Q4 2025 Holdings
Filed 2026-02-06 | 35 holdings | $219.6M | 13F-HR | View on SEC ↗ · Holdings Table ↗
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| Issuer | Class | CUSIP | Value ↓ | Shares | % Portfolio |
|---|---|---|---|---|---|
| Texas Pacific Land Corporati(TPL) | COM | 88262P102 | $82.2M | 286,083 | 37.4% |
| Grayscale Bitcoin Trust ETF(GBTC) | SHS REP COM UT | 389637109 | $24.6M | 360,454 | 11.2% |
| Permian Basin RTY TR(PBT) | UNIT BEN INT | 714236106 | $16.8M | 986,819 | 7.6% |
| Hawaiian Elec Industries(HE) | COM | 419870100 | $15.8M | 1,284,150 | 7.2% |
| Landbridge Company LLC(LB) | CL A | 514952100 | $12.9M | 262,934 | 5.9% |
| Wheaton Precious Metals Corp(WPM) | COM | 962879102 | $11.5M | 97,604 | 5.2% |
| Mesabi TR(MSB) | CTF BEN INT | 590672101 | $11.4M | 296,649 | 5.2% |
| Fidelity Wise Origin Bitcoin(FBTC) | SHS | 315948109 | $5.4M | 70,859 | 2.5% |
| Waterbridge Infrastructure L(WBI) | CL A SHS REPSTG | 940923105 | $5.1M | 257,000 | 2.3% |
| Franco NEV Corp(FNV) | COM | 351858105 | $4.9M | 23,594 | 2.2% |
| Carnival Corp(CCL) | UNIT 99/99/9999 | 143658300 | $4.8M | 155,596 | 2.2% |
| Vanguard Index FDS(VTI) | TOTAL STK MKT | 922908769 | $4.1M | 12,122 | 1.9% |
| Miami Intl Hldgs Inc(MIAX) | COM | 59356Q108 | $3.3M | 75,050 | 1.5% |
| Grayscale Bitcoin Mini TR ET(BTC) | SHS NEW | 389930207 | $3.0M | 77,647 | 1.4% |
| Cboe Global Mkts Inc(CBOE) | COM | 12503M108 | $1.7M | 6,690 | 0.8% |
| Oracle Corp(ORCL) | COM | 68389X105 | $1.6M | 8,050 | 0.7% |
| Apple Inc(AAPL) | COM | 037833100 | $1.4M | 5,100 | 0.6% |
| Intercontinental Exchange in(ICE) | COM | 45866F104 | $1.2M | 7,645 | 0.6% |
| Palo Alto Networks Inc(PANW) | COM | 697435105 | $1.0M | 5,484 | 0.5% |
| Amazon COM Inc(AMZN) | COM | 023135106 | $807.9K | 3,500 | 0.4% |
| Royal Gold Inc(RGLD) | COM | 780287108 | $590.5K | 2,656 | 0.3% |
| Cincinnati Finl Corp(CINF) | COM | 172062101 | $588.0K | 3,600 | 0.3% |
| Berkshire Hathaway Inc del(BRK/B) | CL B NEW | 084670702 | $565.5K | 1,125 | 0.3% |
| Unitedhealth Group Inc(UNH) | COM | 91324P102 | $561.2K | 1,700 | 0.3% |
| RLI Corp(RLI) | COM | 749607107 | $479.9K | 7,500 | 0.2% |
| Cisco SYS Inc(CSCO) | COM | 17275R102 | $462.2K | 6,000 | 0.2% |
| JPMorgan Chase & Co.(JPM) | COM | 46625H100 | $451.1K | 1,400 | 0.2% |
| Caci Intl Inc(CACI) | CL A | 127190304 | $428.9K | 805 | 0.2% |
| Eaton Corp PLC(ETN) | SHS | G29183103 | $382.2K | 1,200 | 0.2% |
| Vanguard Specialized Funds(VIG) | DIV APP ETF | 921908844 | $351.6K | 1,600 | 0.2% |
| Citigroup Inc(C) | COM NEW | 172967424 | $350.1K | 3,000 | 0.2% |
| Invesco Exchange Traded FD T(RSP) | S&P500 EQL WGT | 46137V357 | $288.9K | 1,508 | 0.1% |
| Kimberly-Clark Corp(KMB) | COM | 494368103 | $282.5K | 2,800 | 0.1% |
| Johnson & Johnson(JNJ) | COM | 478160104 | $248.3K | 1,200 | 0.1% |
| Hawaiian Elec Industries(HE)Call | CALL | 419870100 | $174.7K | $14,200 | 0.1% |