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| # | Issuer | Value | Shares | % Portfolio |
|---|---|---|---|---|
| 1 | TEXAS PACIFIC LAND CORPORATI | $72.1M | 151894 | 10.09% |
| 2 | NVIDIA CORPORATION | $33.0M | 189451 | 4.63% |
| 3 | APPLE INC | $25.2M | 99210 | 3.53% |
| 4 | NIKE INC | $20.7M | 392130 | 2.90% |
| 5 | WHEATON PRECIOUS METALS CORP | $19.5M | 148889 | 2.73% |
| 6 | GRAYSCALE BITCOIN TRUST ETF | $18.8M | 355791 | 2.63% |
| 7 | ABBVIE INC | $15.7M | 72234 | 2.20% |
| 8 | JPMORGAN CHASE & CO | $15.5M | 52643 | 2.17% |
| 9 | ALPHABET INC | $15.2M | 52987 | 2.13% |
| 10 | HOME DEPOT INC | $14.5M | 44063 | 2.03% |
| 11 | LANDBRIDGE COMPANY LLC | $14.4M | 208955 | 2.02% |
| 12 | LINDE PLC | $14.2M | 28665 | 1.99% |
| 13 | EATON CORP PLC | $14.1M | 39308 | 1.97% |
| 14 | CHEVRON CORPORATION | $13.8M | 66822 | 1.94% |
| 15 | CATERPILLAR INC | $13.2M | 18695 | 1.85% |
| 16 | PARKER-HANNIFIN CORP | $13.0M | 14495 | 1.82% |
| 17 | PALO ALTO NETWORKS INC | $12.8M | 80138 | 1.80% |
| 18 | AIR PRODUCTS AND CHEMICALS I | $11.8M | 40772 | 1.66% |
| 19 | FRANCO NEV CORP | $11.7M | 47214 | 1.63% |
| 20 | CME GROUP INC | $11.5M | 38955 | 1.61% |
| 21 | CACI INTL INC | $11.5M | 21145 | 1.61% |
| 22 | INTERCONTINENTAL EXCHANGE IN | $10.9M | 69065 | 1.52% |
| 23 | TJX COS INC NEW | $10.5M | 65915 | 1.47% |
| 24 | MICROSOFT CORP | $10.4M | 28124 | 1.46% |
| 25 | AMAZON COM INC | $10.2M | 49204 | 1.43% |
| 26 | BOOKING HOLDINGS INC | $9.9M | 2342 | 1.38% |
| 27 | GRAYSCALE BITCOIN MINI TR ET | $9.4M | 313677 | 1.32% |
| 28 | LOWES COS INC | $9.1M | 38692 | 1.28% |
| 29 | ORACLE CORP | $8.7M | 59057 | 1.22% |
| 30 | LOCKHEED MARTIN CORP | $8.6M | 14263 | 1.21% |
| 31 | FREEPORT MCMORAN INC | $8.6M | 145650 | 1.20% |
| 32 | UNION PAC CORP | $8.1M | 33465 | 1.14% |
| 33 | VISA INC | $7.2M | 23849 | 1.01% |
| 34 | WILLIAMS COS INC | $7.2M | 98497 | 1.00% |
| 35 | FEDEX CORP | $7.0M | 19632 | 0.98% |
| 36 | MARRIOTT INTL INC NEW | $6.1M | 18725 | 0.86% |
| 37 | BOEING CO | $5.9M | 29505 | 0.82% |
| 38 | HAWAIIAN ELEC INDS INC MTN B | $5.5M | 370650 | 0.77% |
| 39 | JOHNSON & JOHNSON | $5.5M | 22358 | 0.77% |
| 40 | WATERBRIDGE INFRASTRUCTURE L | $5.4M | 200200 | 0.75% |
| 41 | MESABI TR | $5.3M | 169775 | 0.75% |
| 42 | QUALCOMM INC | $4.9M | 37900 | 0.68% |
| 43 | GALLAGHER ARTHUR J & CO | $4.8M | 22300 | 0.68% |
| 44 | INTERNATIONAL BUSINESS MACHS | $4.7M | 19486 | 0.66% |
| 45 | LISTED FDS TR | $4.6M | 88302 | 0.64% |
| 46 | ALPHABET INC | $4.6M | 15957 | 0.64% |
| 47 | RIO TINTO PLC | $4.4M | 47555 | 0.62% |
| 48 | WASTE MGMT INC DEL | $4.2M | 18321 | 0.59% |
| 49 | BERKSHIRE HATHAWAY INC DEL | $4.1M | 8586 | 0.58% |
| 50 | NOVARTIS AG | $4.1M | 26836 | 0.57% |
Values in USD (reported in $thousands on 13F). Source: SEC EDGAR.