MAD RIVER INVESTORS
Securities ▲▼ | Shares | Value ($K) | |||||
|---|---|---|---|---|---|---|---|
Q4 2025 ▲▼ | Q1 2026 ▲▼ | Change ▲▼ | Q4 2025 ▲▼ | Q1 2026 ▲▼ | Weight (%) ▲▼ | Change ▲▼ | |
| TEXAS PACIFIC LAND CORPORATI(TPL) | 286,083 | 285,120 | -963 | 82,168,821 | 135,306,578 | 48.82% | +53,137,757 |
| LANDBRIDGE COMPANY LLC(LB) | 262,934 | 266,385 | +3,451 | 12,881,153 | 18,393,886 | 6.64% | +5,512,733 |
| PERMIAN BASIN RTY TR(PBT) | 986,819 | 1,003,140 | +16,321 | 16,756,184 | 21,587,576 | 7.79% | +4,831,392 |
| CARNIVAL CORP | 0 | 156,181 | +156,181 | 0 | 4,041,952 | 1.46% | +4,041,952 |
| HAWAIIAN ELEC INDS INC MTN B(HE) | 1,284,150 | 1,317,050 | +32,900 | 15,795,045 | 19,545,022 | 7.05% | +3,749,977 |
| WATERBRIDGE INFRASTRUCTURE L(WBI) | 257,000 | 270,900 | +13,900 | 5,142,570 | 7,257,419 | 2.62% | +2,114,849 |
| FRANCO NEV CORP(FNV) | 23,594 | 23,590 | -4 | 4,890,653 | 5,827,962 | 2.10% | +937,309 |
| HAWAIIAN ELEC INDS INC MTN B(HE)(Call) | 0 | 0 | 0 | 174,660 | 695,996 | — | +521,336 |
| WHEATON PRECIOUS METALS CORP(WPM) | 97,604 | 89,271 | -8,333 | 11,470,412 | 11,695,382 | 4.22% | +224,970 |
| CBOE GLOBAL MKTS INC(CBOE) | 6,690 | 6,680 | -10 | 1,679,103 | 1,877,451 | 0.68% | +198,348 |
| EATON CORP PLC(ETN) | 1,200 | 1,200 | 0 | 382,212 | 429,204 | 0.15% | +46,992 |
| JOHNSON & JOHNSON(JNJ) | 1,200 | 1,200 | 0 | 248,340 | 293,328 | 0.11% | +44,988 |
| ROYAL GOLD INC(RGLD) | 2,656 | 2,463 | -193 | 590,507 | 626,812 | 0.23% | +36,305 |
| CACI INTL INC(CACI) | 805 | 805 | 0 | 428,913 | 437,816 | 0.16% | +8,903 |
| CISCO SYS INC(CSCO) | 6,000 | 6,000 | 0 | 462,180 | 465,540 | 0.17% | +3,360 |
| CINCINNATI FINL CORP(CINF) | 3,600 | 3,600 | 0 | 587,952 | 566,460 | 0.20% | -21,492 |
| JPMORGAN CHASE & CO(JPM) | 1,400 | 1,417 | +17 | 451,108 | 416,825 | 0.15% | -34,283 |
| INTERCONTINENTAL EXCHANGE IN(ICE) | 7,645 | 7,645 | 0 | 1,238,249 | 1,202,469 | 0.43% | -35,780 |
| AMAZON COM INC(AMZN) | 3,500 | 3,500 | 0 | 807,870 | 728,945 | 0.26% | -78,925 |
| APPLE INC(AAPL) | 5,100 | 5,100 | 0 | 1,386,486 | 1,294,329 | 0.47% | -92,157 |
| UNITEDHEALTH GROUP INC(UNH) | 1,700 | 1,700 | 0 | 561,187 | 460,003 | 0.17% | -101,184 |
| PALO ALTO NETWORKS INC(PANW) | 5,484 | 5,484 | 0 | 1,010,153 | 879,195 | 0.32% | -130,958 |
| VANGUARD SPECIALIZED FUNDS | 1,600 | 1,000 | -600 | 351,648 | 215,060 | 0.08% | -136,588 |
| RLI CORP(RLI) | 7,500 | 6,000 | -1,500 | 479,850 | 342,240 | 0.12% | -137,610 |
| MIAMI INTL HLDGS INC(MIAX) | 75,050 | 81,250 | +6,200 | 3,330,719 | 3,162,250 | 1.14% | -168,469 |
| BERKSHIRE HATHAWAY INC DEL | 1,125 | 825 | -300 | 565,482 | 395,340 | 0.14% | -170,142 |
| KIMBERLY-CLARK CORP(KMB) | 2,800 | 0 | -2,800 | 282,492 | 0 | — | -282,492 |
| INVESCO EXCHANGE TRADED FD T | 1,508 | 0 | -1,508 | 288,873 | 0 | — | -288,873 |
| CITIGROUP INC(C) | 3,000 | 0 | -3,000 | 350,070 | 0 | — | -350,070 |
| ORACLE CORP(ORCL) | 8,050 | 8,050 | 0 | 1,569,026 | 1,184,236 | 0.43% | -384,790 |
| GRAYSCALE BITCOIN MINI TR ET(BTC) | 77,647 | 81,217 | +3,570 | 3,007,269 | 2,435,698 | 0.88% | -571,571 |
| VANGUARD INDEX FDS | 12,122 | 8,800 | -3,322 | 4,064,143 | 2,823,128 | 1.02% | -1,241,015 |
| FIDELITY WISE ORIGIN BITCOIN(FBTC) | 70,859 | 70,339 | -520 | 5,401,582 | 4,152,084 | 1.50% | -1,249,498 |
| MESABI TR | 296,649 | 321,546 | +24,897 | 11,426,935 | 10,128,689 | 3.65% | -1,298,246 |
| CARNIVAL CORP | 155,596 | 0 | -155,596 | 4,751,910 | 0 | — | -4,751,910 |
| GRAYSCALE BITCOIN TRUST ETF(GBTC) | 360,454 | 360,139 | -315 | 24,640,636 | 19,000,934 | 6.86% | -5,639,702 |