Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
PFFA	VIRTUS INFRACAP US PREF STCK ETF	285,821	$5.645M	0.6%	$19.75	$20.73	-4.7%	VIRTUS INFRCAP	26923G822
MCD	MCDONALDS CORP	18,224	$4.209M	0.4%	$230.94	$263.21	-12.3%	COM	580135101
RYN	RAYONIER INC	167,348	$3.073M	0.3%	$18.36	$18.36	—	COM	754907103
XLEI	SELECT SECTOR SPDR TRUST	110,000	$3.018M	0.3%	$27.44	$27.17	+1.0%	ST ENER INCO ETF	81369Y829
OKE	ONEOK INC NEW	18,941	$1.615M	0.2%	$85.27	$85.27	—	COM	30609A109
BX	BLACKSTONE INC	8,800	$986K	0.1%	$112.09	$130.83	-14.3%	COM	09260D107
KKR	KKR & CO INC	10,800	$986K	0.1%	$91.30	$102.08	-10.6%	COM	48251W104

Increased Positions (25)

JEPQ J P MORGAN EXCHANGE TRADES F 13.7%

Value $135M (+56.1%) Shares 2,205,299 (+56.6%) Share Price $61.26 Est. Cost/Share $59.45 Unrealized @ Report Date +3.0%

MKL MARKEL GROUP INC 1.0%

Value $10.27M (+163.0%) Shares 6,000 (+200.0%) Share Price $1712.45 Est. Cost/Share $1889.40 Unrealized @ Report Date -9.4%

PEP PEPSICO INC 1.1%

Value $11.07M (+83.4%) Shares 87,385 (+96.0%) Share Price $126.72 Est. Cost/Share $126.03 Unrealized @ Report Date +0.5%

WY WEYERHAEUSER CO COM 0.4%

Value $4.367M (+212.1%) Shares 229,236 (+292.2%) Share Price $19.05 Est. Cost/Share $19.22 Unrealized @ Report Date —

DMLP DORCHESTER MINERALS LP 2.6%

Value $25.96M (+12.8%) Shares 925,684 (+1.6%) Share Price $28.04 Est. Cost/Share $16.38 Unrealized @ Report Date —

WES WESTERN MIDSTREAM PARTNERS LP 1.8%

Value $18.1M (+10.4%) Shares 408,023 (+8.9%) Share Price $44.37 Est. Cost/Share $22.61 Unrealized @ Report Date —

AHRT AH REALTY TRUST INC 0.4%

Value $4.27M (+50.8%) Shares 700,000 (+75.0%) Share Price $6.10 Est. Cost/Share $7.45 Unrealized @ Report Date —

HRL HORMEL FOODS CORP 0.6%

Value $6.051M (-18.4%) Shares 303,472 (+1.6%) Share Price $19.94 Est. Cost/Share $23.29 Unrealized @ Report Date -14.4%

SUI SUN COMMUNITIES REIT 0.4%

Value $3.94M (+47.6%) Shares 35,570 (+59.7%) Share Price $110.78 Est. Cost/Share $119.58 Unrealized @ Report Date —

— RLJ LODGING TRUST 0.5%

Value $5.022M (+18.0%) Shares 208,897 (+20.4%) Share Price $24.04 Est. Cost/Share $24.20 Unrealized @ Report Date —

STWD STARWOOD PROPERTY TRUST INC 0.4%

Value $4.049M (+22.1%) Shares 299,901 (+48.1%) Share Price $13.50 Est. Cost/Share $15.95 Unrealized @ Report Date —

SCHD SCHWAB US DIVIDEND EQUITY ETF 0.8%

Value $7.476M (+8.5%) Shares 229,830 (+5.8%) Share Price $32.53 Est. Cost/Share $26.53 Unrealized @ Report Date +22.6%

UPS UNITED PARCEL SERVICE INC 0.4%

Value $3.95M (-12.1%) Shares 42,273 (+1.1%) Share Price $93.44 Est. Cost/Share $103.37 Unrealized @ Report Date -9.6%

PG PROCTER AND GAMBLE CO 0.5%

Value $4.771M (+8.8%) Shares 32,840 (+9.8%) Share Price $145.28 Est. Cost/Share $143.61 Unrealized @ Report Date +1.2%

DKL DELEK LOGISTICS PARTNERS LP 0.4%

Value $3.936M (+8.6%) Shares 73,963 (+5.2%) Share Price $53.21 Est. Cost/Share $42.93 Unrealized @ Report Date —

WPC W P CAREY INC COM 0.6%

Value $6.22M (-4.3%) Shares 96,247 (+5.9%) Share Price $64.63 Est. Cost/Share $61.71 Unrealized @ Report Date —

ARLP ALLIANCE RESOURCE PAR LP 0.7%

Value $6.432M (+3.6%) Shares 264,797 (+2.2%) Share Price $24.29 Est. Cost/Share $20.39 Unrealized @ Report Date —

SCHG SCHWAB US LARGE-CAP GROWTH ETF 0.2%

Value $1.571M (+12.4%) Shares 43,727 (+5.8%) Share Price $35.93 Est. Cost/Share $27.14 Unrealized @ Report Date +32.4%

BIZD VANECK ETF TR VANECK BDC INCOME ETF 0.1%

Value $913K (+15.2%) Shares 70,831 (+13.2%) Share Price $12.89 Est. Cost/Share $15.34 Unrealized @ Report Date -16.0%

MLPA GLOBAL X FDS GLBL X MLP ETF 0.4%

Value $3.609M (+3.1%) Shares 67,781 (+2.8%) Share Price $53.24 Est. Cost/Share $48.57 Unrealized @ Report Date +9.6%

CCAP CRESCENT CAP BDC INC 0.1%

Value $1.093M (-8.9%) Shares 119,066 (+8.4%) Share Price $9.18 Est. Cost/Share $13.20 Unrealized @ Report Date -30.5%

CAG CONAGRA BRANDS INC 0.1%

Value $1.292M (+6.8%) Shares 96,100 (+6.9%) Share Price $13.44 Est. Cost/Share $23.73 Unrealized @ Report Date -43.4%

PFFD GLOBAL X FDS US PREFERRED ETF 0.1%

Value $766K (+5.3%) Shares 43,530 (+11.8%) Share Price $17.60 Est. Cost/Share $18.61 Unrealized @ Report Date -5.4%

LQD ISHARES IBOXX INVESTMENT GRADE CORP BONDS 0.1%

Value $940K (+2.6%) Shares 9,197 (+9.5%) Share Price $102.18 Est. Cost/Share $110.17 Unrealized @ Report Date -7.3%

GBDC GOLUB CAPITAL BDC INC 0.2%

Value $2.275M (-0.4%) Shares 180,151 (+1.6%) Share Price $12.63 Est. Cost/Share $13.24 Unrealized @ Report Date -4.6%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
JEPQ	J P MORGAN EXCHANGE TRADES F	2,205,299 (+56.6%)	$135M (+56.1%)	13.7%	$61.26	$59.45	+3.0%	NASDAQ EQT PREM	46654Q203
MKL	MARKEL GROUP INC	6,000 (+200.0%)	$10.27M (+163.0%)	1.0%	$1712.45	$1889.40	-9.4%	COM	570535104
PEP	PEPSICO INC	87,385 (+96.0%)	$11.07M (+83.4%)	1.1%	$126.72	$126.03	+0.5%	COM	713448108
WY	WEYERHAEUSER CO COM	229,236 (+292.2%)	$4.367M (+212.1%)	0.4%	$19.05	$19.22	—	COM	962166104
DMLP	DORCHESTER MINERALS LP	925,684 (+1.6%)	$25.96M (+12.8%)	2.6%	$28.04	$16.38	—	COM	25820R105
WES	WESTERN MIDSTREAM PARTNERS LP	408,023 (+8.9%)	$18.1M (+10.4%)	1.8%	$44.37	$22.61	—	COM	958669103
AHRT	AH REALTY TRUST INC	700,000 (+75.0%)	$4.27M (+50.8%)	0.4%	$6.10	$7.45	—	COM	04208T108
HRL	HORMEL FOODS CORP	303,472 (+1.6%)	$6.051M (-18.4%)	0.6%	$19.94	$23.29	-14.4%	COM	440452100
SUI	SUN COMMUNITIES REIT	35,570 (+59.7%)	$3.94M (+47.6%)	0.4%	$110.78	$119.58	—	COM	866674104
—	RLJ LODGING TRUST	208,897 (+20.4%)	$5.022M (+18.0%)	0.5%	$24.04	$24.20	—	CUM CONV PFD A	74965L200
STWD	STARWOOD PROPERTY TRUST INC	299,901 (+48.1%)	$4.049M (+22.1%)	0.4%	$13.50	$15.95	—	COM	85571B105
SCHD	SCHWAB US DIVIDEND EQUITY ETF	229,830 (+5.8%)	$7.476M (+8.5%)	0.8%	$32.53	$26.53	+22.6%	US DIVIDEND EQ	808524797
UPS	UNITED PARCEL SERVICE INC	42,273 (+1.1%)	$3.95M (-12.1%)	0.4%	$93.44	$103.37	-9.6%	COM	911312106
PG	PROCTER AND GAMBLE CO	32,840 (+9.8%)	$4.771M (+8.8%)	0.5%	$145.28	$143.61	+1.2%	COM	742718109
DKL	DELEK LOGISTICS PARTNERS LP	73,963 (+5.2%)	$3.936M (+8.6%)	0.4%	$53.21	$42.93	—	COM UNT RP INT	24664T103
WPC	W P CAREY INC COM	96,247 (+5.9%)	$6.22M (-4.3%)	0.6%	$64.63	$61.71	—	COM	92936U109
ARLP	ALLIANCE RESOURCE PAR LP	264,797 (+2.2%)	$6.432M (+3.6%)	0.7%	$24.29	$20.39	—	COM	01877R108
SCHG	SCHWAB US LARGE-CAP GROWTH ETF	43,727 (+5.8%)	$1.571M (+12.4%)	0.2%	$35.93	$27.14	+32.4%	US LCAP GR ETF	808524300
BIZD	VANECK ETF TR VANECK BDC INCOME ETF	70,831 (+13.2%)	$913K (+15.2%)	0.1%	$12.89	$15.34	-16.0%	BDC INCOME ETF	92189F411
MLPA	GLOBAL X FDS GLBL X MLP ETF	67,781 (+2.8%)	$3.609M (+3.1%)	0.4%	$53.24	$48.57	+9.6%	GLBL X MLP ETF	37954Y343
CCAP	CRESCENT CAP BDC INC	119,066 (+8.4%)	$1.093M (-8.9%)	0.1%	$9.18	$13.20	-30.5%	COM	225655109
CAG	CONAGRA BRANDS INC	96,100 (+6.9%)	$1.292M (+6.8%)	0.1%	$13.44	$23.73	-43.4%	COM	205887102
PFFD	GLOBAL X FDS US PREFERRED ETF	43,530 (+11.8%)	$766K (+5.3%)	0.1%	$17.60	$18.61	-5.4%	US PFD ETF	37954Y657
LQD	ISHARES IBOXX INVESTMENT GRADE CORP BONDS	9,197 (+9.5%)	$940K (+2.6%)	0.1%	$102.18	$110.17	-7.3%	IBOXX INV CP ETF	464287242
GBDC	GOLUB CAPITAL BDC INC	180,151 (+1.6%)	$2.275M (-0.4%)	0.2%	$12.63	$13.24	-4.6%	COM	38173M102

Exited Positions (1)

OKE ONEOK INC 0.2%

Value $1.647M Shares 18,941 Share Price $86.94 Est. Cost/Share $41.19 Unrealized @ Report Date +107.0%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
OKE	ONEOK INC	18,941	$1.647M	0.2%	$86.94	$41.19	+107.0%	—	682680103

Decreased Positions (15)

CLMT CALUMET INC 10.1%

Value $99.85M (+38.2%) Shares 1,906,206 (-5.0%) Share Price $52.38 Est. Cost/Share $16.02 Unrealized @ Report Date +227.0%

OXY OCCIDENTAL PETROL CORP 5.4%

Value $53.52M (-33.2%) Shares 967,395 (-41.4%) Share Price $55.32 Est. Cost/Share $46.06 Unrealized @ Report Date +20.1%

DINO HF SINCLAIR COPR 2.5%

Value $24.51M (+44.3%) Shares 228,380 (-6.3%) Share Price $107.32 Est. Cost/Share $38.78 Unrealized @ Report Date +176.7%

VLO VALERO ENERGY COPR NEW 2.5%

Value $24.2M (+44.3%) Shares 62,424 (-3.0%) Share Price $387.61 Est. Cost/Share $42.01 Unrealized @ Report Date +822.6%

OXY/WS OCCIDENTAL PETE CORP WTS EXP 08/03/2027 0.5%

Value $5.135M (-58.8%) Shares 154,425 (-67.0%) Share Price $33.25 Est. Cost/Share $41.23 Unrealized @ Report Date —

CMI CUMMINS INC 1.5%

Value $14.4M (-28.5%) Shares 27,883 (-1.2%) Share Price $516.57 Est. Cost/Share $126.18 Unrealized @ Report Date +309.4%

NEM NEWMONT CORP 2.2%

Value $21.83M (+19.8%) Shares 189,307 (-3.0%) Share Price $115.34 Est. Cost/Share $44.18 Unrealized @ Report Date +161.1%

C CITIGROUP INC 1.9%

Value $18.52M (-10.8%) Shares 143,020 (-3.6%) Share Price $129.48 Est. Cost/Share $42.78 Unrealized @ Report Date +202.7%

CSCO CISCO SYSTEMS INC 1.7%

Value $16.41M (-10.2%) Shares 152,508 (-2.0%) Share Price $107.63 Est. Cost/Share $43.69 Unrealized @ Report Date +146.4%

BAC BANK OF AMERICA CORP 1.3%

Value $13M (-6.3%) Shares 238,906 (-1.9%) Share Price $54.43 Est. Cost/Share $29.65 Unrealized @ Report Date +83.6%

WFC WELLS FARGO & CO 1.3%

Value $12.53M (-5.0%) Shares 156,544 (-1.9%) Share Price $80.05 Est. Cost/Share $32.60 Unrealized @ Report Date +145.6%

MSDL MORGAN STANLEY DIRECT LENDIN 0.2%

Value $1.979M (-12.0%) Shares 145,210 (-2.3%) Share Price $13.63 Est. Cost/Share $17.00 Unrealized @ Report Date -19.8%

NCDL NUVEEN CHURCHILL DIRECT LEND 0.1%

Value $1.44M (-12.4%) Shares 128,099 (-3.2%) Share Price $11.24 Est. Cost/Share $14.42 Unrealized @ Report Date -22.0%

GSBD GOLDMAN SACHS BDC INC 0.2%

Value $2.014M (-6.6%) Shares 221,536 (-2.6%) Share Price $9.09 Est. Cost/Share $13.10 Unrealized @ Report Date -30.6%

OBDC BLUE OWL CAPITAL CORP 0.2%

Value $2.023M (-5.8%) Shares 192,852 (-2.4%) Share Price $10.49 Est. Cost/Share $11.83 Unrealized @ Report Date -11.3%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
CLMT	CALUMET INC	1,906,206 (-5.0%)	$99.85M (+38.2%)	10.1%	$52.38	$16.02	+227.0%	COM	131428104
OXY	OCCIDENTAL PETROL CORP	967,395 (-41.4%)	$53.52M (-33.2%)	5.4%	$55.32	$46.06	+20.1%	COM	674599105
DINO	HF SINCLAIR COPR	228,380 (-6.3%)	$24.51M (+44.3%)	2.5%	$107.32	$38.78	+176.7%	COM	403949100
VLO	VALERO ENERGY COPR NEW	62,424 (-3.0%)	$24.2M (+44.3%)	2.5%	$387.61	$42.01	+822.6%	COM	91913Y100
OXY/WS	OCCIDENTAL PETE CORP WTS EXP 08/03/2027	154,425 (-67.0%)	$5.135M (-58.8%)	0.5%	$33.25	$41.23	—	*W EXP 08/03/2027	674599162
CMI	CUMMINS INC	27,883 (-1.2%)	$14.4M (-28.5%)	1.5%	$516.57	$126.18	+309.4%	COM	231021106
NEM	NEWMONT CORP	189,307 (-3.0%)	$21.83M (+19.8%)	2.2%	$115.34	$44.18	+161.1%	COM	651639106
C	CITIGROUP INC	143,020 (-3.6%)	$18.52M (-10.8%)	1.9%	$129.48	$42.78	+202.7%	COM	172967424
CSCO	CISCO SYSTEMS INC	152,508 (-2.0%)	$16.41M (-10.2%)	1.7%	$107.63	$43.69	+146.4%	COM	17275R102
BAC	BANK OF AMERICA CORP	238,906 (-1.9%)	$13M (-6.3%)	1.3%	$54.43	$29.65	+83.6%	COM	060505104
WFC	WELLS FARGO & CO	156,544 (-1.9%)	$12.53M (-5.0%)	1.3%	$80.05	$32.60	+145.6%	COM	949746101
MSDL	MORGAN STANLEY DIRECT LENDIN	145,210 (-2.3%)	$1.979M (-12.0%)	0.2%	$13.63	$17.00	-19.8%	COM SHS	61774A103
NCDL	NUVEEN CHURCHILL DIRECT LEND	128,099 (-3.2%)	$1.44M (-12.4%)	0.1%	$11.24	$14.42	-22.0%	COM SHS	67090S108
GSBD	GOLDMAN SACHS BDC INC	221,536 (-2.6%)	$2.014M (-6.6%)	0.2%	$9.09	$13.10	-30.6%	SHS	38147U107
OBDC	BLUE OWL CAPITAL CORP	192,852 (-2.4%)	$2.023M (-5.8%)	0.2%	$10.49	$11.83	-11.3%	COM	69121K104

Unchanged Positions (47)

AAPL APPLE INC 2.6%

Value $26.06M Shares 78,263 Share Price $333.02 Est. Cost/Share $94.96 Unrealized @ Report Date +250.7%

SUN SUNOCO LP 4.2%

Value $41.23M Shares 565,822 Share Price $72.87 Est. Cost/Share $41.96 Unrealized @ Report Date —

CVX CHEVRON CORP 1.4%

Value $13.96M Shares 68,368 Share Price $204.21 Est. Cost/Share $85.72 Unrealized @ Report Date +138.2%

BTI BRITISH AMER TOBACCO F SPONSORED ADR 1.9%

Value $18.66M Shares 343,016 Share Price $54.40 Est. Cost/Share $33.62 Unrealized @ Report Date +61.8%

MSFT MICROSOFT COPR 0.9%

Value $9.169M Shares 17,877 Share Price $512.90 Est. Cost/Share $171.32 Unrealized @ Report Date +199.4%

HPQ HP INC 0.8%

Value $7.875M Shares 251,744 Share Price $31.28 Est. Cost/Share $18.38 Unrealized @ Report Date +70.2%

AMGN AMGEN INC 1.5%

Value $15.1M Shares 35,818 Share Price $421.51 Est. Cost/Share $182.77 Unrealized @ Report Date +130.6%

GS GLODMAN SACHS GROUP 1.3%

Value $12.97M Shares 14,407 Share Price $900.36 Est. Cost/Share $335.72 Unrealized @ Report Date +168.2%

PFE PFIZER INC 1.0%

Value $9.841M Shares 345,049 Share Price $28.52 Est. Cost/Share $24.45 Unrealized @ Report Date +16.6%

T AT&T INC 1.1%

Value $10.52M Shares 431,263 Share Price $24.40 Est. Cost/Share $14.93 Unrealized @ Report Date +63.4%

UVV UNIVERSAL CORP 0.6%

Value $5.64M Shares 134,972 Share Price $41.79 Est. Cost/Share $54.41 Unrealized @ Report Date -23.2%

PAA PLAINS ALL AMERICAN PIPELINE LP 2.0%

Value $19.52M Shares 823,061 Share Price $23.72 Est. Cost/Share $16.33 Unrealized @ Report Date —

MO ALTRIA GROUP INC 1.6%

Value $15.87M Shares 235,728 Share Price $67.34 Est. Cost/Share $34.80 Unrealized @ Report Date +93.5%

KMB KIMBERLY-CLARK CORP 0.9%

Value $8.647M Shares 88,748 Share Price $97.43 Est. Cost/Share $110.50 Unrealized @ Report Date -11.8%

VZ VERIZON COMMUNICATIONS INC 1.4%

Value $13.45M Shares 293,295 Share Price $45.87 Est. Cost/Share $32.68 Unrealized @ Report Date +40.3%

ET ENERGY TRANSFER LP 3.0%

Value $29.13M Shares 1,473,560 Share Price $19.77 Est. Cost/Share $6.47 Unrealized @ Report Date —

BMY BRISTOL-MYERS SQUIBB CO 0.8%

Value $7.809M Shares 125,138 Share Price $62.40 Est. Cost/Share $47.16 Unrealized @ Report Date +32.3%

ABBV ABBVIE 1.7%

Value $16.31M Shares 62,331 Share Price $261.59 Est. Cost/Share $133.87 Unrealized @ Report Date +95.4%

O REALTY INCOME COPR REIT 0.3%

Value $3.404M Shares 62,686 Share Price $54.30 Est. Cost/Share $54.65 Unrealized @ Report Date —

EPD ENTERPRISE PRODUCTS PARTNERS LP 1.4%

Value $14.2M Shares 398,768 Share Price $35.61 Est. Cost/Share $32.20 Unrealized @ Report Date —

NNN NNN REIT INC COM 0.3%

Value $3.243M Shares 78,933 Share Price $41.09 Est. Cost/Share $42.18 Unrealized @ Report Date —

ENB ENBRIDGE INC COM 0.2%

Value $2.159M Shares 46,445 Share Price $46.49 Est. Cost/Share $31.71 Unrealized @ Report Date +46.6%

META META PLATFORMS INC CLASS A 0.1%

Value $1.405M Shares 1,938 Share Price $725.18 Est. Cost/Share $640.81 Unrealized @ Report Date +13.2%

XOM EXXON MOBIL HOLDINGS CORP 0.2%

Value $1.634M Shares 10,040 Share Price $162.75 Est. Cost/Share $83.21 Unrealized @ Report Date +95.6%

KMI KINDER MORGAN INC 0.4%

Value $4.121M Shares 136,684 Share Price $30.15 Est. Cost/Share $15.19 Unrealized @ Report Date +98.4%

MPT MEDICAL PROPERTIES TRUST INC 0.1%

Value $739K Shares 213,470 Share Price $3.46 Est. Cost/Share $6.71 Unrealized @ Report Date —

TTYP TRINITY PETROLEUM TR 0.0%

Value $303K Shares 10,020 Share Price $30.20 Est. Cost/Share $90.39 Unrealized @ Report Date —

WMB WILLIAMS COS INC 0.2%

Value $2.371M Shares 34,884 Share Price $67.97 Est. Cost/Share $18.19 Unrealized @ Report Date +273.7%

AVGO BROADCOM INC COM 0.2%

Value $2.354M Shares 6,703 Share Price $351.19 Est. Cost/Share $357.00 Unrealized @ Report Date -1.6%

SPG SIMON PROPERTY GROUP INC 0.1%

Value $1.162M Shares 5,789 Share Price $200.76 Est. Cost/Share $97.32 Unrealized @ Report Date —

BTU PEABODY ENERGY CORP 0.2%

Value $2.439M Shares 100,000 Share Price $24.39 Est. Cost/Share $21.32 Unrealized @ Report Date +14.4%

BRK/B BERKSHIRE HATHAWAY INC CL B 2.6%

Value $25.25M Shares 50,700 Share Price $497.95 Est. Cost/Share $483.65 Unrealized @ Report Date +3.0%

OWL BLUE OWL CAPITAL INC COM CL A 0.3%

Value $2.632M Shares 289,496 Share Price $9.09 Est. Cost/Share $10.93 Unrealized @ Report Date -16.8%

KBDC KAYNE ANDERSON BDC INC 0.1%

Value $1.274M Shares 101,428 Share Price $12.56 Est. Cost/Share $14.37 Unrealized @ Report Date -12.6%

PAGP PLAINS GP HOLDING LP 0.2%

Value $1.496M Shares 57,753 Share Price $25.90 Est. Cost/Share $17.95 Unrealized @ Report Date —

GOOGL ALPHABET INC CAPT STK CLA 0.2%

Value $2.154M Shares 6,261 Share Price $344.08 Est. Cost/Share $180.18 Unrealized @ Report Date +91.0%

WTTR SELECT WATER SOLUTIONS INC CL A 0.8%

Value $8.097M Shares 409,161 Share Price $19.79 Est. Cost/Share $9.24 Unrealized @ Report Date —

FFIN FIRST FINANCIAL BANKSHARES INC 0.0%

Value $278K Shares 8,760 Share Price $31.74 Est. Cost/Share $26.69 Unrealized @ Report Date +18.9%

JNJ JOHNSON & JOHNSON 0.1%

Value $603K Shares 2,277 Share Price $264.74 Est. Cost/Share $119.51 Unrealized @ Report Date +121.5%

KRP KIMBELL RTY PARTNERS LP 0.1%

Value $797K Shares 55,780 Share Price $14.28 Est. Cost/Share $14.47 Unrealized @ Report Date —

BXSL BLACKSTONE SECURED LENDING F 0.1%

Value $1.203M Shares 50,169 Share Price $23.98 Est. Cost/Share $16.96 Unrealized @ Report Date +41.4%

SLV ISHARES SILVER TRUST ETF IV 0.0%

Value $382K Shares 7,000 Share Price $54.51 Est. Cost/Share $29.06 Unrealized @ Report Date +87.6%

FDUS FIDUS INVT COPR 0.1%

Value $634K Shares 32,919 Share Price $19.27 Est. Cost/Share $18.57 Unrealized @ Report Date +3.8%

DVY ISHARES SELECT DIVIDEND ETF 0.0%

Value $202K Shares 1,331 Share Price $152.03 Est. Cost/Share $151.02 Unrealized @ Report Date +0.7%

HESM HESS MIDSTREAM LP CL A 0.1%

Value $768K Shares 20,550 Share Price $37.37 Est. Cost/Share $34.37 Unrealized @ Report Date +8.7%

GLP GLOBAL PARTNERS LP COMUNITS 0.0%

Value $457K Shares 9,860 Share Price $46.30 Est. Cost/Share $35.32 Unrealized @ Report Date —

MPLX MPLX LP 1.3%

Value $12.47M Shares 221,452 Share Price $56.32 Est. Cost/Share $30.01 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
AAPL	APPLE INC	78,263	$26.06M	2.6%	$333.02	$94.96	+250.7%	COM	037833100
SUN	SUNOCO LP	565,822	$41.23M	4.2%	$72.87	$41.96	—	COM	86765K109
CVX	CHEVRON CORP	68,368	$13.96M	1.4%	$204.21	$85.72	+138.2%	COM	166764100
BTI	BRITISH AMER TOBACCO F SPONSORED ADR	343,016	$18.66M	1.9%	$54.40	$33.62	+61.8%	COM	110448107
MSFT	MICROSOFT COPR	17,877	$9.169M	0.9%	$512.90	$171.32	+199.4%	COM	594918104
HPQ	HP INC	251,744	$7.875M	0.8%	$31.28	$18.38	+70.2%	COM	40434L105
AMGN	AMGEN INC	35,818	$15.1M	1.5%	$421.51	$182.77	+130.6%	COM	031162100
GS	GLODMAN SACHS GROUP	14,407	$12.97M	1.3%	$900.36	$335.72	+168.2%	COM	38141G104
PFE	PFIZER INC	345,049	$9.841M	1.0%	$28.52	$24.45	+16.6%	COM	717081103
T	AT&T INC	431,263	$10.52M	1.1%	$24.40	$14.93	+63.4%	COM	00206R102
UVV	UNIVERSAL CORP	134,972	$5.64M	0.6%	$41.79	$54.41	-23.2%	COM	913456109
PAA	PLAINS ALL AMERICAN PIPELINE LP	823,061	$19.52M	2.0%	$23.72	$16.33	—	COM	726503105
MO	ALTRIA GROUP INC	235,728	$15.87M	1.6%	$67.34	$34.80	+93.5%	COM	02209S103
KMB	KIMBERLY-CLARK CORP	88,748	$8.647M	0.9%	$97.43	$110.50	-11.8%	COM	494368103
VZ	VERIZON COMMUNICATIONS INC	293,295	$13.45M	1.4%	$45.87	$32.68	+40.3%	COM	92343V104
ET	ENERGY TRANSFER LP	1,473,560	$29.13M	3.0%	$19.77	$6.47	—	COM	29273V100
BMY	BRISTOL-MYERS SQUIBB CO	125,138	$7.809M	0.8%	$62.40	$47.16	+32.3%	COM	110122108
ABBV	ABBVIE	62,331	$16.31M	1.7%	$261.59	$133.87	+95.4%	COM	00287Y109
O	REALTY INCOME COPR REIT	62,686	$3.404M	0.3%	$54.30	$54.65	—	COM	756109104
EPD	ENTERPRISE PRODUCTS PARTNERS LP	398,768	$14.2M	1.4%	$35.61	$32.20	—	COM	293792107
NNN	NNN REIT INC COM	78,933	$3.243M	0.3%	$41.09	$42.18	—	COM	637417106
ENB	ENBRIDGE INC COM	46,445	$2.159M	0.2%	$46.49	$31.71	+46.6%	COM	29250N105
META	META PLATFORMS INC CLASS A	1,938	$1.405M	0.1%	$725.18	$640.81	+13.2%	CL A	30303M102
XOM	EXXON MOBIL HOLDINGS CORP	10,040	$1.634M	0.2%	$162.75	$83.21	+95.6%	COM	30231G102
KMI	KINDER MORGAN INC	136,684	$4.121M	0.4%	$30.15	$15.19	+98.4%	COM	49456B101
MPT	MEDICAL PROPERTIES TRUST INC	213,470	$739K	0.1%	$3.46	$6.71	—	COM	58463J304
TTYP	TRINITY PETROLEUM TR	10,020	$303K	0.0%	$30.20	$90.39	—	COM	896556107
WMB	WILLIAMS COS INC	34,884	$2.371M	0.2%	$67.97	$18.19	+273.7%	COM	969457100
AVGO	BROADCOM INC COM	6,703	$2.354M	0.2%	$351.19	$357.00	-1.6%	COM	11135F101
SPG	SIMON PROPERTY GROUP INC	5,789	$1.162M	0.1%	$200.76	$97.32	—	COM	828806109
BTU	PEABODY ENERGY CORP	100,000	$2.439M	0.2%	$24.39	$21.32	+14.4%	COM	704551100
BRK/B	BERKSHIRE HATHAWAY INC CL B	50,700	$25.25M	2.6%	$497.95	$483.65	+3.0%	CL B NEW	084670702
OWL	BLUE OWL CAPITAL INC COM CL A	289,496	$2.632M	0.3%	$9.09	$10.93	-16.8%	COM CL A	09581B103
KBDC	KAYNE ANDERSON BDC INC	101,428	$1.274M	0.1%	$12.56	$14.37	-12.6%	COM SHS	48662X105
PAGP	PLAINS GP HOLDING LP	57,753	$1.496M	0.2%	$25.90	$17.95	—	COM	72651A207
GOOGL	ALPHABET INC CAPT STK CLA	6,261	$2.154M	0.2%	$344.08	$180.18	+91.0%	CAP STK CL A	02079K305
WTTR	SELECT WATER SOLUTIONS INC CL A	409,161	$8.097M	0.8%	$19.79	$9.24	—	COM	81617J301
FFIN	FIRST FINANCIAL BANKSHARES INC	8,760	$278K	0.0%	$31.74	$26.69	+18.9%	COM	32020R109
JNJ	JOHNSON & JOHNSON	2,277	$603K	0.1%	$264.74	$119.51	+121.5%	COM	478160104
KRP	KIMBELL RTY PARTNERS LP	55,780	$797K	0.1%	$14.28	$14.47	—	UNIT	49435R102
BXSL	BLACKSTONE SECURED LENDING F	50,169	$1.203M	0.1%	$23.98	$16.96	+41.4%	COM	09261X102
SLV	ISHARES SILVER TRUST ETF IV	7,000	$382K	0.0%	$54.51	$29.06	+87.6%	ISHARES	46428Q109
FDUS	FIDUS INVT COPR	32,919	$634K	0.1%	$19.27	$18.57	+3.8%	COM	316500107
DVY	ISHARES SELECT DIVIDEND ETF	1,331	$202K	0.0%	$152.03	$151.02	+0.7%	SELECT DIVID ETF	464287168
HESM	HESS MIDSTREAM LP CL A	20,550	$768K	0.1%	$37.37	$34.37	+8.7%	CL A SHS	428103105
GLP	GLOBAL PARTNERS LP COMUNITS	9,860	$457K	0.0%	$46.30	$35.32	—	COM	37946R109
MPLX	MPLX LP	221,452	$12.47M	1.3%	$56.32	$30.01	—	COM	55336V100