MAD RIVER INVESTORS
31 holdingsFiling period: 2026-03-31Current AUM: $262.7Mestimated from latest prices
| # | Ticker | Company | Shares | Reported Value | Current Value | % Portfolio | Change | Date |
|---|---|---|---|---|---|---|---|---|
| 1 | TPL | TEXAS PACIFIC LAND CORPORATI | 285.1K | $135.3M | $114.8M | 43.69% | -963 | 2026-03-31 |
| 2 | PBT | PERMIAN BASIN RTY TR | 1.00M | $21.6M | $29.7M | 11.31% | +16.3K | 2026-03-31 |
| 3 | HE | HAWAIIAN ELEC INDS INC MTN B | 1.36M | $20.2M | $17.6M | 6.71% | +65.6K | 2026-03-31 |
| 4 | GBTC | GRAYSCALE BITCOIN TRUST ETF | 360.1K | $19.0M | $17.5M | 6.68% | -315 | 2026-03-31 |
| 5 | LB | LANDBRIDGE COMPANY LLC | 266.4K | $18.4M | $20.6M | 7.86% | +3.5K | 2026-03-31 |
| 6 | WPM | WHEATON PRECIOUS METALS CORP | 89.3K | $11.7M | $9.7M | 3.70% | -8,333 | 2026-03-31 |
| 7 | MSB | MESABI TR | 321.5K | $10.1M | $7.1M | 2.69% | +24.9K | 2026-03-31 |
| 8 | WBI | WATERBRIDGE INFRASTRUCTURE L | 270.9K | $7.3M | $9.3M | 3.53% | +13.9K | 2026-03-31 |
| 9 | FNV | FRANCO NEV CORP | 23.6K | $5.8M | $5.0M | 1.91% | -4 | 2026-03-31 |
| 10 | FBTC | FIDELITY WISE ORIGIN BITCOIN | 70.3K | $4.2M | $3.8M | 1.46% | -520 | 2026-03-31 |
| 11 | CCL | CARNIVAL CORP | 156.2K | $4.0M | $4.3M | 1.65% | +585 | 2026-03-31 |
| 12 | MIAX | MIAMI INTL HLDGS INC | 81.3K | $3.2M | $3.8M | 1.45% | +6.2K | 2026-03-31 |
| 13 | VTI | VANGUARD INDEX FDS | 8.8K | $2.8M | $3.2M | 1.23% | -3,322 | 2026-03-31 |
| 14 | BTC | GRAYSCALE BITCOIN MINI TR ET | 81.2K | $2.4M | $2.3M | 0.86% | +3.6K | 2026-03-31 |
| 15 | CBOE | CBOE GLOBAL MKTS INC | 6.7K | $1.9M | $2.1M | 0.79% | -10 | 2026-03-31 |
| 16 | AAPL | APPLE INC | 5.1K | $1.3M | $1.6M | 0.60% | -- | 2026-03-31 |
| 17 | ICE | INTERCONTINENTAL EXCHANGE IN | 7.6K | $1.2M | $1.2M | 0.44% | -- | 2026-03-31 |
| 18 | ORCL | ORACLE CORP | 8.1K | $1.2M | $1.0M | 0.40% | -- | 2026-03-31 |
| 19 | PANW | PALO ALTO NETWORKS INC | 5.5K | $879K | $1.8M | 0.69% | -- | 2026-03-31 |
| 20 | AMZN | AMAZON COM INC | 3.5K | $728K | $949K | 0.36% | -- | 2026-03-31 |
| 21 | RGLD | ROYAL GOLD INC | 2.5K | $626K | $488K | 0.19% | -193 | 2026-03-31 |
| 22 | CINF | CINCINNATI FINL CORP | 3.6K | $566K | $639K | 0.24% | -- | 2026-03-31 |
| 23 | CSCO | CISCO SYS INC | 6.0K | $465K | $695K | 0.26% | -- | 2026-03-31 |
| 24 | UNH | UNITEDHEALTH GROUP INC | 1.7K | $460K | $704K | 0.27% | -- | 2026-03-31 |
| 25 | CACI | CACI INTL INC | 805 | $437K | $400K | 0.15% | -- | 2026-03-31 |
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