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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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
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702   3,325,379 7,225 SH   SOLE   0 0 7,225
CACI INTL INC CL A 127190304   8,355,352 16,560 SH   SOLE   0 0 16,560
CARNIVAL CORP UNIT 99/99/9999 143658300   3,688,539 199,596 SH   SOLE   0 0 199,596
CBOE GLOBAL MKTS INC COM 12503M108   1,245,539 6,080 SH   SOLE   0 0 6,080
CIVEO CORP CDA COM NEW 17878Y207   6,309,080 230,258 SH   SOLE   0 0 230,258
CME GROUP INC COM 12572Q105   290,735 1,318 SH   SOLE   0 0 1,318
DISNEY WALT CO COM 254687106   230,856 2,400 SH   SOLE   0 0 2,400
EAGLE MATLS INC COM 26969P108   1,631,412 5,672 SH   SOLE   0 0 5,672
FIDELITY WISE ORIGIN BITCOIN SHS 315948109   4,506,204 81,149 SH   SOLE   0 0 81,149
FRANCO NEV CORP COM 351858105   4,050,516 32,600 SH   SOLE   0 0 32,600
GRAYSCALE BITCOIN MINI TR BT SHS 389930108   2,198,205 390,445 SH   SOLE   82,842 0 307,603
GRAYSCALE BITCOIN TR BTC SHS REP COM UT 389637109   19,682,123 389,745 SH   SOLE   82,842 0 306,903
INTERCONTINENTAL EXCHANGE IN COM 45866F104   1,224,944 7,625 SH   SOLE   0 0 7,625
INVESCO EXCHANGE TRADED FD T S&P500 EQL WGT 46137V357   270,174 1,508 SH   SOLE   0 0 1,508
ISHARES TR MSCI ACWI EX US 464288240   443,284 7,747 SH   SOLE   0 0 7,747
LANDBRIDGE COM 514952100   9,097,356 232,550 SH   SOLE   0 0 232,550
MESABI TR CTF BEN INT 590672101   6,638,011 293,069 SH   SOLE   0 0 293,069
PERMIAN BASIN RTY TR UNIT BEN INT 714236106   3,286,183 276,382 SH   SOLE   0 0 276,382
RENN FD INC COM 759720105   59,360 28,000 SH   SOLE   0 0 28,000
RLI CORP COM 749607107   852,390 5,500 SH   SOLE   0 0 5,500
SANDSTORM GOLD LTD COM NEW 80013R206   1,159,495 193,249 SH   SOLE   0 0 193,249
TEJON RANCH CO COM 879080109   989,809 56,399 SH   SOLE   0 0 56,399
TEXAS PACIFIC LAND CORPORATI COM 88262P102   86,508,544 97,778 SH   SOLE   0 0 97,778
VANGUARD INDEX FDS TOTAL STK MKT 922908769   3,432,466 12,122 SH   SOLE   0 0 12,122
VANGUARD SPECIALIZED FUNDS DIV APP ETF 921908844   1,795,414 9,065 SH   SOLE   0 0 9,065
WHEATON PRECIOUS METALS CORP COM 962879102   8,996,322 147,288 SH   SOLE   0 0 147,288