Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
PBT	PERMIAN BASIN RTY TR	1,056,366 (+5.1%)	$33.25M (+32.1%)	13.5%	$31.48	$13.85	—	UNIT BEN INT	714236106
FBTC	FIDELITY WISE ORIGIN BITCOIN	78,429 (+11.5%)	$5.697M (+58.6%)	2.3%	$72.64	$49.29	+47.4%	SHS	315948109
FRMI	FERMI INC	483,200 (+2828.5%)	$2.034M (+1246.0%)	0.8%	$4.21	$5.94	-29.1%	COM	314911108
MSB	MESABI TR	327,316 (+1.1%)	$6.412M (-21.7%)	2.6%	$19.59	$23.69	—	CTF BEN INT	590672101
MIAX	MIAMI INTL HLDGS INC	297,157 (+2.8%)	$9.955M (-7.3%)	4.1%	$33.50	$42.51	-21.2%	COM	59356Q108
AAPL	APPLE INC	5,847 (+15.8%)	$1.947M (+33.3%)	0.8%	$333.02	$239.34	+39.1%	COM	037833100
ICE	INTERCONTINENTAL EXCHANGE IN	8,001 (+2.0%)	$1.216M (+25.9%)	0.5%	$152.02	$90.33	+68.3%	COM	45866F104
BRK/B	BERKSHIRE HATHAWAY INC DEL	775 (+24.0%)	$386K (+23.4%)	0.2%	$497.95	$205.88	+141.9%	CL B NEW	084670702

Exited Positions (1)

CACI CACI INTL INC 0.1%

Value $211K Shares 455 Share Price $463.26 * Est. Cost/Share $211.31 Unrealized @ Report Date +188.3%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
CACI	CACI INTL INC	455	$211K	0.1%	$463.26 *	$211.31	+188.3%	—	127190304

Decreased Positions (5)

GBTC GRAYSCALE BITCOIN TRUST ETF 9.3%

Value $22.96M (+40.0%) Shares 355,444 (-1.3%) Share Price $64.59 Est. Cost/Share $44.10 Unrealized @ Report Date +46.4%

CCL CARNIVAL CORP LTD 0.2%

Value $458K (-83.2%) Shares 18,677 (-80.4%) Share Price $24.54 Est. Cost/Share $28.57 Unrealized @ Report Date —

VTI VANGUARD INDEX FDS 0.7%

Value $1.722M (-31.6%) Shares 4,600 (-32.4%) Share Price $374.24 Est. Cost/Share $208.58 Unrealized @ Report Date +79.4%

FNV FRANCO NEV CORP 2.0%

Value $5.014M (+6.9%) Shares 21,057 (-6.4%) Share Price $238.11 Est. Cost/Share $83.61 Unrealized @ Report Date +184.8%

WPM WHEATON PRECIOUS METALS CORP 2.5%

Value $6.021M (-4.6%) Shares 45,024 (-19.8%) Share Price $133.72 Est. Cost/Share $20.89 Unrealized @ Report Date +540.1%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
GBTC	GRAYSCALE BITCOIN TRUST ETF	355,444 (-1.3%)	$22.96M (+40.0%)	9.3%	$64.59	$44.10	+46.4%	SHS REP COM UT	389637109
CCL	CARNIVAL CORP LTD	18,677 (-80.4%)	$458K (-83.2%)	0.2%	$24.54	$28.57	—	COMMON SHARES	G2004J103
VTI	VANGUARD INDEX FDS	4,600 (-32.4%)	$1.722M (-31.6%)	0.7%	$374.24	$208.58	+79.4%	MRNGSTR TTL STK	922908769
FNV	FRANCO NEV CORP	21,057 (-6.4%)	$5.014M (+6.9%)	2.0%	$238.11	$83.61	+184.8%	COM	351858105
WPM	WHEATON PRECIOUS METALS CORP	45,024 (-19.8%)	$6.021M (-4.6%)	2.5%	$133.72	$20.89	+540.1%	COM	962879102

Unchanged Positions (16)

TPL TEXAS PACIFIC LAND CORPORATI 37.8%

Value $92.79M Shares 284,771 Share Price $325.83 Est. Cost/Share $253.85 Unrealized @ Report Date +28.4%

HE HAWAIIAN ELEC INDS INC MTN B 4.8%

Value $11.79M Shares 1,319,050 Share Price $8.94 Est. Cost/Share $10.29 Unrealized @ Report Date -13.1%

WBI WATERBRIDGE INFRASTRUCTURE L 3.1%

Value $7.557M Shares 268,751 Share Price $28.12 Est. Cost/Share $23.46 Unrealized @ Report Date +19.9%

BTC GRAYSCALE BITCOIN MINI TR ET 1.2%

Value $3.012M Shares 81,517 Share Price $36.95 Est. Cost/Share $37.30 Unrealized @ Report Date -0.9%

LB LANDBRIDGE COMPANY LLC 8.8%

Value $21.65M Shares 266,705 Share Price $81.17 Est. Cost/Share $36.56 Unrealized @ Report Date +122.0%

PANW PALO ALTO NETWORKS INC 0.9%

Value $2.179M Shares 5,484 Share Price $397.31 Est. Cost/Share $191.42 Unrealized @ Report Date +107.6%

HE HAWAIIAN ELEC INDS INC MTN B 0.2%

Value $436K Shares 48,800 Share Price $8.94 Est. Cost/Share $10.29 Unrealized @ Report Date -13.1%

CBOE CBOE GLOBAL MKTS INC 0.7%

Value $1.839M Shares 6,680 Share Price $275.28 Est. Cost/Share $121.44 Unrealized @ Report Date +126.7%

CINF CINCINNATI FINL CORP 0.2%

Value $574K Shares 3,600 Share Price $159.37 Est. Cost/Share $150.23 Unrealized @ Report Date +6.1%

UNH UNITEDHEALTH GROUP INC 0.3%

Value $624K Shares 1,700 Share Price $367.08 Est. Cost/Share $298.94 Unrealized @ Report Date +22.8%

ORCL ORACLE CORP 0.4%

Value $1.105M Shares 8,050 Share Price $137.30 Est. Cost/Share $254.17 Unrealized @ Report Date -46.0%

CSCO CISCO SYS INC 0.3%

Value $646K Shares 6,000 Share Price $107.63 Est. Cost/Share $67.38 Unrealized @ Report Date +59.7%

AMZN AMAZON COM INC 0.3%

Value $847K Shares 3,400 Share Price $249.15 Est. Cost/Share $226.42 Unrealized @ Report Date +10.0%

RLI RLI CORP 0.1%

Value $332K Shares 6,000 Share Price $55.31 Est. Cost/Share $42.27 Unrealized @ Report Date +30.9%

JNJ JOHNSON & JOHNSON 0.1%

Value $318K Shares 1,200 Share Price $264.74 Est. Cost/Share $169.51 Unrealized @ Report Date +56.2%

ETN EATON CORP PLC 0.2%

Value $516K Shares 1,200 Share Price $429.71 Est. Cost/Share $363.27 Unrealized @ Report Date +18.3%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
TPL	TEXAS PACIFIC LAND CORPORATI	284,771	$92.79M	37.8%	$325.83	$253.85	+28.4%	COM	88262P102
HE	HAWAIIAN ELEC INDS INC MTN B	1,319,050	$11.79M	4.8%	$8.94	$10.29	-13.1%	COM	419870100
WBI	WATERBRIDGE INFRASTRUCTURE L	268,751	$7.557M	3.1%	$28.12	$23.46	+19.9%	CL A SHS REPSTG	940923105
BTC	GRAYSCALE BITCOIN MINI TR ET	81,517	$3.012M	1.2%	$36.95	$37.30	-0.9%	SHS NEW	389930207
LB	LANDBRIDGE COMPANY LLC	266,705	$21.65M	8.8%	$81.17	$36.56	+122.0%	CL A	514952100
PANW	PALO ALTO NETWORKS INC	5,484	$2.179M	0.9%	$397.31	$191.42	+107.6%	COM	697435105
HE	HAWAIIAN ELEC INDS INC MTN B	48,800	$436K	0.2%	$8.94	$10.29	-13.1%	CALL	419870100
CBOE	CBOE GLOBAL MKTS INC	6,680	$1.839M	0.7%	$275.28	$121.44	+126.7%	COM	12503M108
CINF	CINCINNATI FINL CORP	3,600	$574K	0.2%	$159.37	$150.23	+6.1%	COM	172062101
UNH	UNITEDHEALTH GROUP INC	1,700	$624K	0.3%	$367.08	$298.94	+22.8%	COM	91324P102
ORCL	ORACLE CORP	8,050	$1.105M	0.4%	$137.30	$254.17	-46.0%	COM	68389X105
CSCO	CISCO SYS INC	6,000	$646K	0.3%	$107.63	$67.38	+59.7%	COM	17275R102
AMZN	AMAZON COM INC	3,400	$847K	0.3%	$249.15	$226.42	+10.0%	COM	023135106
RLI	RLI CORP	6,000	$332K	0.1%	$55.31	$42.27	+30.9%	COM	749607107
JNJ	JOHNSON & JOHNSON	1,200	$318K	0.1%	$264.74	$169.51	+56.2%	COM	478160104
ETN	EATON CORP PLC	1,200	$516K	0.2%	$429.71	$363.27	+18.3%	SHS	G29183103