#	Issuer	Ticker	Shares	Value	% of Portfolio
1	TEXAS PACIFIC LAND CORPORATI	TPL	10,333,762	$2.97B	42.36%
2	GRAYSCALE BITCOIN TRUST ETF	GBTC	14,113,593	$964.8M	13.77%
3	WHEATON PRECIOUS METALS CORP	WPM	2,493,518	$293.0M	4.18%
4	LANDBRIDGE COMPANY LLC	LB	5,642,766	$276.4M	3.95%
5	HAWAIIAN ELEC INDUSTRIES	419870100	19,392,363	$238.5M	3.40%
6	FRANCO NEV CORP	FNV	968,101	$200.7M	2.86%
7	WATERBRIDGE INFRASTRUCTURE L	WBI	6,837,520	$136.8M	1.95%
8	INTERCONTINENTAL EXCHANGE IN	45866F104	830,766	$134.6M	1.92%
9	MESABI TR	MSB	3,027,698	$116.6M	1.66%
10	GRAYSCALE BITCOIN MINI TR ET	389930207	2,997,060	$116.1M	1.66%
11	PERMIAN BASIN RTY TR	714236106	6,187,800	$105.1M	1.50%
12	CBOE GLOBAL MKTS INC	12503M108	408,398	$102.5M	1.46%
13	CHENIERE ENERGY INC	LNG	463,329	$90.1M	1.29%
14	CACI INTL INC	127190304	158,591	$84.5M	1.21%
15	MIAMI INTL HLDGS INC	59356Q108	1,819,798	$80.8M	1.15%
16	CME GROUP INC	CME	275,611	$75.3M	1.07%
17	BROOKFIELD CORP	11271J107	1,583,710	$72.7M	1.04%
18	VIPER ENERGY INC	VNOM	1,714,904	$66.2M	0.95%
19	OR ROYALTIES INC.	OR	1,815,024	$64.2M	0.92%
20	CAMECO CORP	CCJ	674,096	$61.7M	0.88%