Filed: 2/6/2026ACC: 0001384484-26-000002
📋 What this filing means
MAD RIVER INVESTORS filed this quarterly 13F‑HR report disclosing 35 equity positions with a total reported market value of $219.62M. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.
35
Positions
$219.62M
Total AUM (reported)
4.33M
Total Shares
Allocation by class
COM$129.01M58.7%
SHS REP COM UT$24.64M11.2%
UNIT BEN INT$16.76M7.6%
CL A$13.31M6.1%
CTF BEN INT$11.43M5.2%
SHS$5.78M2.6%
CL A SHS REPSTG$5.14M2.3%
Portfolio Concentration
Top 3$123.57M56.3%
4–10$67.01M30.5%
11–25$25.63M11.7%
Rest$3.42M1.6%
Top 3 weight
56.3%
Top 10 weight
86.8%
Voting Authority Distribution
Total shares with voting rights: 4.33M
Sole
Full voting authority
0.00
shares
% of voting shares0.0%
Shared
Joint voting authority
0.00
shares
% of voting shares0.0%
None
No voting authority
4.33M
shares
% of voting shares100.0%
Investment Discretion (by position count)
Sole35
Shared0
Other0
Dominant voting typeNone · 100.0% of voting shares
Institutional Holdings35
Rows:
TEXAS PACIFIC LAND CORPORATI
SOLEShares286.08K
TypeSH
Market value$82.17M
37.41%
Sole
0.00
Shared
0.00
None
286.08K
GRAYSCALE BITCOIN TRUST ETF
SOLEShares360.45K
TypeSH
Market value$24.64M
11.22%
Sole
0.00
Shared
0.00
None
360.45K
PERMIAN BASIN RTY TR
SOLEShares986.82K
TypeSH
Market value$16.76M
7.63%
Sole
0.00
Shared
0.00
None
986.82K
HAWAIIAN ELEC INDUSTRIES
SOLEShares1.28M
TypeSH
Market value$15.80M
7.19%
Sole
0.00
Shared
0.00
None
1.28M
LANDBRIDGE COMPANY LLC
SOLEShares262.93K
TypeSH
Market value$12.88M
5.87%
Sole
0.00
Shared
0.00
None
262.93K
WHEATON PRECIOUS METALS CORP
SOLEShares97.60K
TypeSH
Market value$11.47M
5.22%
Sole
0.00
Shared
0.00
None
97.60K
MESABI TR
SOLEShares296.65K
TypeSH
Market value$11.43M
5.20%
Sole
0.00
Shared
0.00
None
296.65K
FIDELITY WISE ORIGIN BITCOIN
SOLEShares70.86K
TypeSH
Market value$5.40M
2.46%
Sole
0.00
Shared
0.00
None
70.86K
WATERBRIDGE INFRASTRUCTURE L
SOLEShares257K
TypeSH
Market value$5.14M
2.34%
Sole
0.00
Shared
0.00
None
257K
FRANCO NEV CORP
SOLEShares23.59K
TypeSH
Market value$4.89M
2.23%
Sole
0.00
Shared
0.00
None
23.59K
CARNIVAL CORP
SOLEShares155.60K
TypeSH
Market value$4.75M
2.16%
Sole
0.00
Shared
0.00
None
155.60K
VANGUARD INDEX FDS
SOLEShares12.12K
TypeSH
Market value$4.06M
1.85%
Sole
0.00
Shared
0.00
None
12.12K
MIAMI INTL HLDGS INC
SOLEShares75.05K
TypeSH
Market value$3.33M
1.52%
Sole
0.00
Shared
0.00
None
75.05K
GRAYSCALE BITCOIN MINI TR ET
SOLEShares77.65K
TypeSH
Market value$3.01M
1.37%
Sole
0.00
Shared
0.00
None
77.65K
CBOE GLOBAL MKTS INC
SOLEShares6.69K
TypeSH
Market value$1.68M
0.76%
Sole
0.00
Shared
0.00
None
6.69K
ORACLE CORP
SOLEShares8.05K
TypeSH
Market value$1.57M
0.71%
Sole
0.00
Shared
0.00
None
8.05K
APPLE INC
SOLEShares5.10K
TypeSH
Market value$1.39M
0.63%
Sole
0.00
Shared
0.00
None
5.10K
INTERCONTINENTAL EXCHANGE IN
SOLEShares7.64K
TypeSH
Market value$1.24M
0.56%
Sole
0.00
Shared
0.00
None
7.64K
PALO ALTO NETWORKS INC
SOLEShares5.48K
TypeSH
Market value$1.01M
0.46%
Sole
0.00
Shared
0.00
None
5.48K
AMAZON COM INC
SOLEShares3.50K
TypeSH
Market value$807.9K
0.37%
Sole
0.00
Shared
0.00
None
3.50K
ROYAL GOLD INC
SOLEShares2.66K
TypeSH
Market value$590.5K
0.27%
Sole
0.00
Shared
0.00
None
2.66K
CINCINNATI FINL CORP
SOLEShares3.60K
TypeSH
Market value$588.0K
0.27%
Sole
0.00
Shared
0.00
None
3.60K
BERKSHIRE HATHAWAY INC DEL
SOLEShares1.13K
TypeSH
Market value$565.5K
0.26%
Sole
0.00
Shared
0.00
None
1.13K
UNITEDHEALTH GROUP INC
SOLEShares1.70K
TypeSH
Market value$561.2K
0.26%
Sole
0.00
Shared
0.00
None
1.70K
RLI CORP
SOLEShares7.50K
TypeSH
Market value$479.9K
0.22%
Sole
0.00
Shared
0.00
None
7.50K
| Issuer | Class | Shares | Type | Value / Portfolio % | Voting — Sole | Shared | None |
|---|---|---|---|---|---|---|---|
TEXAS PACIFIC LAND CORPORATISOLE | COM | 286.08K | SH | $82.17M 37.41% | 0.00 | 0.00 | 286.08K |
GRAYSCALE BITCOIN TRUST ETFSOLE | SHS REP COM UT | 360.45K | SH | $24.64M 11.22% | 0.00 | 0.00 | 360.45K |
PERMIAN BASIN RTY TRSOLE | UNIT BEN INT | 986.82K | SH | $16.76M 7.63% | 0.00 | 0.00 | 986.82K |
HAWAIIAN ELEC INDUSTRIESSOLE | COM | 1.28M | SH | $15.80M 7.19% | 0.00 | 0.00 | 1.28M |
LANDBRIDGE COMPANY LLCSOLE | CL A | 262.93K | SH | $12.88M 5.87% | 0.00 | 0.00 | 262.93K |
WHEATON PRECIOUS METALS CORPSOLE | COM | 97.60K | SH | $11.47M 5.22% | 0.00 | 0.00 | 97.60K |
MESABI TRSOLE | CTF BEN INT | 296.65K | SH | $11.43M 5.20% | 0.00 | 0.00 | 296.65K |
FIDELITY WISE ORIGIN BITCOINSOLE | SHS | 70.86K | SH | $5.40M 2.46% | 0.00 | 0.00 | 70.86K |
WATERBRIDGE INFRASTRUCTURE LSOLE | CL A SHS REPSTG | 257K | SH | $5.14M 2.34% | 0.00 | 0.00 | 257K |
FRANCO NEV CORPSOLE | COM | 23.59K | SH | $4.89M 2.23% | 0.00 | 0.00 | 23.59K |
CARNIVAL CORPSOLE | UNIT 99/99/9999 | 155.60K | SH | $4.75M 2.16% | 0.00 | 0.00 | 155.60K |
VANGUARD INDEX FDSSOLE | TOTAL STK MKT | 12.12K | SH | $4.06M 1.85% | 0.00 | 0.00 | 12.12K |
MIAMI INTL HLDGS INCSOLE | COM | 75.05K | SH | $3.33M 1.52% | 0.00 | 0.00 | 75.05K |
GRAYSCALE BITCOIN MINI TR ETSOLE | SHS NEW | 77.65K | SH | $3.01M 1.37% | 0.00 | 0.00 | 77.65K |
CBOE GLOBAL MKTS INCSOLE | COM | 6.69K | SH | $1.68M 0.76% | 0.00 | 0.00 | 6.69K |
ORACLE CORPSOLE | COM | 8.05K | SH | $1.57M 0.71% | 0.00 | 0.00 | 8.05K |
APPLE INCSOLE | COM | 5.10K | SH | $1.39M 0.63% | 0.00 | 0.00 | 5.10K |
INTERCONTINENTAL EXCHANGE INSOLE | COM | 7.64K | SH | $1.24M 0.56% | 0.00 | 0.00 | 7.64K |
PALO ALTO NETWORKS INCSOLE | COM | 5.48K | SH | $1.01M 0.46% | 0.00 | 0.00 | 5.48K |
AMAZON COM INCSOLE | COM | 3.50K | SH | $807.9K 0.37% | 0.00 | 0.00 | 3.50K |
ROYAL GOLD INCSOLE | COM | 2.66K | SH | $590.5K 0.27% | 0.00 | 0.00 | 2.66K |
CINCINNATI FINL CORPSOLE | COM | 3.60K | SH | $588.0K 0.27% | 0.00 | 0.00 | 3.60K |
BERKSHIRE HATHAWAY INC DELSOLE | CL B NEW | 1.13K | SH | $565.5K 0.26% | 0.00 | 0.00 | 1.13K |
UNITEDHEALTH GROUP INCSOLE | COM | 1.70K | SH | $561.2K 0.26% | 0.00 | 0.00 | 1.70K |
RLI CORPSOLE | COM | 7.50K | SH | $479.9K 0.22% | 0.00 | 0.00 | 7.50K |
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