Instuitional Investor - Mad River Investors

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Texas Pacific Land Corp	TPL	285,120	$135,306,578	48.69%
2.	Permian Basin Royalty Trust	PBT	1,003,140	$21,587,576	7.77%
3.	Hawaiian Electric Industries Inc	HE	1,317,050	$19,545,022	7.03%
4.	Grayscale Bitcoin Trust (Btc)		360,139	$19,000,934	6.84%
5.	Landbridge Company Llc		266,385	$18,393,886	6.62%