# MAD RIVER INVESTORS: Form 13F holdings

An institutional investment manager in BOSTON, MA. SEC CIK 1384484.

- Quarter ended: 2026-06-30
- Filed: 2026-08-03
- Reported value: $268.1m
- Positions: 30 (30 lines in the filing's table; lines for the same security and option type are added together here)
- Compared with: the 13F for the quarter ended 2026-03-31
- Filing: https://www.sec.gov/Archives/edgar/data/1384484/000138448426000006/

## Holdings

As filed, largest first. Reported value is what the manager stated at the quarter end (Jun 30, 2026), in US dollars; it is filing data, not a price. Weight is the share of the total reported value.

| Issuer | Class | Reported value | Weight | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | ---: | --- | --- |
| [TEXAS PACIFIC LAND CORPORATI (TPL)](/companies/tpl.md) | COM | $124.9m | 46.6% | 285,330 |  | Added +210 |
| [PERMIAN BASIN RTY TR (PBT)](/companies/pbt.md) | UNIT BEN INT | $25.2m | 9.4% | 1,005,152 |  | Added +2,012 |
| [LANDBRIDGE COMPANY LLC (LB)](/companies/lb.md) | CL A | $21.2m | 7.9% | 267,953 |  | Added +1,568 |
| [HAWAIIAN ELEC INDS INC MTN B (HE)](/companies/he.md) | COM | $17.9m | 6.7% | 1,321,850 |  | Added +4,800 |
| [GRAYSCALE BITCOIN TRUST ETF (GBTC)](/companies/gbtc.md) | SHS REP COM UT | $16.4m | 6.1% | 360,139 |  | Unchanged |
| [MIAMI INTL HLDGS INC (MIAX)](/companies/miax.md) | COM | $10.7m | 4.0% | 289,000 |  | Added +207,750 |
| [WATERBRIDGE INFRASTRUCTURE L (WBI)](/companies/wbi.md) | CL A SHS REPSTG | $9.2m | 3.4% | 267,801 |  | Reduced −3,099 |
| [MESABI TR (MSB)](/companies/msb.md) | CTF BEN INT | $8.2m | 3.1% | 323,735 |  | Added +2,189 |
| [WHEATON PRECIOUS METALS CORP (WPM)](/companies/wpm.md) | COM | $6.3m | 2.4% | 56,173 |  | Reduced −33,098 |
| [FRANCO NEV CORP (FNV)](/companies/fnv.md) | COM | $4.7m | 1.7% | 22,506 |  | Reduced −1,084 |
| [FIDELITY WISE ORIGIN BITCOIN (FBTC)](/companies/fbtc.md) | SHS | $3.6m | 1.3% | 70,369 |  | Added +30 |
| CARNIVAL CORP LTD | COMMON SHARES | $2.7m | 1.0% | 95,373 |  | New +95,373 |
| VANGUARD INDEX FDS | TOTAL STK MKT | $2.5m | 0.9% | 6,800 |  | Reduced −2,000 |
| [GRAYSCALE BITCOIN MINI TR ET (BTC)](/companies/btc.md) | SHS NEW | $2.1m | 0.8% | 81,517 |  | Added +300 |
| [PALO ALTO NETWORKS INC (PANW)](/companies/panw.md) | COM | $1.9m | 0.7% | 5,484 |  | Unchanged |
| [CBOE GLOBAL MKTS INC (CBOE)](/companies/cboe.md) | COM | $1.6m | 0.6% | 6,705 |  | Added +25 |
| [APPLE INC (AAPL)](/companies/aapl.md) | COM | $1.5m | 0.5% | 5,050 |  | Reduced −50 |
| [ORACLE CORP (ORCL)](/companies/orcl.md) | COM | $1.2m | 0.4% | 8,050 |  | Unchanged |
| [INTERCONTINENTAL EXCHANGE IN (ICE)](/companies/ice.md) | COM | $965.9k | 0.4% | 7,846 |  | Added +201 |
| [AMAZON COM INC (AMZN)](/companies/amzn.md) | COM | $810.4k | 0.3% | 3,400 |  | Reduced −100 |
| [UNITEDHEALTH GROUP INC (UNH)](/companies/unh.md) | COM | $706.6k | 0.3% | 1,700 |  | Unchanged |
| [CISCO SYS INC (CSCO)](/companies/csco.md) | COM | $704.8k | 0.3% | 6,000 |  | Unchanged |
| [CINCINNATI FINL CORP (CINF)](/companies/cinf.md) | COM | $666.5k | 0.2% | 3,600 |  | Unchanged |
| [HAWAIIAN ELEC INDS INC MTN B (HE)](/companies/he.md) | CALL | $660.3k | 0.2% | $48,800 principal | Call | Added +1,900 |
| EATON CORP PLC | SHS | $511.3k | 0.2% | 1,200 |  | Unchanged |
| [RLI CORP (RLI)](/companies/rli.md) | COM | $354.4k | 0.1% | 6,000 |  | Unchanged |
| [BERKSHIRE HATHAWAY INC DEL (BRK-B)](/companies/brk-b.md) | CL B NEW | $312.7k | 0.1% | 625 |  | Reduced −200 |
| [JOHNSON & JOHNSON (JNJ)](/companies/jnj.md) | COM | $304.8k | 0.1% | 1,200 |  | Unchanged |
| [CACI INTL INC (CACI)](/companies/caci.md) | CL A | $210.8k | <0.1% | 455 |  | Reduced −350 |
| [FERMI INC (FRMI)](/companies/frmi.md) | COM | $151.1k | <0.1% | 16,500 |  | New +16,500 |

## Sold out

Held at the end of the quarter before and not reported this quarter.

| Issuer | Class | Reported value | Weight | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | ---: | --- | --- |
| CARNIVAL CORP | COMMON STOCK | $0 | 0.0% | 0 |  | Sold out −156,181 |
| [JPMORGAN CHASE & CO (JPM)](/companies/jpm.md) | COM | $0 | 0.0% | 0 |  | Sold out −1,417 |
| [ROYAL GOLD INC (RGLD)](/companies/rgld.md) | COM | $0 | 0.0% | 0 |  | Sold out −2,463 |
| VANGUARD SPECIALIZED FUNDS | DIV APP ETF | $0 | 0.0% | 0 |  | Sold out −1,000 |

Source: SEC EDGAR, Form 13F-HR, accession 0001384484-26-000006. Last ingested by Listed: Oct 22, 2026, 05:26 ET. No prices; not investment advice.