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
AMAZON COM INC COM 023135106 810,356 3,400 SH SOLE 0 0 3,400
APPLE INC COM 037833100 1,461,268 5,050 SH SOLE 0 0 5,050
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 312,744 625 SH SOLE 0 0 625
CACI INTL INC CL A 127190304 210,784 455 SH SOLE 0 0 455
CARNIVAL CORP LTD COMMON SHARES G2004J103 2,724,801 95,373 SH SOLE 0 0 95,373
CBOE GLOBAL MKTS INC COM 12503M108 1,627,019 6,705 SH SOLE 0 0 6,705
CINCINNATI FINL CORP COM 172062101 666,504 3,600 SH SOLE 0 0 3,600
CISCO SYS INC COM 17275R102 704,760 6,000 SH SOLE 0 0 6,000
EATON CORP PLC SHS G29183103 511,344 1,200 SH SOLE 0 0 1,200
FERMI INC COM 314911108 151,140 16,500 SH SOLE 0 0 16,500
FIDELITY WISE ORIGIN BITCOIN SHS 315948109 3,592,314 70,369 SH SOLE 0 0 70,369
FRANCO NEV CORP COM 351858105 4,691,175 22,506 SH SOLE 0 0 22,506
GRAYSCALE BITCOIN MINI TR ET SHS NEW 389930207 2,115,367 81,517 SH SOLE 0 0 81,517
GRAYSCALE BITCOIN TRUST ETF SHS REP COM UT 389637109 16,393,528 360,139 SH SOLE 0 0 360,139
HAWAIIAN ELEC INDS INC MTN B CALL 419870100 660,264 48,800 PRN Call SOLE 0 0 48,800
HAWAIIAN ELEC INDS INC MTN B COM 419870100 17,884,631 1,321,850 SH SOLE 0 0 1,321,850
INTERCONTINENTAL EXCHANGE IN COM 45866F104 965,876 7,846 SH SOLE 0 0 7,846
JOHNSON & JOHNSON COM 478160104 304,764 1,200 SH SOLE 0 0 1,200
LANDBRIDGE COMPANY LLC CL A 514952100 21,232,603 267,953 SH SOLE 0 0 267,953
MESABI TR CTF BEN INT 590672101 8,190,493 323,735 SH SOLE 0 0 323,735
MIAMI INTL HLDGS INC COM 59356Q108 10,739,240 289,000 SH SOLE 0 0 289,000
ORACLE CORP COM 68389X105 1,179,728 8,050 SH SOLE 0 0 8,050
PALO ALTO NETWORKS INC COM 697435105 1,870,154 5,484 SH SOLE 0 0 5,484
PERMIAN BASIN RTY TR UNIT BEN INT 714236106 25,169,016 1,005,152 SH SOLE 0 0 1,005,152
RLI CORP COM 749607107 354,420 6,000 SH SOLE 0 0 6,000
TEXAS PACIFIC LAND CORPORATI COM 88262P102 124,871,767 285,330 SH SOLE 0 0 285,330
UNITEDHEALTH GROUP INC COM 91324P102 706,571 1,700 SH SOLE 0 0 1,700
VANGUARD INDEX FDS TOTAL STK MKT 922908769 2,516,272 6,800 SH SOLE 0 0 6,800
WATERBRIDGE INFRASTRUCTURE L CL A SHS REPSTG 940923105 9,177,525 267,801 SH SOLE 0 0 267,801
WHEATON PRECIOUS METALS CORP COM 962879102 6,309,356 56,173 SH SOLE 0 0 56,173