Q1 2025 Holdings
Filed 2025-05-15 | 347 holdings | $8.8B | 13F-HR | View on SEC ↗ · Holdings Table ↗
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| Issuer | Class | CUSIP | Value ↓ | Shares | % Portfolio |
|---|---|---|---|---|---|
| Texas Pacific Land Corp(TPL) | COM | 88262P102 | $4.8B | 3,595,090 | 54.0% |
| Grayscale Bitcoin(GBTC) | TRUST BTC | 389637109 | $957.8M | 14,696,513 | 10.9% |
| Landbridge Company LLC(LB) | CL A | 514952100 | $394.7M | 5,486,957 | 4.5% |
| Wheaton Precious Metals Corp(WPM) | COM | 962879102 | $229.5M | 2,956,694 | 2.6% |
| Franco Nevada Corp(FNV) | COM | 351858105 | $160.2M | 1,016,774 | 1.8% |
| Intercontinental Exchange Inc(ICE) | COM | 45866F104 | $141.2M | 818,261 | 1.6% |
| Hawaiian Elec Industries(HE) | COM | 419870100 | $138.6M | 12,657,000 | 1.6% |
| Cheniere Energy Inc(LNG) | COM NEW | 16411R208 | $112.0M | $484,096 | 1.3% |
| Grayscale Bitcoin Mini TR ET(BTC) | SHS NEW | 389930207 | $111.7M | 3,060,636 | 1.3% |
| Cboe Global Markets Inc(CBOE) | COM | 12503M108 | $94.6M | 418,256 | 1.1% |
| Mesabi TR(MSB) | CTF BEN INT | 590672101 | $78.9M | 2,901,695 | 0.9% |
| Viper Energy Inc(VNOMUSD) | CL A | 927959106 | $72.8M | 1,612,439 | 0.8% |
| Caci Intl Inc(CACI) | CL A | 127190304 | $69.6M | 189,652 | 0.8% |
| Civeo Corp(CVEO) | COM NEW | 17878Y207 | $68.3M | 2,971,543 | 0.8% |
| Brookfield Corp(BN) | CL A LTD VT SH | 11271J107 | $63.5M | 1,210,885 | 0.7% |
| Aris Water Solutions Inc(ARISUSD) | CLASS A COM | 04041L106 | $46.9M | 1,464,286 | 0.5% |
| Microstrategy Inc(MSTR) | CL A NEW | 594972408 | $46.6M | 161,495 | 0.5% |
| Autonation Inc(AN) | COM | 05329W102 | $45.4M | 280,493 | 0.5% |
| Live Nation Entertainment Inc(LYV) | COM | 538034109 | $42.6M | 325,976 | 0.5% |
| Permian Basin RTY TR(PBT) | UNIT BEN INT | 714236106 | $41.0M | 4,134,327 | 0.5% |
| Ishares Bitcoin Trust(IBIT) | SHS | 46438F101 | $40.7M | 870,320 | 0.5% |
| Marsh & Mclennan COS Inc(MRSH) | COM | 571748102 | $36.3M | 148,593 | 0.4% |
| Osisko Gold Royalties LTD(OREUR) | COM | 68827L101 | $36.0M | 1,703,037 | 0.4% |
| Associated Cap Group Inc(ACGP) | CL A | 045528106 | $34.8M | 907,945 | 0.4% |
| CME Group Inc(CME) | COM | 12572Q105 | $34.0M | 128,253 | 0.4% |
| Howard Hughes Holdings Inc(HHH) | COM | 44267T102 | $32.4M | 437,006 | 0.4% |
| Digitalbridge Group Inc(DBRG) | CL A NEW | 25401T603 | $30.4M | 3,445,977 | 0.3% |
| Sandstorm Gold LTD(AYS1) | COM NEW | 80013R206 | $27.7M | 3,672,796 | 0.3% |
| Dorchester Minerals LP(DMLP) | COM UNIT | 25820R105 | $27.4M | 912,463 | 0.3% |
| Penske Automotive GRP Inc(PAG) | COM | 70959W103 | $26.6M | 184,863 | 0.3% |
| Cameco Corp(CCJ) | COM | 13321L108 | $26.0M | 632,707 | 0.3% |
| The Saint JOE Co(JOE) | COM | 790148100 | $25.8M | 550,339 | 0.3% |
| Bunge Global SA(BG) | COM SHS | H11356104 | $25.1M | 328,171 | 0.3% |
| Archer Daniels Midland Co(ADM) | COM | 039483102 | $24.3M | 506,448 | 0.3% |
| Berkshire Hathaway Inc del CL B New(BRK/B) | CL B NEW | 084670702 | $23.0M | 43,121 | 0.3% |
| West Fraser Timber LTD(WFG) | COM | 952845105 | $22.2M | 288,632 | 0.3% |
| White Mtns INS Group LTD(WTM) | COM | G9618E107 | $21.8M | 11,345 | 0.2% |
| Carnival Corp(CCL) | UNIT 99/9/9999 | 143658300 | $21.2M | 1,085,048 | 0.2% |
| Vanguard BD Index FDS(VUSB) | VANGUARD ULTRA | 92203C303 | $19.7M | 395,341 | 0.2% |
| Sitio Royalties Corp(SB9) | CLASS A COM | 82983N108 | $17.6M | 885,494 | 0.2% |
| Inter Parfums Inc(IPAR) | COM | 458334109 | $16.8M | 147,121 | 0.2% |
| Vanguard Scottsdale FDS(VGSH) | SHORT TERM TREAS | 92206C102 | $14.0M | 237,864 | 0.2% |
| SAN Juan Basin RTY TR(SJT) | UNIT BEN INT | 798241105 | $13.7M | 2,470,132 | 0.2% |
| Listed FD TR(SPAQ) | HORZN KNTCS SPAC | 53656G555 | $13.3M | 131,597 | 0.2% |
| Oshkosh Corp(OSK) | COM | 688239201 | $13.1M | 138,973 | 0.1% |
| Tejon Ranch Co(TRC) | COM | 879080109 | $13.1M | 824,062 | 0.1% |
| Royal Gold Inc(RGLD) | COM | 780287108 | $12.2M | 74,628 | 0.1% |
| Royal Caribbean Group(RCL) | COM | V7780T103 | $11.6M | 56,561 | 0.1% |
| Wendys Company(WEN) | COM | 95058W100 | $11.2M | 762,174 | 0.1% |
| RB Global Inc(RBA) | COM | 74935Q107 | $11.1M | 110,839 | 0.1% |