MAD RIVER INVESTORS
29 holdingsFiling period: 2026-06-30Current AUM: $266.9Mestimated from latest prices
| # | Ticker | Company | Shares | Reported Value | Current Value | % Portfolio | Change | Date |
|---|---|---|---|---|---|---|---|---|
| 1 | TPL | TEXAS PACIFIC LAND CORPORATI | 285.3K | $124.9M | $106.0M | 39.72% | +210 | 2026-06-30 |
| 2 | PBT | PERMIAN BASIN RTY TR | 1.01M | $25.2M | $36.3M | 13.60% | +2.0K | 2026-06-30 |
| 3 | LB | LANDBRIDGE COMPANY LLC | 268.0K | $21.2M | $23.4M | 8.76% | +1.6K | 2026-06-30 |
| 4 | HE | HAWAIIAN ELEC INDS INC MTN B | 1.37M | $18.5M | $14.0M | 5.24% | +6.7K | 2026-06-30 |
| 5 | GBTC | GRAYSCALE BITCOIN TRUST ETF | 360.1K | $16.4M | $21.2M | 7.94% | -- | 2026-06-30 |
| 6 | MIAX | MIAMI INTL HLDGS INC | 289.0K | $10.7M | $11.4M | 4.28% | +207.8K | 2026-06-30 |
| 7 | WBI | WATERBRIDGE INFRASTRUCTURE L | 267.8K | $9.2M | $8.4M | 3.16% | -3,099 | 2026-06-30 |
| 8 | MSB | MESABI TR | 323.7K | $8.2M | $6.6M | 2.49% | +2.2K | 2026-06-30 |
| 9 | WPM | WHEATON PRECIOUS METALS CORP | 56.2K | $6.3M | $8.4M | 3.16% | -33,098 | 2026-06-30 |
| 10 | FNV | FRANCO NEV CORP | 22.5K | $4.7M | $5.9M | 2.22% | -1,084 | 2026-06-30 |
| 11 | FBTC | FIDELITY WISE ORIGIN BITCOIN | 70.4K | $3.6M | $4.7M | 1.74% | +30 | 2026-06-30 |
| 12 | — | CARNIVAL CORP LTD | 95.4K | $2.7M | $2.7M | 1.02% | -- | 2026-06-30 |
| 13 | VTI | VANGUARD INDEX FDS | 6.8K | $2.5M | $2.5M | 0.95% | -2,000 | 2026-06-30 |
| 14 | BTC | GRAYSCALE BITCOIN MINI TR ET | 81.5K | $2.1M | $2.7M | 1.03% | +300 | 2026-06-30 |
| 15 | PANW | PALO ALTO NETWORKS INC | 5.5K | $1.9M | $2.1M | 0.77% | -- | 2026-06-30 |
| 16 | CBOE | CBOE GLOBAL MKTS INC | 6.7K | $1.6M | $1.8M | 0.68% | +25 | 2026-06-30 |
| 17 | AAPL | APPLE INC | 5.0K | $1.5M | $1.7M | 0.63% | -50 | 2026-06-30 |
| 18 | ORCL | ORACLE CORP | 8.1K | $1.2M | $1.1M | 0.42% | -- | 2026-06-30 |
| 19 | ICE | INTERCONTINENTAL EXCHANGE IN | 7.8K | $965K | $1.2M | 0.46% | +201 | 2026-06-30 |
| 20 | AMZN | AMAZON COM INC | 3.4K | $810K | $844K | 0.32% | -100 | 2026-06-30 |
| 21 | UNH | UNITEDHEALTH GROUP INC | 1.7K | $706K | $639K | 0.24% | -- | 2026-06-30 |
| 22 | CSCO | CISCO SYS INC | 6.0K | $704K | $660K | 0.25% | -- | 2026-06-30 |
| 23 | CINF | CINCINNATI FINL CORP | 3.6K | $666K | $618K | 0.23% | -- | 2026-06-30 |
| 24 | — | EATON CORP PLC | 1.2K | $511K | $511K | 0.19% | -- | 2026-06-30 |
| 25 | RLI | RLI CORP | 6.0K | $354K | $368K | 0.14% | -- | 2026-06-30 |
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