MAD RIVER INVESTORS — 13F holdings

MAD RIVER INVESTORS reported 30 holdings worth $268M in its 13F filing for Q2 2026, filed August 3, 2026.

Largest positions

1. TPL TEXAS PACIFIC LAND CORPORATI — $125M (46.6%)
2. PBT PERMIAN BASIN RTY TR — $25.2M (9.4%)
3. LB LANDBRIDGE COMPANY LLC — $21.2M (7.9%)
4. HE HAWAIIAN ELEC INDUSTRIES — $18.5M (6.9%)
5. GBTC GRAYSCALE BITCOIN TRUST ETF — $16.4M (6.1%)
6. MIAX MIAMI INTL HLDGS INC — $10.7M (4.0%)
7. WBI WATERBRIDGE INFRASTRUCTURE L — $9.18M (3.4%)
8. MSB MESABI TR — $8.19M (3.1%)
9. WPM Wheaton Precious Metals Corp — $6.31M (2.4%)
10. FNV FRANCO NEV CORP — $4.69M (1.7%)