MAD RIVER INVESTORS

Est. AUM

$277.9M

13F long equity, this entity only

Positions

Period

Mar 2026 (Q1)

SEC EDGAR

View filings ↗

Mar 2026 (Q1)

#	Issuer	Class	Value	Shares	% Portfolio	Discretion
1	TEXAS PACIFIC LAND CORPORATI	COM	$135.3M	285120	48.69%	SOLE
2	PERMIAN BASIN RTY TR	UNIT BEN INT	$21.6M	1003140	7.77%	SOLE
3	HAWAIIAN ELEC INDS INC MTN B	COM	$19.5M	1317050	7.03%	SOLE
4	GRAYSCALE BITCOIN TRUST ETF	SHS REP COM UT	$19.0M	360139	6.84%	SOLE
5	LANDBRIDGE COMPANY LLC	CL A	$18.4M	266385	6.62%	SOLE
6	WHEATON PRECIOUS METALS CORP	COM	$11.7M	89271	4.21%	SOLE
7	MESABI TR	CTF BEN INT	$10.1M	321546	3.65%	SOLE
8	WATERBRIDGE INFRASTRUCTURE L	CL A SHS REPSTG	$7.3M	270900	2.61%	SOLE
9	FRANCO NEV CORP	COM	$5.8M	23590	2.10%	SOLE
10	FIDELITY WISE ORIGIN BITCOIN	SHS	$4.2M	70339	1.49%	SOLE
11	CARNIVAL CORP	COMMON STOCK	$4.0M	156181	1.45%	SOLE
12	MIAMI INTL HLDGS INC	COM	$3.2M	81250	1.14%	SOLE
13	VANGUARD INDEX FDS	TOTAL STK MKT	$2.8M	8800	1.02%	SOLE
14	GRAYSCALE BITCOIN MINI TR ET	SHS NEW	$2.4M	81217	0.88%	SOLE
15	CBOE GLOBAL MKTS INC	COM	$1.9M	6680	0.68%	SOLE
16	APPLE INC	COM	$1.3M	5100	0.47%	SOLE
17	INTERCONTINENTAL EXCHANGE IN	COM	$1.2M	7645	0.43%	SOLE
18	ORACLE CORP	COM	$1.2M	8050	0.43%	SOLE
19	PALO ALTO NETWORKS INC	COM	$879K	5484	0.32%	SOLE
20	AMAZON COM INC	COM	$729K	3500	0.26%	SOLE
21	HAWAIIAN ELEC INDS INC MTN BCALL	CALL	$696K	46900	0.25%	SOLE
22	ROYAL GOLD INC	COM	$627K	2463	0.23%	SOLE
23	CINCINNATI FINL CORP	COM	$566K	3600	0.20%	SOLE
24	CISCO SYS INC	COM	$466K	6000	0.17%	SOLE
25	UNITEDHEALTH GROUP INC	COM	$460K	1700	0.17%	SOLE
26	CACI INTL INC	CL A	$438K	805	0.16%	SOLE
27	EATON CORP PLC	SHS	$429K	1200	0.15%	SOLE
28	JPMORGAN CHASE & CO	COM	$417K	1417	0.15%	SOLE
29	BERKSHIRE HATHAWAY INC DEL	CL B NEW	$395K	825	0.14%	SOLE
30	RLI CORP	COM	$342K	6000	0.12%	SOLE
31	JOHNSON & JOHNSON	COM	$293K	1200	0.11%	SOLE
32	VANGUARD SPECIALIZED FUNDS	DIV APP ETF	$215K	1000	0.08%	SOLE

Values in USD (reported in $thousands on 13F). Source: SEC EDGAR.