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
Apple Inc. COM 037833100   1,432,343 8,366 SH   SOLE 0 8,366 0 0
AbbVie Inc COM 00287Y109   29,961 201 SH   SOLE 0 201 0 0
Abbott Laboratories COM 002824100   16,243,985 167,723 SH   SOLE 0 157,926 0 9,797
Archer-Daniels-Midland COM 039483102   43,819 581 SH   SOLE 0 581 0 0
Automatic Data Processin COM 053015103   20,975,971 87,189 SH   SOLE 0 81,966 0 5,223
Agnico Eagle Mines Ltd COM 008474108   67,721 1,490 SH   SOLE 0 1,490 0 0
Amazon.com Inc. COM 023135106   20,067,672 157,864 SH   SOLE 0 148,308 0 9,556
ASML Holding NV COM N07059210   45,915 78 SH   SOLE 0 78 0 0
Brookfield Asset Managem COM 113004105   11,292,006 338,692 SH   SOLE 0 316,304 0 22,388
Brookfield Corp. CL A LTD VT S 11271J107   13,704,249 438,255 SH   SOLE 0 409,787 0 28,468
Berkshire Hathaway A CL A 084670108   11,692,494 22 SH   SOLE 0 21 0 1
Berkshire Hathaway B CL B 084670702   4,364,037 12,458 SH   SOLE 0 11,650 0 808
Boston Scientific Corp. COM 101137107   16,421 311 SH   SOLE 0 311 0 0
Caterpillar Inc. COM 149123101   52,416 192 SH   SOLE 0 192 0 0
Crown Castle Intl Corp. COM 22822V101   5,706 62 SH   SOLE 0 62 0 0
Clorox Co. COM 189054109   9,843,917 75,110 SH   SOLE 0 75,110 0 0
CME Group Inc. COM CL A 12572Q105   18,698,696 93,391 SH   SOLE 0 87,065 0 6,326
Capital One Financial Co COM 14040H105   31,638 326 SH   SOLE 0 326 0 0
ConocoPhillips COM 20825C104   119,800 1,000 SH   SOLE 0 1,000 0 0
Cardiff Oncology Inc COM 14147L108   5,560 4,000 SH   SOLE 0 0 0 4,000
Chevron Corp. COM 166764100   631,988 3,748 SH   SOLE 0 3,748 0 0
Danaher Corp. COM 235851102   33,245 134 SH   SOLE 0 134 0 0
Walt Disney Co. COM 254687106   81,131 1,001 SH   SOLE 0 1,001 0 0
Devon Energy Corp. COM 25179M103   7,203 151 SH   SOLE 0 151 0 0
iShares MSCI Denmark ETF ETF 46429B523   20,102 200 SH   SOLE 0 200 0 0
Enbridge Inc. COM 29250N105   14,837,744 442,390 SH   SOLE 0 413,295 0 29,095
Invesco Russell 1000 Equ ETF 46138E420   13,798 346 SH   SOLE 0 346 0 0
iShares MSCI Europe Fina ETF 464289180   80,046 4,233 SH   SOLE 0 4,233 0 0
Freeport-McMoran Inc. COM 35671D857   23,157 621 SH   SOLE 0 621 0 0
Fresenius Medical Care A SPONSORED ADR 358029106   11,589 538 SH   SOLE 0 538 0 0
Franco-Nevada Corp. COM 351858105   18,283,127 136,963 SH   SOLE 0 128,758 0 8,205
General Dynamics Corp. COM 369550108   423,820 1,918 SH   SOLE 0 1,918 0 0
Greystone Housing Impact BEN UNIT CTF 02364V206   1,931,976 125,047 SH   SOLE 0 0 0 125,047
Alphabet Inc. - Cl A CL A 02079K305   24,863,206 189,999 SH   SOLE 0 178,332 0 11,667
GlaxoSmithKline Plc ADR 37733W204   14,500 400 SH   SOLE 0 400 0 0
Home Depot Inc. COM 437076102   45,324 150 SH   SOLE 0 150 0 0
Haleon PLC ADR 405552100   4,165 500 SH   SOLE 0 500 0 0
Hershey Foods Corp. COM 427866108   715,286 3,575 SH   SOLE 0 3,575 0 0
iShares Russell Mid-Cap ETF 464287481   18,453 202 SH   SOLE 0 202 0 0
Johnson & Johnson COM 478160104   16,233,996 104,231 SH   SOLE 0 97,718 0 6,513
JP Morgan Chase & Co. COM 46625H100   366,756 2,529 SH   SOLE 0 2,529 0 0
Coca-Cola Co. COM 191216100   943,151 16,848 SH   SOLE 0 16,848 0 0
Eli Lilly & Co. COM 532457108   161,676 301 SH   SOLE 0 301 0 0
Mastercard Inc. CL A 57636Q104   17,516,379 44,243 SH   SOLE 0 41,334 0 2,909
McDonalds Corp. COM 580135101   20,021 76 SH   SOLE 0 76 0 0
Mondelez Intl Inc Cl A CL A 609207105   79,810 1,150 SH   SOLE 0 1,150 0 0
Medtronic Inc. SHS G5960L103   54,460 695 SH   SOLE 0 695 0 0
MetLife Inc. COM 59156R108   33,342 530 SH   SOLE 0 530 0 0
Meta Platforms, Inc. CL A 30303M102   132,092 440 SH   SOLE 0 440 0 0
MFA Financial Inc. COM 55272X607   1,190,256 123,856 SH   SOLE 0 0 0 123,856
Merck & Co Inc. COM 58933Y105   118,290 1,149 SH   SOLE 0 0 0 1,149
Morgan Stanley COM 617446448   45,409 556 SH   SOLE 0 556 0 0
Microsoft Corp. COM 594918104   829,791 2,628 SH   SOLE 0 2,428 0 200
Micron Technology Inc. COM 595112103   226,880 3,335 SH   SOLE 0 3,335 0 0
Netflix Inc. COM 64110L106   48,333 128 SH   SOLE 0 128 0 0
New Gold Inc. COM 644535106   20,623 22,660 SH   SOLE 0 660 0 22,000
Nike Inc. - CL B Class B COM 654106103   21,419 224 SH   SOLE 0 224 0 0
ONEOK Inc. COM 682680103   76,116 1,200 SH   SOLE 0 1,200 0 0
Oracle Corp. COM 68389X105   172,756 1,631 SH   SOLE 0 1,631 0 0
Occidental Petroleum Cor COM 674599105   23,227 358 SH   SOLE 0 358 0 0
Paramount Global Class B COM 92556H206   5,573 432 SH   SOLE 0 432 0 0
Pepsico Inc. COM 713448108   477,651 2,819 SH   SOLE 0 2,819 0 0
Pfizer Inc. COM 717081103   13,963,954 420,981 SH   SOLE 0 393,703 0 27,278
The Procter & Gamble Co. COM 742718109   655,203 4,492 SH   SOLE 0 4,492 0 0
Palantir Technologies In COM 69608A108   30,511,072 1,906,942 SH   SOLE 0 1,794,731 0 112,211
Phillips 66 COM 718546104   850,662 7,080 SH   SOLE 0 7,080 0 0
Invesco QQQ UNIT SER 1 46090E103   232,159 648 SH   SOLE 0 648 0 0
Royal Gold Inc. COM 780287108   16,897,059 158,911 SH   SOLE 0 148,925 0 9,986
Reliance Steel & Aluminu COM 759509102   26,223 100 SH   SOLE 0 100 0 0
Invesco S&P 500 Equal We ETF 46137V357   308,601 2,178 SH   SOLE 0 2,178 0 0
Starbucks Corp. COM 855244109   22,270 244 SH   SOLE 0 244 0 0
Charles Schwab Corp. COM 808513105   36,509 665 SH   SOLE 0 665 0 0
Sealed Air Corp. COM 81211K100   6,572 200 SH   SOLE 0 200 0 0
Shell PLC COM 780259305   35,473 551 SH   SOLE 0 551 0 0
iShares 1-3 Year Treasur ETF 464287457   29,037,172 358,616 SH   SOLE 0 337,332 0 21,284
SPDR S&P 500 TR UNIT 78462F103   469,241 1,098 SH   SOLE 0 1,098 0 0
Stryker Corp. COM 863667101   13,937 51 SH   SOLE 0 51 0 0
AT&T Inc. COM 00206R102   3,815 254 SH   SOLE 0 254 0 0
iShares TIPS Bond ETF 464287176   473,378 4,564 SH   SOLE 0 4,564 0 0
Thermo Fisher Scientific COM 883556102   42,518 84 SH   SOLE 0 84 0 0
Tesla Inc. COM 88160R101   277,744 1,110 SH   SOLE 0 1,110 0 0
Taiwan Semiconductor Co. COM 874039100   30,676 353 SH   SOLE 0 353 0 0
Tyson Foods Inc. CL A 902494103   17,672 350 SH   SOLE 0 350 0 0
TotalEnergies SE COM 89151E109   47,150 717 SH   SOLE 0 717 0 0
Union Pacific Corp. COM 907818108   50,735 249 SH   SOLE 0 249 0 0
US Bancorp. COM 902973304   1,881,841 56,922 SH   SOLE 0 56,922 0 0
Visa Inc. COM CL A 92826C839   16,485,668 71,674 SH   SOLE 0 66,992 0 4,682
Verizon Communications I COM 92343V104   8,200 253 SH   SOLE 0 253 0 0
Warner Bros Discovery In COM 934423104   662 61 SH   SOLE 0 61 0 0
Wells Fargo Co. COM 949746101   13,933 341 SH   SOLE 0 341 0 0
Williams Cos. Inc. COM 969457100   29,748 883 SH   SOLE 0 883 0 0
Walmart Inc. COM 931142103   59,334 371 SH   SOLE 0 371 0 0
WR Berkley Corp. COM 084423102   18,367,753 289,302 SH   SOLE 0 271,362 0 17,940
SPDR Energy Select Secto ETF 81369Y506   32,540 360 SH   SOLE 0 360 0 0
Exxon Mobil Corp. COM 30231G102   22,458 191 SH   SOLE 0 191 0 0
Xylem Inc. COM 98419M100   18,206 200 SH   SOLE 0 200 0 0