Mad River Investors as of Dec. 31, 2025
Portfolio Holdings for Mad River Investors
Mad River Investors holds 34 positions in its portfolio as reported in the December 2025 quarterly 13F filing
| Company (Ticker) | Portfolio Weight | Valued At | Change in Shares | Share Count | Share Price |
|---|---|---|---|---|---|
| Texas Pacific Land Corp (TPL) | 37.4 | $82M | 286k | 287.22 | |
| Grayscale Bitcoin Trust Etf Shs Rep Com Ut (GBTC) | 11.2 | $25M | 361k | 68.36 | |
| Permian Basin Rty Tr Unit Ben Int (PBT) | 7.6 | $17M | 987k | 16.98 | |
| Hawaiian Elec Industries Call Call Option (Principal) (HE) | 7.3 | $16M | 1.3M | 12.30 | |
| Landbridge Company Cl A (LB) | 5.9 | $13M | 263k | 48.99 | |
| Wheaton Precious Metals Corp (WPM) | 5.2 | $12M | 98k | 117.52 | |
| Mesabi Tr Ctf Ben Int (MSB) | 5.2 | $11M | 297k | 38.52 | |
| Fidelity Wise Origin Bitcoin SHS (FBTC) | 2.5 | $5.4M | 71k | 76.23 | |
| Waterbridge Infrastructure L Cl A Shs Repstg (WBI) | 2.3 | $5.1M | 257k | 20.01 | |
| Franco-Nevada Corporation (FNV) | 2.2 | $4.9M | 24k | 207.28 | |
| Carnival Corp Unit 99/99/9999 (CCL) | 2.2 | $4.8M | 156k | 30.54 | |
| Vanguard Index Fds Total Stk Mkt (VTI) | 1.9 | $4.1M | 12k | 335.27 | |
| Miami Intl Hldgs (MIAX) | 1.5 | $3.3M | 75k | 44.38 | |
| Grayscale Bitcoin Mini Tr Et Shs New (BTC) | 1.4 | $3.0M | 78k | 38.73 | |
| CBOE Holdings (CBOE) | 0.8 | $1.7M | 6.7k | 250.99 | |
| Oracle Corporation (ORCL) | 0.7 | $1.6M | 8.1k | 194.91 | |
| Apple (AAPL) | 0.6 | $1.4M | 5.1k | 271.86 | |
| Intercontinental Exchange (ICE) | 0.6 | $1.2M | 7.6k | 161.97 | |
| Palo Alto Networks (PANW) | 0.5 | $1.0M | 5.5k | 184.20 | |
| Amazon (AMZN) | 0.4 | $808k | 3.5k | 230.82 | |
| Royal Gold (RGLD) | 0.3 | $591k | 2.7k | 222.33 | |
| Cincinnati Financial Corporation (CINF) | 0.3 | $588k | 3.6k | 163.32 | |
| Berkshire Hathaway Inc Del Cl B New (BRK.B) | 0.3 | $566k | 1.1k | 502.65 | |
| UnitedHealth (UNH) | 0.3 | $561k | 1.7k | 330.11 | |
| Rli (RLI) | 0.2 | $480k | 7.5k | 63.98 | |
| Cisco Systems (CSCO) | 0.2 | $462k | 6.0k | 77.03 | |
| JPMorgan Chase & Co. (JPM) | 0.2 | $451k | 1.4k | 322.22 | |
| Caci Intl Cl A (CACI) | 0.2 | $429k | 805.00 | 532.81 | |
| Eaton Corp SHS (ETN) | 0.2 | $382k | 1.2k | 318.51 | |
| Vanguard Specialized Funds Div App Etf (VIG) | 0.2 | $352k | 1.6k | 219.78 | |
| Citigroup Com New (C) | 0.2 | $350k | 3.0k | 116.69 | |
| Invesco Exchange Traded Fd T S&p500 Eql Wgt (RSP) | 0.1 | $289k | 1.5k | 191.56 | |
| Kimberly-Clark Corporation (KMB) | 0.1 | $283k | 2.8k | 100.89 | |
| Johnson & Johnson (JNJ) | 0.1 | $248k | 1.2k | 206.95 |
