Q1 2026 Holdings
Filed 2026-04-23 | 32 holdings | $277.9M | 13F-HR | View on SEC ↗ · Holdings Table ↗
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| Issuer | Class | CUSIP | Value ↓ | Shares | % Portfolio |
|---|---|---|---|---|---|
| Texas Pacific Land Corporati(TPL) | COM | 88262P102 | $135.3M | 285,120 | 48.7% |
| Permian Basin RTY TR(PBT) | UNIT BEN INT | 714236106 | $21.6M | 1,003,140 | 7.8% |
| Hawaiian Elec Inds Inc MTN B(HE) | COM | 419870100 | $19.5M | 1,317,050 | 7.0% |
| Grayscale Bitcoin Trust ETF(GBTC) | SHS REP COM UT | 389637109 | $19.0M | 360,139 | 6.8% |
| Landbridge Company LLC(LB) | CL A | 514952100 | $18.4M | 266,385 | 6.6% |
| Wheaton Precious Metals Corp(WPM) | COM | 962879102 | $11.7M | 89,271 | 4.2% |
| Mesabi TR(MSB) | CTF BEN INT | 590672101 | $10.1M | 321,546 | 3.6% |
| Waterbridge Infrastructure L(WBI) | CL A SHS REPSTG | 940923105 | $7.3M | 270,900 | 2.6% |
| Franco NEV Corp(FNV) | COM | 351858105 | $5.8M | 23,590 | 2.1% |
| Fidelity Wise Origin Bitcoin(FBTC) | SHS | 315948109 | $4.2M | 70,339 | 1.5% |
| Carnival Corp(CCL) | COMMON STOCK | 143658300 | $4.0M | 156,181 | 1.5% |
| Miami Intl Hldgs Inc(MIAX) | COM | 59356Q108 | $3.2M | 81,250 | 1.1% |
| Vanguard Index FDS(VTI) | TOTAL STK MKT | 922908769 | $2.8M | 8,800 | 1.0% |
| Grayscale Bitcoin Mini TR ET(BTC) | SHS NEW | 389930207 | $2.4M | 81,217 | 0.9% |
| Cboe Global Mkts Inc(CBOE) | COM | 12503M108 | $1.9M | 6,680 | 0.7% |
| Apple Inc(AAPL) | COM | 037833100 | $1.3M | 5,100 | 0.5% |
| Intercontinental Exchange in(ICE) | COM | 45866F104 | $1.2M | 7,645 | 0.4% |
| Oracle Corp(ORCL) | COM | 68389X105 | $1.2M | 8,050 | 0.4% |
| Palo Alto Networks Inc(PANW) | COM | 697435105 | $879.2K | 5,484 | 0.3% |
| Amazon COM Inc(AMZN) | COM | 023135106 | $728.9K | 3,500 | 0.3% |
| Hawaiian Elec Inds Inc MTN B(HE)Call | CALL | 419870100 | $696.0K | $46,900 | 0.3% |
| Royal Gold Inc(RGLD) | COM | 780287108 | $626.8K | 2,463 | 0.2% |
| Cincinnati Finl Corp(CINF) | COM | 172062101 | $566.5K | 3,600 | 0.2% |
| Cisco SYS Inc(CSCO) | COM | 17275R102 | $465.5K | 6,000 | 0.2% |
| Unitedhealth Group Inc(UNH) | COM | 91324P102 | $460.0K | 1,700 | 0.2% |
| Caci Intl Inc(CACI) | CL A | 127190304 | $437.8K | 805 | 0.2% |
| Eaton Corp PLC(ETN) | SHS | G29183103 | $429.2K | 1,200 | 0.2% |
| JPMorgan Chase & Co(JPM) | COM | 46625H100 | $416.8K | 1,417 | 0.1% |
| Berkshire Hathaway Inc del(BRK/B) | CL B NEW | 084670702 | $395.3K | 825 | 0.1% |
| RLI Corp(RLI) | COM | 749607107 | $342.2K | 6,000 | 0.1% |
| Johnson & Johnson(JNJ) | COM | 478160104 | $293.3K | 1,200 | 0.1% |
| Vanguard Specialized Funds(VIG) | DIV APP ETF | 921908844 | $215.1K | 1,000 | 0.1% |