| # | Security | Value | Shares | % Port | Change | Δ Shares |
|---|---|---|---|---|---|---|
| 1 | TEXAS PACIFIC LAND CORPORATI COM | $4.8B | 10.02M | 51.5% | REDUCED | -318,383 |
| 2 | GRAYSCALE BITCOIN TRUST ETF SHS REP COM UT | $738.9M | 14.00M | 8.0% | REDUCED | -108,711 |
| 3 | LANDBRIDGE COMPANY LLC CL A | $390.6M | 5.66M | 4.2% | ADDED | +14.4K |
| 4 | HAWAIIAN ELEC INDS INC MTN B COM | $321.1M | 21.64M | 3.5% | ADDED | +2.24M |
| 5 | WHEATON PRECIOUS METALS CORP COM | $230.8M | 1.76M | 2.5% | REDUCED | -731,999 |
| 6 | WATERBRIDGE INFRASTRUCTURE L CL A SHS REPSTG | $196.7M | 7.34M | 2.1% | ADDED | +504.6K |
| 7 | FRANCO NEV CORP COM | $187.1M | 757.3K | 2.0% | REDUCED | -210,804 |
| 8 | PERMIAN BASIN RTY TR UNIT BEN INT | $137.3M | 6.38M | 1.5% | ADDED | +191.9K |
| 9 | MIAMI INTL HLDGS INC COM | $134.3M | 3.45M | 1.5% | ADDED | +1.63M |
| 10 | INTERCONTINENTAL EXCHANGE IN COM | $131.9M | 838.9K | 1.4% | ADDED | +8.1K |
| 11 | CHENIERE ENERGY INC COM NEW | $119.3M | 420.3K | 1.3% | REDUCED | -43,001 |
| 12 | CBOE GLOBAL MKTS INC COM | $115.3M | 410.1K | 1.2% | ADDED | +1.7K |
| 13 | MESABI TR CTF BEN INT | $98.9M | 3.14M | 1.1% | ADDED | +113.3K |
| 14 | GRAYSCALE BITCOIN MINI TR ET SHS NEW | $90.1M | 3.00M | 1.0% | ADDED | +7.4K |
| 15 | CACI INTL INC CL A | $84.1M | 154.6K | 0.9% | REDUCED | -3,943 |
| 16 | CME GROUP INC COM | $79.8M | 270.3K | 0.9% | REDUCED | -5,358 |
| 17 | VIPER ENERGY INC CL A | $78.1M | 1.66M | 0.8% | REDUCED | -52,263 |
| 18 | CAMECO CORP COM | $70.8M | 651.8K | 0.8% | REDUCED | -22,271 |
| 19 | OR ROYALTIES INC. COM SHS | $66.7M | 1.75M | 0.7% | REDUCED | -60,880 |
| 20 | BROOKFIELD CORP CL A LTD VT SH | $63.6M | 1.57M | 0.7% | REDUCED | -11,774 |
| 21 | CIVEO CORP CDA COM NEW | $62.2M | 2.35M | 0.7% | REDUCED | -97,134 |
| 22 | AUTONATION INC COM | $43.9M | 225.1K | 0.5% | REDUCED | -31,426 |
| 23 | BUNGE GLOBAL SA COM SHS | $42.9M | 336.9K | 0.5% | REDUCED | -12,050 |
| 24 | TEJON RANCH CO COM | $35.8M | 1.90M | 0.4% | REDUCED | -9,967 |
| 25 | HORIZON KINETICS HLDG CORP COM COM | $35.5M | 1.08M | 0.4% | ADDED | +103 |
Holdings data sourced from SEC EDGAR 13F-HR filings. Updated quarterly, approximately 45 days after quarter end. All data is public domain.
Last filed: May 15, 2026