13F HOLDINGS REPORT
MAD RIVER INVESTORS
Quarter ended Q1 2025 · Filed April 22, 2025 · Accession 0001384484-25-000005
Total Value
$236.0M
Positions
24
Other Managers
0
Confidential Omitted
No
Holdings (24)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | TEXAS PACIFIC LAND CORPORATI | TPL | 95,183 | $126.1M | 53.43% |
| 2 | GRAYSCALE BITCOIN TRUST ETF | GBTC | 372,481 | $24.3M | 10.28% |
| 3 | LANDBRIDGE COMPANY LLC | LB | 234,253 | $16.9M | 7.14% |
| 4 | HAWAIIAN ELEC INDUSTRIES | 419870100 | 1,215,900 | $13.3M | 5.64% |
| 5 | WHEATON PRECIOUS METALS CORP | WPM | 147,793 | $11.5M | 4.86% |
| 6 | MESABI TR | MSB | 296,457 | $8.1M | 3.42% |
| 7 | FIDELITY WISE ORIGIN BITCOIN | FBTC | 75,053 | $5.4M | 2.29% |
| 8 | PERMIAN BASIN RTY TR | 714236106 | 471,693 | $4.7M | 1.98% |
| 9 | FRANCO NEV CORP | FNV | 27,802 | $4.4M | 1.86% |
| 10 | CARNIVAL CORP | CUKPF | 188,096 | $3.7M | 1.56% |
| 11 | VANGUARD INDEX FDS | 922908769 | 12,122 | $3.3M | 1.41% |
| 12 | GRAYSCALE BITCOIN MINI TR ET | 389930207 | 78,286 | $2.9M | 1.21% |
| 13 | ARIS WATER SOLUTIONS INC | 04041L106 | 74,900 | $2.4M | 1.02% |
| 14 | CIVEO CORP CDA | CVEO | 79,497 | $1.8M | 0.77% |
| 15 | CBOE GLOBAL MKTS INC | 12503M108 | 6,215 | $1.4M | 0.60% |
| 16 | INTERCONTINENTAL EXCHANGE IN | 45866F104 | 7,520 | $1.3M | 0.55% |
| 17 | VANGUARD SPECIALIZED FUNDS | 921908844 | 6,200 | $1.2M | 0.51% |
| 18 | BERKSHIRE HATHAWAY INC DEL | BRK-A | 1,900 | $1.0M | 0.43% |
| 19 | RLI CORP | RLI | 9,000 | $722,970 | 0.31% |
| 20 | SANDSTORM GOLD LTD | 80013R206 | 64,364 | $485,946 | 0.21% |
| 21 | EAGLE MATLS INC | 26969P108 | 2,106 | $467,277 | 0.20% |
| 22 | CACI INTL INC | 127190304 | 855 | $313,717 | 0.13% |
| 23 | INVESCO EXCHANGE TRADED FD T | IVZ | 1,508 | $261,231 | 0.11% |
| 24 | DISNEY WALT CO | 254687106 | 2,400 | $236,880 | 0.10% |