Filed: 4/23/2026ACC: 0001384484-26-000004
📋 What this filing means
MAD RIVER INVESTORS filed this quarterly 13F‑HR report disclosing 32 equity positions with a total reported market value of $277.87M. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.
32
Positions
$277.87M
Total AUM (reported)
4.44M
Total Shares
Allocation by class
COM$185.88M66.9%
UNIT BEN INT$21.59M7.8%
SHS REP COM UT$19.00M6.8%
CL A$18.83M6.8%
CTF BEN INT$10.13M3.6%
CL A SHS REPSTG$7.26M2.6%
SHS$4.58M1.6%
Portfolio Concentration
Top 3$176.44M63.5%
4–10$76.46M27.5%
11–25$22.44M8.1%
Rest$2.53M0.9%
Top 3 weight
63.5%
Top 10 weight
91.0%
Voting Authority Distribution
Total shares with voting rights: 4.44M
Sole
Full voting authority
14K
shares
% of voting shares0.3%
Shared
Joint voting authority
0.00
shares
% of voting shares0.0%
None
No voting authority
4.43M
shares
% of voting shares99.7%
Investment Discretion (by position count)
Sole32
Shared0
Other0
Dominant voting typeNone · 99.7% of voting shares
Institutional Holdings32
Rows:
TEXAS PACIFIC LAND CORPORATI
SOLEShares285.12K
TypeSH
Market value$135.31M
48.69%
Sole
0.00
Shared
0.00
None
285.12K
PERMIAN BASIN RTY TR
SOLEShares1M
TypeSH
Market value$21.59M
7.77%
Sole
14K
Shared
0.00
None
989.14K
HAWAIIAN ELEC INDS INC MTN B
SOLEShares1.32M
TypeSH
Market value$19.55M
7.03%
Sole
0.00
Shared
0.00
None
1.32M
GRAYSCALE BITCOIN TRUST ETF
SOLEShares360.14K
TypeSH
Market value$19.00M
6.84%
Sole
0.00
Shared
0.00
None
360.14K
LANDBRIDGE COMPANY LLC
SOLEShares266.38K
TypeSH
Market value$18.39M
6.62%
Sole
0.00
Shared
0.00
None
266.38K
WHEATON PRECIOUS METALS CORP
SOLEShares89.27K
TypeSH
Market value$11.70M
4.21%
Sole
0.00
Shared
0.00
None
89.27K
MESABI TR
SOLEShares321.55K
TypeSH
Market value$10.13M
3.65%
Sole
0.00
Shared
0.00
None
321.55K
WATERBRIDGE INFRASTRUCTURE L
SOLEShares270.90K
TypeSH
Market value$7.26M
2.61%
Sole
0.00
Shared
0.00
None
270.90K
FRANCO NEV CORP
SOLEShares23.59K
TypeSH
Market value$5.83M
2.10%
Sole
0.00
Shared
0.00
None
23.59K
FIDELITY WISE ORIGIN BITCOIN
SOLEShares70.34K
TypeSH
Market value$4.15M
1.49%
Sole
0.00
Shared
0.00
None
70.34K
CARNIVAL CORP
SOLEShares156.18K
TypeSH
Market value$4.04M
1.45%
Sole
0.00
Shared
0.00
None
156.18K
MIAMI INTL HLDGS INC
SOLEShares81.25K
TypeSH
Market value$3.16M
1.14%
Sole
0.00
Shared
0.00
None
81.25K
VANGUARD INDEX FDS
SOLEShares8.80K
TypeSH
Market value$2.82M
1.02%
Sole
0.00
Shared
0.00
None
8.80K
GRAYSCALE BITCOIN MINI TR ET
SOLEShares81.22K
TypeSH
Market value$2.44M
0.88%
Sole
0.00
Shared
0.00
None
81.22K
CBOE GLOBAL MKTS INC
SOLEShares6.68K
TypeSH
Market value$1.88M
0.68%
Sole
0.00
Shared
0.00
None
6.68K
APPLE INC
SOLEShares5.10K
TypeSH
Market value$1.29M
0.47%
Sole
0.00
Shared
0.00
None
5.10K
INTERCONTINENTAL EXCHANGE IN
SOLEShares7.64K
TypeSH
Market value$1.20M
0.43%
Sole
0.00
Shared
0.00
None
7.64K
ORACLE CORP
SOLEShares8.05K
TypeSH
Market value$1.18M
0.43%
Sole
0.00
Shared
0.00
None
8.05K
PALO ALTO NETWORKS INC
SOLEShares5.48K
TypeSH
Market value$879.2K
0.32%
Sole
0.00
Shared
0.00
None
5.48K
AMAZON COM INC
SOLEShares3.50K
TypeSH
Market value$728.9K
0.26%
Sole
0.00
Shared
0.00
None
3.50K
HAWAIIAN ELEC INDS INC MTN B
SOLEShares46.90K
TypePRN
Market value$696.0K
0.25%
Sole
0.00
Shared
0.00
None
46.90K
ROYAL GOLD INC
SOLEShares2.46K
TypeSH
Market value$626.8K
0.23%
Sole
0.00
Shared
0.00
None
2.46K
CINCINNATI FINL CORP
SOLEShares3.60K
TypeSH
Market value$566.5K
0.20%
Sole
0.00
Shared
0.00
None
3.60K
CISCO SYS INC
SOLEShares6K
TypeSH
Market value$465.5K
0.17%
Sole
0.00
Shared
0.00
None
6K
UNITEDHEALTH GROUP INC
SOLEShares1.70K
TypeSH
Market value$460.0K
0.17%
Sole
0.00
Shared
0.00
None
1.70K
| Issuer | Class | Shares | Type | Value / Portfolio % | Voting — Sole | Shared | None |
|---|---|---|---|---|---|---|---|
TEXAS PACIFIC LAND CORPORATISOLE | COM | 285.12K | SH | $135.31M 48.69% | 0.00 | 0.00 | 285.12K |
PERMIAN BASIN RTY TRSOLE | UNIT BEN INT | 1M | SH | $21.59M 7.77% | 14K | 0.00 | 989.14K |
HAWAIIAN ELEC INDS INC MTN BSOLE | COM | 1.32M | SH | $19.55M 7.03% | 0.00 | 0.00 | 1.32M |
GRAYSCALE BITCOIN TRUST ETFSOLE | SHS REP COM UT | 360.14K | SH | $19.00M 6.84% | 0.00 | 0.00 | 360.14K |
LANDBRIDGE COMPANY LLCSOLE | CL A | 266.38K | SH | $18.39M 6.62% | 0.00 | 0.00 | 266.38K |
WHEATON PRECIOUS METALS CORPSOLE | COM | 89.27K | SH | $11.70M 4.21% | 0.00 | 0.00 | 89.27K |
MESABI TRSOLE | CTF BEN INT | 321.55K | SH | $10.13M 3.65% | 0.00 | 0.00 | 321.55K |
WATERBRIDGE INFRASTRUCTURE LSOLE | CL A SHS REPSTG | 270.90K | SH | $7.26M 2.61% | 0.00 | 0.00 | 270.90K |
FRANCO NEV CORPSOLE | COM | 23.59K | SH | $5.83M 2.10% | 0.00 | 0.00 | 23.59K |
FIDELITY WISE ORIGIN BITCOINSOLE | SHS | 70.34K | SH | $4.15M 1.49% | 0.00 | 0.00 | 70.34K |
CARNIVAL CORPSOLE | COMMON STOCK | 156.18K | SH | $4.04M 1.45% | 0.00 | 0.00 | 156.18K |
MIAMI INTL HLDGS INCSOLE | COM | 81.25K | SH | $3.16M 1.14% | 0.00 | 0.00 | 81.25K |
VANGUARD INDEX FDSSOLE | TOTAL STK MKT | 8.80K | SH | $2.82M 1.02% | 0.00 | 0.00 | 8.80K |
GRAYSCALE BITCOIN MINI TR ETSOLE | SHS NEW | 81.22K | SH | $2.44M 0.88% | 0.00 | 0.00 | 81.22K |
CBOE GLOBAL MKTS INCSOLE | COM | 6.68K | SH | $1.88M 0.68% | 0.00 | 0.00 | 6.68K |
APPLE INCSOLE | COM | 5.10K | SH | $1.29M 0.47% | 0.00 | 0.00 | 5.10K |
INTERCONTINENTAL EXCHANGE INSOLE | COM | 7.64K | SH | $1.20M 0.43% | 0.00 | 0.00 | 7.64K |
ORACLE CORPSOLE | COM | 8.05K | SH | $1.18M 0.43% | 0.00 | 0.00 | 8.05K |
PALO ALTO NETWORKS INCSOLE | COM | 5.48K | SH | $879.2K 0.32% | 0.00 | 0.00 | 5.48K |
AMAZON COM INCSOLE | COM | 3.50K | SH | $728.9K 0.26% | 0.00 | 0.00 | 3.50K |
HAWAIIAN ELEC INDS INC MTN BSOLE | CALL | 46.90K | PRN | $696.0K 0.25% | 0.00 | 0.00 | 46.90K |
ROYAL GOLD INCSOLE | COM | 2.46K | SH | $626.8K 0.23% | 0.00 | 0.00 | 2.46K |
CINCINNATI FINL CORPSOLE | COM | 3.60K | SH | $566.5K 0.20% | 0.00 | 0.00 | 3.60K |
CISCO SYS INCSOLE | COM | 6K | SH | $465.5K 0.17% | 0.00 | 0.00 | 6K |
UNITEDHEALTH GROUP INCSOLE | COM | 1.70K | SH | $460.0K 0.17% | 0.00 | 0.00 | 1.70K |
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