Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BRK/B	BERKSHIRE HATHAWAY INC	50,700 (+53.9%)	$25.37M (+60.7%)	2.9%	$491.92	—	CL B NEW	084670702
GS	GLODMAN SACHS GROUP	14,407 (+1.9%)	$14.57M (+21.8%)	1.7%	$339.19	—	COM	38141G104
WES	WESTERN MIDSTREAM PARTNERS LP	374,823 (+9.6%)	$16.4M (+16.5%)	1.9%	$20.69	—	COM	958669103
MKL	MARKEL GROUP INC	2,000 (+90.5%)	$3.906M (+94.4%)	0.4%	$2018.62	—	COM	570535104
STWD	STARWOOD PROPERTY TRUST INC	202,449 (+112.7%)	$3.316M (+102.3%)	0.4%	$17.13	—	COM	85571B105
KMB	KIMBERLY-CLARK CORP	88,292 (+6.2%)	$9.692M (+20.8%)	1.1%	$111.14	—	COM	494368103
OWL	BLUE OWL CAPITAL INC COM CL A	289,496 (+142.3%)	$2.533M (+132.2%)	0.3%	$11.00	—	COM CL A	09581B103
PG	PROCTER AND GAMBLE CO	29,909 (+42.1%)	$4.386M (+44.3%)	0.5%	$143.85	—	COM	742718109
PFE	PFIZER INC	345,049 (+1.0%)	$8.309M (-13.4%)	0.9%	$24.43	—	COM	717081103
KBDC	KAYNE ANDERSON BDC INC	101,163 (+397.3%)	$1.369M (+390.4%)	0.2%	$13.66	—	COM SHS	48662X105
DMLP	DORCHESTER MINERALS LP	910,934 (+2.6%)	$23M (-4.4%)	2.6%	$16.19	—	COM	25820R105
NNN	NNN REIT INC COM	78,933 (+26.9%)	$3.673M (+40.5%)	0.4%	$42.18	—	COM	637417106
HRL	HORMEL FOODS CORP	298,796 (+6.0%)	$7.416M (+16.2%)	0.8%	$23.47	—	COM	440452100
—	RLJ LODGING TRUST	173,571 (+28.7%)	$4.256M (+30.9%)	0.5%	$24.23	—	CUM CONV PFD A	74965L200
WPC	W P CAREY INC COM	90,882 (+10.3%)	$6.498M (+16.1%)	0.7%	$61.54	—	COM	92936U109
ARLP	ALLIANCE RESOURCE PAR LP	259,013 (+1.4%)	$6.211M (-12.0%)	0.7%	$20.30	—	COM	01877R108
O	REALTY INCOME COPR REIT	62,414 (+19.0%)	$3.867M (+20.5%)	0.4%	$54.65	—	COM	756109104
MSDL	MORGAN STANLEY DIRECT LENDIN	148,696 (+29.9%)	$2.248M (+40.7%)	0.3%	$17.01	—	COM SHS	61774A103
UPS	UNITED PARCEL SERVICE	41,801 (+4.7%)	$4.494M (+14.4%)	0.5%	$103.82	—	COM	911312106
NCDL	NUVEEN CHURCHILL DIRECT LEND	132,279 (+45.3%)	$1.643M (+41.9%)	0.2%	$14.14	—	COM SHS	67090S108
PEP	PEPSICO INC	44,582 (+7.0%)	$6.036M (-6.7%)	0.7%	$113.79	—	COM	713448108
GBDC	GOLUB CAPITAL BDC INC	177,299 (+17.8%)	$2.284M (+19.8%)	0.3%	$13.23	—	COM	38173M102
ET	ENERGY TRANSFER LP	1,473,560 (+2.2%)	$28.17M (+1.3%)	3.2%	$6.47	—	COM	29273V100
OBDC	BLUE OWL CAPITAL CORP	197,655 (+16.5%)	$2.149M (+14.5%)	0.2%	$11.80	—	COM	69121K104
BMY	BRISTOL-MYERS SQUIBB CO COM	125,138 (+1.5%)	$7.21M (-3.6%)	0.8%	$47.17	—	COM	110122108
MSFT	MICROSOFT COPR	17,877 (+3.2%)	$6.668M (+4.0%)	0.8%	$173.52	—	COM	594918104
CCAP	CRESCENT CAP BDC INC COM	109,828 (+37.6%)	$1.199M (+23.7%)	0.1%	$13.07	—	COM	225655109
MPLX	MPLX LP	221,452 (+2.5%)	$12.47M (+1.1%)	1.4%	$30.01	—	COM	55336V100
MLPA	GLOBAL X FDS GLBL X MLP ETF	65,919 (+5.4%)	$3.499M (+3.9%)	0.4%	$48.77	—	GLBL X MLP ETF	37954Y343
WY	WEYERHAEUSER CO COM	58,454 (+7.6%)	$1.399M (+5.5%)	0.2%	$19.72	—	COM	962166104

Exited Positions (2)

— J P MORGAN EXCHANGE TRADED F 6.8%

Value $60.35M Shares 1,087,055 Est. Cost $55.52 Unrealized —

FSK FS KKR CAPITAL CORP 0.2%

Value $1.348M Shares 132,384 Est. Cost $13.32 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	J P MORGAN EXCHANGE TRADED F	1,087,055	$60.35M	6.8%	$55.52	—	—	46654q203
FSK	FS KKR CAPITAL CORP	132,384	$1.348M	0.2%	$13.32	—	—	302635206

Decreased Positions (12)

CLMT CALUMET INC 8.2%

Value $72.26M (-37.1%) Shares 2,006,206 (-37.3%) Est. Cost $16.02 Unrealized —

OXY OCCIDENTAL PETROL CORP 9.1%

Value $80.14M (-26.7%) Shares 1,650,049 (-1.9%) Est. Cost $46.06 Unrealized —

NEM NEWMONT CORP 2.1%

Value $18.22M (-15.4%) Shares 195,064 (-2.0%) Est. Cost $44.18 Unrealized —

CAG CONAGRA BRANDS INC 0.1%

Value $1.21M (-50.5%) Shares 89,867 (-42.2%) Est. Cost $24.37 Unrealized —

GSBD GOLDMAN SACHS BDC INC 0.2%

Value $2.157M (-35.2%) Shares 227,546 (-39.3%) Est. Cost $13.10 Unrealized —

UVV UNIVERSAL CORP 0.8%

Value $6.985M (-6.7%) Shares 133,892 (-5.8%) Est. Cost $54.41 Unrealized —

AHRT AH REALTY TRUST INC 0.3%

Value $2.832M (+17.0%) Shares 400,000 (-9.1%) Est. Cost $8.46 Unrealized —

MPT MEDICAL PROPERTIES TRUST INC 0.1%

Value $986K (-21.5%) Shares 213,470 (-21.3%) Est. Cost $6.71 Unrealized —

BIZD VANECK ETF TR VANECK BDC INCOME ETF 0.1%

Value $792K (-16.4%) Shares 62,579 (-15.5%) Est. Cost $16.28 Unrealized —

SCHD SCHWAB US DIVIDEND EQUITY ETF 0.8%

Value $6.889M (+2.1%) Shares 217,242 (-1.3%) Est. Cost $26.50 Unrealized —

LQD ISHARES IBOXX INVESTMENT GRADE CORP BONDS 0.1%

Value $916K (-0.9%) Shares 8,399 (-1.0%) Est. Cost $112.82 Unrealized —

JNJ JOHNSON & JOHNSON 0.1%

Value $578K (+0.8%) Shares 2,277 (-3.0%) Est. Cost $119.51 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CLMT	CALUMET INC	2,006,206 (-37.3%)	$72.26M (-37.1%)	8.2%	$16.02	—	COM	131428104
OXY	OCCIDENTAL PETROL CORP	1,650,049 (-1.9%)	$80.14M (-26.7%)	9.1%	$46.06	—	COM	674599105
NEM	NEWMONT CORP	195,064 (-2.0%)	$18.22M (-15.4%)	2.1%	$44.18	—	COM	651639106
CAG	CONAGRA BRANDS INC	89,867 (-42.2%)	$1.21M (-50.5%)	0.1%	$24.37	—	COM	205887102
GSBD	GOLDMAN SACHS BDC INC	227,546 (-39.3%)	$2.157M (-35.2%)	0.2%	$13.10	—	SHS	38147U107
UVV	UNIVERSAL CORP	133,892 (-5.8%)	$6.985M (-6.7%)	0.8%	$54.41	—	COM	913456109
AHRT	AH REALTY TRUST INC	400,000 (-9.1%)	$2.832M (+17.0%)	0.3%	$8.46	—	COM	04208T108
MPT	MEDICAL PROPERTIES TRUST INC	213,470 (-21.3%)	$986K (-21.5%)	0.1%	$6.71	—	COM	58463J304
BIZD	VANECK ETF TR VANECK BDC INCOME ETF	62,579 (-15.5%)	$792K (-16.4%)	0.1%	$16.28	—	BDC INCOME ETF	92189F411
SCHD	SCHWAB US DIVIDEND EQUITY ETF	217,242 (-1.3%)	$6.889M (+2.1%)	0.8%	$26.50	—	US DIVIDEND EQ	808524797
LQD	ISHARES IBOXX INVESTMENT GRADE CORP BONDS	8,399 (-1.0%)	$916K (-0.9%)	0.1%	$112.82	—	IBOXX INV CP ETF	464287242
JNJ	JOHNSON & JOHNSON	2,277 (-3.0%)	$578K (+0.8%)	0.1%	$119.51	—	COM	478160104

Unchanged Positions (44)

OXY/WS OCCIDENTAL PETE CORP WTS EXP 08/03/2027 1.4%

Value $12.47M Shares 468,312 Est. Cost $41.23 Unrealized —

CSCO CISCO SYSTEMS INC 2.1%

Value $18.28M Shares 155,638 Est. Cost $43.69 Unrealized —

CMI CUMMINS INC 2.3%

Value $20.14M Shares 28,232 Est. Cost $126.18 Unrealized —

C CITIGROUP INC 2.4%

Value $20.76M Shares 148,294 Est. Cost $42.78 Unrealized —

T AT&T 1.0%

Value $9.008M Shares 435,188 Est. Cost $14.93 Unrealized —

AAPL APPLE INC 2.6%

Value $22.78M Shares 78,740 Est. Cost $94.96 Unrealized —

CVX CHEVRON CORP 1.3%

Value $11.33M Shares 68,368 Est. Cost $85.72 Unrealized —

VZ VERIZON COMMUNICATIONS 1.4%

Value $12.42M Shares 293,295 Est. Cost $32.65 Unrealized —

ABBV ABBVIE 1.8%

Value $15.83M Shares 62,912 Est. Cost $133.87 Unrealized —

BAC BANK OF AMERICA 1.6%

Value $13.88M Shares 243,543 Est. Cost $29.65 Unrealized —

WTTR SELECT WATER SOLUTIONS INC CL A COM 0.9%

Value $8.175M Shares 409,161 Est. Cost $9.24 Unrealized —

DINO HF SINCLAIR COPR 1.9%

Value $16.98M Shares 243,842 Est. Cost $38.78 Unrealized —

SUN SUNOCO LP 4.3%

Value $38.19M Shares 565,822 Est. Cost $41.96 Unrealized —

MO ALTRIA GROUP INC 1.9%

Value $16.96M Shares 235,728 Est. Cost $34.80 Unrealized —

BTI BRITISH AMER TOBACCO F SPONSORED ADR 2.4%

Value $21.18M Shares 343,016 Est. Cost $32.68 Unrealized —

BTU PEABODY ENERGY CORP 0.3%

Value $2.312M Shares 100,000 Est. Cost $21.32 Unrealized —

VLO VALERO ENERGY COPR NEW 1.9%

Value $16.77M Shares 64,384 Est. Cost $42.01 Unrealized —

HPQ HP INC 0.6%

Value $5.523M Shares 251,744 Est. Cost $18.40 Unrealized —

WFC WELLS FARGO & CO 1.5%

Value $13.19M Shares 159,645 Est. Cost $32.60 Unrealized —

AVGO BROADCOM INC COM 0.3%

Value $2.532M Shares 6,703 Est. Cost $357.00 Unrealized —

GOOGL ALPHABET INC CAPT STK CLA 0.3%

Value $2.237M Shares 6,261 Est. Cost $180.18 Unrealized —

EPD ENTERPRISE PRODUCTS PPTNSLP 1.7%

Value $14.66M Shares 398,768 Est. Cost $32.20 Unrealized —

AMGN AMGEN INC 1.5%

Value $13.05M Shares 36,046 Est. Cost $182.77 Unrealized —

XOM EXXON MOBIL CORP 0.2%

Value $1.373M Shares 10,040 Est. Cost $83.21 Unrealized —

SPG SIMON PROPERTY GROUP INC 0.1%

Value $1.295M Shares 5,789 Est. Cost $97.32 Unrealized —

KMI KINDER MORGAN INC 0.5%

Value $4.37M Shares 136,684 Est. Cost $15.19 Unrealized —

SCHG SCHWAB US LARGE-CAP GROWTH ETF 0.2%

Value $1.398M Shares 41,324 Est. Cost $29.34 Unrealized —

SUI SUN COMMUNITIES REIT 0.3%

Value $2.67M Shares 22,270 Est. Cost $124.83 Unrealized —

DKL DELEK LOGISTICS PARTNERS LP 0.4%

Value $3.623M Shares 70,288 Est. Cost $42.39 Unrealized —

SLV ISHARES SILVER TRUST ETF IV 0.0%

Value $374K Shares 7,000 Est. Cost $30.99 Unrealized —

OKE ONEOK INC 0.2%

Value $1.647M Shares 18,941 Est. Cost $41.19 Unrealized —

PAA PLAINS ALL AMERICAN PIPELINE LP 2.1%

Value $18.32M Shares 823,061 Est. Cost $16.33 Unrealized —

WMB WILLIAMS COS INC 0.3%

Value $2.593M Shares 34,884 Est. Cost $18.19 Unrealized —

FFIN FIRST FINANCIAL BANKSHARES INC 0.0%

Value $303K Shares 8,760 Est. Cost $26.69 Unrealized —

GLP GLOBAL PARTNERS LP COMUNITS 0.1%

Value $459K Shares 9,860 Est. Cost $35.32 Unrealized —

HESM HESS MIDSTREAM LP CL A 0.1%

Value $773K Shares 20,550 Est. Cost $33.70 Unrealized —

META META PLATFORMS INC CLASS A 0.1%

Value $1.092M Shares 1,938 Est. Cost $655.57 Unrealized —

DVY ISHARES SELECT DIVIDEND ETF 0.0%

Value $208K Shares 1,331 Est. Cost $151.37 Unrealized —

TTYP TRINITY PETROLEUM TR 0.1%

Value $526K Shares 10,020 Est. Cost $90.39 Unrealized —

PFFD GLOBAL X FDS US PREFERRED ETF 0.1%

Value $728K Shares 38,925 Est. Cost $18.83 Unrealized —

KRP KIMBELL RTY PARTNERS LP 0.1%

Value $810K Shares 55,780 Est. Cost $14.47 Unrealized —

ENB ENBRIDGE INC COM 0.3%

Value $2.518M Shares 46,445 Est. Cost $31.71 Unrealized —

BXSL BLACKSTONE SECURED LENDING F 0.1%

Value $1.19M Shares 50,169 Est. Cost $16.96 Unrealized —

PAGP PLAINS GP HOLDING LP 0.2%

Value $1.402M Shares 57,753 Est. Cost $17.95 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
OXY/WS	OCCIDENTAL PETE CORP WTS EXP 08/03/2027	468,312	$12.47M	1.4%	$41.23	—	*W EXP 08/03/2027	674599162
CSCO	CISCO SYSTEMS INC	155,638	$18.28M	2.1%	$43.69	—	COM	17275R102
CMI	CUMMINS INC	28,232	$20.14M	2.3%	$126.18	—	COM	231021106
C	CITIGROUP INC	148,294	$20.76M	2.4%	$42.78	—	COM	172967424
T	AT&T	435,188	$9.008M	1.0%	$14.93	—	COM	00206R102
AAPL	APPLE INC	78,740	$22.78M	2.6%	$94.96	—	COM	037833100
CVX	CHEVRON CORP	68,368	$11.33M	1.3%	$85.72	—	COM	166764100
VZ	VERIZON COMMUNICATIONS	293,295	$12.42M	1.4%	$32.65	—	COM	92343V104
ABBV	ABBVIE	62,912	$15.83M	1.8%	$133.87	—	COM	00287Y109
BAC	BANK OF AMERICA	243,543	$13.88M	1.6%	$29.65	—	COM	060505104
WTTR	SELECT WATER SOLUTIONS INC CL A COM	409,161	$8.175M	0.9%	$9.24	—	COM	81617J301
DINO	HF SINCLAIR COPR	243,842	$16.98M	1.9%	$38.78	—	COM	403949100
SUN	SUNOCO LP	565,822	$38.19M	4.3%	$41.96	—	COM	86765K109
MO	ALTRIA GROUP INC	235,728	$16.96M	1.9%	$34.80	—	COM	02209S103
BTI	BRITISH AMER TOBACCO F SPONSORED ADR	343,016	$21.18M	2.4%	$32.68	—	COM	110448107
BTU	PEABODY ENERGY CORP	100,000	$2.312M	0.3%	$21.32	—	COM	704551100
VLO	VALERO ENERGY COPR NEW	64,384	$16.77M	1.9%	$42.01	—	COM	91913Y100
HPQ	HP INC	251,744	$5.523M	0.6%	$18.40	—	COM	40434L105
WFC	WELLS FARGO & CO	159,645	$13.19M	1.5%	$32.60	—	COM	949746101
AVGO	BROADCOM INC COM	6,703	$2.532M	0.3%	$357.00	—	COM	11135F101
GOOGL	ALPHABET INC CAPT STK CLA	6,261	$2.237M	0.3%	$180.18	—	CAP STK CL A	02079K305
EPD	ENTERPRISE PRODUCTS PPTNSLP	398,768	$14.66M	1.7%	$32.20	—	COM	293792107
AMGN	AMGEN INC	36,046	$13.05M	1.5%	$182.77	—	COM	031162100
XOM	EXXON MOBIL CORP	10,040	$1.373M	0.2%	$83.21	—	COM	30231G102
SPG	SIMON PROPERTY GROUP INC	5,789	$1.295M	0.1%	$97.32	—	COM	828806109
KMI	KINDER MORGAN INC	136,684	$4.37M	0.5%	$15.19	—	COM	49456B101
SCHG	SCHWAB US LARGE-CAP GROWTH ETF	41,324	$1.398M	0.2%	$29.34	—	US LCAP GR ETF	808524300
SUI	SUN COMMUNITIES REIT	22,270	$2.67M	0.3%	$124.83	—	COM	866674104
DKL	DELEK LOGISTICS PARTNERS LP	70,288	$3.623M	0.4%	$42.39	—	COM UNT RP INT	24664T103
SLV	ISHARES SILVER TRUST ETF IV	7,000	$374K	0.0%	$30.99	—	ISHARES	46428Q109
OKE	ONEOK INC	18,941	$1.647M	0.2%	$41.19	—	COM	682680103
PAA	PLAINS ALL AMERICAN PIPELINE LP	823,061	$18.32M	2.1%	$16.33	—	COM	726503105
WMB	WILLIAMS COS INC	34,884	$2.593M	0.3%	$18.19	—	COM	969457100
FFIN	FIRST FINANCIAL BANKSHARES INC	8,760	$303K	0.0%	$26.69	—	COM	32020R109
GLP	GLOBAL PARTNERS LP COMUNITS	9,860	$459K	0.1%	$35.32	—	COM	37946R109
HESM	HESS MIDSTREAM LP CL A	20,550	$773K	0.1%	$33.70	—	CL A SHS	428103105
META	META PLATFORMS INC CLASS A	1,938	$1.092M	0.1%	$655.57	—	CL A	30303M102
DVY	ISHARES SELECT DIVIDEND ETF	1,331	$208K	0.0%	$151.37	—	SELECT DIVID ETF	464287168
TTYP	TRINITY PETROLEUM TR	10,020	$526K	0.1%	$90.39	—	COM	896556107
PFFD	GLOBAL X FDS US PREFERRED ETF	38,925	$728K	0.1%	$18.83	—	US PFD ETF	37954Y657
KRP	KIMBELL RTY PARTNERS LP	55,780	$810K	0.1%	$14.47	—	UNIT	49435R102
ENB	ENBRIDGE INC COM	46,445	$2.518M	0.3%	$31.71	—	COM	29250N105
BXSL	BLACKSTONE SECURED LENDING F	50,169	$1.19M	0.1%	$16.96	—	COM	09261X102
PAGP	PLAINS GP HOLDING LP	57,753	$1.402M	0.2%	$17.95	—	COM	72651A207