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
Expires: July 31, 2015
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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 (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ALLIANCE RESOURCE PARTNERS UT LTD PART 01877R108 8,184 296 SH SOLE 296 0 0
BAKKT HOLDINGS INC COM CL A NEW 05759B305 8,442 1,147 SH SOLE 1,147 0 0
BURFORD CAPITAL LTD ORD SHS G17977110 325 76 SH SOLE 76 0 0
CANTON STRATEGIC HOLDINGS IN COM 432705309 7 2 SH SOLE 2 0 0
CARNIVAL CORP COMMON STOCK 143658300 11,775 455 SH SOLE 455 0 0
CIRCLE INTERNET GROUP INC COM CL A 172573107 572 6 SH SOLE 6 0 0
CIVEO CORP COM NEW 17878Y207 31,434 1,188 SH SOLE 1,188 0 0
ENERGY TRANSFER LP COM UT LTD PTN 29273V100 39 2 SH SOLE 2 0 0
FERMI INC COM 314911108 187 32 SH SOLE 32 0 0
GRAYSCALE BITCOIN MINI TRUST SHS NEW 389930207 3,094,968 103,200 SH SOLE 103,200 0 0
Grayscale Bitcoin Trust SHS REP COM UT 389637109 22,139,151 419,620 SH SOLE 419,620 0 0
Hawaiian Electric Industries Inc COM 419870100 2,485,106 167,460 SH SOLE 167,460 0 0
HOWARD HUGHES HOLDINGS INC COM 44267T102 379,560 6,000 SH SOLE 6,000 0 0
ISHARES BITCOIN TRUST SHS BEN INT 46438F101 3,919 102 SH SOLE 102 0 0
iShares Silver Trust ISHARES 46428Q109 545 8 SH SOLE 8 0 0
LANDBRIDGE CO LLC-A CL A 514952100 6,473,852 93,756 SH SOLE 93,756 0 0
Mesabi Trust CTF BEN INT 590672101 1,421,091 45,114 SH SOLE 45,114 0 0
MIAMI INTERNATIONAL HOLDINGS COM 59356Q108 280,224 7,200 SH SOLE 7,200 0 0
Novagold Resources Inc COM NEW 66987E206 3,592 400 SH SOLE 400 0 0
Novo Nordisk A/S NOVO NORDISK ASB 670100205 68,649 1,868 SH SOLE 1,868 0 0
Permian Basin Royalty Trust UNIT BEN INT 714236106 5,172,160 240,342 SH SOLE 240,342 0 0
PLAINS ALL AMER PIPELINE LP UNIT LTD PARTN 726503105 45 2 SH SOLE 2 0 0
ROYAL CARIBBEAN GROUP COM V7790T103 8,806 32 SH SOLE 32 0 0
SEAPORT ENTERTAINMENT GROUP COMMON STOCK 812215200 26,936 1,254 SH SOLE 1,254 0 0
Tejon Ranch Co COM 879080109 1,526 81 SH SOLE 81 0 0
TEXAS PACIFIC LAND CORP COM 88262P102 70,926,788 149,458 SH SOLE 149,458 0 0
TRILOGY METALS INC COM 89621C105 237 66 SH SOLE 66 0 0
WATERBRIDGE INFRASTRUC-CL A CL A SHS REPSTG 940923105 334,875 12,500 SH SOLE 12,500 0 0
WHEATON PRECIOUS METALS CORP COM 962879102 5,764 44 SH SOLE 44 0 0