The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
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COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
Apple Inc. COM 037833100 1,165 6,674 SH   SOLE 0 6,674 0 0
AbbVie Inc COM 00287Y109 70 433 SH   SOLE 0 433 0 0
Abbott Laboratories COM 002824100 17,186 145,203 SH   SOLE 0 138,186 0 7,017
Automatic Data Processin COM 053015103 21,244 93,366 SH   SOLE 0 87,986 0 5,380
Agnico Eagle Mines Ltd COM 008474108 91 1,490 SH   SOLE 0 1,490 0 0
iShares Core US Aggregat ETF 464287226 596 5,561 SH   SOLE 0 5,561 0 0
Amazon.com Inc. COM 023135106 140 43 SH   SOLE 0 43 0 0
America First Multifamil BEN UNIT CTF 02364V107 2,213 365,790 SH   SOLE 0 0 0 365,790
American Express Co. COM 025816109 22 120 SH   SOLE 0 120 0 0
Brookfield Asset Mgmt In CL A LTD VTSH 112585104 21,566 381,218 SH   SOLE 0 362,111 0 19,107
Berkshire Hathaway A CL A 084670108 11,107 21 SH   SOLE 0 20 0 1
Berkshire Hathaway B CL B 084670702 3,282 9,300 SH   SOLE 0 8,837 0 463
Crown Castle Intl Corp. COM 22822V101 11 62 SH   SOLE 0 62 0 0
Clorox Co. COM 189054109 10,443 75,110 SH   SOLE 0 75,110 0 0
CME Group Inc. COM CL A 12572Q105 18,878 79,368 SH   SOLE 0 74,438 0 4,930
ConocoPhillips COM 20825C104 100 1,000 SH   SOLE 0 1,000 0 0
Cardiff Oncology Inc COM 14147L108 10 4,000 SH   SOLE 0 0 0 4,000
Chevron Corp. COM 166764100 550 3,378 SH   SOLE 0 3,378 0 0
Diageo PLC SPON ADR 25243Q205 17,489 86,094 SH   SOLE 0 81,138 0 4,956
WisdomTree Emerging Mkts ETF 97717W281 14,939 280,279 SH   SOLE 0 266,558 0 13,721
Walt Disney Co. COM 254687106 170 1,243 SH   SOLE 0 1,243 0 0
Devon Energy Corp. COM 25179M103 9 151 SH   SOLE 0 151 0 0
Enbridge Inc. COM 29250N105 19,016 412,582 SH   SOLE 0 390,103 0 22,479
Invesco Russell 1000 Equ ETF 46138E420 13 282 SH   SOLE 0 282 0 0
Meta Platforms, Inc. CL A 30303M102 9 40 SH   SOLE 0 40 0 0
Fresenius Medical Care A SPONSORED ADR 358029106 18 538 SH   SOLE 0 538 0 0
Franco-Nevada Corp. COM 351858105 21,462 134,543 SH   SOLE 0 127,803 0 6,740
General Dynamics Corp. COM 369550108 401 1,662 SH   SOLE 0 1,662 0 0
Alphabet Inc. - Cl A CL A 02079K305 25,117 9,031 SH   SOLE 0 8,543 0 488
GlaxoSmithKline Plc ADR 37733W105 22 500 SH   SOLE 0 500 0 0
Hershey Foods Corp. COM 427866108 721 3,327 SH   SOLE 0 3,327 0 0
Johnson & Johnson COM 478160104 17,189 96,986 SH   SOLE 0 91,783 0 5,203
JP Morgan Chase & Co. COM 46625H100 286 2,100 SH   SOLE 0 2,100 0 0
Kellogg Co. COM 487836108 33 512 SH   SOLE 0 512 0 0
Coca Cola Co. COM 191216100 885 14,277 SH   SOLE 0 14,277 0 0
Mastercard Inc. CL A 57636Q104 13,262 37,109 SH   SOLE 0 35,169 0 1,940
McDonalds Corp. COM 580135101 50 201 SH   SOLE 0 201 0 0
Mondelez Intl Inc Cl A CL A 609207105 72 1,150 SH   SOLE 0 1,150 0 0
Medtronic Inc. SHS G5960L103 77 695 SH   SOLE 0 695 0 0
SPDR S&P MidCap 400 ETF 78467Y107 54 110 SH   SOLE 0 110 0 0
MetLife Inc. COM 59156R108 37 530 SH   SOLE 0 530 0 0
MFA Financial Inc. COM 55272X102 524 130,009 SH   SOLE 0 0 0 130,009
3M Co. COM 88579Y101 16 106 SH   SOLE 0 106 0 0
Microsoft Corp. COM 594918104 633 2,053 SH   SOLE 0 2,053 0 0
Micron Technology Inc. COM 595112103 260 3,335 SH   SOLE 0 3,335 0 0
Netflix Inc. COM 64110L106 48 128 SH   SOLE 0 128 0 0
New Gold Inc. COM 644535106 41 22,660 SH   SOLE 0 660 0 22,000
ONEOK Inc. COM 682680103 85 1,200 SH   SOLE 0 1,200 0 0
Oracle Corp. COM 68389X105 95 1,153 SH   SOLE 0 1,153 0 0
Paramount Global COM 92556H206 16 432 SH   SOLE 0 432 0 0
Pepsico Inc. COM 713448108 472 2,819 SH   SOLE 0 2,819 0 0
Pfizer Inc. COM 717081103 21,235 410,171 SH   SOLE 0 387,196 0 22,975
Procter & Gamble COM 742718109 686 4,492 SH   SOLE 0 4,492 0 0
Phillips 66 COM 718546104 612 7,080 SH   SOLE 0 7,080 0 0
Royal Gold Inc. COM 780287108 19,956 141,248 SH   SOLE 0 133,894 0 7,354
Invesco S&P 500 Equal We ETF 46137V357 449 2,846 SH   SOLE 0 2,743 0 103
Charles Schwab Corp. COM 808513105 84 1,000 SH   SOLE 0 1,000 0 0
Sealed Air Corp. COM 81211K100 13 200 SH   SOLE 0 200 0 0
iShares 1-3 Yr Treas. ETF 464287457 3,479 41,734 SH   SOLE 0 41,734 0 0
Schlumberger Ltd COM 806857108 16,609 402,058 SH   SOLE 0 379,326 0 22,732
SPDR S&P 500 TR UNIT 78462F103 568 1,258 SH   SOLE 0 1,016 0 242
Synchrony Financial COM 87165B103 10 287 SH   SOLE 0 287 0 0
AT&T Inc. COM 00206R102 6 254 SH   SOLE 0 254 0 0
iShares TIPS Bond ETF 464287176 1,101 8,842 SH   SOLE 0 8,842 0 0
Tesla Inc. COM 88160R101 399 370 SH   SOLE 0 370 0 0
Tyson Foods Inc. CL A 902494103 31 350 SH   SOLE 0 350 0 0
Union Pacific Corp. COM 907818108 79 290 SH   SOLE 0 290 0 0
US Bancorp. COM 902973304 2,640 49,670 SH   SOLE 0 49,670 0 0
Visa Inc COM CL A 92826C839 13,138 59,242 SH   SOLE 0 56,174 0 3,068
Verizon Communications COM 92343V104 13 253 SH   SOLE 0 253 0 0
Wells Fargo Co. COM 949746101 17 341 SH   SOLE 0 341 0 0
Williams Cos. Inc. COM 969457100 30 883 SH   SOLE 0 883 0 0
WR Berkley Corp. COM 084423102 22,355 335,716 SH   SOLE 0 316,095 0 19,621
SPDR Energy Select Secto ETF 81369Y506 28 360 SH   SOLE 0 360 0 0