Q4 2025 Holdings
Filed 2026-02-13 | 31 holdings | $119.8M | 13F-HR | View on SEC ↗ · Holdings Table ↗
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| Issuer | Class | CUSIP | Value ↓ | Shares | % Portfolio |
|---|---|---|---|---|---|
| Natural Resource Partners L(NRP) | COM UNIT LTD PAR | 63900P608 | $21.8M | 208,483 | 18.2% |
| First Ctzns Bancshares Inc D(FCNCA) | CL A | 31946M103 | $19.8M | 9,245 | 16.6% |
| Pitney Bowes Inc(PBI) | COM | 724479100 | $10.8M | 1,020,946 | 9.0% |
| Black Stone Minerals L P(BSM) | COM UNIT | 09225M101 | $8.4M | 631,222 | 7.0% |
| Marcus Corp del(MCS) | COM | 566330106 | $7.8M | 505,209 | 6.5% |
| Cinemark Hldgs Inc(CNK) | COM | 17243V102 | $6.3M | 271,085 | 5.3% |
| SR Bancorp Inc(SRBK) | COM | 85227J106 | $4.3M | 271,283 | 3.6% |
| Visa Inc(V) | COM CL A | 92826C839 | $4.1M | 11,722 | 3.4% |
| California RES Corp(CRC) | COM STOCK | 13057Q305 | $4.1M | 91,941 | 3.4% |
| Copart Inc(CPRT) | COM | 217204106 | $3.9M | 99,252 | 3.2% |
| Greenfire RES LTD New(GFR) | COM SHS | 39525U107 | $3.3M | 686,887 | 2.7% |
| Alphabet Inc(GOOGL) | CAP STK CL A | 02079K305 | $3.2M | 10,156 | 2.7% |
| Unitedhealth Group Inc(UNH) | COM | 91324P102 | $3.1M | 9,357 | 2.6% |
| Douglas Elliman Inc(DOUG) | COM | 25961D105 | $3.0M | 1,258,261 | 2.5% |
| Five Point Holdings LLC(FPH) | COM CL A | 33833Q106 | $2.2M | 401,922 | 1.9% |
| Disney Walt Co(DIS) | COM | 254687106 | $1.5M | 13,441 | 1.3% |
| NVR Inc(NVR) | COM | 62944T105 | $1.4M | 191 | 1.2% |
| Millrose Pptys Inc(MRP) | COM CL A | 601137102 | $1.3M | 43,413 | 1.1% |
| Costco Whsl Corp New(COST)Put | COM | 22160K105 | $1.2M | 1,400 | 1.0% |
| Microsoft Corp(MSFT) | COM | 594918104 | $1.2M | 2,400 | 1.0% |
| Walmart Inc(WMT)Put | COM | 931142103 | $1.1M | 10,100 | 0.9% |
| Nacco Inds Inc(NC) | CL A | 629579103 | $1.1M | 22,851 | 0.9% |
| Pulte Group Inc(PHM) | COM | 745867101 | $951.7K | 8,116 | 0.8% |
| Comstock Hldg COS Inc(CHCI) | CL A NEW | 205684202 | $802.4K | 69,052 | 0.7% |
| JPMorgan Chase & Co.(JPM) | COM | 46625H100 | $646.4K | 2,006 | 0.5% |
| BV Finl Inc(BVFL) | COM NEW | 05603E208 | $621.6K | 34,266 | 0.5% |
| Rave Restaurant Group Inc(RAVE) | COM | 754198109 | $514.4K | 155,889 | 0.4% |
| Biglari Hldgs Inc(BH) | COM STK CL B | 08986R309 | $403.9K | 1,215 | 0.3% |
| Pitney Bowes Inc(PBI)Call | COM | 724479100 | $380.5K | 36,000 | 0.3% |
| Alphabet Inc(GOOG) | CAP STK CL C | 02079K107 | $324.8K | 1,035 | 0.3% |
| Americas Car-Mart Inc(CRMT) | COM | 03062T105 | $304.8K | 12,065 | 0.3% |