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| # | Issuer | Value | Shares | % Portfolio |
|---|---|---|---|---|
| 1 | Texas Pacific Land Corp. - Common Stock | $76.9M | 161973 | 42.91% |
| 2 | Mastercard Incorporated - Common Stock | $51.0M | 102170 | 28.50% |
| 3 | Bel Fuse Inc. - Class B Common Stock | $13.4M | 67634 | 7.47% |
| 4 | Garmin Ltd. - Common Stock | $9.5M | 40755 | 5.28% |
| 5 | Balchem Corp. - Common Stock | $8.7M | 51100 | 4.83% |
| 6 | Broadridge Financial Solutions, Inc. - Common Stock | $6.6M | 40793 | 3.70% |
| 7 | Bel Fuse Inc. - Class A Common Stock | $4.2M | 23434 | 2.36% |
| 8 | Grayscale Bitcoin Trust ETF | $3.4M | 64932 | 1.91% |
| 9 | Berkshire Hathaway Inc. Common Stock | $2.9M | 4 | 1.60% |
| 10 | Landbridge Company - Common Stock | $1.2M | 18000 | 0.69% |
| 11 | Metropolitan Bank Holding Corp. - Common Stock | $651K | 7811 | 0.36% |
| 12 | Grayscale Bitcoin Minitrust ETF | $389K | 12986 | 0.22% |
| 13 | Brookfield Wealth Solutions - Class A stock | $287K | 6904 | 0.16% |
Values in USD (reported in $thousands on 13F). Source: SEC EDGAR.