Q2 2026 Holdings
Filed 2026-08-11 | 351 holdings | $8.8B | 13F-HR | View on SEC ↗ · Holdings Table ↗
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| Issuer | Class | CUSIP | Value ↓ | Shares | % Portfolio |
|---|---|---|---|---|---|
| Texas Pacific Land Corporati(TPL) | COM | 88262P102 | $4.3B | 9,802,899 | 48.6% |
| Grayscale Bitcoin Trust ETF(GBTC) | SHS REP COM UT | 389637109 | $552.6M | 12,139,990 | 6.3% |
| Landbridge Company LLC(LB) | CL A | 514952100 | $461.3M | 5,821,263 | 5.2% |
| Hawaiian Elec Inds Inc MTN B(HE) | COM | 419870100 | $303.0M | 22,395,397 | 3.4% |
| Miami Intl Hldgs Inc(MIAX) | COM | 59356Q108 | $291.4M | 7,842,173 | 3.3% |
| Waterbridge Infrastructure L(WBI) | CL A SHS REPSTG | 940923105 | $262.2M | 7,650,237 | 3.0% |
| Wheaton Precious Metals Corp(WPM) | COM | 962879102 | $189.5M | 1,686,903 | 2.1% |
| Permian Basin RTY TR(PBT) | UNIT BEN INT | 714236106 | $168.5M | 6,729,289 | 1.9% |
| Franco NEV Corp(FNV) | COM | 351858105 | $161.2M | 773,418 | 1.8% |
| Grayscale Bitcoin Mini TR ET(BTC) | SHS NEW | 389930207 | $157.5M | 6,067,993 | 1.8% |
| Intercontinental Exchange in(ICE) | COM | 45866F104 | $121.2M | 984,701 | 1.4% |
| Cboe Global Mkts Inc(CBOE) | COM | 12503M108 | $100.6M | 414,634 | 1.1% |
| Cheniere Energy Inc(LNG) | COM NEW | 16411R208 | $96.1M | 402,040 | 1.1% |
| Mesabi TR(MSB) | CTF BEN INT | 590672101 | $81.5M | 3,219,382 | 0.9% |
| Civeo Corp CDA(CVEO) | COM NEW | 17878Y207 | $80.2M | 2,290,991 | 0.9% |
| Caci Intl Inc(CACI) | CL A | 127190304 | $71.2M | 153,743 | 0.8% |
| Cameco Corp(CCJ) | COM | 13321L108 | $71.1M | 697,741 | 0.8% |
| Viper Energy Inc(VNOM) | CL A | 64361Q101 | $70.1M | 1,652,125 | 0.8% |
| Brookfield Corp(BN) | CL A LTD VT SH | 11271J107 | $67.6M | 1,587,339 | 0.8% |
| CME Group Inc(CME) | COM | 12572Q105 | $62.7M | 283,774 | 0.7% |
| OR Royalties Inc.(OR) | COM SHS | 68390D106 | $60.6M | 1,915,799 | 0.7% |
| Whitehawk Minerals Corp(WHK) | CL A | 96524T101 | $43.2M | 1,552,705 | 0.5% |
| Autonation Inc(AN) | COM | 05329W102 | $39.6M | 212,917 | 0.4% |
| Tejon Ranch Co(TRC) | COM | 879080109 | $37.6M | 2,011,689 | 0.4% |
| ST JOE Co(JOE) | COM | 790148100 | $37.1M | 592,608 | 0.4% |
| Eaglerock LD LLC(EROK) | CL A SHS REP LTD | 27005A105 | $35.8M | 1,684,213 | 0.4% |
| Horizon Kinetics Hldg Corp COM(HKHC) | HKHC | 439913104 | $35.5M | 1,075,416 | 0.4% |
| Galaxy Digital Inc.(GLXY) | CL A | 36317J209 | $33.8M | 1,236,051 | 0.4% |
| Bunge Global SA(BG) | COM SHS | H11356104 | $30.3M | 284,079 | 0.3% |
| Ishares Bitcoin Trust ETF(IBIT) | SHS BEN INT | 46438F101 | $27.9M | 837,308 | 0.3% |
| Sprott Inc(SII) | COM NEW | 852066208 | $26.1M | 232,217 | 0.3% |
| White Mtns INS Group LTD(WTM) | COM | G9618E107 | $25.3M | 12,206 | 0.3% |
| Penske Automotive GRP Inc(PAG) | COM | 70959W103 | $24.9M | 139,067 | 0.3% |
| RB Global Inc(RBA) | COM | 74935Q107 | $24.6M | 211,349 | 0.3% |
| SAN Juan Basin RTY TR(SJT) | UNIT BEN INT | 798241105 | $24.1M | 7,494,020 | 0.3% |
| Marsh & Mclennan COS Inc(MRSH) | COM | 571748102 | $23.3M | 139,983 | 0.3% |
| Vanguard BD Index FDS(VUSB) | VANGUARD ULTRA | 92203C303 | $23.0M | 461,108 | 0.3% |
| Dorchester Minerals L P(DMLP) | COM UNIT | 25820R105 | $21.5M | 852,651 | 0.2% |
| Royalty Pharma PLC(RPRX) | SHS CLASS A | G7709Q104 | $19.3M | 344,861 | 0.2% |
| Berkshire Hathaway Inc del(BRK/B) | CL B NEW | 084670702 | $18.6M | 37,231 | 0.2% |
| Live Nation Entertainment in(LYV) | COM | 538034109 | $18.5M | 100,989 | 0.2% |
| Triple Flag Precious Metal(TFPM) | COM | 89679M104 | $15.2M | 506,677 | 0.2% |
| Interparfums Inc(IPAR) | COM | 458334109 | $14.6M | 130,333 | 0.2% |
| Oshkosh Corp(OSK) | COM | 688239201 | $13.6M | 88,816 | 0.2% |
| Royal Caribbean Group(RCL) | COM | V7780T103 | $12.5M | 39,414 | 0.1% |
| Carnival Corp LTD(CCL) | COMMON SHARES | G2004J103 | $12.2M | 428,340 | 0.1% |
| Strategy Inc(MSTR) | CL A NEW | 594972408 | $11.3M | 129,774 | 0.1% |
| Tradeweb Mkts Inc(TW) | CL A | 892672106 | $9.7M | 97,740 | 0.1% |
| Williams COS Inc(WMB) | COM | 969457100 | $9.6M | 128,678 | 0.1% |
| Madison Square Grdn Sprt COR(MSGS) | CL A | 55825T103 | $9.3M | 23,221 | 0.1% |