Disclosed positions
| SPROTT ASSET MANAGEMENT LP | PHYS | PHYSICAL GOLD TR | $16,417,126 | 544,154 | SH | None |
| BERKSHIRE HATHAWAY INC DEL | BRK.B | CL B NEW | $14,297,143 | 28,572 | SH | None |
| NATURAL RESOURCE PARTNERS LP | NRP | COM UNIT LTD PAR | $9,466,327 | 97,591 | SH | None |
| DORCHESTER MINERALS L P | DMLP | COM UNIT | $9,318,297 | 369,041 | SH | None |
| EAGLE MATLS INC | EXP | COM | $6,771,375 | 30,095 | SH | None |
| ENTERPRISE PRODS PARTNERS L | EPD | COM | $6,337,424 | 172,400 | SH | None |
| SUNCOR ENERGY INC NEW | SU | COM | $6,144,428 | 114,464 | SH | None |
| ONEOK INC NEW | OKE | COM | $5,112,681 | 58,807 | SH | None |
| ROYAL GOLD INC | RGLD | COM | $4,438,927 | 22,238 | SH | None |
| ESAB CORPORATION | ESAB | COM | $4,365,364 | 44,260 | SH | None |
| TORTOISE ENERGY INFRSTRCTR C | TYG | COM | $4,149,945 | 96,803 | SH | None |
| LOCKHEED MARTIN CORP | LMT | COM | $4,013,126 | 7,877 | SH | None |
| CANADIAN NAT RES LTD MED TER | CNQ | COM | $3,959,125 | 100,231 | SH | None |
| GLOBAL X FDS | MLPA | GLBL X MLP ETF | $3,356,142 | 63,228 | SH | None |
| KINDER MORGAN INC DEL | KMI | COM | $3,232,966 | 101,125 | SH | None |
| FRANCO NEV CORP | FNV | COM | $3,197,886 | 15,342 | SH | None |
| KNIFE RIVER CORP | KNF | COMMON STOCK | $3,017,841 | 36,077 | SH | None |
| WP CAREY INC | WPC | COM | $2,917,486 | 40,804 | SH | None |
| CANADIAN PACIFIC KANSAS CITY | CP | COM | $2,855,291 | 32,952 | SH | None |
| VANECK MERK GOLD ETF | OUNZ | GOLD SHS | $2,845,588 | 73,739 | SH | None |
| HONEYWELL INTL INC | HON | COM | $2,713,220 | 12,118 | SH | None |
| HONEYWELL AEROSPACE INC | HONA | COM | $2,670,425 | 12,079 | SH | None |
| SKY HARBOUR GROUP CORPORATIO | SKYH | COM CL A | $2,660,766 | 270,403 | SH | None |
| TRANSPORTADORA DE GAS DEL SU | TGS | SPONSORED ADS B | $2,603,426 | 87,569 | SH | None |
| REXFORD INDL RLTY INC | REXR | COM | $2,239,442 | 66,849 | SH | None |
| MURPHY USA INC | MUSA | COM | $2,171,107 | 4,029 | SH | None |
| MODIV INDUSTRIAL INC | MDV | COM STK CL C | $2,108,219 | 121,162 | SH | None |
| FRP HLDGS INC | FRPH | COM | $1,772,091 | 70,912 | SH | None |
| ENERGY TRANSFER L P | ET | COM UT LTD PTN | $1,729,882 | 90,475 | SH | None |
| PENSKE AUTOMOTIVE GRP INC | PAG | COM | $1,674,435 | 9,357 | SH | None |
| FIRST TR EXCHANGE-TRADED FD | GRID | NASDQ CLN EDGE | $1,591,909 | 8,302 | SH | None |
| OR ROYALTIES INC. | OR | COM SHS | $1,499,736 | 47,415 | SH | None |
| BERKSHIRE HATHAWAY INC DEL | BRK.A | CL A | $1,497,700 | 2 | SH | None |
| QUALCOMM INC | QCOM | COM | $1,481,744 | 8,019 | SH | None |
| ENBRIDGE INC | ENB | COM | $1,468,983 | 27,098 | SH | None |
| LOWES COS INC | LOW | COM | $1,449,060 | 6,572 | SH | None |
| SOLSTICE ADVANCED MATLS INC | SOLS | COM SHS | $1,408,386 | 15,896 | SH | None |
| SPDR SERIES TRUST | XAR | ST STR SP AERO | $1,395,112 | 4,916 | SH | None |
| BOSTON OMAHA CORP | BOC | CL A COM STK | $1,308,008 | 95,895 | SH | None |
| LINCOLN ELEC HLDGS INC | LECO | COM | $1,272,589 | 4,793 | SH | None |
| CORPORACION AMER ARPTS S A | CAAP | COM | $1,263,633 | 50,184 | SH | None |
| HOME DEPOT INC | HD | COM | $1,120,771 | 3,178 | SH | None |
| FERGUSON ENTERPRISES INC | FERG | COMMON STOCK NEW | $1,105,958 | 4,660 | SH | None |
| DINE BRANDS GLOBAL INC | DIN | COM | $1,080,805 | 30,106 | SH | None |
| LEGACY HOUSING CORP | LEGH | COM | $1,080,091 | 41,115 | SH | None |
| ALPHABET INC | GOOGL | CAP STK CL A | $997,488 | 2,791 | SH | None |
| TRIMBLE INC | TRMB | COM | $968,274 | 18,919 | SH | None |
| WESCO INTL INC | WCC | COM | $954,769 | 2,764 | SH | None |
| AMRIZE LTD | AMRZ | SHS | $879,237 | 16,496 | SH | None |
| VALARIS LTD | VAL | CL A | $860,818 | 11,857 | SH | None |
No matching rows. Clear the filter to see all records.
Largest 50 positions by reported value; the filing may contain more positions.
How amendments affect these holdings
This view uses 1 effective filing version(s). A restatement replaces the previous book; a new-holdings amendment adds positions. 1 positions lack a resolved ticker and 1 positions are put or call entries.
A 13F is a delayed quarterly snapshot of disclosed holdings. It is not a complete trade ledger and does not reveal every position in a manager's portfolio. Option values refer to the reported underlying position rather than a traded option premium.
Quarter end and public filing date
Use the filing's public availability date when constructing a historical observation. The quarter-end report period is earlier and cannot be substituted for when the public learned the holdings.