# MSRH, LLC

> Institutional holdings reported to the SEC as of Q1 2026 on Form 13F. CIK 2122489. Source: https://holderbook.com/funds/2122489-msrh-llc/

- Reported value: $112.9M
- Positions: 29
- Weight of the ten largest: 99.8%
- Filed: 2026-05-11

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| TEXAS PACIFIC LAND CORPORATI | [TPL](https://holderbook.com/stocks/TPL/) | $70.9M | 149,458 | 62.8% | 2 |
| GRAYSCALE BITCOIN TRUST ETF | [GBTC](https://holderbook.com/stocks/GBTC/) | $22.1M | 419,620 | 19.6% | 2 |
| LANDBRIDGE COMPANY LLC | [LB](https://holderbook.com/stocks/LB/) | $6.5M | 93,756 | 5.7% | 2 |
| PERMIAN BASIN RTY TR | [PBT](https://holderbook.com/stocks/PBT/) | $5.2M | 240,342 | 4.6% | 2 |
| GRAYSCALE BITCOIN MINI TR ET | [BTC](https://holderbook.com/stocks/BTC/) | $3.1M | 103,200 | 2.7% | 2 |
| HAWAIIAN ELEC INDS INC MTN B | [HE](https://holderbook.com/stocks/HE/) | $2.5M | 167,460 | 2.2% | 2 |
| MESABI TR | [MSB](https://holderbook.com/stocks/MSB/) | $1.4M | 45,114 | 1.3% | 2 |
| HOWARD HUGHES HOLDINGS INC | [HHH](https://holderbook.com/stocks/HHH/) | $379.6K | 6,000 | 0.3% | 2 |
| WATERBRIDGE INFRASTRUCTURE L | [WBI](https://holderbook.com/stocks/WBI/) | $334.9K | 12,500 | 0.3% | 2 |
| MIAMI INTL HLDGS INC | [MIAX](https://holderbook.com/stocks/MIAX/) | $280.2K | 7,200 | 0.2% | 1 |
| NOVO-NORDISK A S | [NVO](https://holderbook.com/stocks/NVO/) | $68.6K | 1,868 | 0.1% | 2 |
| CIVEO CORP CDA | [CVEO](https://holderbook.com/stocks/CVEO/) | $31.4K | 1,188 | 0.0% | 2 |
| SEAPORT ENTMT GROUP INC | [SEG](https://holderbook.com/stocks/SEG/) | $26.9K | 1,254 | 0.0% | 2 |
| CARNIVAL CORP | [CCL](https://holderbook.com/stocks/CCL/) | $11.8K | 455 | 0.0% | 1 |
| ROYAL CARIBBEAN GROUP | - | $8.8K | 32 | 0.0% | 1 |
| BAKKT INC | [BKKT](https://holderbook.com/stocks/BKKT/) | $8.4K | 1,147 | 0.0% | 2 |
| ALLIANCE RESOURCE PARTNERS L | [ARLP](https://holderbook.com/stocks/ARLP/) | $8.2K | 296 | 0.0% | 2 |
| WHEATON PRECIOUS METALS CORP | [WPM](https://holderbook.com/stocks/WPM/) | $5.8K | 44 | 0.0% | 2 |
| ISHARES BITCOIN TRUST ETF | [IBIT](https://holderbook.com/stocks/IBIT/) | $3.9K | 102 | 0.0% | 2 |
| NOVAGOLD RESOURCES INC | [NG](https://holderbook.com/stocks/NG/) | $3.6K | 400 | 0.0% | 2 |
| TEJON RANCH CO | [TRC](https://holderbook.com/stocks/TRC/) | $1.5K | 81 | 0.0% | 2 |
| CIRCLE INTERNET GROUP INC | [CRCL](https://holderbook.com/stocks/CRCL/) | $572 | 6 | 0.0% | 2 |
| ISHARES SILVER TR | [SLV](https://holderbook.com/stocks/SLV/) | $545 | 8 | 0.0% | 2 |
| BURFORD CAPITAL LIMITED | [BUR](https://holderbook.com/stocks/BUR/) | $325 | 76 | 0.0% | 1 |
| TRILOGY METALS INC NEW | [TMQ](https://holderbook.com/stocks/TMQ/) | $237 | 66 | 0.0% | 2 |
| FERMI INC | [FRMI](https://holderbook.com/stocks/FRMI/) | $187 | 32 | 0.0% | 2 |
| PLAINS ALL AMERN PIPELINE L | [PAA](https://holderbook.com/stocks/PAA/) | $45 | 2 | 0.0% | 2 |
| ENERGY TRANSFER L P | [ET](https://holderbook.com/stocks/ET/) | $39 | 2 | 0.0% | 2 |
| CANTON STRATEGIC HOLDINGS IN | [CNTN](https://holderbook.com/stocks/CNTN/) | $7 | 2 | 0.0% | 1 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q1 2026 | +26.4% | -4.6% | +31.0% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q1 2026 | $112.9M | 29 |
| Q4 2025 | $89.6M | 27 |