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

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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
3M Company COM 88579Y101 810 7,335 SH   SOLE   7,335 0 0
AbbVie Inc. COM 00287Y109 7,156 53,320 SH   SOLE   53,320 0 0
Allstate Corporation COM 020002101 290 2,325 SH   SOLE   2,325 0 0
Amazon.com COM 023135106 549 4,860 SH   SOLE   4,860 0 0
Apple Inc. COM 037833100 456 3,300 SH   SOLE   3,300 0 0
AutoZone, Inc. COM 053332102 557 260 SH   SOLE   260 0 0
Berkshire Hathaway COM 084670108 3,658 9 SH   SOLE   9 0 0
Berkshire Hathaway Cl B COM 084670702 4,391 16,445 SH   SOLE   16,445 0 0
Bristol-Myers Squibb Company COM 110122108 4,124 58,010 SH   SOLE   58,010 0 0
Cheniere Energy, Inc. COM 16411R208 5,838 35,185 SH   SOLE   35,185 0 0
Columbia Sportswear COM 198516106 246 3,650 SH   SOLE   3,650 0 0
ConocoPhillips Company COM 718507BK1 7,405 72,360 SH   SOLE   72,360 0 0
Coterra Energy Inc. COM 127097103 5,982 229,032 SH   SOLE   229,032 0 0
Diamondback Energy Inc COM 25278X109 735 6,100 SH   SOLE   6,100 0 0
EOG Resources, Inc. COM 26875P101 4,873 43,610 SH   SOLE   43,610 0 0
FRMO Corporation COM 30262F205 579 64,334 SH   SOLE   64,334 0 0
Helmerich & Payne Inc. COM 423452101 428 11,575 SH   SOLE   11,575 0 0
Intel Corp COM 458140100 3,558 138,070 SH   SOLE   138,070 0 0
International Business Machine COM 459200101 6,141 51,690 SH   SOLE   51,690 0 0
Johnson & Johnson COM 478160104 6,901 42,243 SH   SOLE   42,243 0 0
Keweenaw Land Association COM 493026108 244 13,836 SH   SOLE   13,836 0 0
Kinder Morgan, Inc. COM 49456B101 2,991 179,735 SH   SOLE   179,735 0 0
Merck & Co. COM 58933Y105 3,697 42,928 SH   SOLE   42,928 0 0
Mesabi Trust Ctfs COM 590672101 9,290 431,909 SH   SOLE   431,909 0 0
Oracle Corp COM 68389X105 3,376 55,285 SH   SOLE   55,285 0 0
Organon & Co. COM 68622V106 2,103 89,875 SH   SOLE   89,875 0 0
Pfizer, Inc COM 717081103 3,432 78,423 SH   SOLE   78,423 0 0
Pure Cycle Corporation COM 746228303 146 17,500 SH   SOLE   17,500 0 0
Surface Oncology Inc. COM 86877M100 13 12,500 SH   SOLE   12,500 0 0
Texas Pacific Land Corporation COM 882610108 20,914 11,768 SH   SOLE   11,768 0 0
Timken Company COM 887389104 517 8,750 SH   SOLE   8,750 0 0
VanEck IG Floating Rate ETF COM 92189F486 248 10,000 SH   SOLE   10,000 0 0
Viatris COM 92556V106 3,636 426,755 SH   SOLE   426,755 0 0
Bristol-Myers Squibb Contingen RTS 110122157 0 572,879 SH   SOLE   572,879 0 0
ABB Ltd ADR 000375204 3,169 123,512 SH   SOLE   123,512 0 0
Autoliv, Inc. ADR 052800109 4,480 67,238 SH   SOLE   67,238 0 0
Banco Latinoamericano de Expor ADR P16994132 5,820 445,611 SH   SOLE   445,611 0 0
Franco-Nevada Coporation ADR 351858105 6,480 54,237 SH   SOLE   54,237 0 0
Investor AB 'B' ORD W48102128 7,622 536,782 SH   SOLE   536,782 0 0
Nestle S.A. ADR 641069406 5,375 49,945 SH   SOLE   49,945 0 0
Novartis AG ADR 66987V109 408 5,365 SH   SOLE   5,365 0 0
Pershing Square Holdings ADR G7016V101 589 19,500 SH   SOLE   19,500 0 0
Pilot Corporation ORD J6378K106 4,639 122,300 SH   SOLE   122,300 0 0
SKF Aktiebolaget ADR 784375404 1,137 85,450 SH   SOLE   85,450 0 0
Shell plc ADR 780259305 3,129 62,890 SH   SOLE   62,890 0 0
Siemens AG ADR 826197501 3,244 66,271 SH   SOLE   66,271 0 0
Subaru Corporation ADR 86428V104 235 31,435 SH   SOLE   31,435 0 0
Triple Flag Precious Metals Co ADR 89679M104 266 21,000 SH   SOLE   21,000 0 0
Wheaton Precious Metals Corp ADR 962879102 2,725 84,198 SH   SOLE   84,198 0 0
Citigroup Cap XIII Tr Pfd PFD 173080201 560 20,050 SH   SOLE   20,050 0 0