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   78,116 16,550 SH   DFND   16,550 0 0
3M CO COM 88579Y101   1,308,902 9,575 SH   DFND   9,575 0 0
ABBOTT LABS COM 002824100   1,150,475 10,091 SH   DFND   10,091 0 0
ABBVIE INC COM 00287Y109   5,103,871 25,845 SH   DFND   25,845 0 0
AFFILIATED MANAGERS GROUP IN COM 008252108   240,208 1,351 SH   DFND   1,351 0 0
AFLAC INC COM 001055102   335,400 3,000 SH   DFND   3,000 0 0
ALGOMA STL GROUP INC COM 015658107   194,818 19,044 SH   DFND   19,044 0 0
ALKERMES PLC COM G01767105   617,627 22,066 SH   DFND   22,066 0 0
ALLIANCE BERNSTEIN HLDG L P UNIT LTD PARTN 01881G106   902,744 25,874 SH   DFND   25,874 0 0
ALLOGENE THERAPEUTICS INC COM 019770106   51,486 18,388 SH   DFND   18,388 0 0
ALNYLAM PHARMACEUTICALS INC COM 02043Q107   758,808 2,759 SH   DFND   2,759 0 0
ALPHABET INC CAP STK CL A 02079K305   814,821 4,913 SH   DFND   4,913 0 0
ALPHABET INC CAP STK CL C 02079K107   989,096 5,916 SH   DFND   5,916 0 0
ALPS ETF TR ALERIAN MLP ALERIAN MLP 00162Q452   2,720,674 57,727 SH   DFND   57,727 0 0
ALTRIA GROUP INC COM 02209S103   3,249,564 63,667 SH   DFND   63,667 0 0
AMAZON COM INC COM 023135106   203,844 1,094 SH   DFND   1,094 0 0
AMERICAN STS WTR CO COM 029899101   372,140 4,468 SH   DFND   4,468 0 0
AMERICAN TOWER REIT COM 03027X100   362,794 1,560 SH   DFND   1,560 0 0
AMERICAN WTR WKS CO INC NEW COM 030420103   253,502 1,733 SH   DFND   1,733 0 0
AMGEN INC COM 031162100   1,113,558 3,456 SH   DFND   3,456 0 0
ANALOG DEVICES INC COM 032654105   1,094,628 4,756 SH   DFND   4,756 0 0
APPLE INC COM 037833100   1,865,735 8,007 SH   DFND   8,007 0 0
APPLIED DIGITAL CORP COM NEW 038169207   196,928 23,870 SH   DFND   23,870 0 0
APYX MED CORP COM 03837C106   762,600 615,000 SH   DFND   615,000 0 0
ARCHER DANIELS MIDLAND CO COM 039483102   39,058,690 653,811 SH   DFND   653,811 0 0
ASSOCIATED CAP GROUP INC CL A 045528106   34,539,038 975,128 SH   DFND   975,128 0 0
ASTRAZENECA PLC SPONSORED ADR 046353108   962,500 12,354 SH   DFND   12,354 0 0
ATLANTA BRAVES HLDGS INC COM SER A 047726104   1,138,303 27,006 SH   DFND   27,006 0 0
ATLANTA BRAVES HLDGS INC COM SER C 047726302   2,109,480 53,002 SH   DFND   53,002 0 0
AUTOMATIC DATA PROCESSING IN COM 053015103   221,384 800 SH   DFND   800 0 0
AUTONATION INC COM 05329W102   51,307,700 286,763 SH   DFND   286,763 0 0
BAKKT HOLDINGS INC COM CL A NEW 05759B305   3,830,077 400,217 SH   DFND   400,217 0 0
BANCO SANTANDER S.A. ADR 05964H105   1,199,403 235,177 SH   DFND   235,177 0 0
BANK AMER CORP COM 060505104   1,953,248 49,225 SH   DFND   49,225 0 0
BANK OF NEW YORK MELLON CORP COM 064058100   866,919 12,064 SH   DFND   12,064 0 0
BEAM THERAPEUTICS INC COM 07373V105   225,253 9,194 SH   DFND   9,194 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108   691,180 1 SH   DFND   1 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW CL B NEW 084670702   20,701,347 44,978 SH   DFND   44,978 0 0
BGC GROUP INC CL A 088929104   1,316,981 143,462 SH   DFND   143,462 0 0
BICYCLE THERAPEUTICS PLC SPONSORED ADS 088786108   312,113 13,792 SH   DFND   13,792 0 0
BIOGEN INC COM 09062X103   589,274 3,040 SH   DFND   3,040 0 0
BITFARMS LTD COM 09173B107   38,613 18,300 SH   DFND   18,300 0 0
BLACK STONE MINERALS LP COM UNIT 09225M101   4,162,134 275,638 SH   DFND   275,638 0 0
BLACKROCK CREDIT ALL INC TR COM 092508100   575,539 51,023 SH   DFND   51,023 0 0
BLACKROCK FLOAT RATE OME STR COM 09255X100   975,084 73,870 SH   DFND   73,870 0 0
BLACKROCK FLOATING RATE INCOME COM 091941104   255,927 19,778 SH   DFND   19,778 0 0
BLACKROCK MUNI INCOME FD COM 09253X102   1,285,135 102,157 SH   DFND   102,157 0 0
BLACKROCK MUNI INCOME TR II COM 09249N101   166,603 14,796 SH   DFND   14,796 0 0
BLACKROCK MUNIHLDGS QUALITY FUND II INC COM 09254C107   657,756 61,530 SH   DFND   61,530 0 0
BLACKROCK MUNIHOLDINGS FD COM 09253N104   1,777,388 140,505 SH   DFND   140,505 0 0
BLACKROCK MUNIVEST FD INC COM 09253R105   352,944 46,440 SH   DFND   46,440 0 0
BLACKROCK MUNIYIELD QLTY FD COM 09254E103   538,248 44,854 SH   DFND   44,854 0 0
BLACKROCK MUNIYIELD QUALITY COM 09254G108   428,245 39,579 SH   DFND   39,579 0 0
BLACKROCK N Y MUN INCOME TRU SH BEN INT 09248L106   200,607 18,237 SH   DFND   18,237 0 0
BLACKSTONE INC COM CL A 09260D107   5,068,603 33,100 SH   DFND   33,100 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100   720,479 37,900 SH   DFND   37,900 0 0
BLUEBIRD BIO INC COM 09609G100   18,149 34,936 SH   DFND   34,936 0 0
BOEING CO COM 097023105   265,766 1,748 SH   DFND   1,748 0 0
BOOZ ALLEN HAMILTON HLDG COR CL A 099502106   744,139 4,572 SH   DFND   4,572 0 0
BP PLC SPONSORED ADR 055622104   945,278 30,114 SH   DFND   30,114 0 0
BRISTOL MYERS SQUIBBCO COM 110122108   3,072,425 59,382 SH   DFND   59,382 0 0
BROADRIDGE FINL SOLUTIONS IN COM 11133T103   483,387 2,248 SH   DFND   2,248 0 0
BROOKFIELD ASSET MANAGMT LTD CL A LMT VTG SHS 113004105   11,377,042 240,580 SH   DFND   240,580 0 0
BROOKFIELD CORP CL A LTD VT SH 11271J107   56,163,949 1,056,706 SH   DFND   1,056,706 0 0
BROOKFIELD INFRAST PARTNERS LP INT UNIT G16252101   1,064,200 30,371 SH   DFND   30,371 0 0
BROOKFIELD REAL ASSETS INCOME FUND SHS BEN INT 112830104   241,312 17,614 SH   DFND   17,614 0 0
BROOKFIELD WEALTH SOL LTD CL A EXCHANGEAB G17434104   1,197,376 22,524 SH   DFND   22,524 0 0
BUNGE GLOBAL SA COM SHS H11356104   26,100,047 270,075 SH   DFND   270,075 0 0
BURFORD CAP LTD ORD SHS G17977110   4,684,954 353,315 SH   DFND   353,315 0 0
BWX TECHNOLOGIES INC COM 05605H100   292,403 2,690 SH   DFND   2,690 0 0
CACI INTL INC CL A 127190304   185,712,390 368,068 SH   DFND   368,068 0 0
CAMECO CORP COM 13321L108   24,731,485 517,828 SH   DFND   517,828 0 0
CANADIAN IMPERIAL BK COMM COM 136069101   644,070 10,500 SH   DFND   10,500 0 0
CARNIVAL CORP UNIT 99/9/9999 143658300   20,012,898 1,082,949 SH   DFND   1,082,949 0 0
CATERPILLAR INC COM 149123101   3,213,442 8,216 SH   DFND   8,216 0 0
CBOE GLOBAL MARKETS INC COM 12503M108   85,566,851 417,664 SH   DFND   417,664 0 0
CENTERPOINT ENERGY INC COM 15189T107   283,403 9,633 SH   DFND   9,633 0 0
CHARLES RIV LABS INTL INC COM 159864107   22,604,573 114,762 SH   DFND   114,762 0 0
CHENIERE ENERGY INC COM NEW 16411R208   84,302,532 468,764 PRN   DFND   468,764 0 0
CHEVRON CORP COM 166764100   2,914,915 19,793 SH   DFND   19,793 0 0
CISCO SYSTEMS INC COM 17275R102   3,011,773 56,591 SH   DFND   56,591 0 0
CITIGROUP INC COM NEW 172967424   385,679 6,161 SH   DFND   6,161 0 0
CIVEO CORP COM NEW 17878Y207   89,094,075 3,251,609 SH   DFND   3,251,609 0 0
CME GROUP INC COM 12572Q105   28,400,423 128,713 SH   DFND   128,713 0 0
CMS ENERGY CORP COM 125896100   1,107,125 15,675 SH   DFND   15,675 0 0
COCA COLA CO COM 191216100   432,597 6,020 SH   DFND   6,020 0 0
COHEN & STEERS INC COM 19247A100   429,629 4,478 SH   DFND   4,478 0 0
COHEN & STEERS QUALITY RLTY COM 19247L106   1,088,639 76,827 SH   DFND   76,827 0 0
COLGATE PALMOLIVE CO COM 194162103   322,019 3,102 SH   DFND   3,102 0 0
COMCAST CORP CL A 20030N101   378,687 9,066 SH   DFND   9,066 0 0
COSTAMARE INC SHS Y1771G102   5,077,560 323,000 SH   DFND   323,000 0 0
CRA INTL INC COM 12618T105   2,210,453 12,608 SH   DFND   12,608 0 0
CRISPR THERAPEUTICS AG NAMEN AKT H17182108   481,028 10,239 SH   DFND   10,239 0 0
CSW INDUSTRIALS INC COM 126402106   2,198,340 6,000 SH   DFND   6,000 0 0
CVS HEALTH CORP COM 126650100   806,750 12,830 SH   DFND   12,830 0 0
DANAHER CORP COM 235851102   2,466,322 8,871 SH   DFND   8,871 0 0
DELTA AIR LINES INC DEL COM NEW 247361702   233,634 4,600 SH   DFND   4,600 0 0
DIGITALBRIDGE GROUP INC CL A NEW 25401T603   6,538,135 462,713 SH   DFND   462,713 0 0
DISNEY WALT CO COM 254687106   548,700 5,704 SH   DFND   5,704 0 0
DOMINION ENERGY INC COM 25746U109   476,768 8,250 SH   DFND   8,250 0 0
DORCHESTER MINERALS LP COM UNIT 25820R105   27,041,309 896,893 SH   DFND   896,893 0 0
DORMAN PRODUCTS INC COM 258278100   339,360 3,000 SH   DFND   3,000 0 0
DOUBLELINE INCOME SOLUTIONS COM 258622109   769,823 59,308 SH   DFND   59,308 0 0
DOUBLELINE OPPORTUNISTIC CR COM 258623107   1,088,115 68,781 SH   DFND   68,781 0 0
DOW INC COM 260557103   375,363 6,871 SH   DFND   6,871 0 0
EAGLE MATERIALS COM 26969P108   9,091,076 31,605 SH   DFND   31,605 0 0
EATOM CORP PLC SHS G29183103   323,154 975 SH   DFND   975 0 0
EATON VANCE CALIF MUN BD FDMUN BD FD COM 27828A100   103,052 10,679 SH   DFND   10,679 0 0
EATON VANCE FLTING RATE INC COM 278279104   154,560 12,000 SH   DFND   12,000 0 0
EATON VANCE LTD DURATION INC COM 27828H105   164,671 15,668 SH   DFND   15,668 0 0
EATON VANCE MUN BD FD COM 27827X101   241,358 22,431 SH   DFND   22,431 0 0
EATON VANCE MUNI INCOME TRUS SH BEN INT 27826U108   109,854 10,014 SH   DFND   10,014 0 0
EATON VANCE NY MUN BD COM 27827Y109   242,606 24,358 SH   DFND   24,358 0 0
EATON VANCE SR FLTNG RTE TR COM 27828Q105   354,463 27,801 SH   DFND   27,801 0 0
EATON VANCE SR INCOME TR SH BEN INT 27826S103   198,563 32,130 SH   DFND   32,130 0 0
EBAY INC COM 278642103   918,702 14,110 SH   DFND   14,110 0 0
EDITAS MEDICINE INC COM 28106W103   103,630 30,390 SH   DFND   30,390 0 0
ELI LILLY AND COMPANY COM 532457108   3,646,529 4,116 SH   DFND   4,116 0 0
EMERSON ELEC CO COM 291011104   2,657,367 24,297 SH   DFND   24,297 0 0
ENBRIDGE INC COM 29250N105   508,925 12,532 SH   DFND   12,532 0 0
ENERGY TRANSFER EQUITY L P COM UT LTD PTN 29273V100   4,835,367 301,269 SH   DFND   301,269 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107   3,789,307 130,172 SH   DFND   130,172 0 0
EOG RES INC COM 26875P101   1,237,659 10,068 SH   DFND   10,068 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108   8,036,925 112,657 SH   DFND   112,657 0 0
EVOLV TECHNOLOGIES HLDNGS IN COM CL A 30049H102   54,675 13,500 SH   DFND   13,500 0 0
EXXON MOBIL CORP COM 30231G102   6,435,495 54,901 SH   DFND   54,901 0 0
FEDERATED HERMES INC CL B 314211103   975,582 26,532 SH   DFND   26,532 0 0
FEDERATED HERMES PREM MUN INC FD COM 31423P108   436,551 35,149 SH   DFND   35,149 0 0
FIDELITY NATIONAL FINANCIAL FNF GROUP COM 31620R303   3,603,886 58,071 SH   DFND   58,071 0 0
FIDELITY NATL INFORMATION SVC COM 31620M106   2,666,600 31,840 SH   DFND   31,840 0 0
FIDELITY WISE ORIGIN BITCOIN SHS 315948109   328,515 5,916 SH   DFND   5,916 0 0
FITLIFE BRANDS INC COM NEW 33817P306   2,528,445 77,228 SH   DFND   77,228 0 0
FRANCO NEVADA CORP COM 351858105   116,277,395 935,834 SH   DFND   935,834 0 0
FREEPORT MCMORAN INC CL B 35671D857   7,078,756 141,802 SH   DFND   141,802 0 0
GALECTIN THERAPEUTICS INC COM NEW 363225202   141,581 51,484 SH   DFND   51,484 0 0
GALLAGHER ARTHUR J & CO COM 363576109   550,641 1,957 SH   DFND   1,957 0 0
GE HEALTHCARE TECHNOLOGIES INC COMMON STOCK 36266G107   303,323 3,232 SH   DFND   3,232 0 0
GE VERNOVA INC COM 36828A101   382,215 1,499 SH   DFND   1,499 0 0
GENERAL ELECTRIC CO COM NEW 369604301   1,225,393 6,498 SH   DFND   6,498 0 0
GENERAL MTRS CO COM 37045V100   804,564 17,943 SH   DFND   17,943 0 0
GENUINE PARTS CO COM 372460105   329,645 2,360 SH   DFND   2,360 0 0
GOLDMAN SACHS GROUP INC COM 38141G104   590,666 1,193 SH   DFND   1,193 0 0
GRAYSCALE BASIC ATTENTION TOKEN TR 38963U108   11,848 2,089 SH   DFND   2,089 0 0
GRAYSCALE BITCOIN CASH TRUST BCH 38963P109   6,592,286 985,394 SH   DFND   985,394 0 0
GRAYSCALE BITCOIN MINI TR BT SHS 389930108   86,042,125 15,282,793 SH   DFND   15,282,793 0 0
GRAYSCALE BITCOIN TRUST BTC 389637109   768,007,030 15,208,060 SH   DFND   15,208,060 0 0
GRAYSCALE DECENTRALAND TRUST 38964P108   7,981 691 SH   DFND   691 0 0
GRAYSCALE DIGITAL LARGE CAP FUND G40705108   828,786 41,029 SH   DFND   41,029 0 0
GRAYSCALE ETHEREUM CLASSIC TRUST 38963Q107   569,104 71,138 SH   DFND   71,138 0 0
GRAYSCALE ETHEREUM MINI TR E COM UNIT 38964R104   16,307 6,683 SH   DFND   6,683 0 0
GRAYSCALE ETHEREUM TR ETH SHS 389638107   146,291 6,683 SH   DFND   6,683 0 0
GRAYSCALE LITECOIN TRUST LTC SHS 38963W104   4,756,610 327,816 SH   DFND   327,816 0 0
GRAYSCALE ZCASH TR ZEC COM 38964G108   64,292 15,492 SH   DFND   15,492 0 0
GREENBRIER COS INC COM 393657101   816,784 16,050 SH   DFND   16,050 0 0
GSK PLC SPONSORED ADR 37733W204   1,561,289 38,192 SH   DFND   38,192 0 0
HALEON PLC SPON ADS 405552100   142,735 13,491 SH   DFND   13,491 0 0
HONEYWELL INTL INC COM 438516106   1,974,701 9,553 SH   DFND   9,553 0 0
LISTED FD TR HORZN KINTCS BL 53656G209   3,153,388 113,024 SH   DFND   113,024 0 0
LISTED FD TR HORIZON KINETICS 53656G514   238,744 8,209 SH   DFND   8,209 0 0
LISTED FD TR HORIZON KINETICS 53656F623   3,438,145 91,464 SH   DFND   91,464 0 0
LISTED FD TR HORZN KNTCS SPAC 53656G555   12,763,174 128,691 SH   DFND   128,691 0 0
HOWARD HUGHES HOLDINGS INC COM 44267T102   38,390,661 495,811 SH   DFND   495,811 0 0
I B M COM 459200101   806,942 3,650 SH   DFND   3,650 0 0
INTELLIA THERAPEUTICS INC COM 45826J105   283,426 13,792 SH   DFND   13,792 0 0
INTER PARFUMS INC COM 458334109   19,656,945 151,815 SH   DFND   151,815 0 0
INTERCONTINENTAL EXCHANGE INC COM 45866F104   119,761,376 745,526 SH   DFND   745,526 0 0
INTL FLAVORS & FRAGRANCES COM 459506101   320,036 3,050 SH   DFND   3,050 0 0
INVESCO MUNI INCOME OPP TRST COM 46132X101   136,589 19,911 SH   DFND   19,911 0 0
INVESCO QUALITY MUNI INC COM 46133G107   230,881 22,115 SH   DFND   22,115 0 0
INVESCO EXCHANGE TRADED FD T S&P500 EQL WGT 46137V357   555,991 3,103 SH   DFND   3,103 0 0
INVESCO SR INCOME TR COM 46131H107   61,779 15,179 SH   DFND   15,179 0 0
INVESCO TR INVT GRADE NEW YO COM 46131T101   120,073 10,414 SH   DFND   10,414 0 0
IONIS PHARMACEUTICALS INC COM 462222100   478,797 11,952 SH   DFND   11,952 0 0
IRON MTN INC DEL COM 46284V101   4,093,694 34,450 SH   DFND   34,450 0 0
ISHARES BITCOIN TRUST SHS 46438F101   29,113,662 805,803 SH   DFND   805,803 0 0
ISHARES GOLD TR ISHARES NEW 464285204   436,863 8,790 SH   DFND   8,790 0 0
ISHARES SILVER TR ISHARES 46428Q109   871,903 30,690 SH   DFND   30,690 0 0
ISHARES TR GL TIMB FORE ETF 464288174   590,250 6,850 SH   DFND   6,850 0 0
JOHNSON & JOHNSON COM 478160104   3,148,542 19,428 SH   DFND   19,428 0 0
JP MORGAN CHASE & CO COM 46625H100   857,568 4,067 SH   DFND   4,067 0 0
KAYNE ANDERSON ENERGY INFRSTR COM 486606106   137,542 12,504 SH   DFND   12,504 0 0
KENVUE INC COM 49177J102   422,400 18,262 SH   DFND   18,262 0 0
KIMBELL RTY PARTNERS LP UNIT 49435R102   1,215,216 75,526 SH   DFND   75,526 0 0
KINDER MORGAN INC DEL COM 49456B101   2,288,347 103,592 SH   DFND   103,592 0 0
KKR & CO INC COM 48251W104   699,648 5,358 SH   DFND   5,358 0 0
KLA-TENCOR CORP COM NEW 482480100   3,755,114 4,849 SH   DFND   4,849 0 0
KRAFT HEINZ COMPANY COM 500754106   511,798 14,577 SH   DFND   14,577 0 0
KRANESHARES TR GLOBAL CARB STRA 500767678   889,932 28,109 SH   DFND   28,109 0 0
L3 HARRIS TECHNOLOGIES INC COM 502431109   3,949,913 16,605 SH   DFND   16,605 0 0
LANDBRIDGE COMPANY LLC CL A 514952100   203,066,717 5,190,867 SH   DFND   5,190,867 0 0
LANTERN PHARMA INC COM 51654W101   101,226 27,582 SH   DFND   27,582 0 0
LAS VEGAS SANDS CORP COM 517834107   3,035,250 60,295 SH   DFND   60,295 0 0
LENNAR CORP CL A 526057104   1,099,008 5,862 SH   DFND   5,862 0 0
LIBERTY BROADBAND CORP COM SER C 530307305   6,915,909 89,480 SH   DFND   89,480 0 0
LIBERTY ENERGY INC COM CL A 53115L104   4,974,981 260,607 SH   DFND   260,607 0 0
LIBERTY MEDIA CORP DEL COM LBTY LIV S C 531229748   459,304 9,277 SH   DFND   9,277 0 0
LIBERTY MEDIA CORP DEL COM LBTY LIV S C 531229722   1,167,860 22,752 SH   DFND   22,752 0 0
LIBERTY MEDIA CORP DEL COM LBTY ONE S A 531229771   3,237,805 45,265 SH   DFND   45,265 0 0
LIBERTY MEDIA CORP DEL COM LBTY ONE S C 531229755   7,794,414 100,664 SH   DFND   100,664 0 0
LINDE PLC SHS G54950103   1,173,076 2,460 SH   DFND   2,460 0 0
LIVE NATION ENTERTAINMENT INC COM 538034109   39,012,272 356,309 SH   DFND   356,309 0 0
LOEWS CORP COM 540424108   438,016 5,541 SH   DFND   5,541 0 0
MACYS INC COM 55616P104   478,545 30,500 SH   DFND   30,500 0 0
MADISON SQUARE GARDEN ENTMT COM CL A 558256103   2,101,705 49,417 SH   DFND   49,417 0 0
MADISON SQUARE GARDEN SPRT COR CL A 55825T103   6,350,056 30,491 SH   DFND   30,491 0 0
MARATHON PETE CORP COM 56585A102   939,991 5,770 SH   DFND   5,770 0 0
MARKEL GROUP INC COM 570535104   3,943,416 2,514 SH   DFND   2,514 0 0
MARKETAXESS HLDGS INC COM 57060D108   343,820 1,342 SH   DFND   1,342 0 0
MARSH & MCLENNAN COS INC COM 571748102   26,564,203 119,074 SH   DFND   119,074 0 0
MASTERCARD INC CL A 57636Q104   9,697,019 19,638 SH   DFND   19,638 0 0
MCDONALDS CORP COM 580135101   1,232,047 4,046 SH   DFND   4,046 0 0
MERCK & COMPANY COM 58933Y105   3,769,281 33,192 SH   DFND   33,192 0 0
MESABI TR CTF BEN INT 590672101   60,240,457 2,659,623 SH   DFND   2,659,623 0 0
META PLATFORMS INC CL A 30303M102   333,599 583 SH   DFND   583 0 0
METALLA RTY & STREAMING LTD COM NEW 59124U605   1,235,404 399,807 SH   DFND   399,807 0 0
MFS HIGH INCOME MUN TR SH BEN INT 59318D104   141,833 35,414 SH   DFND   35,414 0 0
MICROSOFT COM 594918104   5,598,385 13,010 SH   DFND   13,010 0 0
MICROSTRATEGY INC CL A NEW 594972408   32,523,783 192,905 SH   DFND   192,905 0 0
MONDELEZ INTL INC CL A 609207105   1,210,324 16,429 SH   DFND   16,429 0 0
MOVADO GROUP INC COM 624580106   339,655 18,261 SH   DFND   18,261 0 0
NASDAQ INC COM 631103108   7,514,070 102,918 SH   DFND   102,918 0 0
NATURAL RESOURCE PARTNERS L COM UNIT LTD P 63900P608   1,899,472 19,422 SH   DFND   19,422 0 0
NETFLIX INC COM 64110L106   265,976 375 SH   DFND   375 0 0
NEUBERGER BERMAN MUNI FD INC COM 64124P101   461,387 41,529 SH   DFND   41,529 0 0
NEWMONT CORP COM 651639106   1,287,542 24,089 SH   DFND   24,089 0 0
NEXTERA ENERGY INC COM 65339F101   241,756 2,860 SH   DFND   2,860 0 0
NORFOLK SOUTHN CORP COM 655844108   831,978 3,348 SH   DFND   3,348 0 0
NOVARTIS AG SPONSORED ADR 66987V109   1,396,803 12,144 SH   DFND   12,144 0 0
NOVO-NORDISK A S ADR 670100205   1,871,542 15,718 SH   DFND   15,718 0 0
NUTRIEN LTD COM 67077M108   15,265,447 317,633 SH   DFND   317,633 0 0
NUVEEN AMT FREE QLTY MUN INC COM 670657105   4,543,058 379,537 SH   DFND   379,537 0 0
NUVEEN MUNICIPAL CREDIT INC COM SH BEN INT 67070X101   513,546 39,202 SH   DFND   39,202 0 0
NUVEEN AMT FREE MUN CR INC F COM 67071L106   355,585 26,556 SH   DFND   26,556 0 0
NUVEEN FLOATING RATE INCOME COM 67072T108   1,271,121 144,118 SH   DFND   144,118 0 0
NUVEEN MUN HIGH INC OPP FD COM 670682103   201,975 17,322 SH   DFND   17,322 0 0
NUVEEN MUN VALUE FD INC COM 670928100   111,397 12,350 SH   DFND   12,350 0 0
NUVEEN NY AMT FREE QLTY MUN INC FD COM 670656107   800,610 71,483 SH   DFND   71,483 0 0
NUVEEN NY QLTY INCOME FD COM 67066X107   449,423 38,119 SH   DFND   38,119 0 0
NUVEEN PFD & INCOME OPPORTUN COM 67073B106   230,302 28,538 SH   DFND   28,538 0 0
NUVEEN QUALITY MUNI INC FD COM 67066V101   1,709,892 138,117 SH   DFND   138,117 0 0
NUVEEN SELECT MAT MUN FD SH BEN INT SH BEN INT 67061T101   199,090 21,500 SH   DFND   21,500 0 0
NUVEEN TAXABLE MUNICIPAL INC FUND COM 67074C103   447,706 26,954 SH   DFND   26,954 0 0
NVIDIA CORP COM 67066G104   3,164,726 26,060 SH   DFND   26,060 0 0
OCCIDENTAL PETE CORP COM 674599105   480,662 9,326 SH   DFND   9,326 0 0
OIL STATE INTERNATIONAL INC COM 678026105   51,980 11,300 SH   DFND   11,300 0 0
OPENLANE INC COM 48238T109   1,816,946 107,639 SH   DFND   107,639 0 0
OSHKOSH CORP COM 688239201   14,143,641 141,140 SH   DFND   141,140 0 0
OSISKO GOLD ROYALTIES LTD COM 68827L101   25,768,599 1,392,145 SH   DFND   1,392,145 0 0
PACIFIC BIOSCIENCES CALIF IN COM 69404D108   18,758 11,034 SH   DFND   11,034 0 0
PATTERSON UTI ENERGY INC COM 703481101   3,010,558 393,537 SH   DFND   393,537 0 0
PCM FUND INC COM 69323T101   321,613 40,252 SH   DFND   40,252 0 0
PENSKE AUTOMOTIVE GRP INC COM 70959W103   29,476,044 181,480 SH   DFND   181,480 0 0
PEPSICO INC COM 713448108   393,326 2,313 SH   DFND   2,313 0 0
PERMIAN BASIN RTY TR UNIT BEN INT 714236106   43,805,899 3,684,264 SH   DFND   3,684,264 0 0
PFIZER INC COM 717081103   2,715,006 93,815 SH   DFND   93,815 0 0
PHILIP MORRIS INTL INC COM 718172109   4,654,962 38,344 SH   DFND   38,344 0 0
PIMCO CORPORATE & INCOME OPP COM 72201B101   164,046 11,400 SH   DFND   11,400 0 0
PIMCO DYNAMIC INCOME FD SHS 72201Y101   1,767,301 87,188 SH   DFND   87,188 0 0
PIMCO INCOME STRATEGY FUND COM 72201H108   1,161,115 135,486 SH   DFND   135,486 0 0
PIMCO INCOME STRATEGY FUND II COM 72201J104   2,482,798 325,827 SH   DFND   325,827 0 0
PIMCO MUN INCOME FD II COM 72200W106   219,022 23,325 SH   DFND   23,325 0 0
PIMCO NEW YORK MUN INCOME FD COM 72201E105   65,236 10,355 SH   DFND   10,355 0 0
PIMCO NY MUNICIPAL INCOME FD COM 72200T103   489,335 58,956 SH   DFND   58,956 0 0
POTLATCHDELTIC CORPORATION COM 737630103   2,325,321 51,616 SH   DFND   51,616 0 0
PRESTIGE CONSMR HEALTHCARE I COM 74112D101   234,109 3,247 SH   DFND   3,247 0 0
PROSHARES TR II SHT VIX ST TRM 74347W130   1,333,778 26,617 SH   DFND   26,617 0 0
PROSHARES TR ULTRAPRO QQQ 74347X831   514,751 7,101 SH   DFND   7,101 0 0
PROSHARES TR ULTRAPRO SHT QQQ 74347G432   485,663 65,719 SH   DFND   65,719 0 0
QUALCOMM INC COM 747525103   964,524 5,672 SH   DFND   5,672 0 0
QUANTA SVCS INC COM 74762E102   268,335 900 SH   DFND   900 0 0
QUEST DIAGNOSTICS INC COM 74834L100   869,400 5,600 SH   DFND   5,600 0 0
RAYONIER ADVANCED MATLS INC COM 75508B104   2,000,472 233,700 SH   DFND   233,700 0 0
RAYONIER INC COM 754907103   1,951,516 60,644 SH   DFND   60,644 0 0
RB GLOBAL INC COM 74935Q107   9,498,582 118,009 SH   DFND   118,009 0 0
REGENERON PHARMACEUTICALS COM 75886F107   742,175 706 SH   DFND   706 0 0
RELMADA THERAPEUTICS INC COM 75955J402   97,200 30,000 SH   DFND   30,000 0 0
RENN FUND INC COM 759720105   1,421,409 670,476 SH   DFND   670,476 0 0
REPLIMUNE GROUP INC COM 76029N106   151,160 13,792 SH   DFND   13,792 0 0
RESIDEO TECHNOLOGIES INC COM 76118Y104   1,754,436 87,112 SH   DFND   87,112 0 0
RIO TINTO PLC SPONSORED ADR 767204100   1,157,651 16,266 SH   DFND   16,266 0 0
ROCKWELL AUTOMATION INC COM 773903109   1,614,787 6,015 SH   DFND   6,015 0 0
ROYAL CARIBBEAN GROUP COM V7780T103   10,265,774 57,881 SH   DFND   57,881 0 0
ROYAL GOLD INC COM 780287108   10,714,354 76,367 SH   DFND   76,367 0 0
ROYALTY PHARMA PLC SHS CLASS A G7709Q104   6,472,641 228,796 SH   DFND   228,796 0 0
ROYCE MICRO-CAP TR INC COM 780915104   1,322,048 137,570 SH   DFND   137,570 0 0
RTX CORPORATION COM 75513E101   2,498,077 20,618 SH   DFND   20,618 0 0
S&P GLOBAL INC COM 78409V104   9,539,374 18,465 SH   DFND   18,465 0 0
SABINE ROYALTY TR UNIT BEN INT 785688102   6,199,701 100,368 SH   DFND   100,368 0 0
SAN JUAN BASIN RTY TR UNIT BEN INT 798241105   4,780,126 1,291,926 SH   DFND   1,291,926 0 0
SANDSTORM GOLD LTD COM NEW 80013R206   23,410,314 3,901,719 SH   DFND   3,901,719 0 0
SCIENCE APPLICATNS INTL CO COM 808625107   56,120,987 402,965 SH   DFND   402,965 0 0
SCRIPPS E W CO OHIO CL A NEW 811054402   44,900 20,000 SH   DFND   20,000 0 0
SEALED AIR CORP NEW COM 81211K100   1,564,530 43,100 SH   DFND   43,100 0 0
SEAPORT ENTMT GROUP INC COMMON STOCK 812215200   1,520,247 55,443 SH   DFND   55,443 0 0
SIRIUSXM HOLDINGS INC COMMON STOCK 829933100   1,570,502 66,406 SH   DFND   66,406 0 0
SITIO ROYALTIES CORP CLASS A COM 82983N108   16,062,239 770,741 SH   DFND   770,741 0 0
SONOCO PRODUCTS COM 835495102   2,092,329 38,300 SH   DFND   38,300 0 0
SPDR GOLD TR GOLD SHS 78463V107   932,378 3,836 SH   DFND   3,836 0 0
SPDR SER TR OILGAS EQUIP 78468R549   1,400,692 17,342 SH   DFND   17,342 0 0
SPHERE ENTERTAINMENT CO CL A 55826T102   2,506,243 56,728 SH   DFND   56,728 0 0
SPROTT INC COM NEW 852066208   7,009,450 161,844 SH   DFND   161,844 0 0
SPROTT PHYSICAL GOLD TR UNIT 85207H104   338,736 16,621 SH   DFND   16,621 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103   944,409 1,646 SH   DFND   1,646 0 0
STAR BULK CARRIERS CORP SHS PAR Y8162K204   1,046,091 44,157 SH   DFND   44,157 0 0
STRYKER CORP COM 863667101   722,520 2,000 SH   DFND   2,000 0 0
SUNCOR ENERGY INC NEW COM 867224107   2,881,384 78,044 SH   DFND   78,044 0 0
TEJON RANCH CO COM 879080109   15,779,310 899,106 SH   DFND   899,106 0 0
TELEFONICA S A SPONSORED ADR 879382208   1,884,596 387,777 SH   DFND   387,777 0 0
TETRA TECHNOLOGIES INC DEL COM 88162F105   42,160 13,600 SH   DFND   13,600 0 0
TEXAS PACIFIC LAND CORP COM 88262P102   3,268,552,594 3,694,365 SH   DFND   3,694,365 0 0
THE SAINT JOE CO COM 790148100   30,545,569 523,848 SH   DFND   523,848 0 0
TORONTO DOMINION BK ONT COM NEW 891160509   1,904,126 30,100 SH   DFND   30,100 0 0
TRADEWEB MKTS INC CL A 892672106   525,969 4,253 SH   DFND   4,253 0 0
TRI POINTE HOMES INC COM 87265H109   6,343,944 140,012 SH   DFND   140,012 0 0
TRIPLE FLAG PRECIOUS METAL COM 89679M104   360,748 22,296 SH   DFND   22,296 0 0
VALMONT INDS INC COM 920253101   746,621 2,575 SH   DFND   2,575 0 0
VANDA PHARMACEUTICALS INC COM 921659108   116,425 24,824 SH   DFND   24,824 0 0
VANECK BITCOIN ETF SH BEN INT 92189K105   548,063 7,630 SH   DFND   7,630 0 0
VANECK ETF TRUST JUNIOR GOLD MINE 92189F791   1,138,231 23,320 SH   DFND   23,320 0 0
VANECK ETF TRUST GOLD MINERS ETF 92189F106   492,241 12,362 SH   DFND   12,362 0 0
VANECK ETF TRUST OIL SVCS ETF 92189H607   1,046,986 3,690 SH   DFND   3,690 0 0
VANGUARD BD INDEX FDS SHORT TRM BOND 921937827   591,827 7,521 SH   DFND   7,521 0 0
VANGUARD BD INDEX FDS VANGUARD ULTRA 92203C303   8,696,202 174,133 SH   DFND   174,133 0 0
VANGUARD INDEX FDS EXTEND MKT ETF 922908652   1,334,318 7,332 SH   DFND   7,332 0 0
VANGUARD INDEX FDS S&P 500 ETF SHS 922908363   1,794,606 3,401 SH   DFND   3,401 0 0
VANGUARD INDEX FDS TOTAL STK MKT 922908769   397,840 1,405 SH   DFND   1,405 0 0
VANGUARD SCOTTSDALE FDS SHORT TERM TREAS 92206C102   13,190,924 223,499 SH   DFND   223,499 0 0
VERALTO CORP COM SHS 92338C103   254,705 2,277 SH   DFND   2,277 0 0
VERISK ANALYTICS INC CL A 92345Y106   1,875,720 7,000 SH   DFND   7,000 0 0
VERIZON COMMUNICATIONS INC COM 92343V104   209,954 4,675 SH   DFND   4,675 0 0
VERTIV HOLDINGS CO COM CL A 92537N108   1,525,182 15,330 SH   DFND   15,330 0 0
VIPER ENERGY INC CL A 927959106   59,565,253 1,320,445 SH   DFND   1,320,445 0 0
VISA INC COM CL A 92826C839   1,247,998 4,539 SH   DFND   4,539 0 0
W P CAREY INC COM 92936U109   2,099,510 33,700 SH   DFND   33,700 0 0
WENDYS COMPANY COM 95058W100   14,848,480 847,516 SH   DFND   847,516 0 0
WEST FRASER TIMBER LTD COM 952845105   23,068,770 236,943 SH   DFND   236,943 0 0
WESTERN ASSET HIGH INCOME OPP COM 95766K109   40,792 10,072 SH   DFND   10,072 0 0
WEYERHAEUSER CO COM NEW 962166104   1,062,492 31,379 SH   DFND   31,379 0 0
WHEATON PRECIOUS METALS CORP COM 962879102   168,225,018 2,754,175 SH   DFND   2,754,175 0 0
WHITE MTNS INS GROUP LTD COM G9618E107   12,107,476 7,138 SH   DFND   7,138 0 0
WILLIAMS COS INC COM 969457100   8,093,060 177,285 SH   DFND   177,285 0 0
WISDOMTREE INC COM 97717P104   2,060,960 206,302 SH   DFND   206,302 0 0
WSTRN AST INFL LKD OPP & I COM 95766R104   106,398 12,036 SH   DFND   12,036 0 0
WYNN RESORTS LTD COM 983134107   250,343 2,611 SH   DFND   2,611 0 0
DIREXION SHS ETF TR DAILY GOLD MINER 25460G880   315,600 26,300 SH Call DFND   26,300 0 0
PROSHARES TR II VIX SH TRM FUTRS 74347Y789   529,000 23,000 SH Call DFND   23,000 0 0