Q1 2026 Holdings
Filed 2026-05-15 | 353 holdings | $9.2B | 13F-HR | View on SEC ↗ · Holdings Table ↗
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| Issuer | Class | CUSIP | Value ↓ | Shares | % Portfolio |
|---|---|---|---|---|---|
| Texas Pacific Land Corporati(TPL) | COM | 88262P102 | $4.8B | 10,015,379 | 51.5% |
| Grayscale Bitcoin Trust ETF(GBTC) | SHS REP COM UT | 389637109 | $738.9M | 14,004,882 | 8.0% |
| Landbridge Company LLC(LB) | CL A | 514952100 | $390.6M | 5,657,134 | 4.2% |
| Hawaiian Elec Inds Inc MTN B(HE) | COM | 419870100 | $321.1M | 21,635,294 | 3.5% |
| Wheaton Precious Metals Corp(WPM) | COM | 962879102 | $230.8M | 1,761,519 | 2.5% |
| Waterbridge Infrastructure L(WBI) | CL A SHS REPSTG | 940923105 | $196.7M | 7,342,147 | 2.1% |
| Franco NEV Corp(FNV) | COM | 351858105 | $187.1M | 757,297 | 2.0% |
| Permian Basin RTY TR(PBT) | UNIT BEN INT | 714236106 | $137.3M | 6,379,692 | 1.5% |
| Miami Intl Hldgs Inc(MIAX) | COM | 59356Q108 | $134.3M | 3,451,549 | 1.5% |
| Intercontinental Exchange in(ICE) | COM | 45866F104 | $131.9M | 838,899 | 1.4% |
| Cheniere Energy Inc(LNG) | COM NEW | 16411R208 | $119.3M | 420,328 | 1.3% |
| Cboe Global Mkts Inc(CBOE) | COM | 12503M108 | $115.3M | 410,066 | 1.2% |
| Mesabi TR(MSB) | CTF BEN INT | 590672101 | $98.9M | 3,140,972 | 1.1% |
| Grayscale Bitcoin Mini TR ET(BTC) | SHS NEW | 389930207 | $90.1M | 3,004,416 | 1.0% |
| Caci Intl Inc(CACI) | CL A | 127190304 | $84.1M | 154,648 | 0.9% |
| CME Group Inc(CME) | COM | 12572Q105 | $79.8M | 270,253 | 0.9% |
| Viper Energy Inc(VNOM) | CL A | 64361Q101 | $78.1M | 1,662,641 | 0.8% |
| Cameco Corp(CCJ) | COM | 13321L108 | $70.8M | 651,825 | 0.8% |
| OR Royalties Inc.(OR) | COM SHS | 68390D106 | $66.7M | 1,754,144 | 0.7% |
| Brookfield Corp(BN) | CL A LTD VT SH | 11271J107 | $63.6M | 1,571,936 | 0.7% |
| Civeo Corp CDA(CVEO) | COM NEW | 17878Y207 | $62.2M | 2,352,353 | 0.7% |
| Autonation Inc(AN) | COM | 05329W102 | $43.9M | 225,053 | 0.5% |
| Bunge Global SA(BG) | COM SHS | H11356104 | $42.9M | 336,944 | 0.5% |
| Tejon Ranch Co(TRC) | COM | 879080109 | $35.8M | 1,902,606 | 0.4% |
| Horizon Kinetics Hldg Corp COM(HKHC) | COM | 439913104 | $35.5M | 1,075,416 | 0.4% |
| ST JOE Co(JOE) | COM | 790148100 | $34.1M | 542,609 | 0.4% |
| SAN Juan Basin RTY TR(SJT) | UNIT BEN INT | 798241105 | $33.6M | 6,978,841 | 0.4% |
| Ishares Bitcoin Trust ETF(IBIT) | SHS BEN INT | 46438F101 | $30.5M | 793,343 | 0.3% |
| Sprott Inc(SII) | COM NEW | 852066208 | $29.6M | 206,997 | 0.3% |
| White Mtns INS Group LTD(WTM) | COM | G9618E107 | $28.8M | 13,112 | 0.3% |
| Marsh & Mclennan COS Inc(MRSH) | COM | 571748102 | $26.3M | 151,341 | 0.3% |
| Carnival Corp(CCL) | COMMON STOCK | 143658300 | $24.8M | 957,653 | 0.3% |
| Live Nation Entertainment in(LYV) | COM | 538034109 | $24.0M | 157,169 | 0.3% |
| Dorchester Minerals L P(DMLP) | COM UNIT | 25820R105 | $23.3M | 860,226 | 0.3% |
| Galaxy Digital Inc.(GLXY) | CL A | 36317J209 | $23.1M | 1,250,969 | 0.3% |
| Penske Automotive GRP Inc(PAG) | COM | 70959W103 | $21.3M | 142,507 | 0.2% |
| Berkshire Hathaway Inc del(BRK/B) | CL B NEW | 084670702 | $18.2M | 38,033 | 0.2% |
| RB Global Inc(RBA) | COM | 74935Q107 | $17.9M | 186,731 | 0.2% |
| Strategy Inc(MSTR) | CL A NEW | 594972408 | $17.4M | 139,253 | 0.2% |
| Oshkosh Corp(OSK) | COM | 688239201 | $17.0M | 115,789 | 0.2% |
| Vanguard BD Index FDS(VUSB) | VANGUARD ULTRA | 92203C303 | $16.9M | 339,054 | 0.2% |
| Royalty Pharma PLC(RPRX) | SHS CLASS A | G7709Q104 | $16.3M | 340,783 | 0.2% |
| Digitalbridge Group Inc(DBRG) | CL A NEW | 25401T603 | $14.5M | 939,380 | 0.2% |
| Triple Flag Precious Metal(TFPM) | COM | 89679M104 | $14.4M | 413,430 | 0.2% |
| Royal Caribbean Group(RCL) | COM | V7780T103 | $14.2M | 51,698 | 0.2% |
| Interparfums Inc(IPAR) | COM | 458334109 | $12.6M | 138,333 | 0.1% |
| Howard Hughes Holdings Inc(HHH) | COM | 44267T102 | $12.4M | 196,410 | 0.1% |
| Royal Gold Inc(RGLD) | COM | 780287108 | $12.0M | 47,142 | 0.1% |
| Williams COS Inc(WMB) | COM | 969457100 | $10.1M | 138,301 | 0.1% |
| Mastercard Incorporated(MA) | CL A | 57636Q104 | $9.8M | 19,516 | 0.1% |