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| # | Issuer | Value | Shares | % Portfolio |
|---|---|---|---|---|
| 1 | TEXAS PACIFIC LAND CORP | $70.9M | 149458 | 62.83% |
| 2 | Grayscale Bitcoin Trust | $22.1M | 419620 | 19.61% |
| 3 | LANDBRIDGE CO LLC-A | $6.5M | 93756 | 5.73% |
| 4 | Permian Basin Royalty Trust | $5.2M | 240342 | 4.58% |
| 5 | GRAYSCALE BITCOIN MINI TRUST | $3.1M | 103200 | 2.74% |
| 6 | Hawaiian Electric Industries Inc | $2.5M | 167460 | 2.20% |
| 7 | Mesabi Trust | $1.4M | 45114 | 1.26% |
| 8 | HOWARD HUGHES HOLDINGS INC | $380K | 6000 | 0.34% |
| 9 | WATERBRIDGE INFRASTRUC-CL A | $335K | 12500 | 0.30% |
| 10 | MIAMI INTERNATIONAL HOLDINGS | $280K | 7200 | 0.25% |
| 11 | Novo Nordisk A/S | $69K | 1868 | 0.06% |
| 12 | CIVEO CORP | $31K | 1188 | 0.03% |
| 13 | SEAPORT ENTERTAINMENT GROUP | $27K | 1254 | 0.02% |
| 14 | CARNIVAL CORP | $12K | 455 | 0.01% |
| 15 | ROYAL CARIBBEAN GROUP | $9K | 32 | 0.01% |
| 16 | ALLIANCE RESOURCE PARTNERS | $8K | 296 | 0.01% |
| 17 | BAKKT HOLDINGS INC | $8K | 1147 | 0.01% |
| 18 | WHEATON PRECIOUS METALS CORP | $6K | 44 | 0.01% |
| 19 | ISHARES BITCOIN TRUST | $4K | 102 | 0.00% |
| 20 | Novagold Resources Inc | $4K | 400 | 0.00% |
| 21 | Tejon Ranch Co | $2K | 81 | 0.00% |
| 22 | CIRCLE INTERNET GROUP INC | $1K | 6 | 0.00% |
| 23 | iShares Silver Trust | $1K | 8 | 0.00% |
| 24 | CANTON STRATEGIC HOLDINGS IN | $0 | 2 | 0.00% |
| 25 | BURFORD CAPITAL LTD | $0 | 76 | 0.00% |
| 26 | PLAINS ALL AMER PIPELINE LP | $0 | 2 | 0.00% |
| 27 | FERMI INC | $0 | 32 | 0.00% |
| 28 | ENERGY TRANSFER LP | $0 | 2 | 0.00% |
| 29 | TRILOGY METALS INC | $0 | 66 | 0.00% |
Values in USD (reported in $thousands on 13F). Source: SEC EDGAR.