Q3 2025 Holdings
Filed 2025-10-14 | 38 holdings | $233.8M | 13F-HR | View on SEC ↗ · Holdings Table ↗
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| Issuer | Class | CUSIP | Value ↓ | Shares | % Portfolio |
|---|---|---|---|---|---|
| Texas Pacific Land Corporati(TPL) | COM | 88262P102 | $88.5M | 94,772 | 37.9% |
| Grayscale Bitcoin Trust ETF(GBTC) | SHS REP COM UT | 389637109 | $32.4M | 360,954 | 13.9% |
| Permian Basin RTY TR(PBT) | UNIT BEN INT | 714236106 | $16.8M | 922,230 | 7.2% |
| Hawaiian Elec Industries(HE) | COM | 419870100 | $13.6M | 1,230,250 | 5.8% |
| Landbridge Company LLC(LB) | CL A | 514952100 | $12.9M | 241,056 | 5.5% |
| Wheaton Precious Metals Corp(WPM) | COM | 962879102 | $11.0M | 97,927 | 4.7% |
| Mesabi TR(MSB) | CTF BEN INT | 590672101 | $8.6M | 295,523 | 3.7% |
| Fidelity Wise Origin Bitcoin(FBTC) | SHS | 315948109 | $7.2M | 71,804 | 3.1% |
| Waterbridge Infrastructure L(WBI) | CL A SHS REPSTG | 940923105 | $6.3M | 251,700 | 2.7% |
| Franco NEV Corp(FNV) | COM | 351858105 | $5.3M | 23,579 | 2.2% |
| Carnival Corp(CCL) | UNIT 99/99/9999 | 143658300 | $4.5M | 155,396 | 1.9% |
| Grayscale Bitcoin Mini TR ET(BTC) | SHS NEW | 389930207 | $4.2M | 82,179 | 1.8% |
| Vanguard Index FDS(VTI) | TOTAL STK MKT | 922908769 | $4.0M | 12,122 | 1.7% |
| Miami Intl Hldgs Inc(MIAX) | COM | 59356Q108 | $3.0M | 74,600 | 1.3% |
| Oracle Corp(ORCL) | COM | 68389X105 | $2.3M | 8,050 | 1.0% |
| Cboe Global Mkts Inc(CBOE) | COM | 12503M108 | $1.6M | 6,655 | 0.7% |
| Intercontinental Exchange in(ICE) | COM | 45866F104 | $1.3M | 7,720 | 0.6% |
| Apple Inc(AAPL) | COM | 037833100 | $1.3M | 5,000 | 0.5% |
| Palo Alto Networks Inc(PANW) | COM | 697435105 | $1.1M | 5,484 | 0.5% |
| Amazon COM Inc(AMZN) | COM | 023135106 | $746.5K | 3,400 | 0.3% |
| Berkshire Hathaway Inc del(BRK/B) | CL B NEW | 084670702 | $590.7K | 1,175 | 0.3% |
| Unitedhealth Group Inc(UNH) | COM | 91324P102 | $587.0K | 1,700 | 0.3% |
| Cincinnati Finl Corp(CINF) | COM | 172062101 | $569.2K | 3,600 | 0.2% |
| Vanguard Specialized Funds(VIG) | DIV APP ETF | 921908844 | $561.1K | 2,600 | 0.2% |
| Sandstorm Gold LTD(AYS1) | COM NEW | 80013R206 | $533.3K | 42,592 | 0.2% |
| RLI Corp(RLI) | COM | 749607107 | $489.2K | 7,500 | 0.2% |
| Eaton Corp PLC(ETN) | SHS | G29183103 | $449.1K | 1,200 | 0.2% |
| JPMorgan Chase & Co.(JPM) | COM | 46625H100 | $441.6K | 1,400 | 0.2% |
| Cisco SYS Inc(CSCO) | COM | 17275R102 | $410.5K | 6,000 | 0.2% |
| Caci Intl Inc(CACI) | CL A | 127190304 | $401.5K | 805 | 0.2% |
| Texas Pacific Land Corporati(TPL)Put | PUT | 88262P102 | $373.5K | $400 | 0.2% |
| Kimberly-Clark Corp(KMB) | COM | 494368103 | $348.2K | 2,800 | 0.1% |
| Citigroup Inc(C) | COM NEW | 172967424 | $304.5K | 3,000 | 0.1% |
| Invesco Exchange Traded FD T(RSP) | S&P500 EQL WGT | 46137V357 | $286.1K | 1,508 | 0.1% |
| Firstenergy Corp(FE) | COM | 337932107 | $261.2K | 5,700 | 0.1% |
| Johnson & Johnson(JNJ) | COM | 478160104 | $222.5K | 1,200 | 0.1% |
| Salesforce Inc(CRM) | COM | 79466L302 | $213.3K | 900 | 0.1% |
| Gaming & Leisure Pptys Inc(GLPI) | COM | 36467J108 | $212.4K | 4,558 | 0.1% |