The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
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hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ASSOCIATED CAP GROUP INC CL A 045528106   1,779,246 52,300 SH   SOLE   0 0 52,300
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702   3,035,949 7,463 SH   SOLE   0 0 7,463
CACI INTL INC CL A 127190304   7,260,595 16,880 SH   SOLE   0 0 16,880
CARNIVAL CORP UNIT 99/99/9999 143658300   3,903,120 208,500 SH   SOLE   0 0 208,500
CBOE GLOBAL MKTS INC COM 12503M108   1,033,965 6,080 SH   SOLE   0 0 6,080
CIVEO CORP CDA COM NEW 17878Y207   5,867,371 235,448 SH   SOLE   0 0 235,448
CME GROUP INC COM 12572Q105   1,008,362 5,129 SH   SOLE   0 0 5,129
DISNEY WALT CO COM 254687106   238,296 2,400 SH   SOLE   0 0 2,400
EAGLE MATLS INC COM 26969P108   1,226,475 5,640 SH   SOLE   0 0 5,640
FIDELITY WISE ORIGIN BITCOIN SHS 315948109   4,354,233 83,001 SH   SOLE   0 0 83,001
FRANCO NEV CORP COM 351858105   3,858,249 32,554 SH   SOLE   0 0 32,554
GRAYSCALE BITCOIN TR BTC SHS REP COM UT 389637109   16,374,388 307,558 SH   SOLE   0 0 307,558
INTERCONTINENTAL EXCHANGE IN COM 45866F104   1,050,631 7,675 SH   SOLE   0 0 7,675
INVESCO EXCHANGE TRADED FD T S&P500 EQL WGT 46137V357   267,120 1,626 SH   SOLE   0 0 1,626
ISHARES TR MSCI ACWI EX US 464288240   411,599 7,747 SH   SOLE   0 0 7,747
LIBERTY MEDIA CORP DEL COM LBTY SRM S C 531229789   244,185 3,399 SH   SOLE   0 0 3,399
MESABI TR CTF BEN INT 590672101   5,025,070 291,646 SH   SOLE   0 0 291,646
PERMIAN BASIN RTY TR UNIT BEN INT 714236106   2,974,593 264,173 SH   SOLE   0 0 264,173
RENN FD INC COM 759720105   47,600 28,000 SH   SOLE   0 0 28,000
RLI CORP COM 749607107   773,795 5,500 SH   SOLE   0 0 5,500
RUMBLE INC COM CL A 78137L105   92,963 16,750 SH   SOLE   0 0 16,750
SANDSTORM GOLD LTD COM NEW 80013R206   1,044,856 192,069 SH   SOLE   0 0 192,069
TEJON RANCH CO COM 879080109   1,323,856 77,600 SH   SOLE   0 0 77,600
TEXAS PACIFIC LAND CORPORATI COM 88262P102   72,920,232 99,310 SH   SOLE   0 0 99,310
VANGUARD INDEX FDS TOTAL STK MKT 922908769   3,339,060 12,482 SH   SOLE   0 0 12,482
VANGUARD SPECIALIZED FUNDS DIV APP ETF 921908844   1,834,993 10,052 SH   SOLE   0 0 10,052
WHEATON PRECIOUS METALS CORP COM 962879102   7,961,075 151,871 SH   SOLE   0 0 151,871