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| # | Issuer | Value | Shares | % Portfolio |
|---|---|---|---|---|
| 1 | Texas Pacific Land Corporation | $19.6M | 68241 | 7.40% |
| 2 | Investor AB 'B' | $16.3M | 459474 | 6.15% |
| 3 | Dollar General Corporation | $15.1M | 113995 | 5.71% |
| 4 | Mesabi Trust Ctfs | $13.6M | 352805 | 5.13% |
| 5 | International Business Machine | $13.6M | 45790 | 5.12% |
| 6 | Banco Latinoamericano de Expor | $13.1M | 294135 | 4.95% |
| 7 | Franco-Nevada Coporation | $10.6M | 51272 | 4.01% |
| 8 | Wheaton Precious Metals Corp | $10.6M | 89943 | 3.99% |
| 9 | Autoliv, Inc. | $10.5M | 88810 | 3.98% |
| 10 | Johnson & Johnson | $10.0M | 48425 | 3.78% |
| 11 | Siemens AG | $10.0M | 71555 | 3.78% |
| 12 | ABB Ltd | $9.2M | 124815 | 3.49% |
| 13 | Citigroup Cap XIII Tr Pfd | $8.7M | 289455 | 3.30% |
| 14 | Berkshire Hathaway Cl B | $7.9M | 15736 | 2.99% |
| 15 | Nestle S.A. | $7.3M | 73394 | 2.74% |
| 16 | Subaru Corporation | $6.3M | 583121 | 2.36% |
| 17 | Berkshire Hathaway | $6.0M | 8 | 2.28% |
| 18 | AbbVie Inc. | $5.9M | 25725 | 2.22% |
| 19 | Cheniere Energy, Inc. | $5.6M | 28740 | 2.11% |
| 20 | Diamondback Energy Inc | $5.3M | 35155 | 2.00% |
| 21 | Coterra Energy Inc. | $5.1M | 194974 | 1.94% |
| 22 | Chord Energy Corp | $4.9M | 52535 | 1.84% |
| 23 | Organon & Co. | $4.8M | 666725 | 1.80% |
| 24 | ConocoPhillips Company | $4.5M | 48380 | 1.71% |
| 25 | Pilot Corporation | $4.5M | 145306 | 1.70% |
| 26 | SKF Aktiebolaget | $4.4M | 164511 | 1.64% |
| 27 | Shell plc | $4.2M | 57076 | 1.58% |
| 28 | EOG Resources, Inc. | $3.9M | 36960 | 1.47% |
| 29 | Copart Inc | $3.7M | 94590 | 1.40% |
| 30 | Accelleron Industries AG ORD | $3.7M | 47473 | 1.38% |
| 31 | Mettler-Toledo Int'l Inc. | $3.3M | 2347 | 1.24% |
| 32 | Alphabet Cl C | $1.3M | 4300 | 0.51% |
| 33 | Amazon.com | $1.3M | 5580 | 0.49% |
| 34 | AutoZone, Inc. | $899K | 265 | 0.34% |
| 35 | FRMO Corporation | $706K | 96702 | 0.27% |
| 36 | Apple Inc. | $693K | 2550 | 0.26% |
| 37 | Novartis AG | $681K | 4940 | 0.26% |
| 38 | Pershing Square Holdings | $663K | 10175 | 0.25% |
| 39 | Mexco Energy | $617K | 62295 | 0.23% |
| 40 | Merck & Co. | $616K | 5850 | 0.23% |
| 41 | 3M Company | $593K | 3705 | 0.22% |
| 42 | Oracle Corp | $480K | 2465 | 0.18% |
| 43 | Allstate Corporation | $468K | 2250 | 0.18% |
| 44 | Pfizer, Inc | $467K | 18770 | 0.18% |
| 45 | Builders FirstSource Inc | $454K | 4410 | 0.17% |
| 46 | AZZ Incorporated | $429K | 4000 | 0.16% |
| 47 | Chevron Corp | $390K | 2560 | 0.15% |
| 48 | Microsoft Corp | $382K | 790 | 0.14% |
| 49 | Triple Flag Precious Metals Co | $357K | 10750 | 0.13% |
| 50 | Timken Company | $326K | 3875 | 0.12% |
Values in USD (reported in $thousands on 13F). Source: SEC EDGAR.