Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (2 quarters reported)
$89.6M in Q4 2025 → $113M now. Hover for any quarter.
As reported for the quarter ended March 31, 2026. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| Texas Pacific Land Corp | 62.8% | Trimmed 0.5% | 149,458 | $70.9M |
| GB Grayscale Bitcoin Trust | 19.6% | Trimmed 0.6% | 419,620 | $22.1M |
| LC Landbridge Co Llc-a | 5.7% | Trimmed 0.1% | 93,756 | $6.47M |
| Permian Basin Royalty Trust | 4.6% | Added 0.5% | 240,342 | $5.17M |
| GB Grayscale Bitcoin Mini Trust | 2.7% | Unchanged | 103,200 | $3.09M |
| Hawaiian Electric Industries Inc | 2.2% | Added 13% | 167,460 | $2.49M |
| Mesabi Trust | 1.3% | Unchanged | 45,114 | $1.42M |
| Howard Hughes Holdings Inc | 0.3% | Trimmed 17% | 6,000 | $380K |
| WI Waterbridge Infrastruc-cl A | 0.3% | Unchanged | 12,500 | $335K |
| Miami International Holdings | 0.2% | New | 7,200 | $280K |
| NN Novo Nordisk A/s | 0.1% | Unchanged | 1,868 | $68.6K |
| Civeo Corp | 0.0% | Unchanged | 1,188 | $31.4K |
| Seaport Entertainment Group | 0.0% | Unchanged | 1,254 | $26.9K |
| Carnival Corp | 0.0% | New | 455 | $11.8K |
| RC Royal Caribbean Group | 0.0% | New | 32 | $8.81K |
| BH Bakkt Holdings Inc | 0.0% | Unchanged | 1,147 | $8.44K |
| AR Alliance Resource Partners | 0.0% | Unchanged | 296 | $8.18K |
| Wheaton Precious Metals Corp | 0.0% | Trimmed 97% | 44 | $5.76K |
| IB Ishares Bitcoin Trust | 0.0% | Unchanged | 102 | $3.92K |
| Novagold Resources Inc | 0.0% | Unchanged | 400 | $3.59K |
| Tejon Ranch Co | 0.0% | Unchanged | 81 | $1.53K |
| Circle Internet Group Inc | 0.0% | Added 500% | 6 | $572 |
| IS Ishares Silver Trust | 0.0% | Unchanged | 8 | $545 |
| Burford Capital Ltd | 0.0% | New | 76 | $325 |
| Trilogy Metals Inc | 0.0% | Unchanged | 66 | $237 |
| Fermi Inc | 0.0% | Added 129% | 32 | $187 |
| PA Plains All Amer Pipeline LP | 0.0% | Unchanged | 2 | $45 |
| ET Energy Transfer LP | 0.0% | Unchanged | 2 | $39 |
| CS Canton Strategic Holdings In | 0.0% | New | 2 | $7 |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 1 quarters.
quarter ended March 31, 2026 · filed May 11, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Texas Pacific Land Corp | Trimmed | −772 | −$366K | 62.8% |
| Hawaiian Electric Industries Inc | Added | +19,375 | +$288K | 2.2% |
| Miami International Holdings | New | +7,200 | +$280K | 0.2% |
| Wheaton Precious Metals Corp | Trimmed | −1,377 | −$180K | — |
| GB Grayscale Bitcoin Trust | Trimmed | −2,458 | −$130K | 19.6% |
| LM Liberty Media Corp-lib-new-a | Exited | −1,129 | −$101K | — |
| Franco-nevada Corp | Exited | −471 | −$97.6K | — |
| Howard Hughes Holdings Inc | Trimmed | −1,200 | −$75.9K | 0.3% |
| Permian Basin Royalty Trust | Added | +1,302 | +$28K | 4.6% |
| Carnival Corp | New | +455 | +$11.8K | — |
Showing the 10 largest of 18 changes.
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