MAD RIVER INVESTORS

PrivateCIK: 1384484
Location

BOSTON, MA

32
Positions
$277.87M
Total AUM (reported)
4.44M
Total Shares

Allocation by class

TOTAL AUM$277.87M32 positions
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 363.5%4–1027.5%11–258.1%Rest0.9%TOP 1091.0%0%100%
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

SOLE
COM
Shares285.12K
TypeSH
Market value$135.31M
48.69%
Sole
0.00
Shared
0.00
None
285.12K

PERMIAN BASIN RTY TR

SOLE
UNIT BEN INT
Shares1M
TypeSH
Market value$21.59M
7.77%
Sole
14K
Shared
0.00
None
989.14K

HAWAIIAN ELEC INDS INC MTN B

SOLE
COM
Shares1.32M
TypeSH
Market value$19.55M
7.03%
Sole
0.00
Shared
0.00
None
1.32M

GRAYSCALE BITCOIN TRUST ETF

SOLE
SHS REP COM UT
Shares360.14K
TypeSH
Market value$19.00M
6.84%
Sole
0.00
Shared
0.00
None
360.14K

LANDBRIDGE COMPANY LLC

SOLE
CL A
Shares266.38K
TypeSH
Market value$18.39M
6.62%
Sole
0.00
Shared
0.00
None
266.38K

WHEATON PRECIOUS METALS CORP

SOLE
COM
Shares89.27K
TypeSH
Market value$11.70M
4.21%
Sole
0.00
Shared
0.00
None
89.27K

MESABI TR

SOLE
CTF BEN INT
Shares321.55K
TypeSH
Market value$10.13M
3.65%
Sole
0.00
Shared
0.00
None
321.55K

WATERBRIDGE INFRASTRUCTURE L

SOLE
CL A SHS REPSTG
Shares270.90K
TypeSH
Market value$7.26M
2.61%
Sole
0.00
Shared
0.00
None
270.90K

FRANCO NEV CORP

SOLE
COM
Shares23.59K
TypeSH
Market value$5.83M
2.10%
Sole
0.00
Shared
0.00
None
23.59K

FIDELITY WISE ORIGIN BITCOIN

SOLE
SHS
Shares70.34K
TypeSH
Market value$4.15M
1.49%
Sole
0.00
Shared
0.00
None
70.34K

CARNIVAL CORP

SOLE
COMMON STOCK
Shares156.18K
TypeSH
Market value$4.04M
1.45%
Sole
0.00
Shared
0.00
None
156.18K

MIAMI INTL HLDGS INC

SOLE
COM
Shares81.25K
TypeSH
Market value$3.16M
1.14%
Sole
0.00
Shared
0.00
None
81.25K

VANGUARD INDEX FDS

SOLE
TOTAL STK MKT
Shares8.80K
TypeSH
Market value$2.82M
1.02%
Sole
0.00
Shared
0.00
None
8.80K

GRAYSCALE BITCOIN MINI TR ET

SOLE
SHS NEW
Shares81.22K
TypeSH
Market value$2.44M
0.88%
Sole
0.00
Shared
0.00
None
81.22K

CBOE GLOBAL MKTS INC

SOLE
COM
Shares6.68K
TypeSH
Market value$1.88M
0.68%
Sole
0.00
Shared
0.00
None
6.68K

APPLE INC

SOLE
COM
Shares5.10K
TypeSH
Market value$1.29M
0.47%
Sole
0.00
Shared
0.00
None
5.10K

INTERCONTINENTAL EXCHANGE IN

SOLE
COM
Shares7.64K
TypeSH
Market value$1.20M
0.43%
Sole
0.00
Shared
0.00
None
7.64K

ORACLE CORP

SOLE
COM
Shares8.05K
TypeSH
Market value$1.18M
0.43%
Sole
0.00
Shared
0.00
None
8.05K

PALO ALTO NETWORKS INC

SOLE
COM
Shares5.48K
TypeSH
Market value$879.2K
0.32%
Sole
0.00
Shared
0.00
None
5.48K

AMAZON COM INC

SOLE
COM
Shares3.50K
TypeSH
Market value$728.9K
0.26%
Sole
0.00
Shared
0.00
None
3.50K

HAWAIIAN ELEC INDS INC MTN B

SOLE
CALL
Shares46.90K
TypePRN
Market value$696.0K
0.25%
Sole
0.00
Shared
0.00
None
46.90K

ROYAL GOLD INC

SOLE
COM
Shares2.46K
TypeSH
Market value$626.8K
0.23%
Sole
0.00
Shared
0.00
None
2.46K

CINCINNATI FINL CORP

SOLE
COM
Shares3.60K
TypeSH
Market value$566.5K
0.20%
Sole
0.00
Shared
0.00
None
3.60K

CISCO SYS INC

SOLE
COM
Shares6K
TypeSH
Market value$465.5K
0.17%
Sole
0.00
Shared
0.00
None
6K

UNITEDHEALTH GROUP INC

SOLE
COM
Shares1.70K
TypeSH
Market value$460.0K
0.17%
Sole
0.00
Shared
0.00
None
1.70K
Page 1 of 2