Q4 2025 Holdings
Filed 2026-02-13 | 95 holdings | $164.9M | 13F-HR | View on SEC ↗ · Holdings Table ↗
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| Issuer | Class | CUSIP | Value ↓ | Shares | % Portfolio |
|---|---|---|---|---|---|
| Sprott Asset Management LP(PHYS/U) | PHYSICAL GOLD TR | 85207H104 | $19.6M | 592,961 | 11.9% |
| Berkshire Hathaway Inc del(BRK/B) | CL B NEW | 084670702 | $14.3M | 28,511 | 8.7% |
| Natural Resource Partners L(NRP) | COM UNIT LTD PAR | 63900P608 | $9.9M | 94,506 | 6.0% |
| Dorchester Minerals LP(DMLP) | COM UNIT | 25820R105 | $9.3M | 414,544 | 5.6% |
| Suncor Energy Inc New(SU) | COM | 867224107 | $7.9M | 177,948 | 4.8% |
| Eagle Matls Inc(EXP) | COM | 26969P108 | $4.8M | 23,259 | 2.9% |
| Canadian NAT RES LTD(CNQ) | COM | 136385101 | $4.8M | 141,124 | 2.9% |
| Enterprise Prods Partners L(EPD) | COM | 293792107 | $4.6M | 142,925 | 2.8% |
| Honeywell Intl Inc(HON) | COM | 438516106 | $4.1M | 21,101 | 2.5% |
| Tortoise Energy Infra Corp(TYG) | COM | 89147L886 | $3.9M | 96,186 | 2.4% |
| Franco NEV Corp(FNV) | COM | 351858105 | $3.6M | 17,363 | 2.2% |
| Vaneck Merk Gold ETF(OUNZ) | GOLD SHS | 921078101 | $3.0M | 72,587 | 1.8% |
| Oneok Inc New(OKE) | COM | 682680103 | $3.0M | 40,870 | 1.8% |
| Royal Gold Inc(RGLD) | COM | 780287108 | $3.0M | 13,459 | 1.8% |
| Lockheed Martin Corp(LMT) | COM | 539830109 | $3.0M | 6,122 | 1.8% |
| Legacy Housing Corp(LEGH) | COM | 52472M101 | $2.6M | 135,560 | 1.6% |
| WP Carey Inc(WPC) | COM | 92936U109 | $2.4M | 37,844 | 1.5% |
| Kinder Morgan Inc del(KMI) | COM | 49456B101 | $2.4M | 86,385 | 1.4% |
| SKY Harbour Group Corporatio(SKYH) | COM CL A | 83085C107 | $2.4M | 264,010 | 1.4% |
| Peakstone Realty Trust(PKST) | COMMON SHARES | 39818P799 | $2.4M | 164,653 | 1.4% |
| Knife River Corp(KNF) | COMMON STOCK | 498894104 | $2.1M | 30,262 | 1.3% |
| Canadian Pacific Kansas City(CP) | COM | 13646K108 | $2.0M | 27,599 | 1.2% |
| OR Royalties Inc.(OR) | COM SHS | 68390D106 | $2.0M | 56,701 | 1.2% |
| Enbridge Inc(ENB) | COM | 29250N105 | $1.8M | 37,205 | 1.1% |
| Lowes COS Inc(LOW) | COM | 548661107 | $1.7M | 7,164 | 1.0% |
| Murphy USA Inc(MUSA) | COM | 626755102 | $1.6M | 3,970 | 1.0% |
| FRP Hldgs Inc(FRPH) | COM | 30292L107 | $1.5M | 67,987 | 0.9% |
| Berkshire Hathaway Inc del(BRK/A) | CL A | 084670108 | $1.5M | 2 | 0.9% |
| First TR Exchange Traded FD(GRID) | NASDQ CLN EDGE | 33737A108 | $1.5M | 9,735 | 0.9% |
| Corporacion Amer Arpts S A(CAAP) | COM | L1995B107 | $1.4M | 52,652 | 0.8% |
| Penske Automotive GRP Inc(PAG) | COM | 70959W103 | $1.4M | 8,530 | 0.8% |
| Boston Omaha Corp(BOC) | CL A COM STK | 101044105 | $1.3M | 105,472 | 0.8% |
| Lincoln Elec Hldgs Inc(LECO) | COM | 533900106 | $1.2M | 5,125 | 0.7% |
| Spdr Series Trust(XAR) | STATE STREET SPD | 78464A631 | $1.2M | 5,059 | 0.7% |
| Valaris LTD(VAL) | CL A | G9460G101 | $1.2M | 22,917 | 0.7% |
| Qualcomm Inc(QCOM) | COM | 747525103 | $1.1M | 6,571 | 0.7% |
| Home Depot Inc(HD) | COM | 437076102 | $1.1M | 3,252 | 0.7% |
| Dine Brands Global Inc(DIN) | COM | 254423106 | $1.1M | 34,168 | 0.7% |
| Modiv Industrial Inc(MDV) | COM STK CL C | 60784B101 | $1.0M | 71,086 | 0.6% |
| ST JOE Co(JOE) | COM | 790148100 | $967.5K | 16,296 | 0.6% |
| Trimble Inc(TRMB) | COM | 896239100 | $949.9K | 12,124 | 0.6% |
| Newmont Corp(NEM) | COM | 651639106 | $949.7K | 9,511 | 0.6% |
| Alphabet Inc(GOOGL) | CAP STK CL A | 02079K305 | $925.9K | 2,958 | 0.6% |
| Agnico Eagle Mines LTD(AEM) | COM | 008474108 | $910.2K | 5,369 | 0.6% |
| VOX Royalty Corp(VOXR) | COM | 92919F103 | $892.4K | 188,279 | 0.5% |
| Amrize LTD(AMRZ) | SHS | H2927K103 | $879.3K | 16,260 | 0.5% |
| Sprouts Fmrs MKT Inc(SFM) | COM | 85208M102 | $809.1K | 10,156 | 0.5% |
| Lamar Advertising Co New(LAMR) | CL A | 512816109 | $789.9K | 6,240 | 0.5% |
| Imperial Oil LTD(IMO) | COM NEW | 453038408 | $744.4K | 8,625 | 0.5% |
| Wheaton Precious Metals Corp(WPM) | COM | 962879102 | $716.6K | 6,098 | 0.4% |