Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MIAX	MIAMI INTL HLDGS INC	289,000 (+255.7%)	$10.74M (+239.6%)	4.0%	$37.11	—	COM	59356Q108
ICE	INTERCONTINENTAL EXCHANGE IN	7,846 (+2.6%)	$966K (-19.7%)	0.4%	$88.44	—	COM	45866F104
HE	HAWAIIAN ELEC INDS INC MTN B	48,800 (+4.1%)	$660K (-5.1%)	0.2%	$10.29	—	CALL	419870100

Exited Positions (4)

CCL CARNIVAL CORP 1.5%

Value $4.042M Shares 156,181 Est. Cost $10.36 Unrealized —

RGLD ROYAL GOLD INC 0.2%

Value $627K Shares 2,463 Est. Cost $198.37 Unrealized —

JPM JPMORGAN CHASE & CO 0.2%

Value $417K Shares 1,417 Est. Cost $296.12 Unrealized —

VIG VANGUARD SPECIALIZED FUNDS 0.1%

Value $215K Shares 1,000 Est. Cost $166.25 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CCL	CARNIVAL CORP	156,181	$4.042M	1.5%	$10.36	—	—	143658300
RGLD	ROYAL GOLD INC	2,463	$627K	0.2%	$198.37	—	—	780287108
JPM	JPMORGAN CHASE & CO	1,417	$417K	0.2%	$296.12	—	—	46625H100
VIG	VANGUARD SPECIALIZED FUNDS	1,000	$215K	0.1%	$166.25	—	—	921908844

Decreased Positions (7)

WPM WHEATON PRECIOUS METALS CORP 2.4%

Value $6.309M (-46.1%) Shares 56,173 (-37.1%) Est. Cost $20.89 Unrealized —

WBI WATERBRIDGE INFRASTRUCTURE L 3.4%

Value $9.178M (+26.5%) Shares 267,801 (-1.1%) Est. Cost $23.40 Unrealized —

FNV FRANCO NEV CORP 1.7%

Value $4.691M (-19.5%) Shares 22,506 (-4.6%) Est. Cost $83.61 Unrealized —

VTI VANGUARD INDEX FDS 0.9%

Value $2.516M (-10.9%) Shares 6,800 (-22.7%) Est. Cost $228.35 Unrealized —

CACI CACI INTL INC 0.1%

Value $211K (-51.9%) Shares 455 (-43.5%) Est. Cost $211.31 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL 0.1%

Value $313K (-20.9%) Shares 625 (-24.2%) Est. Cost $134.20 Unrealized —

AMZN AMAZON COM INC 0.3%

Value $810K (+11.2%) Shares 3,400 (-2.9%) Est. Cost $226.42 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
WPM	WHEATON PRECIOUS METALS CORP	56,173 (-37.1%)	$6.309M (-46.1%)	2.4%	$20.89	—	COM	962879102
WBI	WATERBRIDGE INFRASTRUCTURE L	267,801 (-1.1%)	$9.178M (+26.5%)	3.4%	$23.40	—	CL A SHS REPSTG	940923105
FNV	FRANCO NEV CORP	22,506 (-4.6%)	$4.691M (-19.5%)	1.7%	$83.61	—	COM	351858105
VTI	VANGUARD INDEX FDS	6,800 (-22.7%)	$2.516M (-10.9%)	0.9%	$228.35	—	TOTAL STK MKT	922908769
CACI	CACI INTL INC	455 (-43.5%)	$211K (-51.9%)	0.1%	$211.31	—	CL A	127190304
BRK/B	BERKSHIRE HATHAWAY INC DEL	625 (-24.2%)	$313K (-20.9%)	0.1%	$134.20	—	CL B NEW	084670702
AMZN	AMAZON COM INC	3,400 (-2.9%)	$810K (+11.2%)	0.3%	$226.42	—	COM	023135106

Unchanged Positions (18)

TPL TEXAS PACIFIC LAND CORPORATI 46.6%

Value $125M Shares 285,330 Est. Cost $253.85 Unrealized —

PBT PERMIAN BASIN RTY TR 9.4%

Value $25.17M Shares 1,005,152 Est. Cost $12.95 Unrealized —

LB LANDBRIDGE COMPANY LLC 7.9%

Value $21.23M Shares 267,953 Est. Cost $36.49 Unrealized —

GBTC GRAYSCALE BITCOIN TRUST ETF 6.1%

Value $16.39M Shares 360,139 Est. Cost $60.50 Unrealized —

MSB MESABI TR 3.1%

Value $8.19M Shares 323,735 Est. Cost $23.73 Unrealized —

HE HAWAIIAN ELEC INDS INC MTN B 6.7%

Value $17.88M Shares 1,321,850 Est. Cost $10.29 Unrealized —

PANW PALO ALTO NETWORKS INC 0.7%

Value $1.87M Shares 5,484 Est. Cost $191.42 Unrealized —

FBTC FIDELITY WISE ORIGIN BITCOIN 1.3%

Value $3.592M Shares 70,369 Est. Cost $62.06 Unrealized —

BTC GRAYSCALE BITCOIN MINI TR ET 0.8%

Value $2.115M Shares 81,517 Est. Cost $41.74 Unrealized —

CBOE CBOE GLOBAL MKTS INC 0.6%

Value $1.627M Shares 6,705 Est. Cost $121.44 Unrealized —

UNH UNITEDHEALTH GROUP INC 0.3%

Value $707K Shares 1,700 Est. Cost $298.94 Unrealized —

CSCO CISCO SYS INC 0.3%

Value $705K Shares 6,000 Est. Cost $67.38 Unrealized —

AAPL APPLE INC 0.5%

Value $1.461M Shares 5,050 Est. Cost $226.42 Unrealized —

CINF CINCINNATI FINL CORP 0.2%

Value $667K Shares 3,600 Est. Cost $150.23 Unrealized —

ETN EATON CORP PLC 0.2%

Value $511K Shares 1,200 Est. Cost $363.27 Unrealized —

RLI RLI CORP 0.1%

Value $354K Shares 6,000 Est. Cost $42.27 Unrealized —

JNJ JOHNSON & JOHNSON 0.1%

Value $305K Shares 1,200 Est. Cost $169.51 Unrealized —

ORCL ORACLE CORP 0.4%

Value $1.18M Shares 8,050 Est. Cost $254.17 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TPL	TEXAS PACIFIC LAND CORPORATI	285,330	$125M	46.6%	$253.85	—	COM	88262P102
PBT	PERMIAN BASIN RTY TR	1,005,152	$25.17M	9.4%	$12.95	—	UNIT BEN INT	714236106
LB	LANDBRIDGE COMPANY LLC	267,953	$21.23M	7.9%	$36.49	—	CL A	514952100
GBTC	GRAYSCALE BITCOIN TRUST ETF	360,139	$16.39M	6.1%	$60.50	—	SHS REP COM UT	389637109
MSB	MESABI TR	323,735	$8.19M	3.1%	$23.73	—	CTF BEN INT	590672101
HE	HAWAIIAN ELEC INDS INC MTN B	1,321,850	$17.88M	6.7%	$10.29	—	COM	419870100
PANW	PALO ALTO NETWORKS INC	5,484	$1.87M	0.7%	$191.42	—	COM	697435105
FBTC	FIDELITY WISE ORIGIN BITCOIN	70,369	$3.592M	1.3%	$62.06	—	SHS	315948109
BTC	GRAYSCALE BITCOIN MINI TR ET	81,517	$2.115M	0.8%	$41.74	—	SHS NEW	389930207
CBOE	CBOE GLOBAL MKTS INC	6,705	$1.627M	0.6%	$121.44	—	COM	12503M108
UNH	UNITEDHEALTH GROUP INC	1,700	$707K	0.3%	$298.94	—	COM	91324P102
CSCO	CISCO SYS INC	6,000	$705K	0.3%	$67.38	—	COM	17275R102
AAPL	APPLE INC	5,050	$1.461M	0.5%	$226.42	—	COM	037833100
CINF	CINCINNATI FINL CORP	3,600	$667K	0.2%	$150.23	—	COM	172062101
ETN	EATON CORP PLC	1,200	$511K	0.2%	$363.27	—	SHS	G29183103
RLI	RLI CORP	6,000	$354K	0.1%	$42.27	—	COM	749607107
JNJ	JOHNSON & JOHNSON	1,200	$305K	0.1%	$169.51	—	COM	478160104
ORCL	ORACLE CORP	8,050	$1.18M	0.4%	$254.17	—	COM	68389X105