Both.
To my knowledge he currently runs 600 plus reg. Angus cows, and has interests in, or owns two feedlots with I'm guessing about 24,000 capacity.
He recently sold a fair sized ranch and feedlot west of Alliance,NE, and hosted a purebred dispersal of 1500 reg. Angus cows. I don't think they all sold. I've heard more but that's all I know.