13F HOLDINGS REPORT
MAD RIVER INVESTORS
Quarter ended Q4 2025 · Filed February 6, 2026 · Accession 0001384484-26-000002
Total Value
$219.6M
Positions
35
Other Managers
0
Confidential Omitted
No
Holdings (35)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | TEXAS PACIFIC LAND CORPORATI | TPL | 286,083 | $82.2M | 37.41% |
| 2 | GRAYSCALE BITCOIN TRUST ETF | GBTC | 360,454 | $24.6M | 11.22% |
| 3 | PERMIAN BASIN RTY TR | 714236106 | 986,819 | $16.8M | 7.63% |
| 4 | HAWAIIAN ELEC INDUSTRIES | 419870100 | 1,284,150 | $15.8M | 7.19% |
| 5 | LANDBRIDGE COMPANY LLC | LB | 262,934 | $12.9M | 5.87% |
| 6 | WHEATON PRECIOUS METALS CORP | WPM | 97,604 | $11.5M | 5.22% |
| 7 | MESABI TR | MSB | 296,649 | $11.4M | 5.20% |
| 8 | FIDELITY WISE ORIGIN BITCOIN | FBTC | 70,859 | $5.4M | 2.46% |
| 9 | WATERBRIDGE INFRASTRUCTURE L | WBI | 257,000 | $5.1M | 2.34% |
| 10 | FRANCO NEV CORP | FNV | 23,594 | $4.9M | 2.23% |
| 11 | CARNIVAL CORP | CUKPF | 155,596 | $4.8M | 2.16% |
| 12 | VANGUARD INDEX FDS | 922908769 | 12,122 | $4.1M | 1.85% |
| 13 | MIAMI INTL HLDGS INC | 59356Q108 | 75,050 | $3.3M | 1.52% |
| 14 | GRAYSCALE BITCOIN MINI TR ET | 389930207 | 77,647 | $3.0M | 1.37% |
| 15 | CBOE GLOBAL MKTS INC | 12503M108 | 6,690 | $1.7M | 0.76% |
| 16 | ORACLE CORP | ORCL-PD | 8,050 | $1.6M | 0.71% |
| 17 | APPLE INC | AAPL | 5,100 | $1.4M | 0.63% |
| 18 | INTERCONTINENTAL EXCHANGE IN | 45866F104 | 7,645 | $1.2M | 0.56% |
| 19 | PALO ALTO NETWORKS INC | PANW | 5,484 | $1.0M | 0.46% |
| 20 | AMAZON COM INC | AMZN | 3,500 | $807,870 | 0.37% |
| 21 | ROYAL GOLD INC | RGLD | 2,656 | $590,507 | 0.27% |
| 22 | CINCINNATI FINL CORP | 172062101 | 3,600 | $587,952 | 0.27% |
| 23 | BERKSHIRE HATHAWAY INC DEL | BRK-A | 1,125 | $565,482 | 0.26% |
| 24 | UNITEDHEALTH GROUP INC | UNH | 1,700 | $561,187 | 0.26% |
| 25 | RLI CORP | RLI | 7,500 | $479,850 | 0.22% |
| 26 | CISCO SYS INC | CSCO | 6,000 | $462,180 | 0.21% |
| 27 | JPMORGAN CHASE & CO. | VYLD | 1,400 | $451,108 | 0.21% |
| 28 | CACI INTL INC | 127190304 | 805 | $428,913 | 0.20% |
| 29 | EATON CORP PLC | ETN | 1,200 | $382,212 | 0.17% |
| 30 | VANGUARD SPECIALIZED FUNDS | 921908844 | 1,600 | $351,648 | 0.16% |
| 31 | CITIGROUP INC | C-PR | 3,000 | $350,070 | 0.16% |
| 32 | INVESCO EXCHANGE TRADED FD T | IVZ | 1,508 | $288,873 | 0.13% |
| 33 | KIMBERLY-CLARK CORP | KMB | 2,800 | $282,492 | 0.13% |
| 34 | JOHNSON & JOHNSON | JNJ | 1,200 | $248,340 | 0.11% |
| 35 | HAWAIIAN ELEC INDUSTRIES | 419870100 | 14,200 | $174,660 | 0.08% |