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        <AdjustedTotalFMVOfUnusedAstAmt>183253774</AdjustedTotalFMVOfUnusedAstAmt>
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        <IncomeTaxAmt>343</IncomeTaxAmt>
        <TotalTaxAmt>439020</TotalTaxAmt>
        <DistributableBeforeAdjAmt>8586228</DistributableBeforeAdjAmt>
        <DistributableBeforeDedAmt>8586228</DistributableBeforeDedAmt>
        <DistributableAsAdjustedAmt>8586228</DistributableAsAdjustedAmt>
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      <PFQualifyingDistributionsGrp>
        <ExpensesAndContributionsAmt>11655042</ExpensesAndContributionsAmt>
        <ProgramRelatedInvstTotalAmt>0</ProgramRelatedInvstTotalAmt>
        <CharitableAssetsAcquisPaidAmt>0</CharitableAssetsAcquisPaidAmt>
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        <SetAsideCashDistriTestAmt>0</SetAsideCashDistriTestAmt>
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        <UndistributedIncomePYAmt>0</UndistributedIncomePYAmt>
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        <PriorYear2Yr>2018</PriorYear2Yr>
        <PriorYear3Yr>2017</PriorYear3Yr>
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        <QualifyingDistributionsAmt>11655042</QualifyingDistributionsAmt>
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        <AppliedToCurrentYearAmt>8586228</AppliedToCurrentYearAmt>
        <RemainingDistriFromCorpusAmt>3068814</RemainingDistriFromCorpusAmt>
        <TotalCorpusAmt>28221572</TotalCorpusAmt>
        <PriorYearUndistributedIncmAmt>0</PriorYearUndistributedIncmAmt>
        <Taxable1Amt>0</Taxable1Amt>
        <Taxable2Amt>0</Taxable2Amt>
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      <PrivateOperatingFoundationsGrp></PrivateOperatingFoundationsGrp>
      <SupplementaryInformationGrp>
        <ContributingManagerNm>GARY KARLIN MICHELSON MD</ContributingManagerNm>
        <ShareholderManagerNm>NOT APPLICABLE</ShareholderManagerNm>
        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>The Michelson Found Animals Foundation Inc</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>3000 S ROBERTSON BLVD SUITE 105</AddressLine1Txt>
            <CityNm>LOS ANGELES</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>90034</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>N/A</RecipientRelationshipTxt>
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          <GrantOrContributionPurposeTxt>BENEFIT OF ANIMALS THROUGH MULTIPLE ANIMAL WELFARE PROGRAMS, INCLUDING THE MICHELSON PRIZE AND GRANTS IN REPRODUCTIVE BIOLOGY, THE MICROCHIPPING PROGRAM, THE ADOPTION PROGRAM, THE START-UP ACCELERATOR PROGRAM, THE SPAY/NEUTER PROGRAM AND OTHERS TOWARD The Michelson Found Animals FOUNDATION, INC.'S PURPOSE OF REDUCING EUTHANASIA RATES IN LOS ANGELES AREA ANIMAL SHELTERS.</GrantOrContributionPurposeTxt>
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        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
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          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>16180 MULHOLLAND DRIVE</AddressLine1Txt>
            <CityNm>LOS ANGELES</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>90049</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>N/A</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>CULTIVATE THE BOUNDLESS POTENTIAL OF HIGHLY GIFTED CHILDREN, NURTURE THEIR PASSIONS AND TALENTS, AND DEVELOP A DIVERSE COMMUNITY OF CREATIVE AND CONSTRUCTIVE LIFELONG LEARNERS.</GrantOrContributionPurposeTxt>
          <Amt>250000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Peace Island Childrens Center Inc</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>7 Night Heron Drive</AddressLine1Txt>
            <CityNm>Stony Brook</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>11790</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>N/A</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>Installation of a Water System for Sowe Island</GrantOrContributionPurposeTxt>
          <Amt>25000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>THE MICHELSON 20MM FOUNDATION INC</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>11755 WILSHIRE BOULEVARD STE 1400</AddressLine1Txt>
            <CityNm>LOS ANGELES</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>90025</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>N/A</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>POF</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>Carry forth multiple educational programs, including educational and success programs, future of work and workforce development programs, smart justice programs, programs to increase educational awareness on topics related to intellectual property, and programs intended to support private-sector solutions to issue within the education sector.</GrantOrContributionPurposeTxt>
          <Amt>1850000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>HUMAN VACCINES PROJECT INC</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1 PENN PLAZA SUITE 6178</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10119</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>N/A</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>TO ACCELERATE VACCINE AND IMMUNOTHERAPY DEVELOPMENT FOR INFECTIOUS AND NON-COMMUNICABLE DISEASES.</GrantOrContributionPurposeTxt>
          <Amt>65949</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Latino Medical Student Association Northeast</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 662</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10012</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>N/A</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>Sponsorship of 48th Annual Latino Medical Student Association Northest Regional Conference</GrantOrContributionPurposeTxt>
          <Amt>2500</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Upwardly Global</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>582 MARKET STREET NO 1207</AddressLine1Txt>
            <CityNm>SAN FRANCISCO</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>94104</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>N/A</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>Visionary Award Project</GrantOrContributionPurposeTxt>
          <Amt>25000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>THE MILKEN INSTITUTE</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1250 FOURTH STREET 2ND FLOOR</AddressLine1Txt>
            <CityNm>SANTA MONICA</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>90401</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>N/A</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>TO ADVANCE SOLUTIONS THAT WIDEN ACCESS TO CAPITAL, CREATE JOBS AND IMPROVE HEALTH.</GrantOrContributionPurposeTxt>
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        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>11293449</TotalGrantOrContriPdDurYrAmt>
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      <AnalysisIncomeProducingActyGrp>
        <FeesContractsFromGovtAgGrp />
        <MembershipDuesAndAssmntGrp />
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          <ExclusionCd>14</ExclusionCd>
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        <DividendsAndInterestFromSecDtl>
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          <ExclusionAmt>3623273</ExclusionAmt>
        </DividendsAndInterestFromSecDtl>
        <NetRntlIncmReDebtFincdPropGrp />
        <NetRntlIncmReNotDebtFincdProp />
        <NetRentalIncomePersonalPropGrp />
        <OtherInvestmentIncomeGrp />
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>-4300733</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <NetIncomeLossFromSpecialEvtGrp />
        <GrossProfitLossSlsOfInvntryGrp />
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          <Desc>STRUCTURAL CAPITAL III INTEREST</Desc>
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          <ExclusionAmt>-652152</ExclusionAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>-652152</TotalIncomeProducingActyAmt>
      </AnalysisIncomeProducingActyGrp>
      <TrnsfrTransRlnNonchrtblEOGrp>
        <TrnsfrOfCashToNonchrtblEOInd>false</TrnsfrOfCashToNonchrtblEOInd>
        <TrnsfrOtherAssetNonchrtblEOInd>false</TrnsfrOtherAssetNonchrtblEOInd>
        <SalesOrExchangesOfAssetsInd>false</SalesOrExchangesOfAssetsInd>
        <PurchaseOfAssetsNonchrtblEOInd>false</PurchaseOfAssetsNonchrtblEOInd>
        <RentalOfFacilitiesOthAssetsInd>false</RentalOfFacilitiesOthAssetsInd>
        <ReimbursementArrangementsInd>false</ReimbursementArrangementsInd>
        <LoansOrLoanGuaranteesInd>false</LoansOrLoanGuaranteesInd>
        <PerformanceOfServicesEtcInd>false</PerformanceOfServicesEtcInd>
        <SharingOfFacilitiesEtcInd>false</SharingOfFacilitiesEtcInd>
        <RelationshipsNonchrtblEOInd>true</RelationshipsNonchrtblEOInd>
        <RelationshipScheduleDetail>
          <OrganizationBusinessName>
            <BusinessNameLine1Txt>MICHELSON CENTER FOR</BusinessNameLine1Txt>
          </OrganizationBusinessName>
          <OrganizationTypeDesc>501(C)(4)</OrganizationTypeDesc>
          <RelationshipDescriptionTxt>SAME FOUNDER</RelationshipDescriptionTxt>
        </RelationshipScheduleDetail>
      </TrnsfrTransRlnNonchrtblEOGrp>
    </IRS990PF>
    <IRS990ScheduleB documentId="IRS990ScheduleB">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <GeneralRuleInd>X</GeneralRuleInd>
      <ContributorInformationGrp>
        <ContributorNum>1</ContributorNum>
        <ContributorPersonNm>KARLIN HOLDINGS LP</ContributorPersonNm>
        <ContributorUSAddress>
          <AddressLine1Txt>11755 WILSHIRE BLVD SUITE 1400</AddressLine1Txt>
          <CityNm>LOS ANGELES</CityNm>
          <StateAbbreviationCd>CA</StateAbbreviationCd>
          <ZIPCd>90025</ZIPCd>
        </ContributorUSAddress>
        <TotalContributionsAmt>79135650</TotalContributionsAmt>
        <NoncashContributionInd>X</NoncashContributionInd>
      </ContributorInformationGrp>
      <NonCashPropertyContributionGrp>
        <ContributorNum>1</ContributorNum>
        <NoncashPropertyDesc>9,560,748 SHS CONTANGO OIL &amp; GAS SECURITIES</NoncashPropertyDesc>
        <FairMarketValueAmt>45055025</FairMarketValueAmt>
        <ReceivedDt>2021-06-25</ReceivedDt>
      </NonCashPropertyContributionGrp>
      <NonCashPropertyContributionGrp>
        <ContributorNum>1</ContributorNum>
        <NoncashPropertyDesc>50,000 SHS S&amp;p GLOBAL INC. SECURITIES 75,000 SHS INTERCONTINENTAL EXCHANGE INC. SECURITIES</NoncashPropertyDesc>
        <FairMarketValueAmt>34080625</FairMarketValueAmt>
        <ReceivedDt>2021-12-29</ReceivedDt>
      </NonCashPropertyContributionGrp>
    </IRS990ScheduleB>
    <AccountingFeesSchedule documentId="AccountingFeesSch">
      <AccountingFeesDetail>
        <CategoryTxt>ACCOUNTING FEES</CategoryTxt>
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        <NetInvestmentIncomeAmt>28221</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>28222</DisbursementsCharitablePrpsAmt>
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    </AccountingFeesSchedule>
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      <ExpenditureResponsibilityGrp>
        <BusinessName>
          <BusinessNameLine1Txt>THE MICHELSON 20MM FOUNDATION INC</BusinessNameLine1Txt>
        </BusinessName>
        <USAddress>
          <AddressLine1Txt>11755 WILSHIRE BOULEVARD STE 1400</AddressLine1Txt>
          <CityNm>LOS ANGELES</CityNm>
          <StateAbbreviationCd>CA</StateAbbreviationCd>
          <ZIPCd>90025</ZIPCd>
        </USAddress>
        <GrantAmt>1800000</GrantAmt>
        <PurposeOfGrantTxt>SEE STATEMENT 15.1.</PurposeOfGrantTxt>
        <ExpendedByGranteeAmt>1800000</ExpendedByGranteeAmt>
        <AnyDiversionByGranteeTxt>NO</AnyDiversionByGranteeTxt>
        <DatesOfReportsByGranteeTxt>06/30/2021</DatesOfReportsByGranteeTxt>
        <VerificationDt>2021-06-30</VerificationDt>
        <ResultsOfVerificationTxt>VERIFICATION CONFIRMED THAT $1,800,000 WAS SPENT TOWARD THE GRANT PURPOSE WITH NO DIVERSION.</ResultsOfVerificationTxt>
      </ExpenditureResponsibilityGrp>
      <ExpenditureResponsibilityGrp>
        <BusinessName>
          <BusinessNameLine1Txt>THE MICHELSON FOUND ANIMALS FOUNDATION</BusinessNameLine1Txt>
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        <USAddress>
          <AddressLine1Txt>3000 S ROBERTSON BLVD SUITE 105</AddressLine1Txt>
          <CityNm>LOS ANGELES</CityNm>
          <StateAbbreviationCd>CA</StateAbbreviationCd>
          <ZIPCd>90034</ZIPCd>
        </USAddress>
        <GrantAmt>9000000</GrantAmt>
        <PurposeOfGrantTxt>BENEFIT OF ANIMALS THROUGH MULTIPLE ANIMAL WELFARE PROGRAMS, INCLUDING THE...SEE STATEMENT 15.1</PurposeOfGrantTxt>
        <ExpendedByGranteeAmt>9000000</ExpendedByGranteeAmt>
        <AnyDiversionByGranteeTxt>NO</AnyDiversionByGranteeTxt>
        <DatesOfReportsByGranteeTxt>04/28/2020, 10/23/2020, 10/29/2020, 01/26/2021</DatesOfReportsByGranteeTxt>
        <VerificationDt>2021-01-26</VerificationDt>
        <ResultsOfVerificationTxt>VERIFICATION CONFIRMED THAT $9,000,000 WAS SPENT TOWARD THE GRANT PURPOSE WITH NO DIVERSION.</ResultsOfVerificationTxt>
      </ExpenditureResponsibilityGrp>
      <ExpenditureResponsibilityGrp>
        <BusinessName>
          <BusinessNameLine1Txt>THE MICHELSON FOUND ANIMALS FOUNDATION</BusinessNameLine1Txt>
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        <USAddress>
          <AddressLine1Txt>3000 S ROBERTSON BLVD SUITE 105</AddressLine1Txt>
          <CityNm>LOS ANGELES</CityNm>
          <StateAbbreviationCd>CA</StateAbbreviationCd>
          <ZIPCd>90034</ZIPCd>
        </USAddress>
        <GrantAmt>9000000</GrantAmt>
        <PurposeOfGrantTxt>BENEFIT OF ANIMALS THROUGH MULTIPLE ANIMAL WELFARE PROGRAMS, INCLUDING THE...SEE STATEMENT 15.1</PurposeOfGrantTxt>
        <ExpendedByGranteeAmt>9000000</ExpendedByGranteeAmt>
        <AnyDiversionByGranteeTxt>NO</AnyDiversionByGranteeTxt>
        <DatesOfReportsByGranteeTxt>05/28/2021, 09/09/2021,01/11/2022, 02/16/2022</DatesOfReportsByGranteeTxt>
        <VerificationDt>2022-02-16</VerificationDt>
        <ResultsOfVerificationTxt>VERIFICATION CONFIRMED THAT $9,000,000 WAS SPENT TOWARD THE GRANT PURPOSE WITH NO DIVERSION.</ResultsOfVerificationTxt>
      </ExpenditureResponsibilityGrp>
      <ExpenditureResponsibilityGrp>
        <BusinessName>
          <BusinessNameLine1Txt>THE MICHELSON 20MM FOUNDATION INC</BusinessNameLine1Txt>
        </BusinessName>
        <USAddress>
          <AddressLine1Txt>11755 WILSHIRE BOULEVARD STE 1400</AddressLine1Txt>
          <CityNm>LOS ANGELES</CityNm>
          <StateAbbreviationCd>CA</StateAbbreviationCd>
          <ZIPCd>90025</ZIPCd>
        </USAddress>
        <GrantAmt>1850000</GrantAmt>
        <PurposeOfGrantTxt>SEE STATEMENT 15.1.</PurposeOfGrantTxt>
        <ExpendedByGranteeAmt>1850000</ExpendedByGranteeAmt>
        <AnyDiversionByGranteeTxt>NO</AnyDiversionByGranteeTxt>
        <DatesOfReportsByGranteeTxt>05/28/2021, 09/09/2021,01/11/2022, 02/16/2022</DatesOfReportsByGranteeTxt>
        <VerificationDt>2022-02-16</VerificationDt>
        <ResultsOfVerificationTxt>VERIFICATION CONFIRMED THAT $1,850,000 WAS SPENT TOWARD THE GRANT PURPOSE WITH NO DIVERSION.</ResultsOfVerificationTxt>
      </ExpenditureResponsibilityGrp>
    </ExpenditureResponsibilityStmt>
    <InvestmentsCorpBondsSchedule documentId="InvestCorpBondsSch">
      <InvestmentsCorporateBondsGrp>
        <BondNm>CHARLES SCHWAB - STATEMENT 10A</BondNm>
        <EOYBookValueAmt>2353315</EOYBookValueAmt>
        <EOYFMVAmt>2353315</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
    </InvestmentsCorpBondsSchedule>
    <InvestmentsCorpStockSchedule documentId="InvestCorpStockSch">
      <InvestmentsCorporateStockGrp>
        <StockNm>234,046 SHS NEUBERGER BERMAN</StockNm>
        <EOYBookValueAmt>1226401</EOYBookValueAmt>
        <EOYFMVAmt>1226401</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>105,000 SHS VANECK VECTORS RUS</StockNm>
        <EOYBookValueAmt>2799300</EOYBookValueAmt>
        <EOYFMVAmt>2799300</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>115,872 SHS NEUBERGER BERMAN</StockNm>
        <EOYBookValueAmt>607169</EOYBookValueAmt>
        <EOYFMVAmt>607169</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>94,700 SHS ARES COMMERCIAL REA</StockNm>
        <EOYBookValueAmt>1376938</EOYBookValueAmt>
        <EOYFMVAmt>1376938</EOYFMVAmt>
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      <InvestmentsCorporateStockGrp>
        <StockNm>114,642 SHS BROOKFIELD RENEWA</StockNm>
        <EOYBookValueAmt>4222265</EOYBookValueAmt>
        <EOYFMVAmt>4222265</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>18,000 SHS AGNC INVESTMENT 7%</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
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      <InvestmentsCorporateStockGrp>
        <StockNm>98,679 SHS FRONT YARD RESI</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
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      <InvestmentsCorporateStockGrp>
        <StockNm>70,831 SHS FORTRESS TRANSPORT</StockNm>
        <EOYBookValueAmt>2048433</EOYBookValueAmt>
        <EOYFMVAmt>2048433</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>111,825 SHS ARES CAPITAL CORP</StockNm>
        <EOYBookValueAmt>2369572</EOYBookValueAmt>
        <EOYFMVAmt>2369572</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>8,512 SHS ASHFORD HOSPITALIT</StockNm>
        <EOYBookValueAmt>81715</EOYBookValueAmt>
        <EOYFMVAmt>81715</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>31,976 SHS DESPEGAR.COM</StockNm>
        <EOYBookValueAmt>313045</EOYBookValueAmt>
        <EOYFMVAmt>313045</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>353,251 SHS SCHWAB FUNDAMENTAL</StockNm>
        <EOYBookValueAmt>10947248</EOYBookValueAmt>
        <EOYFMVAmt>10947248</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>355,377 SHS SCHWAB FUNDAMENTAL</StockNm>
        <EOYBookValueAmt>11553306</EOYBookValueAmt>
        <EOYFMVAmt>11553306</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>22,950 SHS ANNALY CAP 6.95% PF</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>18,000 SHS NUVEEN PREFERRED IN</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>12,000 SHS BERKSHIRE HATHAWAY</StockNm>
        <EOYBookValueAmt>3588000</EOYBookValueAmt>
        <EOYFMVAmt>3588000</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>193,946 SHS BRAEMAR HOTELS</StockNm>
        <EOYBookValueAmt>989125</EOYBookValueAmt>
        <EOYFMVAmt>989125</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>32,059 SHS ASHFORD INC.</StockNm>
        <EOYBookValueAmt>533782</EOYBookValueAmt>
        <EOYFMVAmt>533782</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>182,887 SHS OAKTREE STRATEGIC</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>100,000 SHS STARWOOD PROPERTY</StockNm>
        <EOYBookValueAmt>2430000</EOYBookValueAmt>
        <EOYFMVAmt>2430000</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>12,500 SHS CONOCOPHILLIPS</StockNm>
        <EOYBookValueAmt>902250</EOYBookValueAmt>
        <EOYFMVAmt>902250</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>6,900 SHS CHEVRON CORP</StockNm>
        <EOYBookValueAmt>809715</EOYBookValueAmt>
        <EOYFMVAmt>809715</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>30,000 SHS ENBRIDGE INC</StockNm>
        <EOYBookValueAmt>1172400</EOYBookValueAmt>
        <EOYFMVAmt>1172400</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>39,200 SHS VANECK GOLD MINERS</StockNm>
        <EOYBookValueAmt>1255576</EOYBookValueAmt>
        <EOYFMVAmt>1255576</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>27,000 SHS VANECK JR GOLD MINE</StockNm>
        <EOYBookValueAmt>1132110</EOYBookValueAmt>
        <EOYFMVAmt>1132110</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>74,000 SHS ISHARES GOLD TRUST</StockNm>
        <EOYBookValueAmt>2575940</EOYBookValueAmt>
        <EOYFMVAmt>2575940</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>63,000 SHS KINDER MORGAN INC</StockNm>
        <EOYBookValueAmt>999180</EOYBookValueAmt>
        <EOYFMVAmt>999180</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>8,600 SHS ONEOK INC</StockNm>
        <EOYBookValueAmt>505336</EOYBookValueAmt>
        <EOYFMVAmt>505336</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>32,000 SHS PEMBINA PIPELINE</StockNm>
        <EOYBookValueAmt>970560</EOYBookValueAmt>
        <EOYFMVAmt>970560</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>12,000 SHS SERITAGE GROWTH PRO</StockNm>
        <EOYBookValueAmt>159240</EOYBookValueAmt>
        <EOYFMVAmt>159240</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>22,000 SHS TC ENERGY CORP</StockNm>
        <EOYBookValueAmt>1023880</EOYBookValueAmt>
        <EOYFMVAmt>1023880</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>33,500 SHS WILLIAMS COS INC</StockNm>
        <EOYBookValueAmt>872340</EOYBookValueAmt>
        <EOYFMVAmt>872340</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>51,475 SHS PIMCO STRATEGIC INC</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>75,000 SHS INTERCONTINENTAL EX</StockNm>
        <EOYBookValueAmt>10257750</EOYBookValueAmt>
        <EOYFMVAmt>10257750</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>50,000 SHS S&amp;P GLOBAL INC</StockNm>
        <EOYBookValueAmt>23596500</EOYBookValueAmt>
        <EOYFMVAmt>23596500</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1,000 SHS AMAZON.COM INC</StockNm>
        <EOYBookValueAmt>3334340</EOYBookValueAmt>
        <EOYFMVAmt>3334340</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>20,000 SHS CAMECO CORP</StockNm>
        <EOYBookValueAmt>436200</EOYBookValueAmt>
        <EOYFMVAmt>436200</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>50,000 SHS DISCOVERY COMMUNICA</StockNm>
        <EOYBookValueAmt>1177000</EOYBookValueAmt>
        <EOYFMVAmt>1177000</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>2,200 SHS KODIAK SCIENCE INC</StockNm>
        <EOYBookValueAmt>186516</EOYBookValueAmt>
        <EOYFMVAmt>186516</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>25,000 SHS L CATTERTION ASIA</StockNm>
        <EOYBookValueAmt>248000</EOYBookValueAmt>
        <EOYFMVAmt>248000</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>32,000 SHS ADVISORSHARES PURE</StockNm>
        <EOYBookValueAmt>818880</EOYBookValueAmt>
        <EOYFMVAmt>818880</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>20,000 SHS TENCENT HOLDINGS LT</StockNm>
        <EOYBookValueAmt>1166000</EOYBookValueAmt>
        <EOYFMVAmt>1166000</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>244,538 SHS OAKTREE SPECIALTY</StockNm>
        <EOYBookValueAmt>1824253</EOYBookValueAmt>
        <EOYFMVAmt>1824253</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <InvestmentsOtherSchedule2 documentId="InvOtherSch2">
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>18.241 SHS GREENLIGHT CAPITAL</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>0</BookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>30,503.530 SHS KENSICO OFFSHOR</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>3517314</BookValueAmt>
        <EOYFMVAmt>3517314</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>1,309.531 SHS PALO ALTO HEALTH</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>8857164</BookValueAmt>
        <EOYFMVAmt>8857164</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>3,228.21 SHS PARK WEST INVESTO</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>14559563</BookValueAmt>
        <EOYFMVAmt>14559563</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>STRUCTURAL CAPITAL INVESTORS</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>822619</BookValueAmt>
        <EOYFMVAmt>822619</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>22,500 SHS INVESCO BULLETSHARE</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>0</BookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>STRUCTURAL CAPITAL INVESTOR II</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>456037</BookValueAmt>
        <EOYFMVAmt>456037</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>STRUCTURAL CAPITAL GP II LLC</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>200792</BookValueAmt>
        <EOYFMVAmt>200792</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>849,131.773 SHS GMO RESOURCES</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>23453020</BookValueAmt>
        <EOYFMVAmt>23453020</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>STRUCTURAL CAPITAL MGT GP</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>500000</BookValueAmt>
        <EOYFMVAmt>500000</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>STRUCTURAL CAPITAL INVESTORS I</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>1792209</BookValueAmt>
        <EOYFMVAmt>1792209</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>NEUBERGER BERMAN LOAN ADVISERS</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>8340076</BookValueAmt>
        <EOYFMVAmt>8340076</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>160,669.141 SHS DOUBLELINE TOT</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>1670959</BookValueAmt>
        <EOYFMVAmt>1670959</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>55,371 SHS ISHARES US PREFERRE</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>2183278</BookValueAmt>
        <EOYFMVAmt>2183278</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>141,076.724 SHS PIMCO INCM IN</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>1684456</BookValueAmt>
        <EOYFMVAmt>1684456</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>24,500 SHS INVESCO SENIOR LOA</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>541450</BookValueAmt>
        <EOYFMVAmt>541450</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>5,000 SHS ISHARES JPMORGAN USD</CategoryOrItemTxt>
        <BookValueAmt>545300</BookValueAmt>
        <EOYFMVAmt>545300</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>164,508.163 SHS BLACKROCK STRA</CategoryOrItemTxt>
        <BookValueAmt>1669758</BookValueAmt>
        <EOYFMVAmt>1669758</EOYFMVAmt>
      </InvestmentsOtherGrp>
    </InvestmentsOtherSchedule2>
    <LegalFeesSchedule documentId="LegalFeesSch">
      <LegalFeesGrp>
        <CategoryTxt>LEGAL FEES</CategoryTxt>
        <LegalFeesAmt>105333</LegalFeesAmt>
        <DisbursementsCharitablePrpsAmt>105333</DisbursementsCharitablePrpsAmt>
      </LegalFeesGrp>
    </LegalFeesSchedule>
    <OtherAssetsSchedule documentId="OtherAssetsSch">
      <OtherAssetsScheduleGrp>
        <Desc>DIVIDEND RECEIVABLE</Desc>
        <BOYBookValueAmt>31088</BOYBookValueAmt>
        <EOYBookValueAmt>94502</EOYBookValueAmt>
        <EOYFMVAmt>94502</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
    </OtherAssetsSchedule>
    <OtherExpensesSchedule documentId="OtherExpensesSch">
      <OtherExpensesScheduleGrp>
        <Desc>INSURANCE EXPENSE</Desc>
        <RevenueAndExpensesPerBooksAmt>2634</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>2634</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>BANK FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>25</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>25</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="OtherIncomeSch2">
      <OtherIncomeDetail>
        <Desc>PARTNERSHIP INCOME</Desc>
        <NetInvestmentIncomeAmt>176296</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>Structural Capital III Interest</Desc>
        <RevenueAndExpensesPerBooksAmt>25273</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>25273</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherIncreasesSchedule documentId="OtherIncreasesSch">
      <OtherIncreasesDetail>
        <Desc>UNREALIZED GAIN ON INVESTMENTS</Desc>
        <Amt>8313783</Amt>
      </OtherIncreasesDetail>
    </OtherIncreasesSchedule>
    <OtherLiabilitiesSchedule documentId="OtherLiabSch">
      <OtherLiabilitiesDetail>
        <Desc>DEFERRED FEDERAL EXCISE TAXES</Desc>
        <BOYBookValueAmt>195884</BOYBookValueAmt>
        <EOYBookValueAmt>195884</EOYBookValueAmt>
      </OtherLiabilitiesDetail>
    </OtherLiabilitiesSchedule>
    <OtherProfessionalFeesSchedule documentId="OthProfFeesSch">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>ADVISORY FEES</CategoryTxt>
        <Amt>75910</Amt>
        <NetInvestmentIncomeAmt>75910</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>MARKETING</CategoryTxt>
        <Amt>224949</Amt>
        <DisbursementsCharitablePrpsAmt>224949</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="TaxesSchedule">
      <TaxesDetail>
        <CategoryTxt>UNITED STATES TREASURY</CategoryTxt>
        <Amt>40000</Amt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>CA FILING FEES</CategoryTxt>
        <Amt>225</Amt>
        <DisbursementsCharitablePrpsAmt>225</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>FOREIGN TAX</CategoryTxt>
        <Amt>152240</Amt>
        <NetInvestmentIncomeAmt>152240</NetInvestmentIncomeAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>STATE TAXES</CategoryTxt>
        <Amt>800</Amt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>OTHER TAXES &amp; LICENSES</CategoryTxt>
        <Amt>205</Amt>
        <DisbursementsCharitablePrpsAmt>205</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>
