Instuitional Investor - Mad River Investors

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Texas Pacific Land Corp	TPL	95,938	$106,103,272	49.3%
2.	Grayscale Bitcoin Trust (Btc)		385,806	$28,557,361	13.26%
3.	Landbridge Company Llc		233,452	$15,080,983	7%
4.	Wheaton Precious Metals Corp.	WPM	147,493	$8,294,980	3.85%
5.	Mesabi Trust	MSB	294,901	$8,289,663	3.85%