Mad River Investors

All holdings · as of Mar 31, 2026

Company	Class	Value	Shares	% of portfolio
Texas Pacific Land Corp	—	$135.31M	285,120	48.8%
PERMIAN BASIN ROYALTY TRUST	—	$21.59M	1,003,140	7.8%
HAWAIIAN ELECTRIC INDUSTRIES INC	—	$19.55M	1,317,050	7.1%
GRAYSCALE BITCOIN TRUST ETF	—	$19.00M	360,139	6.9%
LandBridge Co LLCLB	Common Stock	$18.39M	266,385	6.6%
WHEATON PRECIOUS METALS CORP	—	$11.70M	89,271	4.2%
MESABI TRUST	—	$10.13M	321,546	3.7%
WaterBridge Infrastructure LLC	—	$7.26M	270,900	2.6%
FRANCO NEV CORP	—	$5.83M	23,590	2.1%
FIDELITY WISE ORIGIN BITCOIN	—	$4.15M	70,339	1.5%
Carnival Corp Ltd.	—	$4.04M	156,181	1.5%
MIAMI INTERNATIONAL HOLDINGS, INC.MIAX	Common Stock	$3.16M	81,250	1.1%
VANGUARD INDEX FDS	—	$2.82M	8,800	1.0%
GRAYSCALE BITCOIN MINI TR ET	—	$2.44M	81,217	0.9%
Cboe Global Markets Inc	—	$1.88M	6,680	0.7%
Apple Inc.	—	$1.29M	5,100	0.5%
Intercontinental Exchange, Inc.	—	$1.20M	7,645	0.4%
ORACLE CORP	—	$1.18M	8,050	0.4%
Palo Alto Networks Inc	—	$879.2K	5,484	0.3%
Amazon.com Inc	—	$728.9K	3,500	0.3%
ROYAL GOLD INC	—	$626.8K	2,463	0.2%
CINCINNATI FINANCIAL CORP	—	$566.5K	3,600	0.2%
CISCO SYSTEMS, INC.	—	$465.5K	6,000	0.2%
UNITEDHEALTH GROUP INC	—	$460.0K	1,700	0.2%
CACI INTERNATIONAL INC /DE	—	$437.8K	805	0.2%
Eaton Corp plc	—	$429.2K	1,200	0.2%
JPMORGAN CHASE & CO	—	$416.8K	1,417	0.2%
Warren E. Buffett	—	$395.3K	825	0.1%
RLI CORP	—	$342.2K	6,000	0.1%
JOHNSON & JOHNSON	—	$293.3K	1,200	0.1%
VANGUARD SPECIALIZED FUNDS	—	$215.1K	1,000	0.1%