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 COMMON STOCK 901384107   92,421 17,275 SH   DFND   17,275 0 0
3M CO COM 88579Y101   631,116 5,950 SH   DFND   5,950 0 0
ABBOTT LABS COM 002824100   1,146,943 10,091 SH   DFND   10,091 0 0
ABBVIE INC COM 00287Y109   4,373,496 24,017 SH   DFND   24,017 0 0
AFLAC INC COM 001055102   257,580 3,000 SH   DFND   3,000 0 0
ALGOMA STL GROUP INC COM 015658107   160,291 18,880 SH   DFND   18,880 0 0
ALKERMES PLC COM G01767105   623,503 23,033 SH   DFND   23,033 0 0
ALLOGENE THERAPEUTICS INC COM 019770106   85,797 19,194 SH   DFND   19,194 0 0
ALNYLAM PHARMACEUTICALS INC COM 02043Q107   430,416 2,880 SH   DFND   2,880 0 0
ALPHABET INC CLASS A CL A 02079K305   761,744 5,047 SH   DFND   5,047 0 0
ALPHABET INC CLASS C CL C 02079K107   941,880 6,186 SH   DFND   6,186 0 0
ALPS ETF TR ALERIAN MLP ALERIAN MLP 00162Q452   2,520,411 53,106 SH   DFND   53,106 0 0
ALTRIA GROUP INC COM 02209S103   1,714,528 39,306 SH   DFND   39,306 0 0
AMAZON COM INC COM 023135106   215,914 1,197 SH   DFND   1,197 0 0
AMERICAN STS WTR CO COM 029899101   326,380 4,518 SH   DFND   4,518 0 0
AMERICAN TOWER REIT COM 03027X100   304,289 1,540 SH   DFND   1,540 0 0
AMERICAN WTR WKS CO INC NEW COM 030420103   213,788 1,749 SH   DFND   1,749 0 0
AMGEN INC COM 031162100   1,045,445 3,677 SH   DFND   3,677 0 0
ANALOG DEVICES INC COM 032654105   874,377 4,421 SH   DFND   4,421 0 0
APPLE INC COM 037833100   1,553,179 9,057 SH   DFND   9,057 0 0
APPLIED DIGITAL CORP COM NEW 038169207   100,871 23,568 SH   DFND   23,568 0 0
APYX MED CORP COM 03837C106   836,400 615,000 SH   DFND   615,000 0 0
ARCHER DANIELS MIDLAND CO COM 039483102   39,022,860 621,284 SH   DFND   621,284 0 0
ASSOCIATED CAP GROUP INC CL A CL A 045528106   34,031,094 1,040,388 SH   DFND   1,040,388 0 0
ASTRAZENECA PLC SPONSORED ADR SPONSORED ADR 046353108   908,256 13,406 SH   DFND   13,406 0 0
ATLANTA BRAVES HLDGS INC COM SER A 047726104   1,159,380 27,670 SH   DFND   27,670 0 0
ATLANTA BRAVES HLDGS INC COM SER C 047726302   2,107,404 53,953 SH   DFND   53,953 0 0
AUTONATION INC COM 05329W102   48,534,147 293,116 SH   DFND   293,116 0 0
BAKKT HOLDINGS INC COM CL A 05759B107   3,571,126 7,766,695 SH   DFND   7,766,695 0 0
BANCO SANTANDER CENT HISPANO ADR ADR 05964H105   200,424 41,410 SH   DFND   41,410 0 0
BANK AMER CORP COM 060505104   1,034,268 27,275 SH   DFND   27,275 0 0
BANK OF NEW YORK MELLON CORP COM 064058100   677,842 11,764 SH   DFND   11,764 0 0
BEAM THERAPEUTICS INC COM 07373V105   317,085 9,597 SH   DFND   9,597 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108   634,440 1 SH   DFND   1 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW CL B NEW 084670702   19,131,770 45,496 SH   DFND   45,496 0 0
BGC GROUP INC CL A 088929104   1,007,450 129,659 SH   DFND   129,659 0 0
BICYCLE THERAPEUTICS PLC SPONSORED ADS SPONSORED ADS 088786108   358,460 14,396 SH   DFND   14,396 0 0
BIOGEN INC COM 09062X103   672,981 3,121 SH   DFND   3,121 0 0
BITFARMS LTD COM 09173B107   40,809 18,300 SH   DFND   18,300 0 0
BLACK STONE MINERALS LP COM UNIT 09225M101   2,682,051 167,838 SH   DFND   167,838 0 0
BLACKROCK CREDIT ALL INC TR COM 092508100   434,377 40,634 SH   DFND   40,634 0 0
BLACKROCK FLOAT RATE OME STR COM 09255X100   766,040 59,291 SH   DFND   59,291 0 0
BLACKROCK FLOATING RATE INCOME COM 091941104   164,560 12,678 SH   DFND   12,678 0 0
BLACKROCK MUNI INCOME FD COM 09253X102   1,232,013 102,157 SH   DFND   102,157 0 0
BLACKROCK MUNIHLDGS QUALITY FUND II INC COM 09254C107   615,177 60,430 SH   DFND   60,430 0 0
BLACKROCK MUNIHOLDINGS FD COM 09253N104   1,691,562 140,030 SH   DFND   140,030 0 0
BLACKROCK MUNIVEST FD INC COM 09253R105   327,866 46,440 SH   DFND   46,440 0 0
BLACKROCK MUNIYIELD QLTY FD COM 09254E103   488,815 42,654 SH   DFND   42,654 0 0
BLACKROCK MUNIYIELD QUALITY COM 09254G108   402,312 38,279 SH   DFND   38,279 0 0
BLACKSTONE INC COM CL A 09260D107   1,249,329 9,510 SH   DFND   9,510 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100   554,494 27,850 SH   DFND   27,850 0 0
BLUEBIRD BIO INC COM 09609G100   46,679 36,468 SH   DFND   36,468 0 0
BOEING CO COM 097023105   1,334,719 6,916 SH   DFND   6,916 0 0
BP PLC SPONS ADR SPONSORED ADR 055622104   358,676 9,519 SH   DFND   9,519 0 0
BRISTOL MYERS SQUIBBCO COM 110122108   2,358,354 43,488 SH   DFND   43,488 0 0
BROOKFIELD ASSET MANAGMT LTDCL A LMT VTG S CL A LMT VTG SHS 113004105   15,572,289 370,592 SH   DFND   370,592 0 0
BROOKFIELD CORP CL A LMT VTG S CL A LTD VT SH 11271J107   51,205,845 1,222,972 SH   DFND   1,222,972 0 0
BROOKFIELD INFRASTRUCTURE PARTNERS LP LP INT UNIT G16252101   1,053,993 33,771 SH   DFND   33,771 0 0
BROOKFIELD REAL ASSETS INCOME FUND SHS BEN INT 112830104   208,761 16,158 SH   DFND   16,158 0 0
BROOKFIELD REINS LTD CL A-1 EXCH NO CL A-1 EXCH NO G16250204   797,162 19,181 SH   DFND   19,181 0 0
BUNGE GLOBAL SA COM SHS H11356104   26,549,193 258,966 SH   DFND   258,966 0 0
BURFORD CAP LTD ORD SHS G17977110   5,885,619 368,542 SH   DFND   368,542 0 0
BWX TECHNOLOGIES INC COM 05605H100   285,899 2,786 SH   DFND   2,786 0 0
CACI INTL INC CL A CL A 127190304   140,597,072 371,135 SH   DFND   371,135 0 0
CAMECO CORP COM 13321L108   20,054,001 462,927 SH   DFND   462,927 0 0
CARNIVAL CORP PAIREDCTF COMMON STOCK 143658300   17,953,052 1,098,718 SH   DFND   1,098,718 0 0
CATERPILLAR INC COM 149123101   2,445,187 6,673 SH   DFND   6,673 0 0
CBOE GLOBAL MARKETS INC COM 12503M108   74,705,966 406,607 SH   DFND   406,607 0 0
CENTERPOINT ENERGY INC COM 15189T107   234,558 8,233 SH   DFND   8,233 0 0
CHARLES RIV LABS INTL INC COM 159864107   43,138,085 159,211 SH   DFND   159,211 0 0
CHENIERE ENERGY INC COM NEW 16411R208   73,955,859 458,556 PRN   DFND   458,556 0 0
CHEVRON CORP COM 166764100   2,221,452 14,083 SH   DFND   14,083 0 0
CISCO SYSTEMS INC COM 17275R102   1,955,773 39,186 SH   DFND   39,186 0 0
CITIGROUP INC COM NEW 172967424   408,594 6,461 PRN   DFND   6,461 0 0
CIVEO CORP COM NEW 17878Y207   89,113,694 3,318,946 SH   DFND   3,318,946 0 0
CME GROUP INC COM 12572Q105   42,928,881 199,400 SH   DFND   199,400 0 0
CMS ENERGY CORP COM 125896100   933,762 15,475 SH   DFND   15,475 0 0
COCA COLA CO COM 191216100   351,173 5,740 SH   DFND   5,740 0 0
COHEN & STEERS INC COM 19247A100   323,224 4,204 SH   DFND   4,204 0 0
COHEN & STEERS QUALITY RLTY COM 19247L106   611,647 50,633 SH   DFND   50,633 0 0
COLGATE PALMOLIVE CO COM 194162103   268,169 2,978 SH   DFND   2,978 0 0
COMCAST CORP CL A 20030N101   418,544 9,655 SH   DFND   9,655 0 0
CONOCOPHILLIPS COM 20825C104   227,577 1,788 SH   DFND   1,788 0 0
CORE LABORATORIES INC COM 21867A105   1,866,981 109,308 SH   DFND   109,308 0 0
COSTAMARE INC SHS SHS Y1771G102   2,617,310 230,600 SH   DFND   230,600 0 0
CRISPR THERAPEUTICS AG NAMEN AKT H17182108   728,085 10,682 SH   DFND   10,682 0 0
CSW INDUSTRIALS INC COM 126402106   1,876,800 8,000 SH   DFND   8,000 0 0
CVS HEALTH CORP COM 126650100   1,089,247 13,657 SH   DFND   13,657 0 0
DANAHER CORP COM 235851102   2,265,216 9,071 SH   DFND   9,071 0 0
DISNEY WALT CO COM 254687106   566,200 4,627 SH   DFND   4,627 0 0
DOMINION ENERY INC COM 25746U109   221,404 4,501 SH   DFND   4,501 0 0
DORCHESTER MINERALS LP COM UNIT 25820R105   29,998,926 889,648 SH   DFND   889,648 0 0
DORMAN PRODUCTS INC COM 258278100   289,170 3,000 SH   DFND   3,000 0 0
DOUBLELINE INCOME SOLUTIONS COM 258622109   815,635 64,223 SH   DFND   64,223 0 0
DOUBLELINE OPPORTUNISTIC CR COM 258623107   1,091,868 70,809 SH   DFND   70,809 0 0
DOW INC COM 260557103   404,989 6,991 SH   DFND   6,991 0 0
EAGLE MATERIALS COM 26969P108   11,507,269 42,345 SH   DFND   42,345 0 0
EATOM CORP PLC SHS G29183103   304,863 975 SH   DFND   975 0 0
EATON VANCE LTD DURATION INC COM 27828H105   121,066 12,417 SH   DFND   12,417 0 0
EATON VANCE MUN BD FD COM 27827X101   183,112 17,692 SH   DFND   17,692 0 0
EATON VANCE SR FLTNG RTE TR COM 27828Q105   260,613 20,001 SH   DFND   20,001 0 0
EATON VANCE SR INCOME TR SH BEN INT 27826S103   138,203 21,730 SH   DFND   21,730 0 0
EBAY INC COM 278642103   766,788 14,528 SH   DFND   14,528 0 0
EDITAS MEDICINE INC COM 28106W103   235,362 31,720 SH   DFND   31,720 0 0
ELI LILLY AND COMPANY COM 532457108   3,700,756 4,757 SH   DFND   4,757 0 0
EMERSON ELEC CO COM 291011104   2,075,250 18,297 SH   DFND   18,297 0 0
ENERGY TRANSFER EQUITY L P COM UT LTD PTN 29273V100   2,746,395 174,596 SH   DFND   174,596 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107   2,207,379 75,647 SH   DFND   75,647 0 0
EOG RES INC COM 26875P101   743,773 5,818 SH   DFND   5,818 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108   8,067,970 125,279 SH   DFND   125,279 0 0
EXXON MOBIL CORP COM 30231G102   5,287,060 45,484 SH   DFND   45,484 0 0
FEDERATED HERMES INC CL B 314211103   1,295,765 35,874 SH   DFND   35,874 0 0
FEDERATED HERMES PREM MUN INC FD COM 31423P108   389,542 35,189 SH   DFND   35,189 0 0
FIDELITY NATIONAL FINANCIAL FNF GROUP COM 31620R303   2,281,760 42,971 SH   DFND   42,971 0 0
FIDELITY NATL INFORMATION SVC COM 31620M106   1,805,541 24,340 SH   DFND   24,340 0 0
FITLIFE BRANDS INC COM NEW 33817P306   1,838,799 77,228 SH   DFND   77,228 0 0
FRANCO NEVADA CORP COM 351858105   106,928,058 897,349 SH   DFND   897,349 0 0
FREEPORT MCMORAN INC CL B 35671D857   4,781,558 101,692 SH   DFND   101,692 0 0
GALECTIN THERAPEUTICS INC COM NEW 363225202   128,443 53,742 SH   DFND   53,742 0 0
GALLAGHER ARTHUR J & CO COM 363576109   499,080 1,996 SH   DFND   1,996 0 0
GE HEALTHCARE TECHNOLOGIES INC COMMON STOCK 36266G107   315,549 3,471 SH   DFND   3,471 0 0
GENERAL ELECTRIC CO COM NEW 369604301   1,154,812 6,579 SH   DFND   6,579 0 0
GENERAL MTRS CO COM 37045V100   260,762 5,750 SH   DFND   5,750 0 0
GENUINE PARTS CO COM 372460105   356,339 2,300 SH   DFND   2,300 0 0
GOLDMAN SACHS GROUP INC COM 38141G104   498,304 1,193 SH   DFND   1,193 0 0
GRAYSCALE BASIC ATTENTION TOKEN TR TOKEN TR 38963U108   47,002 2,089 SH   DFND   2,089 0 0
GRAYSCALE BITCOIN CASH TRUST BCH TRUST BCH 38963P109   23,002,266 1,379,860 SH   DFND   1,379,860 0 0
GRAYSCALE BITCOIN TRUST BTC TRUST BTC 389637109   945,919,393 14,974,187 SH   DFND   14,974,187 0 0
GRAYSCALE DECENTRALAND TRUST TRUST 38964P108   35,586 691 SH   DFND   691 0 0
GRAYSCALE DIGITAL LARGE CAP FUND FUND G40705108   973,208 41,029 SH   DFND   41,029 0 0
GRAYSCALE ETHEREUM CLASSIC TRUST TRUST 38963Q107   1,091,584 64,629 SH   DFND   64,629 0 0
GRAYSCALE ETHEREUM TR ETH SHS ETH SHS 389638107   170,210 6,509 SH   DFND   6,509 0 0
GRAYSCALE LITECOIN TRUST LTC SHS LTC SHS 38963W104   17,792,174 460,460 SH   DFND   460,460 0 0
GRAYSCALE ZCASH TR ZEC TR ZEC COM 38964G108   122,697 15,492 SH   DFND   15,492 0 0
GREENBRIER COS INC COM 393657101   468,900 9,000 SH   DFND   9,000 0 0
GSK PLC SPONSORED ADR 37733W204   1,078,824 25,165 SH   DFND   25,165 0 0
HALEON PLC SPON ADS 405552100   119,556 14,082 SH   DFND   14,082 0 0
HONEYWELL INTL INC COM 438516106   1,262,903 6,153 SH   DFND   6,153 0 0
HORZN KINTCS BL LISTED FD TR 53656G209   2,163,533 86,536 SH   DFND   86,536 0 0
HORIZON KINETICS LISTED FD TR 53656F623   2,725,762 83,715 SH   DFND   83,715 0 0
HORZN KNTCS SPAC LISTED FD TR 53656G555   10,704,914 109,284 SH   DFND   109,284 0 0
HOWARD HUGHES HOLDINGS INC COM 44267T102   38,152,601 525,373 SH   DFND   525,373 0 0
I B M COM 459200101   693,185 3,630 SH   DFND   3,630 0 0
INTEL CORP COM 458140100   1,431,329 32,405 SH   DFND   32,405 0 0
INTELLIA THERAPEUTICS INC COM 45826J105   396,034 14,396 SH   DFND   14,396 0 0
INTER PARFUMS INC COM 458334109   22,292,837 158,657 SH   DFND   158,657 0 0
INTERCONTINENTAL EXCHANGE INC COM 45866F104   100,123,712 728,543 SH   DFND   728,543 0 0
INTL FLAVORS & FRAGRANCES COM 459506101   262,270 3,050 SH   DFND   3,050 0 0
INVESCO QUALITY MUNI INC COM 46133G107   216,851 22,402 SH   DFND   22,402 0 0
INVESCO EXCHANGE TRADED FD T S&P500 EQL WGT 46137V357   547,362 3,232 SH   DFND   3,232 0 0
INVESCO SR INCOME TR COM 46131H107   42,800 10,000 SH   DFND   10,000 0 0
INVESCO TR INVT GRADE NEW YO COM 46131T101   111,950 10,414 SH   DFND   10,414 0 0
IONIS PHARMACEUTICALS INC COM 462222100   540,835 12,476 SH   DFND   12,476 0 0
IRON MTN INC NEW COM 46284V101   1,965,145 24,500 SH   DFND   24,500 0 0
ISHARES BITCOIN TRUST SHS 46438F101   29,014,238 716,932 SH   DFND   716,932 0 0
ISHARES GOLD TR ISHARES NEW 464285204   369,268 8,790 SH   DFND   8,790 0 0
ISHARES SILVER TR ISHARES 46428Q109   718,263 31,572 SH   DFND   31,572 0 0
ISHARES TR GL TIMB FORE ETF 464288174   722,129 8,558 SH   DFND   8,558 0 0
ISHARES TR MICRO-CAP ETF 464288869   208,395 1,720 SH   DFND   1,720 0 0
JOHNSON & JOHNSON COM 478160104   2,717,744 17,180 SH   DFND   17,180 0 0
JP MORGAN CHASE & CO COM 46625H100   893,138 4,459 SH   DFND   4,459 0 0
JP MORGAN EXCHANGE TRADED F ULTRA SHRT INC 46641Q837   210,477 4,172 SH   DFND   4,172 0 0
KAYNE ANDERSON ENERGY INFRSTR COM 486606106   136,106 13,597 SH   DFND   13,597 0 0
KIMBELL RTY PARTNERS LP UNIT 49435R102   1,157,715 74,595 SH   DFND   74,595 0 0
KINDER MORGAN INC DEL COM 49456B101   1,830,057 99,785 SH   DFND   99,785 0 0
KKR & CO INC COM 48251W104   508,734 5,058 SH   DFND   5,058 0 0
KLA-TENCOR CORP COM NEW 482480100   2,729,313 3,907 SH   DFND   3,907 0 0
KRAFT HEINZ COMPANY COM 500754106   310,956 8,427 SH   DFND   8,427 0 0
KRANESHARES TR GLOBAL CARB STRA 500767678   999,919 32,507 SH   DFND   32,507 0 0
L3 HARRIS TECHNOLOGIES INC COM 502431109   2,080,782 9,764 SH   DFND   9,764 0 0
LANTERN PHARMA INC COM 51654W101   253,361 28,791 SH   DFND   28,791 0 0
LAS VEGAS SANDS CORP COM 517834107   2,704,375 52,309 SH   DFND   52,309 0 0
LENNAR CORP CL A 526057104   873,142 5,077 SH   DFND   5,077 0 0
LIBERTY BROADBAND CORP COM SER C 530307305   5,508,674 96,255 SH   DFND   96,255 0 0
LIBERTY ENERGY INC COM CL A 53115L104   4,251,625 205,194 SH   DFND   205,194 0 0
LIBERTY MEDIA CORP DEL COM LBTY LIV S C 531229748   423,034 9,989 SH   DFND   9,989 0 0
LIBERTY MEDIA CORP DEL COM LBTY LIV S C 531229722   1,860,699 42,462 SH   DFND   42,462 0 0
LIBERTY MEDIA CORP DEL COM LBTY ONE S A 531229771   8,128,089 138,374 SH   DFND   138,374 0 0
LIBERTY MEDIA CORP DEL COM LBTY ONE S C 531229755   12,662,190 193,021 SH   DFND   193,021 0 0
LIBERTY MEDIA CORP DEL COM LBTY SRM S A 531229813   616,988 20,774 SH   DFND   20,774 0 0
LIBERTY MEDIA CORP DEL COM LBTY SRM S C 531229789   3,294,967 110,904 SH   DFND   110,904 0 0
LINDE PLC SHS SHS G54950103   677,907 1,460 SH   DFND   1,460 0 0
LIVE NATION ENTERTAINMENT INC COM 538034109   40,409,217 382,048 SH   DFND   382,048 0 0
LOEWS CORP COM 540424108   451,812 5,771 SH   DFND   5,771 0 0
MADISON SQUARE GARDEN ENTMT COM CL A 558256103   1,850,712 47,200 SH   DFND   47,200 0 0
MADISON SQUARE GARDEN SPORTS CP CL A CL A 55825T103   5,664,395 30,698 SH   DFND   30,698 0 0
MARATHON PETE CORP COM 56585A102   1,202,955 5,970 SH   DFND   5,970 0 0
MARKEL GROUP INC COM 570535104   3,884,345 2,553 SH   DFND   2,553 0 0
MARKETAXESS HLDGS INC COM 57060D108   212,453 969 SH   DFND   969 0 0
MARSH & MCLENNAN COS INC COM 571748102   26,046,019 126,449 SH   DFND   126,449 0 0
MASTERCARD INC CL A 57636Q104   10,227,845 21,239 SH   DFND   21,239 0 0
MCDONALDS CORP COM 580135101   1,157,969 4,107 SH   DFND   4,107 0 0
MERCK & COMPANY COM 58933Y105   3,425,551 25,961 SH   DFND   25,961 0 0
MESABI TR CTF BEN INT 590672101   46,037,657 2,600,998 SH   DFND   2,600,998 0 0
META PLATFORMS INC CL A 30303M102   282,947 583 SH   DFND   583 0 0
METALLA RTY & STREAMING LTD COM NEW 59124U605   1,242,501 399,518 SH   DFND   399,518 0 0
MFS HIGH INCOME MUN TR SH BEN INT 59318D104   110,740 30,507 SH   DFND   30,507 0 0
MICROSOFT COM 594918104   3,585,921 8,523 SH   DFND   8,523 0 0
MICROSTRATEGY INC CL A NEW 594972408   32,332,094 18,968 SH   DFND   18,968 0 0
MONDELEZ INTL INC CL A 609207105   1,075,690 15,367 SH   DFND   15,367 0 0
MOVADO GROUP INC COM 624580106   521,202 18,661 SH   DFND   18,661 0 0
NASDAQ INC COM 631103108   6,566,122 104,059 SH   DFND   104,059 0 0
NETFLIX COM INC COM 64110L106   239,895 395 SH   DFND   395 0 0
NEUBERGER BERMAN MUNI FD INC COM 64124P101   433,416 41,396 SH   DFND   41,396 0 0
NEWMONT CORP COM 651639106   729,990 20,368 SH   DFND   20,368 0 0
NORFOLK SOUTHN CORP COM 655844108   881,340 3,458 SH   DFND   3,458 0 0
NOVARTIS AG SPONSORED ADR SPONSORED ADR 66987V109   1,141,124 11,797 SH   DFND   11,797 0 0
NOVO-NORDISK A S ADR ADR 670100205   1,986,091 15,468 SH   DFND   15,468 0 0
NUCANA PLC SPONSORED ADR SPONSORED ADR 67022C106   5,061 19,467 SH   DFND   19,467 0 0
NUTRIEN LTD COM 67077M108   15,087,233 277,798 SH   DFND   277,798 0 0
NUVEEN AMT-FREE QLTY MUN INCOME COM 670657105   3,752,022 338,936 SH   DFND   338,936 0 0
NUVEEN MUNICIPAL CREDIT INC COM SH BEN INT 67070X101   344,495 28,145 SH   DFND   28,145 0 0
NUVEEN AMT FREE MUN CR INC F COM 67071L106   175,628 14,455 SH   DFND   14,455 0 0
NUVEEN FLOATING RATE INCOME COM 67072T108   1,054,856 120,831 SH   DFND   120,831 0 0
NUVEEN MUN HIGH INC OPP FD COM 670682103   109,497 10,369 SH   DFND   10,369 0 0
NUVEEN MUN VALUE FD INC COM 670928100   100,600 11,550 SH   DFND   11,550 0 0
NUVEEN NY AMT FREE QLTY MUN INC FD COM 670656107   727,160 66,896 SH   DFND   66,896 0 0
NUVEEN NY QLTY INCOME FD COM 67066X107   228,176 20,838 SH   DFND   20,838 0 0
NUVEEN PFD & INCOME OPPORTUN COM 67073B106   120,174 16,714 SH   DFND   16,714 0 0
NUVEEN QUALITY MUNI INC FD COM 67066V101   1,301,940 113,607 SH   DFND   113,607 0 0
NUVEEN SELECT MAT MUN FD SH BEN INT SH BEN INT 67061T101   193,285 21,500 SH   DFND   21,500 0 0
NUVEEN TAXABLE MUNICIPAL INC FUND COM 67074C103   412,935 26,954 SH   DFND   26,954 0 0
NVIDIA CORP COM 67066G104   1,198,121 1,326 SH   DFND   1,326 0 0
OCCIDENTAL PETE CORP COM 674599105   295,445 4,546 SH   DFND   4,546 0 0
OIL STATE INTERNATIONAL INC COM 678026105   77,363 12,559 SH   DFND   12,559 0 0
OPENLANE INC COM 48238T109   1,892,949 109,419 SH   DFND   109,419 0 0
OSHKOSH CORP COM 688239201   16,979,269 136,150 SH   DFND   136,150 0 0
OSISKO GOLD ROYALTIES LTD COM 68827L101   20,394,209 1,242,035 SH   DFND   1,242,035 0 0
PACIFIC BIOSCIENCES CALIF INCOM COM 69404D108   43,189 11,517 SH   DFND   11,517 0 0
PATTERSON UTI ENERGY INC COM 703481101   4,784,501 400,712 SH   DFND   400,712 0 0
PCM FUND INC COM 69323T101   202,880 24,532 SH   DFND   24,532 0 0
PENSKE AUTOMOTIVE GRP INC COM 70959W103   30,058,426 185,557 SH   DFND   185,557 0 0
PEPSICO INC COM 713448108   384,147 2,195 SH   DFND   2,195 0 0
PERMIAN BASIN RTY TR UNIT BEN INT 714236106   42,894,738 3,545,020 SH   DFND   3,545,020 0 0
PFIZER INC COM 717081103   1,585,774 57,145 SH   DFND   57,145 0 0
PHILIP MORRIS INTL INC COM 718172109   2,094,800 22,864 SH   DFND   22,864 0 0
PIMCO DYNAMIC INCOME FD SHS 72201Y101   1,088,882 56,448 SH   DFND   56,448 0 0
PIMCO INCOME STRATEGY FUND COM 72201H108   840,292 99,091 SH   DFND   99,091 0 0
PIMCO INCOME STRATEGY FUND II COM 72201J104   2,086,812 279,734 SH   DFND   279,734 0 0
PIMCO MUN INCOME FD II COM 72200W106   127,925 15,050 SH   DFND   15,050 0 0
PIMCO NY MUNICIPAL INCOME FD COM 72200T103   265,236 34,357 SH   DFND   34,357 0 0
POTLATCHDELTIC CORP NEW COM 737630103   3,322,901 70,670 SH   DFND   70,670 0 0
PRESTIGE CONSMR HEALTHCARE I COM 74112D101   224,718 3,097 SH   DFND   3,097 0 0
PROSHARES TR II SHT VIX ST TRM 74347W130   1,490,874 26,448 SH   DFND   26,448 0 0
PROSHARES TR ULTRAPRO QQQ 74347X831   249,564 4,054 SH   DFND   4,054 0 0
PROSHARES TR ULTRAPRO SHT QQQ 74347G432   250,640 23,916 SH   DFND   23,916 0 0
QUALCOMM INC COM 747525103   977,200 5,772 SH   DFND   5,772 0 0
QUEST DIAGNOSTICS INC COM 74834L100   605,650 4,550 SH   DFND   4,550 0 0
RAYONIER ADVANCED MATLS INC COM 75508B104   557,109 116,550 SH   DFND   116,550 0 0
RAYONIER INC COM 754907103   2,759,204 83,009 SH   DFND   83,009 0 0
RB GLOBAL INC COM 74935Q107   8,843,339 116,100 SH   DFND   116,100 0 0
REGENERON PHARMACEUTICALS COM 75886F107   708,393 736 SH   DFND   736 0 0
RELMADA THERAPEUTICS INC COM 75955J402   139,500 30,000 SH   DFND   30,000 0 0
RENN FUND INC COM 759720105   908,271 574,855 SH   DFND   574,855 0 0
REPLIMUNE GROUP INC COM 76029N106   117,615 14,396 SH   DFND   14,396 0 0
RESIDEO TECHNOLOGIES INC COM 76118Y104   1,476,267 65,846 SH   DFND   65,846 0 0
RIO TINTO PLC SPONSORED ADR 767204100   490,543 7,696 SH   DFND   7,696 0 0
ROCKWELL AUTOMATION INC COM 773903109   1,310,985 4,500 SH   DFND   4,500 0 0
ROYAL CARIBBEAN GROUP COM V7780T103   7,753,422 55,776 SH   DFND   55,776 0 0
ROYAL GOLD INC COM 780287108   10,921,334 89,659 SH   DFND   89,659 0 0
ROYALTY PHARMA PLC SHS CLASS A G7709Q104   6,082,758 200,288 SH   DFND   200,288 0 0
ROYCE MICRO-CAP TR INC COM 780915104   1,320,307 139,715 SH   DFND   139,715 0 0
RTX CORPORATION COM 75513E101   1,225,367 12,564 SH   DFND   12,564 0 0
S&P GLOBAL INC COM 78409V104   8,000,992 18,806 SH   DFND   18,806 0 0
SABINE ROYALTY TR UNIT BEN INT 785688102   5,461,687 85,889 SH   DFND   85,889 0 0
SALARIUS PHARMACEUTICALS INC COM NEW 79400X305   16,436 31,094 SH   DFND   31,094 0 0
SAN JUAN BASIN RTY TR UNIT BEN INT 798241105   4,562,223 862,424 SH   DFND   862,424 0 0
SANDSTORM GOLD LTD COM NEW 80013R206   23,254,591 4,429,446 SH   DFND   4,429,446 0 0
SCHLUMBERGER COM STK 806857108   406,635 7,419 SH   DFND   7,419 0 0
SCIENCE APPLICATNS INTL CP COM 808625107   52,746,535 404,529 SH   DFND   404,529 0 0
SCRIPPS E W CO OHIO CL A NEW 811054402   78,600 20,000 SH   DFND   20,000 0 0
SEABOARD CORP DEL COM 811543107   464,251 144 SH   DFND   144 0 0
SEALED AIR CORP NEW COM 81211K100   1,307,952 35,160 SH   DFND   35,160 0 0
SITIO ROYALTIES CORP CLASS A COM 82983N108   16,877,855 682,761 SH   DFND   682,761 0 0
SONOCO PRODUCTS COM 835495102   1,304,292 22,550 SH   DFND   22,550 0 0
SPDR GOLD TR GOLD SHS 78463V107   811,154 3,943 SH   DFND   3,943 0 0
SPDR SER TR OILGAS EQUIP 78468R549   3,618,903 38,875 SH   DFND   38,875 0 0
SPHERE ENTERTAINMENT CO CL A 55826T102   2,419,595 49,299 SH   DFND   49,299 0 0
SPROTT INC COM NEW 852066208   5,363,025 145,103 SH   DFND   145,103 0 0
SPROTT PHYSICAL GOLD TRUST UNIT UNIT 85207H104   287,543 16,621 SH   DFND   16,621 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103   1,002,725 1,917 SH   DFND   1,917 0 0
STAR BULK CARRIERS CORP SHS PAR Y8162K204   1,040,104 43,574 SH   DFND   43,574 0 0
STRYKER CORP COM 863667101   715,740 2,000 SH   DFND   2,000 0 0
SUNCOR ENERGY INC NEW COM ISIN COM 867224107   2,183,005 59,144 SH   DFND   59,144 0 0
TEJON RANCH CO COM 879080109   14,444,163 937,324 SH   DFND   937,324 0 0
TETRA TECHNOLOGIES INC DEL COM 88162F105   60,248 13,600 SH   DFND   13,600 0 0
TEXAS PACIFIC LAND CORP COM 88262P102   2,184,675,089 3,776,383 SH   DFND   3,776,383 0 0
THE SAINT JOE CO COM 790148100   29,157,418 502,974 SH   DFND   502,974 0 0
TORONTO DOMINION BK ONT COM NEW 891160509   1,254,394 20,775 SH   DFND   20,775 0 0
TRADEWEB MKTS INC CL A 892672106   390,950 3,753 SH   DFND   3,753 0 0
TRI POINTE HOMES INC COM 87265H109   5,405,132 139,812 SH   DFND   139,812 0 0
TRIPLE FLAG PRECIOUS METAL COM 89679M104   334,429 23,144 SH   DFND   23,144 0 0
UNION PACIFIC CORP COM 907818108   356,598 1,450 SH   DFND   1,450 0 0
VAIL RESORTS INC COM 91879Q109   324,663 1,457 SH   DFND   1,457 0 0
VALMONT INDS INC COM 920253101   382,369 1,675 SH   DFND   1,675 0 0
VANDA PHARMACEUTICALS INC COM 921659108   106,498 25,912 SH   DFND   25,912 0 0
VANECK ETF TRUST JUNIOR GOLD MINE 92189F791   1,116,606 28,823 SH   DFND   28,823 0 0
VANECK ETF TRUST GOLD MINERS ETF 92189F106   400,014 12,651 SH   DFND   12,651 0 0
VANECK ETF TRUST OIL SVCS ETF 92189H607   1,442,126 4,288 SH   DFND   4,288 0 0
VANGUARD BD INDEX FDS SHORT TRM BOND 921937827   576,635 7,521 SH   DFND   7,521 0 0
VANGUARD BD INDEX FDS VANGUARD ULTRA 92203C303   13,653,304 275,546 SH   DFND   275,546 0 0
VANGUARD INDEX FDS EXTEND MKT ETF 922908652   887,827 5,065 SH   DFND   5,065 0 0
VANGUARD INDEX FDS S&P 500 ETF SHS 922908363   1,714,176 3,566 SH   DFND   3,566 0 0
VANGUARD INDEX FDS TOTAL STK MKT 922908769   447,548 1,722 SH   DFND   1,722 0 0
VANGUARD SCOTTSDALE FDS SHORT TERM TREAS 92206C102   12,569,257 216,450 SH   DFND   216,450 0 0
VERALTO CORP COM SHS 92338C103   215,976 2,436 SH   DFND   2,436 0 0
VERISK ANALYTICS INC CL A 92345Y106   1,650,110 7,000 SH   DFND   7,000 0 0
VERIZON COMMUNICATIONS COM 92343V104   259,103 6,175 SH   DFND   6,175 0 0
VIPER ENERGY INC CL A 927959106   44,726,171 1,162,927 SH   DFND   1,162,927 0 0
VISA INC COM CL A 92826C839   1,210,928 4,339 SH   DFND   4,339 0 0
W P CAREY INC COM 92936U109   1,230,392 21,800 SH   DFND   21,800 0 0
WENDYS COMPANY COM 95058W100   20,072,171 1,065,402 SH   DFND   1,065,402 0 0
WEST FRASER TIMBER LTD COM 952845105   18,278,303 211,481 SH   DFND   211,481 0 0
WEYERHAEUSER CO COM NEW 962166104   1,253,910 34,918 SH   DFND   34,918 0 0
WHEATON PRECIOUS METALS CORP COM 962879102   126,543,603 2,684,991 SH   DFND   2,684,991 0 0
WILLIAMS COS INC COM 969457100   5,612,109 144,011 SH   DFND   144,011 0 0
WISDOMTREE INC COM 97717P104   1,937,349 210,811 SH   DFND   210,811 0 0
WSTRN AST INFL LKD OPP & I COM 95766R104   227,280 26,336 SH   DFND   26,336 0 0
DIREXION SHS ETF TR DAILY GOLD MINER 25460G880   370,000 18,500 SH Call DFND   18,500 0 0
DIREXION SHS ETF TR DLY JR GOLD 2X 25460G807   260,400 21,700 SH Call DFND   21,700 0 0
BARCLAYS BANK PLC IPTH SR B S&P 06748F324   1,269,000 42,300 SH Call DFND   42,300 0 0
PROSHARES TR II ULTRA VIX SHORT 74347Y771   192,000 12,000 SH Call DFND   12,000 0 0
PROSHARES TR II VIX SH TRM FUTRS 74347Y789   582,500 23,300 SH Call DFND   23,300 0 0