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MAD RIVER INVESTORS
Period ended Sep 30, 2026 · Latest filing Oct 27, 2026
These quarterly holdings are delayed and may not include all assets or short positions.
Values are from the reporting date, not current prices or purchase costs.
The same security may appear in multiple rows.
Source: SEC
Reported portfolio value
Quarter-end reported holdings; not current value or investment performance.
View reported values
- Sep 30, 2026: $245,689,091
More quarters will appear as history becomes available.
Top holdings
Top 10 at Sep 30, 2026. Matching entries are combined; security classes and options remain separate. Shares exclude principal amounts; option shares reflect the reported underlying amount.
View top holdings values
- TEXAS PACIFIC LAND CORPORATI · COM · 88262P102 · shares: $92,786,840
- PERMIAN BASIN RTY TR · UNIT BEN INT · 714236106 · shares: $33,254,393
- GRAYSCALE BITCOIN TRUST ETF · SHS REP COM UT · 389637109 · shares: $22,958,128
- LANDBRIDGE COMPANY LLC · CL A · 514952100 · shares: $21,648,413
- HAWAIIAN ELEC INDS INC MTN B · COM · 419870100 · shares: $11,792,307
- MIAMI INTL HLDGS INC · COM · 59356Q108 · shares: $9,954,760
- WATERBRIDGE INFRASTRUCTURE L · CL A SHS REPSTG · 940923105 · shares: $7,557,272
- MESABI TR · CTF BEN INT · 590672101 · shares: $6,412,120
- WHEATON PRECIOUS METALS CORP · COM · 962879102 · shares: $6,020,563
- FIDELITY WISE ORIGIN BITCOIN · SHS · 315948109 · shares: $5,697,049
Reported holdings
31 reported entries| Issuer | Class | CUSIP | Type | Shares / principal | Reported value (USD) |
|---|---|---|---|---|---|
| TEXAS PACIFIC LAND CORPORATI | COM | 88262P102 | — | 284,771 shares | $92,786,840 |
| PERMIAN BASIN RTY TR | UNIT BEN INT | 714236106 | — | 1,056,366 shares | $33,254,393 |
| GRAYSCALE BITCOIN TRUST ETF | SHS REP COM UT | 389637109 | — | 355,444 shares | $22,958,128 |
| LANDBRIDGE COMPANY LLC | CL A | 514952100 | — | 266,705 shares | $21,648,413 |
| HAWAIIAN ELEC INDS INC MTN B | COM | 419870100 | — | 1,319,050 shares | $11,792,307 |
| MIAMI INTL HLDGS INC | COM | 59356Q108 | — | 297,157 shares | $9,954,760 |
| WATERBRIDGE INFRASTRUCTURE L | CL A SHS REPSTG | 940923105 | — | 268,751 shares | $7,557,272 |
| MESABI TR | CTF BEN INT | 590672101 | — | 327,316 shares | $6,412,120 |
| WHEATON PRECIOUS METALS CORP | COM | 962879102 | — | 45,024 shares | $6,020,563 |
| FIDELITY WISE ORIGIN BITCOIN | SHS | 315948109 | — | 78,429 shares | $5,697,049 |
| FRANCO NEV CORP | COM | 351858105 | — | 21,057 shares | $5,013,851 |
| GRAYSCALE BITCOIN MINI TR ET | SHS NEW | 389930207 | — | 81,517 shares | $3,012,054 |
| SAN JUAN BASIN RTY TR | UNIT BEN INT | 798241105 | — | 597,500 shares | $2,180,875 |
| PALO ALTO NETWORKS INC | COM | 697435105 | — | 5,484 shares | $2,178,849 |
| FERMI INC | COM | 314911108 | — | 483,200 shares | $2,034,272 |
| APPLE INC | COM | 037833100 | — | 5,847 shares | $1,947,168 |
| CBOE GLOBAL MKTS INC | COM | 12503M108 | — | 6,680 shares | $1,838,842 |
| VANGUARD INDEX FDS | MRNGSTR TTL STK | 922908769 | — | 4,600 shares | $1,721,504 |
| INTERCONTINENTAL EXCHANGE IN | COM | 45866F104 | — | 8,001 shares | $1,216,346 |
| ORACLE CORP | COM | 68389X105 | — | 8,050 shares | $1,105,265 |
| AMAZON COM INC | COM | 023135106 | — | 3,400 shares | $847,110 |
| CISCO SYS INC | COM | 17275R102 | — | 6,000 shares | $645,780 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 | — | 1,700 shares | $624,036 |
| CINCINNATI FINL CORP | COM | 172062101 | — | 3,600 shares | $573,732 |
| EATON CORP PLC | SHS | G29183103 | — | 1,200 shares | $515,652 |
| CARNIVAL CORP LTD | COMMON SHARES | G2004J103 | — | 18,677 shares | $458,338 |
| HAWAIIAN ELEC INDS INC MTN B | CALL | 419870100 | CALL | 48,800 principal | $436,272 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 | — | 775 shares | $385,912 |
| RLI CORP | COM | 749607107 | — | 6,000 shares | $331,860 |
| JOHNSON & JOHNSON | COM | 478160104 | — | 1,200 shares | $317,688 |
| ROYAL GOLD INC | COM | 780287108 | — | 940 shares | $221,840 |