Q4 2025 Holdings
Filed 2026-04-06 | 28 holdings | $89.6M | 13F-HR | View on SEC ↗ · Holdings Table ↗
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| Issuer | Class | CUSIP | Value ↓ | Shares | % Portfolio |
|---|---|---|---|---|---|
| Texas Pacific Land Corp(TPL) | COM | 88262P102 | $43.1M | 150,230 | 48.2% |
| Grayscale Bitcoin Trust(GBTC) | SHS REP COM UT | 389637109 | $28.9M | 422,078 | 32.2% |
| Landbridge Co LLC(LB) | CL A | 514952100 | $4.6M | 93,866 | 5.1% |
| Permian Basin Royalty Trust(PBT) | UNIT BEN INT | 714236106 | $4.1M | 239,040 | 4.5% |
| Grayscale Bitcoin Mini Trust(BTC) | SHS NEW | 389930207 | $4.0M | 103,200 | 4.5% |
| Hawaiian Electric Industries Inc(HE) | COM | 419870100 | $1.8M | 148,085 | 2.0% |
| Mesabi Trust(MSB) | CTF BEN INT | 590672101 | $1.7M | 45,114 | 1.9% |
| Howard Hughes Holdings Inc(HHH) | COM | 44267T102 | $574.3K | 7,200 | 0.6% |
| Waterbridge Infrastruc(WBI) | CL A SHS REPSTG | 940923105 | $250.1K | 12,500 | 0.3% |
| Wheaton Precious Metals Corp(WPM) | COM | 962879102 | $167.0K | 1,421 | 0.2% |
| Liberty Media Corp-Lib-New(FWONA) | COM LBTY ONE S A | 531229771 | $100.9K | 1,129 | 0.1% |
| Franco-Nevada Corp(FNV) | COM | 351858105 | $97.6K | 471 | 0.1% |
| Novo Nordisk A/S(NVO) | NOVO NORDISK ASB | 670100205 | $95.0K | 1,868 | 0.1% |
| Civeo Corp(CVEO) | COM NEW | 17878Y207 | $27.2K | 1,188 | 0.0% |
| Seaport Entertainment Group(SEG) | COMMON STOCK | 812215200 | $24.8K | 1,254 | 0.0% |
| Bakkt Holdings Inc(BKKT) | COM CL A NEW | 05759B305 | $11.5K | 1,147 | 0.0% |
| Alliance Resource Partners(ARLP) | UT LTD PART | 01877R108 | $6.9K | 296 | 0.0% |
| Ishares Bitcoin Trust(IBIT) | SHS BEN INT | 46438F101 | $5.1K | 102 | 0.0% |
| Atlanta Braves Holdings in(BATRK) | COM SER C | 047726302 | $4.6K | 117 | 0.0% |
| Novagold Resources Inc(NG) | COM NEW | 66987E206 | $3.7K | 400 | 0.0% |
| Tejon Ranch Co(TRC) | COM | 879080109 | $1.3K | 81 | 0.0% |
| iShares Silver Trust(SLV) | ISHARES | 46428Q109 | $515 | 8 | 0.0% |
| Trilogy Metals Inc(TMQ) | COM | 89621C105 | $284 | 66 | 0.0% |
| Fermi Inc(FRMI) | COM | 314911108 | $114 | 14 | 0.0% |
| Circle Internet Group Inc(CRCL) | COM CL A | 172573107 | $79 | 1 | 0.0% |
| Plains All Amer Pipeline LP(PAA) | UNIT LTD PARTN | 726503105 | $36 | 2 | 0.0% |
| Energy Transfer LP(ET) | COM UT LTD PTN | 29273V100 | $33 | 2 | 0.0% |
| GCI Liberty Inc(GLIBA) | COM SER A | 36164V602 | $0 | 3,360 | 0.0% |