Q3 2025 Holdings
Filed 2025-11-14 | 336 holdings | $8.2B | 13F-HR | View on SEC ↗ · Holdings Table ↗
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| Issuer | Class | CUSIP | Value ↓ | Shares | % Portfolio |
|---|---|---|---|---|---|
| Texas Pacific Land Corporati(TPL) | COM | 88262P102 | $3.3B | 3,504,692 | 39.9% |
| Grayscale Bitcoin Trust ETF(GBTC) | SHS REP COM UT | 389637109 | $1.3B | 14,181,200 | 15.5% |
| Wheaton Precious Metals Corp(WPM) | COM | 962879102 | $312.3M | 2,792,112 | 3.8% |
| Landbridge Company LLC(LB) | CL A | 514952100 | $300.5M | 5,632,113 | 3.7% |
| Franco NEV Corp(FNV) | COM | 351858105 | $225.7M | 1,012,362 | 2.8% |
| Hawaiian Elec Industries(HE) | COM | 419870100 | $201.6M | 18,257,717 | 2.5% |
| Waterbridge Infrastructure L(WBI) | CL A SHS REPSTG | 940923105 | $160.3M | 6,354,306 | 2.0% |
| Grayscale Bitcoin Mini TR ET(BTC) | SHS NEW | 389930207 | $151.9M | 3,000,467 | 1.9% |
| Intercontinental Exchange in(ICE) | COM | 45866F104 | $140.0M | 831,061 | 1.7% |
| Permian Basin RTY TR(PBT) | UNIT BEN INT | 714236106 | $111.3M | 6,099,049 | 1.4% |
| Cheniere Energy Inc(LNG) | COM NEW | 16411R208 | $111.1M | 472,959 | 1.4% |
| Cboe Global Mkts Inc(CBOE) | COM | 12503M108 | $100.4M | 409,459 | 1.2% |
| Mesabi TR(MSB) | CTF BEN INT | 590672101 | $87.8M | 2,999,326 | 1.1% |
| Caci Intl Inc(CACI) | CL A | 127190304 | $80.1M | 160,665 | 1.0% |
| Brookfield Corp(BN) | CL A LTD VT SH | 11271J107 | $75.4M | 1,649,271 | 0.9% |
| CME Group Inc(CME) | COM | 12572Q105 | $74.8M | 276,773 | 0.9% |
| OR Royalties Inc.(OR) | COM SHS | 68390D106 | $73.1M | 1,823,650 | 0.9% |
| Viper Energy Inc(VNOM) | CL A | 64361Q101 | $65.8M | 1,721,927 | 0.8% |
| Civeo Corp CDA(CVEO) | COM NEW | 17878Y207 | $61.9M | 2,690,466 | 0.8% |
| Autonation Inc(AN) | COM | 05329W102 | $56.7M | 259,335 | 0.7% |
| Cameco Corp(CCJ) | COM | 13321L108 | $56.7M | 676,032 | 0.7% |
| Miami Intl Hldgs Inc(MIAX) | COM | 59356Q108 | $55.7M | 1,382,403 | 0.7% |
| Ishares Bitcoin Trust ETF(IBIT) | SHS BEN INT | 46438F101 | $53.7M | 826,901 | 0.7% |
| Strategy Inc(MSTR) | CL A NEW | 594972408 | $44.6M | 138,488 | 0.5% |
| Galaxy Digital Inc.(GLXY) | CL A | 36317J209 | $42.4M | 1,253,870 | 0.5% |
| Horizon Kinetics Hldg Corp(HKHC) | COM | 439913104 | $40.5M | 1,075,161 | 0.5% |
| Digitalbridge Group Inc(DBRG) | CL A NEW | 25401T603 | $38.5M | 3,286,397 | 0.5% |
| SAN Juan Basin RTY TR(SJT) | UNIT BEN INT | 798241105 | $33.9M | 5,611,981 | 0.4% |
| Marsh & Mclennan COS Inc(MRSH) | COM | 571748102 | $31.7M | 157,219 | 0.4% |
| Tejon Ranch Co(TRC) | COM | 879080109 | $30.6M | 1,913,978 | 0.4% |
| Penske Automotive GRP Inc(PAG) | COM | 70959W103 | $29.7M | 170,610 | 0.4% |
| Bunge Global SA(BG) | COM SHS | H11356104 | $28.4M | 350,083 | 0.3% |
| Live Nation Entertainment in(LYV) | COM | 538034109 | $28.1M | 172,112 | 0.3% |
| Carnival Corp(CCL) | UNIT 99/99/9999 | 143658300 | $27.8M | 961,734 | 0.3% |
| ST JOE Co(JOE) | COM | 790148100 | $27.5M | 555,729 | 0.3% |
| Associated Cap Group Inc(ACGP) | CL A | 045528106 | $27.0M | 805,348 | 0.3% |
| Howard Hughes Holdings Inc(HHH) | COM | 44267T102 | $25.2M | 306,248 | 0.3% |
| Dorchester Minerals LP(DMLP) | COM UNIT | 25820R105 | $22.9M | 885,615 | 0.3% |
| White Mtns INS Group LTD(WTM) | COM | G9618E107 | $21.9M | 13,084 | 0.3% |
| Berkshire Hathaway Inc del(BRK/B) | CL B NEW | 084670702 | $20.3M | 40,349 | 0.2% |
| West Fraser Timber Co LTD(WFG) | COM | 952845105 | $20.1M | 296,006 | 0.2% |
| Sprott Inc(SII) | COM NEW | 852066208 | $17.9M | 214,814 | 0.2% |
| Royal Caribbean Group(RCL) | COM | V7780T103 | $17.5M | 54,033 | 0.2% |
| Sandstorm Gold LTD(AYS1) | COM NEW | 80013R206 | $16.0M | 1,274,954 | 0.2% |
| Oshkosh Corp(OSK) | COM | 688239201 | $15.1M | 116,700 | 0.2% |
| Interparfums Inc(IPAR) | COM | 458334109 | $13.7M | 138,817 | 0.2% |
| Vanguard BD Index FDS(VUSB) | VANGUARD ULTRA | 92203C303 | $13.2M | 263,822 | 0.2% |
| Royal Gold Inc(RGLD) | COM | 780287108 | $12.8M | 63,820 | 0.2% |
| Royalty Pharma PLC(RPRX) | SHS CLASS A | G7709Q104 | $12.5M | 354,685 | 0.2% |
| RB Global Inc(RBA) | COM | 74935Q107 | $11.9M | 109,696 | 0.1% |