Q4 2025 Holdings
Filed 2026-02-11 | 324 holdings | $7.4B | 13F-HR | View on SEC ↗ · Holdings Table ↗
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| Issuer | Class | CUSIP | Value ↓ | Shares | % Portfolio |
|---|---|---|---|---|---|
| Texas Pacific Land Corporati(TPL) | COM | 88262P102 | $3.0B | 10,333,762 | 40.1% |
| Grayscale Bitcoin Trust ETF(GBTC) | SHS REP COM UT | 389637109 | $964.8M | 14,113,593 | 13.0% |
| Wheaton Precious Metals Corp(WPM) | COM | 962879102 | $293.0M | 2,493,518 | 4.0% |
| Landbridge Company LLC(LB) | CL A | 514952100 | $276.4M | 5,642,766 | 3.7% |
| Hawaiian Elec Industries(HE) | COM | 419870100 | $238.5M | 19,392,363 | 3.2% |
| Franco NEV Corp(FNV) | COM | 351858105 | $200.7M | 968,101 | 2.7% |
| Waterbridge Infrastructure L(WBI) | CL A SHS REPSTG | 940923105 | $136.8M | 6,837,520 | 1.9% |
| Intercontinental Exchange in(ICE) | COM | 45866F104 | $134.6M | 830,766 | 1.8% |
| Mesabi TR(MSB) | CTF BEN INT | 590672101 | $116.6M | 3,027,698 | 1.6% |
| Grayscale Bitcoin Mini TR ET(BTC) | SHS NEW | 389930207 | $116.1M | 2,997,060 | 1.6% |
| Permian Basin RTY TR(PBT) | UNIT BEN INT | 714236106 | $105.1M | 6,187,800 | 1.4% |
| Cboe Global Mkts Inc(CBOE) | COM | 12503M108 | $102.5M | 408,398 | 1.4% |
| Cheniere Energy Inc(LNG) | COM NEW | 16411R208 | $90.1M | 463,329 | 1.2% |
| Caci Intl Inc(CACI) | CL A | 127190304 | $84.5M | 158,591 | 1.1% |
| Miami Intl Hldgs Inc(MIAX) | COM | 59356Q108 | $80.8M | 1,819,798 | 1.1% |
| CME Group Inc(CME) | COM | 12572Q105 | $75.3M | 275,611 | 1.0% |
| Brookfield Corp(BN) | CL A LTD VT SH | 11271J107 | $72.7M | 1,583,710 | 1.0% |
| Viper Energy Inc(VNOM) | CL A | 64361Q101 | $66.2M | 1,714,904 | 0.9% |
| OR Royalties Inc.(OR) | COM SHS | 68390D106 | $64.2M | 1,815,024 | 0.9% |
| Cameco Corp(CCJ) | COM | 13321L108 | $61.7M | 674,096 | 0.8% |
| Civeo Corp CDA(CVEO) | COM NEW | 17878Y207 | $56.0M | 2,449,487 | 0.8% |
| Autonation Inc(AN) | COM | 05329W102 | $53.0M | 256,479 | 0.7% |
| Digitalbridge Group Inc(DBRG) | CL A NEW | 25401T603 | $46.7M | 3,046,533 | 0.6% |
| Ishares Bitcoin Trust ETF(IBIT) | SHS BEN INT | 46438F101 | $39.6M | 796,863 | 0.5% |
| SAN Juan Basin RTY TR(SJT) | UNIT BEN INT | 798241105 | $35.0M | 6,231,144 | 0.5% |
| ST JOE Co(JOE) | COM | 790148100 | $32.9M | 554,837 | 0.4% |
| Bunge Global SA(BG) | COM SHS | H11356104 | $31.1M | 348,994 | 0.4% |
| Tejon Ranch Co(TRC) | COM | 879080109 | $30.2M | 1,912,573 | 0.4% |
| Carnival Corp(CCL) | UNIT 99/99/9999 | 143658300 | $29.2M | 957,548 | 0.4% |
| Marsh & Mclennan COS Inc(MRSH) | COM | 571748102 | $29.1M | 156,685 | 0.4% |
| Galaxy Digital Inc.(GLXY) | CL A | 36317J209 | $27.9M | 1,249,554 | 0.4% |
| White Mtns INS Group LTD(WTM) | COM | G9618E107 | $27.3M | 13,121 | 0.4% |
| Penske Automotive GRP Inc(PAG) | COM | 70959W103 | $26.9M | 169,874 | 0.4% |
| Horizon Kinetics Hldg Corp(HKHC) | COM | 439913104 | $25.3M | 1,075,313 | 0.3% |
| Live Nation Entertainment in(LYV) | COM | 538034109 | $24.2M | 169,884 | 0.3% |
| Howard Hughes Holdings Inc(HHH) | COM | 44267T102 | $23.4M | 293,360 | 0.3% |
| Strategy Inc(MSTR) | CL A NEW | 594972408 | $21.2M | 139,377 | 0.3% |
| Royal Gold Inc(RGLD) | COM | 780287108 | $21.1M | 94,876 | 0.3% |
| Sprott Inc(SII) | COM NEW | 852066208 | $21.0M | 214,626 | 0.3% |
| Dorchester Minerals LP(DMLP) | COM UNIT | 25820R105 | $19.6M | 875,662 | 0.3% |
| Berkshire Hathaway Inc del(BRK/B) | CL B NEW | 084670702 | $19.1M | 37,988 | 0.3% |
| Vanguard BD Index FDS(VUSB) | VANGUARD ULTRA | 92203C303 | $17.1M | 342,542 | 0.2% |
| Royal Caribbean Group(RCL) | COM | V7780T103 | $14.7M | 52,758 | 0.2% |
| Oshkosh Corp(OSK) | COM | 688239201 | $14.6M | 116,193 | 0.2% |
| Triple Flag Precious Metal(TFPM) | COM | 89679M104 | $14.1M | 425,303 | 0.2% |
| Royalty Pharma PLC(RPRX) | SHS CLASS A | G7709Q104 | $13.7M | 353,361 | 0.2% |
| Interparfums Inc(IPAR) | COM | 458334109 | $11.8M | 138,558 | 0.2% |
| Mastercard Incorporated(MA) | CL A | 57636Q104 | $11.2M | 19,579 | 0.2% |
| RB Global Inc(RBA) | COM | 74935Q107 | $11.1M | 107,627 | 0.1% |
| Brookfield Asset Managmt LTD(BAM) | CL A LMT VTG SHS | 113004105 | $10.0M | 190,473 | 0.1% |