MAD RIVER INVESTORS

PrivateCIK: 1384484
Location

BOSTON, MA

30
Positions
$268.11M
Total AUM (reported)
4.58M
Total Shares

Allocation by class

TOTAL AUM$268.11M30 positions
COM$175.30M65.4%
UNIT BEN INT$25.17M9.4%
CL A$21.44M8.0%
SHS REP COM UT$16.39M6.1%
CL A SHS REPSTG$9.18M3.4%
CTF BEN INT$8.19M3.1%
SHS$4.10M1.5%

Portfolio Concentration

Top 363.9%4–1027.4%11–258.2%Rest0.5%TOP 1091.3%0%100%
Top 3$171.27M63.9%
4–10$73.39M27.4%
11–25$22.11M8.2%
Rest$1.33M0.5%

Top 3 weight

63.9%

Top 10 weight

91.3%

Voting Authority Distribution

Total shares with voting rights: 4.58M

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

4.58M

shares

% of voting shares100.0%

Investment Discretion (by position count)

Sole30
Shared0
Other0
Dominant voting typeNone · 100.0% of voting shares
Institutional Holdings30
Rows:

TEXAS PACIFIC LAND CORPORATI

SOLE
COM
Shares285.33K
TypeSH
Market value$124.87M
46.58%
Sole
0.00
Shared
0.00
None
285.33K

PERMIAN BASIN RTY TR

SOLE
UNIT BEN INT
Shares1.01M
TypeSH
Market value$25.17M
9.39%
Sole
0.00
Shared
0.00
None
1.01M

LANDBRIDGE COMPANY LLC

SOLE
CL A
Shares267.95K
TypeSH
Market value$21.23M
7.92%
Sole
0.00
Shared
0.00
None
267.95K

HAWAIIAN ELEC INDS INC MTN B

SOLE
COM
Shares1.32M
TypeSH
Market value$17.88M
6.67%
Sole
0.00
Shared
0.00
None
1.32M

GRAYSCALE BITCOIN TRUST ETF

SOLE
SHS REP COM UT
Shares360.14K
TypeSH
Market value$16.39M
6.11%
Sole
0.00
Shared
0.00
None
360.14K

MIAMI INTL HLDGS INC

SOLE
COM
Shares289K
TypeSH
Market value$10.74M
4.01%
Sole
0.00
Shared
0.00
None
289K

WATERBRIDGE INFRASTRUCTURE L

SOLE
CL A SHS REPSTG
Shares267.80K
TypeSH
Market value$9.18M
3.42%
Sole
0.00
Shared
0.00
None
267.80K

MESABI TR

SOLE
CTF BEN INT
Shares323.74K
TypeSH
Market value$8.19M
3.05%
Sole
0.00
Shared
0.00
None
323.74K

WHEATON PRECIOUS METALS CORP

SOLE
COM
Shares56.17K
TypeSH
Market value$6.31M
2.35%
Sole
0.00
Shared
0.00
None
56.17K

FRANCO NEV CORP

SOLE
COM
Shares22.51K
TypeSH
Market value$4.69M
1.75%
Sole
0.00
Shared
0.00
None
22.51K

FIDELITY WISE ORIGIN BITCOIN

SOLE
SHS
Shares70.37K
TypeSH
Market value$3.59M
1.34%
Sole
0.00
Shared
0.00
None
70.37K

CARNIVAL CORP LTD

SOLE
COMMON SHARES
Shares95.37K
TypeSH
Market value$2.72M
1.02%
Sole
0.00
Shared
0.00
None
95.37K

VANGUARD INDEX FDS

SOLE
TOTAL STK MKT
Shares6.80K
TypeSH
Market value$2.52M
0.94%
Sole
0.00
Shared
0.00
None
6.80K

GRAYSCALE BITCOIN MINI TR ET

SOLE
SHS NEW
Shares81.52K
TypeSH
Market value$2.12M
0.79%
Sole
0.00
Shared
0.00
None
81.52K

PALO ALTO NETWORKS INC

SOLE
COM
Shares5.48K
TypeSH
Market value$1.87M
0.70%
Sole
0.00
Shared
0.00
None
5.48K

CBOE GLOBAL MKTS INC

SOLE
COM
Shares6.71K
TypeSH
Market value$1.63M
0.61%
Sole
0.00
Shared
0.00
None
6.71K

APPLE INC

SOLE
COM
Shares5.05K
TypeSH
Market value$1.46M
0.55%
Sole
0.00
Shared
0.00
None
5.05K

ORACLE CORP

SOLE
COM
Shares8.05K
TypeSH
Market value$1.18M
0.44%
Sole
0.00
Shared
0.00
None
8.05K

INTERCONTINENTAL EXCHANGE IN

SOLE
COM
Shares7.85K
TypeSH
Market value$965.9K
0.36%
Sole
0.00
Shared
0.00
None
7.85K

AMAZON COM INC

SOLE
COM
Shares3.40K
TypeSH
Market value$810.4K
0.30%
Sole
0.00
Shared
0.00
None
3.40K

UNITEDHEALTH GROUP INC

SOLE
COM
Shares1.70K
TypeSH
Market value$706.6K
0.26%
Sole
0.00
Shared
0.00
None
1.70K

CISCO SYS INC

SOLE
COM
Shares6K
TypeSH
Market value$704.8K
0.26%
Sole
0.00
Shared
0.00
None
6K

CINCINNATI FINL CORP

SOLE
COM
Shares3.60K
TypeSH
Market value$666.5K
0.25%
Sole
0.00
Shared
0.00
None
3.60K

HAWAIIAN ELEC INDS INC MTN B

SOLE
CALL
Shares48.80K
TypePRN
Market value$660.3K
0.25%
Sole
0.00
Shared
0.00
None
48.80K

EATON CORP PLC

SOLE
SHS
Shares1.20K
TypeSH
Market value$511.3K
0.19%
Sole
0.00
Shared
0.00
None
1.20K
Page 1 of 2