Q2 2025 Holdings
Filed 2025-08-12 | 352 holdings | $8.4B | 13F-HR | View on SEC ↗ · Holdings Table ↗
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| Issuer | Class | CUSIP | Value ↓ | Shares | % Portfolio |
|---|---|---|---|---|---|
| Texas Pacific Land Corporati(TPL) | COM | 88262P102 | $3.8B | 3,577,531 | 44.8% |
| Grayscale Bitcoin Trust ETF(GBTC) | SHS REP COM UT | 389637109 | $1.2B | 14,551,191 | 14.6% |
| Landbridge Company LLC(LB) | CL A | 514952100 | $371.6M | 5,498,925 | 4.4% |
| Wheaton Precious Metals Corp(WPM) | COM | 962879102 | $268.1M | 2,985,486 | 3.2% |
| Hawaiian Elec Industries(HE) | COM | 419870100 | $173.1M | 16,281,709 | 2.1% |
| Franco NEV Corp(FNV) | COM | 351858105 | $171.1M | 1,043,546 | 2.0% |
| Intercontinental Exchange in(ICE) | COM | 45866F104 | $152.6M | 831,758 | 1.8% |
| Grayscale Bitcoin Mini TR ET(BTC) | SHS NEW | 389930207 | $146.7M | 3,072,369 | 1.7% |
| Cheniere Energy Inc(LNG) | COM NEW | 16411R208 | $118.1M | 484,912 | 1.4% |
| Cboe Global Mkts Inc(CBOE) | COM | 12503M108 | $96.2M | 412,717 | 1.1% |
| Caci Intl Inc(CACI) | CL A | 127190304 | $77.1M | 161,672 | 0.9% |
| Permian Basin RTY TR(PBT) | UNIT BEN INT | 714236106 | $72.8M | 5,839,825 | 0.9% |
| Brookfield Corp(BN) | CL A LTD VT SH | 11271J107 | $72.6M | 1,173,001 | 0.9% |
| Mesabi TR(MSB) | CTF BEN INT | 590672101 | $70.9M | 2,960,590 | 0.8% |
| Civeo Corp CDA(CVEO) | COM NEW | 17878Y207 | $66.5M | 2,881,033 | 0.8% |
| Viper Energy Inc(VNOMUSD) | CL A | 927959106 | $65.2M | 1,711,181 | 0.8% |
| Ishares Bitcoin Trust ETF(IBIT) | SHS BEN INT | 46438F101 | $58.9M | 961,927 | 0.7% |
| Microstrategy Inc(MSTR) | CL A NEW | 594972408 | $58.8M | 145,499 | 0.7% |
| Autonation Inc(AN) | COM | 05329W102 | $52.0M | 261,774 | 0.6% |
| Cameco Corp(CCJ) | COM | 13321L108 | $50.2M | 675,700 | 0.6% |
| Aris Water Solutions Inc(ARISUSD) | CLASS A COM | 04041L106 | $49.6M | 2,095,604 | 0.6% |
| Live Nation Entertainment in(LYV) | COM | 538034109 | $47.1M | 311,116 | 0.6% |
| OR Royalties Inc.(OR) | COM SHS | 68390D106 | $46.7M | 1,817,501 | 0.6% |
| Digitalbridge Group Inc(DBRG) | CL A NEW | 25401T603 | $37.4M | 3,617,965 | 0.4% |
| CME Group Inc(CME) | COM | 12572Q105 | $35.1M | 127,398 | 0.4% |
| Marsh & Mclennan COS Inc(MRSH) | COM | 571748102 | $34.3M | 156,787 | 0.4% |
| Sandstorm Gold LTD(AYS1) | COM NEW | 80013R206 | $34.3M | 3,644,651 | 0.4% |
| Associated Cap Group Inc(ACGP) | CL A | 045528106 | $32.5M | 866,379 | 0.4% |
| Galaxy Digital Inc.(GLXY) | CL A | 36317J209 | $29.9M | 1,364,267 | 0.4% |
| Penske Automotive GRP Inc(PAG) | COM | 70959W103 | $29.4M | 171,327 | 0.3% |
| Bunge Global SA(BG) | COM SHS | H11356104 | $28.2M | 351,309 | 0.3% |
| Howard Hughes Holdings Inc(HHH) | COM | 44267T102 | $28.1M | 416,373 | 0.3% |
| Tejon Ranch Co(TRC) | COM | 879080109 | $27.9M | 1,647,497 | 0.3% |
| SAN Juan Basin RTY TR(SJT) | UNIT BEN INT | 798241105 | $27.5M | 4,594,502 | 0.3% |
| Carnival Corp(CCL) | UNIT 99/99/9999 | 143658300 | $27.3M | 969,428 | 0.3% |
| Archer Daniels Midland Co(ADM) | COM | 039483102 | $26.7M | 505,969 | 0.3% |
| ST JOE Co(JOE) | COM | 790148100 | $26.5M | 555,891 | 0.3% |
| Dorchester Minerals LP(DMLP) | COM UNIT | 25820R105 | $25.5M | 916,849 | 0.3% |
| West Fraser Timber Co LTD(WFG) | COM | 952845105 | $22.3M | 304,838 | 0.3% |
| Berkshire Hathaway Inc del(BRK/B) | CL B NEW | 084670702 | $20.7M | 42,526 | 0.2% |
| White Mtns INS Group LTD(WTM) | COM | G9618E107 | $19.7M | 10,971 | 0.2% |
| Interparfums Inc(IPAR) | COM | 458334109 | $18.4M | 139,780 | 0.2% |
| Vanguard BD Index FDS(VUSB) | VANGUARD ULTRA | 92203C303 | $18.1M | 362,083 | 0.2% |
| Royal Caribbean Group(RCL) | COM | V7780T103 | $17.6M | 56,172 | 0.2% |
| Sitio Royalties Corp(SB9) | CLASS A COM | 82983N108 | $16.9M | 921,938 | 0.2% |
| Sprott Inc(SII) | COM NEW | 852066208 | $14.7M | 212,898 | 0.2% |
| Oshkosh Corp(OSK) | COM | 688239201 | $14.1M | 124,206 | 0.2% |
| Vanguard Scottsdale FDS(VGSH) | SHORT TERM TREAS | 92206C102 | $14.0M | 237,388 | 0.2% |
| Royal Gold Inc(RGLD) | COM | 780287108 | $13.0M | 72,892 | 0.2% |
| Royalty Pharma PLC(RPRX) | SHS CLASS A | G7709Q104 | $12.7M | 353,471 | 0.2% |