BEDDOW CAPITAL MANAGEMENT INC Long-Term Concentrated

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
OGN	Organon & Co.	666,725 (+2.4%)	$5 (-31.2%)	1.8%	$14.89	-47.0%	COM	68622V106
—	Texas Pacific Land Corporation	68,241 (+202.0%)	$20 (-7.1%)	7.4%	$44.77	—	COM	882610108
BRK/A	Berkshire Hathaway	8 (+14.3%)	$6 (+14.4%)	2.3%	$237698.44	+214.0%	COM	084670108
CPRT	Copart Inc	94,590 (+44.4%)	$4 (+25.7%)	1.4%	$45.39	-8.6%	COM	217204106
FANG	Diamondback Energy Inc	35,155 (+6.7%)	$5 (+12.0%)	2.0%	$143.40	+2.5%	COM	25278X109
MXC	Mexco Energy	62,295 (+52.5%)	$1 (+65.0%)	0.2%	$9.25	+0.9%	COM	592770101
FRMO	FRMO Corporation	96,702 (+3.0%)	$1 (-14.5%)	0.3%	$9.95	-18.9%	COM	30262F205
NVS	Novartis AG	4,940 (+11.0%)	$1 (+19.3%)	0.3%	$55.72	—	ADR	66987V109
BLDR	Builders FirstSource Inc	4,410 (+4.1%)	$0 (-11.5%)	0.2%	$131.86	-14.8%	COM	12008R107
CVX	Chevron Corp	2,560 (+7.3%)	$0 (+5.4%)	0.1%	$144.09	+5.1%	COM	166764100

Exited Positions (1)

KEWL Keweenaw Land Association 0.1%

Value ($000) $0 Shares 7,652 Est. Cost $21.24 Unrealized +58.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
KEWL	Keweenaw Land Association	7,652	$0	0.1%	$21.24	+58.5%	—	493026108

Decreased Positions (35)

ORCL Oracle Corp 0.2%

Value ($000) $0 (-90.9%) Shares 2,465 (-86.8%) Est. Cost $70.11 Unrealized +239.5%

MSB Mesabi Trust Ctfs 5.1%

Value ($000) $14 (+26.9%) Shares 352,805 (-3.6%) Est. Cost $13.69 Unrealized —

DG Dollar General Corporation 5.7%

Value ($000) $15 (+19.3%) Shares 113,995 (-7.1%) Est. Cost $102.73 Unrealized +8.5%

— Investor AB 'B' 6.1%

Value ($000) $16 (+12.4%) Shares 459,474 (-3.3%) Est. Cost $24.49 Unrealized —

LNG Cheniere Energy, Inc. 2.1%

Value ($000) $6 (-20.1%) Shares 28,740 (-3.4%) Est. Cost $103.17 Unrealized +103.5%

ABBV AbbVie Inc. 2.2%

Value ($000) $6 (-16.6%) Shares 25,725 (-15.4%) Est. Cost $79.70 Unrealized +185.5%

FNV Franco-Nevada Coporation 4.0%

Value ($000) $11 (-9.6%) Shares 51,272 (-2.8%) Est. Cost $104.62 Unrealized +93.8%

BLX Banco Latinoamericano de Expor 5.0%

Value ($000) $13 (-6.4%) Shares 294,135 (-3.5%) Est. Cost $12.46 Unrealized +257.7%

JNJ Johnson & Johnson 3.8%

Value ($000) $10 (+8.5%) Shares 48,425 (-2.8%) Est. Cost $82.62 Unrealized +138.4%

ALV Autoliv, Inc. 4.0%

Value ($000) $11 (-6.4%) Shares 88,810 (-2.6%) Est. Cost $69.79 Unrealized +71.1%

CHRD Chord Energy Corp 1.8%

Value ($000) $5 (-12.9%) Shares 52,535 (-6.6%) Est. Cost $111.59 Unrealized -17.6%

ACLIF Accelleron Industries AG ORD 1.4%

Value ($000) $4 (-15.6%) Shares 47,473 (-4.1%) Est. Cost $22.79 Unrealized +248.9%

BRK/B Berkshire Hathaway Cl B 3.0%

Value ($000) $8 (-7.5%) Shares 15,736 (-7.5%) Est. Cost $162.03 Unrealized +207.1%

IBM International Business Machine 5.1%

Value ($000) $14 (-3.8%) Shares 45,790 (-8.4%) Est. Cost $115.86 Unrealized +157.9%

CTRA Coterra Energy Inc. 1.9%

Value ($000) $5 (+9.1%) Shares 194,974 (-2.0%) Est. Cost $18.41 Unrealized +36.4%

PFE Pfizer, Inc 0.2%

Value ($000) $0 (-47.3%) Shares 18,770 (-46.0%) Est. Cost $25.12 Unrealized -0.3%

EOG EOG Resources, Inc. 1.5%

Value ($000) $4 (-9.7%) Shares 36,960 (-3.6%) Est. Cost $40.36 Unrealized +165.6%

— ConocoPhillips Company 1.7%

Value ($000) $5 (-8.3%) Shares 48,380 (-7.3%) Est. Cost $37.96 Unrealized —

POGHF Pilot Corporation 1.7%

Value ($000) $5 (-7.7%) Shares 145,306 (-2.8%) Est. Cost $34.20 Unrealized -11.1%

MMM 3M Company 0.2%

Value ($000) $1 (-32.5%) Shares 3,705 (-34.5%) Est. Cost $98.54 Unrealized +65.6%

GOOGL Alphabet Cl C 0.5%

Value ($000) $1 (+23.1%) Shares 4,300 (-4.4%) Est. Cost $149.16 Unrealized +91.5%

FUJHY Subaru Corporation 2.4%

Value ($000) $6 (+4.0%) Shares 583,121 (-2.1%) Est. Cost $0.45 Unrealized —

WPM Wheaton Precious Metals Corp 4.0%

Value ($000) $11 (+1.4%) Shares 89,943 (-3.5%) Est. Cost $42.14 Unrealized +154.1%

— Citigroup Cap XIII Tr Pfd 3.3%

Value ($000) $9 (-1.4%) Shares 289,455 (-1.5%) Est. Cost $1.87 Unrealized —

ABBNY ABB Ltd 3.5%

Value ($000) $9 (-1.0%) Shares 124,815 (-3.7%) Est. Cost $20.38 Unrealized —

AMZN Amazon.com 0.5%

Value ($000) $1 (+3.7%) Shares 5,580 (-1.3%) Est. Cost $119.01 Unrealized +92.2%

MRK Merck & Co. 0.2%

Value ($000) $1 (+6.0%) Shares 5,850 (-15.5%) Est. Cost $43.40 Unrealized +114.8%

MSFT Microsoft Corp 0.1%

Value ($000) $0 (-7.7%) Shares 790 (-1.3%) Est. Cost $255.17 Unrealized +96.2%

CAT Caterpillar 0.1%

Value ($000) $0 (+10.1%) Shares 550 (-8.3%) Est. Cost $206.59 Unrealized +168.9%

SIEGY Siemens AG 3.8%

Value ($000) $10 (+0.2%) Shares 71,555 (-3.3%) Est. Cost $61.78 Unrealized —

VTRS Viatris 0.1%

Value ($000) $0 (+6.7%) Shares 25,570 (-15.0%) Est. Cost $10.71 Unrealized +0.1%

AZZ AZZ Incorporated 0.2%

Value ($000) $0 (-4.0%) Shares 4,000 (-2.4%) Est. Cost $48.24 Unrealized +114.4%

SHEL Shell plc 1.6%

Value ($000) $4 (+0.2%) Shares 57,076 (-2.4%) Est. Cost $54.05 Unrealized —

SKFRY SKF Aktiebolaget 1.6%

Value ($000) $4 (+0.1%) Shares 164,511 (-5.6%) Est. Cost $6.33 Unrealized —

— Bristol-Myers Squibb Contingen 0.0%

Value ($000) $0 Shares 505,289 (-3.3%) Est. Cost $3.48 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ORCL	Oracle Corp	2,465 (-86.8%)	$0 (-90.9%)	0.2%	$70.11	+239.5%	COM	68389X105
MSB	Mesabi Trust Ctfs	352,805 (-3.6%)	$14 (+26.9%)	5.1%	$13.69	—	COM	590672101
DG	Dollar General Corporation	113,995 (-7.1%)	$15 (+19.3%)	5.7%	$102.73	+8.5%	COM	256677105
—	Investor AB 'B'	459,474 (-3.3%)	$16 (+12.4%)	6.1%	$24.49	—	ORD	W48102128
LNG	Cheniere Energy, Inc.	28,740 (-3.4%)	$6 (-20.1%)	2.1%	$103.17	+103.5%	COM	16411R208
ABBV	AbbVie Inc.	25,725 (-15.4%)	$6 (-16.6%)	2.2%	$79.70	+185.5%	COM	00287Y109
FNV	Franco-Nevada Coporation	51,272 (-2.8%)	$11 (-9.6%)	4.0%	$104.62	+93.8%	ADR	351858105
BLX	Banco Latinoamericano de Expor	294,135 (-3.5%)	$13 (-6.4%)	5.0%	$12.46	+257.7%	ADR	P16994132
JNJ	Johnson & Johnson	48,425 (-2.8%)	$10 (+8.5%)	3.8%	$82.62	+138.4%	COM	478160104
ALV	Autoliv, Inc.	88,810 (-2.6%)	$11 (-6.4%)	4.0%	$69.79	+71.1%	ADR	052800109
CHRD	Chord Energy Corp	52,535 (-6.6%)	$5 (-12.9%)	1.8%	$111.59	-17.6%	COM	674215207
ACLIF	Accelleron Industries AG ORD	47,473 (-4.1%)	$4 (-15.6%)	1.4%	$22.79	+248.9%	ADR	H0029X106
BRK/B	Berkshire Hathaway Cl B	15,736 (-7.5%)	$8 (-7.5%)	3.0%	$162.03	+207.1%	COM	084670702
IBM	International Business Machine	45,790 (-8.4%)	$14 (-3.8%)	5.1%	$115.86	+157.9%	COM	459200101
CTRA	Coterra Energy Inc.	194,974 (-2.0%)	$5 (+9.1%)	1.9%	$18.41	+36.4%	COM	127097103
PFE	Pfizer, Inc	18,770 (-46.0%)	$0 (-47.3%)	0.2%	$25.12	-0.3%	COM	717081103
EOG	EOG Resources, Inc.	36,960 (-3.6%)	$4 (-9.7%)	1.5%	$40.36	+165.6%	COM	26875P101
—	ConocoPhillips Company	48,380 (-7.3%)	$5 (-8.3%)	1.7%	$37.96	—	COM	718507BK1
POGHF	Pilot Corporation	145,306 (-2.8%)	$5 (-7.7%)	1.7%	$34.20	-11.1%	ORD	J6378K106
MMM	3M Company	3,705 (-34.5%)	$1 (-32.5%)	0.2%	$98.54	+65.6%	COM	88579Y101
GOOGL	Alphabet Cl C	4,300 (-4.4%)	$1 (+23.1%)	0.5%	$149.16	+91.5%	COM	02079K305
FUJHY	Subaru Corporation	583,121 (-2.1%)	$6 (+4.0%)	2.4%	$0.45	—	ADR	86428V104
WPM	Wheaton Precious Metals Corp	89,943 (-3.5%)	$11 (+1.4%)	4.0%	$42.14	+154.1%	ADR	962879102
—	Citigroup Cap XIII Tr Pfd	289,455 (-1.5%)	$9 (-1.4%)	3.3%	$1.87	—	PFD	173080201
ABBNY	ABB Ltd	124,815 (-3.7%)	$9 (-1.0%)	3.5%	$20.38	—	ADR	000375204
AMZN	Amazon.com	5,580 (-1.3%)	$1 (+3.7%)	0.5%	$119.01	+92.2%	COM	023135106
MRK	Merck & Co.	5,850 (-15.5%)	$1 (+6.0%)	0.2%	$43.40	+114.8%	COM	58933Y105
MSFT	Microsoft Corp	790 (-1.3%)	$0 (-7.7%)	0.1%	$255.17	+96.2%	COM	594918104
CAT	Caterpillar	550 (-8.3%)	$0 (+10.1%)	0.1%	$206.59	+168.9%	COM	149123101
SIEGY	Siemens AG	71,555 (-3.3%)	$10 (+0.2%)	3.8%	$61.78	—	ADR	826197501
VTRS	Viatris	25,570 (-15.0%)	$0 (+6.7%)	0.1%	$10.71	+0.1%	COM	92556V106
AZZ	AZZ Incorporated	4,000 (-2.4%)	$0 (-4.0%)	0.2%	$48.24	+114.4%	COM	002474104
SHEL	Shell plc	57,076 (-2.4%)	$4 (+0.2%)	1.6%	$54.05	—	ADR	780259305
SKFRY	SKF Aktiebolaget	164,511 (-5.6%)	$4 (+0.1%)	1.6%	$6.33	—	ADR	784375404
—	Bristol-Myers Squibb Contingen	505,289 (-3.3%)	$0	0.0%	$3.48	—	RTS	110122157

Unchanged Positions (9)

NSRGY Nestle S.A. 2.7%

Value ($000) $7 Shares 73,394 Est. Cost $48.11 Unrealized —

MTD Mettler-Toledo Int'l Inc. 1.2%

Value ($000) $3 Shares 2,347 Est. Cost $1239.76 Unrealized +12.6%

AZO AutoZone, Inc. 0.3%

Value ($000) $1 Shares 265 Est. Cost $1975.25 Unrealized +91.3%

AAPL Apple Inc. 0.3%

Value ($000) $1 Shares 2,550 Est. Cost $126.42 Unrealized +112.3%

TFPM Triple Flag Precious Metals Co 0.1%

Value ($000) $0 Shares 10,750 Est. Cost $14.40 Unrealized +117.3%

TKR Timken Company 0.1%

Value ($000) $0 Shares 3,875 Est. Cost $60.27 Unrealized +32.0%

PSHZF Pershing Square Holdings 0.3%

Value ($000) $1 Shares 10,175 Est. Cost $35.60 Unrealized —

ALL Allstate Corporation 0.2%

Value ($000) $0 Shares 2,250 Est. Cost $77.22 Unrealized +164.3%

— Surface Oncology Inc. 0.0%

Value ($000) $0 Shares 20,000 Est. Cost $0.00 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NSRGY	Nestle S.A.	73,394	$7	2.7%	$48.11	—	ADR	641069406
MTD	Mettler-Toledo Int'l Inc.	2,347	$3	1.2%	$1239.76	+12.6%	COM	592688105
AZO	AutoZone, Inc.	265	$1	0.3%	$1975.25	+91.3%	COM	053332102
AAPL	Apple Inc.	2,550	$1	0.3%	$126.42	+112.3%	COM	037833100
TFPM	Triple Flag Precious Metals Co	10,750	$0	0.1%	$14.40	+117.3%	ADR	89679M104
TKR	Timken Company	3,875	$0	0.1%	$60.27	+32.0%	COM	887389104
PSHZF	Pershing Square Holdings	10,175	$1	0.3%	$35.60	—	ADR	G7016V101
ALL	Allstate Corporation	2,250	$0	0.2%	$77.22	+164.3%	COM	020002101
—	Surface Oncology Inc.	20,000	$0	0.0%	$0.00	—	RTS	868cvr010