13F HOLDINGS REPORT
MAD RIVER INVESTORS
Quarter ended Q4 2024 · Filed January 16, 2025 · Accession 0001384484-25-000002
Total Value
$215,202
Positions
26
Other Managers
0
Confidential Omitted
No
Holdings (26)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | TEXAS PACIFIC LAND CORPORATI | TPL | 95,938 | $106.1M | 49.30% |
| 2 | GRAYSCALE BITCOIN TRUST ETF | GBTC | 385,806 | $28.6M | 13.27% |
| 3 | LANDBRIDGE COMPANY LLC | LB | 233,452 | $15.1M | 7.01% |
| 4 | WHEATON PRECIOUS METALS CORP | WPM | 147,493 | $8.3M | 3.85% |
| 5 | MESABI TR | MSB | 294,901 | $8.3M | 3.85% |
| 6 | CACI INTL INC | 127190304 | 16,310 | $6.6M | 3.06% |
| 7 | FIDELITY WISE ORIGIN BITCOIN | FBTC | 76,298 | $6.2M | 2.89% |
| 8 | CIVEO CORP CDA | CVEO | 216,766 | $4.9M | 2.29% |
| 9 | CARNIVAL CORP | CUKPF | 192,896 | $4.8M | 2.23% |
| 10 | FRANCO NEV CORP | FNV | 32,351 | $3.8M | 1.77% |
| 11 | VANGUARD INDEX FDS | 922908769 | 12,122 | $3.5M | 1.63% |
| 12 | GRAYSCALE BITCOIN MINI TR ET | 389930207 | 78,086 | $3.3M | 1.52% |
| 13 | BERKSHIRE HATHAWAY INC DEL | BRK-A | 6,725 | $3.0M | 1.42% |
| 14 | PERMIAN BASIN RTY TR | 714236106 | 246,293 | $2.7M | 1.27% |
| 15 | VANGUARD SPECIALIZED FUNDS | 921908844 | 9,065 | $1.8M | 0.82% |
| 16 | EAGLE MATLS INC | 26969P108 | 5,376 | $1.3M | 0.62% |
| 17 | CBOE GLOBAL MKTS INC | 12503M108 | 6,205 | $1.2M | 0.56% |
| 18 | HAWAIIAN ELEC INDUSTRIES | 419870100 | 120,300 | $1.2M | 0.54% |
| 19 | INTERCONTINENTAL EXCHANGE IN | 45866F104 | 7,470 | $1.1M | 0.52% |
| 20 | SANDSTORM GOLD LTD | 80013R206 | 183,099 | $1.0M | 0.47% |
| 21 | RLI CORP | RLI | 5,500 | $906,565 | 0.42% |
| 22 | TEJON RANCH CO | TRC | 27,799 | $442,010 | 0.21% |
| 23 | ISHARES TR | 464288240 | 7,747 | $404,084 | 0.19% |
| 24 | DISNEY WALT CO | 254687106 | 2,400 | $267,240 | 0.12% |
| 25 | INVESCO EXCHANGE TRADED FD T | IVZ | 1,508 | $264,247 | 0.12% |
| 26 | RENN FD INC | 759720105 | 28,000 | $62,440 | 0.03% |