807,163 6,193 SH   SOLE   5,693 0 500
Blackstone Group Inc COM 09260D107   137,936 800 SH   OTR   800 0 0
Blackstone Group Inc COM 09260D107   15,574,009 90,326 SH   SOLE   86,026 0 4,300
Blackstone Mortgage Trust COM CL A 09257W100   1,124,292 62,856 SH   SOLE   60,631 0 2,225
Boeing COM 097023105   1,526,625 8,625 SH   SOLE   8,625 0 0
Bristol-Myers Squibb COM 110122108   11,312 200 SH   OTR   200 0 0
Bristol-Myers Squibb COM 110122108   1,053,260 18,622 SH   SOLE   14,897 0 3,725
Brookfield Asset Management Ltd. CL A LMT VTG SHS 113004105   18,750 346 SH   OTR   346 0 0
Brookfield Asset Management Ltd. CL A LMT VTG SHS 113004105   2,331,904 43,032 SH   SOLE   40,423 0 2,609
Brookfield Corp F Class A CL A LTD VT SH 11271J107   79,683 1,387 SH   OTR   1,387 0 0
Brookfield Corp F Class A CL A LTD VT SH 11271J107   9,892,947 172,201 SH   SOLE   157,552 0 14,649
Brookfield Renewable LP PARTNERSHIP UNIT G16258108   532,169 23,351 SH   SOLE   22,451 0 900
Brookfield Renewable Corp CL A EX SUB VTG 11285B108   164,826 5,959 SH   SOLE   5,734 0 225
BWX Technologies Inc COM 05605H100   525,538 4,718 SH   SOLE   3,218 0 1,500
Canadian National Railway Co. COM 136375102   1,619,085 15,950 SH   SOLE   15,950 0 0
Carrier Global Corp COM 14448C104   149,571 2,184 SH   SOLE   2,184 0 0
Chevron Corp. COM 166764100   1,313,554 9,069 SH   SOLE   7,465 0 1,604
Cisco Systems, Inc. COM 17275R102   1,836,621 31,024 SH   SOLE   31,024 0 0
Civeo Corp COM NEW 17878Y207   113,600 5,000 SH   SOLE   0 0 5,000
CloudFlare, Inc. CL A COM 18915M107   66,223 615 SH   SOLE   615 0 0
Coca-Cola Company COM 191216100   350,213 5,625 SH   SOLE   5,625 0 0
Coherent Corp COM 19247G107   189,460 2,000 SH   SOLE   0 0 2,000
Colgate-Palmolive Co COM 194162103   811,826 8,930 SH   SOLE   2,230 0 6,700
Comcast Corporation CL A 20030N101   675,540 18,000 SH   SOLE   18,000 0 0
Commercial Metals Co COM 201723103   226,424 4,565 SH   SOLE   4,565 0 0
Consolidated Edison COM 209115104   17,846 200 SH   OTR   200 0 0
Consolidated Edison COM 209115104   693,049 7,767 SH   SOLE   7,367 0 400
Costco Wholesale Co COM 22160K105   146,603 160 SH   SOLE   160 0 0
Coupang, Inc. CL A 22266T109   1,720,177 78,261 SH   SOLE   62,412 0 15,849
Crane Company COMMON STOCK 224408104   29,591 195 SH   SOLE   195 0 0
Danaher Corp COM 235851102   11,491 50 SH   OTR   50 0 0
Danaher Corp COM 235851102   1,564,668 6,807 SH   SOLE   6,257 0 550
Deere & Co COM 244199105   837,880 1,970 SH   SOLE   1,820 0 150
Devon Energy Corp COM 25179M103   49,913 1,525 SH   SOLE   1,425 0 100
Diageo PLC ADR SPON ADR NEW 25243Q205   251,717 1,980 SH   SOLE   1,980 0 0
Dominion Resources, Inc COM 25746U109   630,162 11,700 SH   SOLE   11,700 0 0
Duke Energy Corp COM NEW 26441C204   2,201,236 20,431 SH   SOLE   18,981 0 1,450
Edison International COM 281020107   638,720 8,000 SH   SOLE   8,000 0 0
Eli Lilly & Company COM 532457108   606,020 785 SH   SOLE   780 0 5
Enbridge Inc COM 29250N105   542,934 12,796 SH   SOLE   12,000 0 796
Enovix Corporation COM 293594107   4,892 450 SH   OTR   450 0 0
Enovix Corporation COM 293594107   528,075 48,581 SH   SOLE   48,161 0 420
Enterprise Products Partners L.P. COM 293792107   460,208 14,675 SH   SOLE   14,525 0 150
EQT Corporation COM 26884L109   345,825 7,500 SH   SOLE   2,500 0 5,000
ESAB Corp COM 29605J106   259,243 2,160 SH   SOLE   660 0 1,500
Everus Construction, Inc. COM 300426103   5,720 87 SH   OTR   87 0 0
Everus Construction, Inc. COM 300426103   101,058 1,537 SH   SOLE   1,415 0 122
ExxonMobil Corp COM 30231G102   873,576 8,121 SH   SOLE   4,791 0 3,330
Franco-Nevada Corp COM 351858105   32,337 275 SH   OTR   275 0 0
Franco-Nevada Corp COM 351858105   1,521,732 12,941 SH   SOLE   10,536 0 2,405
Generac Holdings Inc COM 368736104   167,454 1,080 SH   SOLE   1,080 0 0
General Mills Inc COM 370334104   143,672 2,253 SH   SOLE   2,253 0 0
General Motors Co COM 37045V100   1,411,655 26,500 SH   SOLE   26,500 0 0
Grab Holdings Ltd. CLASS A ORD G4124C109   300,570 63,680 SH   SOLE   52,828 0 10,852
Grayscale Bitcoin Trust SHS REP COM UT 389637109   253,148 3,420 SH   SOLE   3,420 0 0
Guardant Health, Inc. COM 40131M109   2,085,435 68,263 SH   SOLE   63,668 0 4,595
Hershey Co COM 427866108   152,246 899 SH   SOLE   899 0 0
Home Depot COM 437076102   272,293 700 SH   OTR   700 0 0
Home Depot COM 437076102   11,079,991 28,484 SH   SOLE   25,084 0 3,400
Honeywell International Inc. COM 438516106   363,909 1,611 SH   SOLE   1,611 0 0
Horizon Kinetics Blockchain Development ETF HORZN KINTCS BL 53656G209   91,576 3,300 SH   SOLE   3,300 0 0
Intuitive Surgical COM NEW 46120E602   195,735 375 SH   SOLE   375 0 0
Johnson & Johnson COM 478160104   28,924 200 SH   OTR   200 0 0
Johnson & Johnson COM 478160104   2,613,428 18,071 SH   SOLE   17,621 0 450
JPMorgan Chase & Co COM 46625H100   11,757,536 49,049 SH   SOLE   48,833 0 0
Kimberly-Clark Corp COM 494368103   132,921 1,005 SH   SOLE   1,005 0 0
Markel Group Inc. COM 570535104   43,156 25 SH   OTR   25 0 0
Markel Group Inc. COM 570535104   4,386,350 2,541 SH   SOLE   2,087 0 454
Marriott Vacations COM 57164Y107   226,475 2,500 SH   SOLE   2,500 0 0
Martin Marietta Matr COM 573284106   542,325 1,050 SH   SOLE   1,050 0 0
MDU Resources Group, Inc. COM 552690109   6,353 350 SH   OTR   350 0 0
MDU Resources Group, Inc. COM 552690109   112,167 6,180 SH   SOLE   5,690 0 490
Mercadolibre Inc COM 58733R102   17,004 10 SH   OTR   10 0 0
Mercadolibre Inc COM 58733R102   3,070,995 1,806 SH   SOLE   1,560 0 246
Merck & Co. Inc. COM 58933Y105   100,290 1,000 SH   OTR   1,000 0 0
Merck & Co. Inc. COM 58933Y105   8,938,346 89,125 SH   SOLE   83,747 0 5,378
Microsoft Corporation COM 594918104   252,900 600 SH   OTR   600 0 0
Microsoft Corporation COM 594918104   20,198,702 47,921 SH   SOLE   44,494 0 3,427
Nu Holdings Ltd. ORD SHS CL A G6683N103   1,103,340 106,500 SH   SOLE   76,250 0 30,250
Oaktree Specialty Lending Corporation COM 67401P405   382,000 25,000 SH   SOLE   24,965 0 35
Obsidian Energy Ltd. COM 674482203   364,289 62,917 SH   SOLE   22,917 0 40,000
Palantir Technologies Inc. CL A 69608A108   158,823 2,100 SH   SOLE   2,100 0 0
Paypal Holdings Inc COM 70450Y103   573,552 6,720 SH   SOLE   6,070 0 650
Penn NTNL Gaming COM 707569109   178,003 8,981 SH   SOLE   8,981 0 0
PG&E Corporation COM 69331C108   737,281 36,490 SH   SOLE   33,990 0 2,500
PhenixFIN Corporation COM 71742W103   22,789 450 SH   OTR   450 0 0
PhenixFIN Corporation COM 71742W103   7,754,375 155,074 SH   SOLE   102,549 0 51,525
Philip Morris International Inc. COM 718172109   455,158 3,740 SH   SOLE   3,550 0 190
Procter & Gamble COM 742718109   632,041 3,770 SH   SOLE   3,770 0 0
Qualcomm Inc. COM 747525103   8,615,892 56,086 SH   SOLE   54,761 0 1,325
Raytheon Technologies Co COM 75513E101   150,436 1,300 SH   SOLE   1,300 0 0
Regeneron Pharms Inc COM 75886F107   174,521 245 SH   SOLE   245 0 0
Saba Capital Income & Opportunities Fund SHS NEW 78518H202   12,954 1,700 SH   OTR   1,700 0 0
Saba Capital Income & Opportunities Fund SHS NEW 78518H202   433,083 56,835 SH   SOLE   56,735 0 100
Saba Closed End Funds ETF SABA INT RATE 30151E806   23,027 1,075 SH   OTR   1,075 0 0
Saba Closed End Funds ETF SABA INT RATE 30151E806   536,785 25,060 SH   SOLE   25,060 0 0
SLB COM STK 806857108   1,454,898 37,669 SH   SOLE   36,819 0 850
Snowflake Inc. CL A 833445109   268,673 1,740 SH   SOLE   1,485 0 255
Southern Company COM 842587107   2,699,602 32,794 SH   SOLE   32,794 0 0
Sportradar Group AG CLASS A ORD SHS H8088L103   98,405 5,675 SH   SOLE   5,675 0 0
The Williams Companies, Inc. COM 969457100   167,772 3,100 SH   SOLE   3,100 0 0
Uber Technologies Inc COM 90353T100   90,480 1,500 SH   SOLE   1,500 0 0
Union Pacific Corp. COM 907818108   91,216 400 SH   OTR   400 0 0
Union Pacific Corp. COM 907818108   7,609,695 33,370 SH   SOLE   33,370 0 0
Vaneck Vectors Green Bond ETF GREEN BOND ETF 92189F171   195,525 8,250 SH   SOLE   8,250 0 0
Viper Energy Inc Class A CL A 927959106   156,043 3,180 SH   SOLE   3,180 0 0
W. R. Berkley Corporation COM 084423102   61,153 1,045 SH   SOLE   1,045 0 0
Waste Management Inc COM 94106L109   40,358 200 SH   SOLE   200 0 0
Weyerhaeuser Co REIT COM NEW 962166104   42,225 1,500 SH   OTR   1,500 0 0
Weyerhaeuser Co REIT COM NEW 962166104   5,143,906 182,732 SH   SOLE   175,082 0 7,650