MAD RIVER INVESTORS Long-Term Concentrated

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TPL	TEXAS PACIFIC LAND CORPORATI	286,083 (+201.9%)	$82,169 (-7.1%)	37.4%	$253.85	+20.2%	COM	88262P102
HE	HAWAIIAN ELEC INDUSTRIES	1,284,150 (+4.4%)	$15,795 (+16.3%)	7.2%	$10.17	+14.0%	COM	419870100
WBI	WATERBRIDGE INFRASTRUCTURE L	257,000 (+2.1%)	$5,143 (-19.0%)	2.3%	$23.44	-1.0%	CL A SHS REPSTG	940923105
AAPL	APPLE INC	5,100 (+2.0%)	$1,386 (+8.9%)	0.6%	$226.42	+18.5%	COM	037833100
PBT	PERMIAN BASIN RTY TR	986,819 (+7.0%)	$16,756 (-0.4%)	7.6%	$12.81	—	UNIT BEN INT	714236106
AMZN	AMAZON COM INC	3,500 (+2.9%)	$808 (+8.2%)	0.4%	$226.42	+1.0%	COM	023135106
LB	LANDBRIDGE COMPANY LLC	262,934 (+9.1%)	$12,881 (+0.2%)	5.9%	$36.21	+60.6%	CL A	514952100

Exited Positions (5)

— SANDSTORM GOLD LTD 0.2%

Value ($000) $533 Shares 42,592 Est. Cost $6.97 Unrealized —

TPL TEXAS PACIFIC LAND CORPORATI 0.2%

Value ($000) $373 Shares 400 Est. Cost $253.85 Unrealized +20.2%

FE FIRSTENERGY CORP 0.1%

Value ($000) $261 Shares 5,700 Est. Cost $42.11 Unrealized +8.6%

CRM SALESFORCE INC 0.1%

Value ($000) $213 Shares 900 Est. Cost $251.43 Unrealized -1.3%

GLPI GAMING & LEISURE PPTYS INC 0.1%

Value ($000) $212 Shares 4,558 Est. Cost $46.61 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	SANDSTORM GOLD LTD	42,592	$533	0.2%	$6.97	—	—	80013R206
TPL	TEXAS PACIFIC LAND CORPORATI	400	$373	0.2%	$253.85	+20.2%	PUT	88262P102
FE	FIRSTENERGY CORP	5,700	$261	0.1%	$42.11	+8.6%	—	337932107
CRM	SALESFORCE INC	900	$213	0.1%	$251.43	-1.3%	—	79466L302
GLPI	GAMING & LEISURE PPTYS INC	4,558	$212	0.1%	$46.61	—	—	36467J108

Decreased Positions (4)

FBTC FIDELITY WISE ORIGIN BITCOIN 2.5%

Value ($000) $5,402 (-24.6%) Shares 70,859 (-1.3%) Est. Cost $62.06 Unrealized —

BTC GRAYSCALE BITCOIN MINI TR ET 1.4%

Value ($000) $3,007 (-27.7%) Shares 77,647 (-5.5%) Est. Cost $42.28 Unrealized —

VIG VANGUARD SPECIALIZED FUNDS 0.2%

Value ($000) $352 (-37.3%) Shares 1,600 (-38.5%) Est. Cost $166.25 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL 0.3%

Value ($000) $565 (-4.3%) Shares 1,125 (-4.3%) Est. Cost $134.20 Unrealized +270.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FBTC	FIDELITY WISE ORIGIN BITCOIN	70,859 (-1.3%)	$5,402 (-24.6%)	2.5%	$62.06	—	SHS	315948109
BTC	GRAYSCALE BITCOIN MINI TR ET	77,647 (-5.5%)	$3,007 (-27.7%)	1.4%	$42.28	—	SHS NEW	389930207
VIG	VANGUARD SPECIALIZED FUNDS	1,600 (-38.5%)	$352 (-37.3%)	0.2%	$166.25	—	DIV APP ETF	921908844
BRK/B	BERKSHIRE HATHAWAY INC DEL	1,125 (-4.3%)	$565 (-4.3%)	0.3%	$134.20	+270.7%	CL B NEW	084670702

Unchanged Positions (22)

GBTC GRAYSCALE BITCOIN TRUST ETF 11.2%

Value ($000) $24,641 Shares 360,454 Est. Cost $60.50 Unrealized —

MSB MESABI TR 5.2%

Value ($000) $11,427 Shares 296,649 Est. Cost $19.25 Unrealized —

ORCL ORACLE CORP 0.7%

Value ($000) $1,569 Shares 8,050 Est. Cost $254.17 Unrealized -6.3%

WPM WHEATON PRECIOUS METALS CORP 5.2%

Value ($000) $11,470 Shares 97,604 Est. Cost $20.89 Unrealized +412.5%

FNV FRANCO NEV CORP 2.2%

Value ($000) $4,891 Shares 23,594 Est. Cost $83.61 Unrealized +142.6%

MIAX MIAMI INTL HLDGS INC 1.5%

Value ($000) $3,331 Shares 75,050 Est. Cost $36.58 Unrealized +21.9%

CCL CARNIVAL CORP 2.2%

Value ($000) $4,752 Shares 155,596 Est. Cost $10.36 Unrealized +169.2%

PANW PALO ALTO NETWORKS INC 0.5%

Value ($000) $1,010 Shares 5,484 Est. Cost $191.42 Unrealized +5.4%

VTI VANGUARD INDEX FDS 1.9%

Value ($000) $4,064 Shares 12,122 Est. Cost $228.35 Unrealized —

ETN EATON CORP PLC 0.2%

Value ($000) $382 Shares 1,200 Est. Cost $363.27 Unrealized -2.4%

KMB KIMBERLY-CLARK CORP 0.1%

Value ($000) $282 Shares 2,800 Est. Cost $126.80 Unrealized -14.5%

ICE INTERCONTINENTAL EXCHANGE IN 0.6%

Value ($000) $1,238 Shares 7,645 Est. Cost $87.52 Unrealized +78.5%

CSCO CISCO SYS INC 0.2%

Value ($000) $462 Shares 6,000 Est. Cost $67.38 Unrealized +9.5%

CBOE CBOE GLOBAL MKTS INC 0.8%

Value ($000) $1,679 Shares 6,690 Est. Cost $121.44 Unrealized +104.8%

C CITIGROUP INC 0.2%

Value ($000) $350 Shares 3,000 Est. Cost $94.11 Unrealized +10.1%

CACI CACI INTL INC 0.2%

Value ($000) $429 Shares 805 Est. Cost $211.31 Unrealized +167.4%

JNJ JOHNSON & JOHNSON 0.1%

Value ($000) $248 Shares 1,200 Est. Cost $169.51 Unrealized +16.2%

UNH UNITEDHEALTH GROUP INC 0.3%

Value ($000) $561 Shares 1,700 Est. Cost $298.94 Unrealized +12.8%

CINF CINCINNATI FINL CORP 0.3%

Value ($000) $588 Shares 3,600 Est. Cost $150.23 Unrealized +7.3%

JPM JPMORGAN CHASE & CO. 0.2%

Value ($000) $451 Shares 1,400 Est. Cost $295.93 Unrealized +4.6%

RLI RLI CORP 0.2%

Value ($000) $480 Shares 7,500 Est. Cost $42.27 Unrealized +45.4%

RSP INVESCO EXCHANGE TRADED FD T 0.1%

Value ($000) $289 Shares 1,508 Est. Cost $154.88 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GBTC	GRAYSCALE BITCOIN TRUST ETF	360,454	$24,641	11.2%	$60.50	—	SHS REP COM UT	389637109
MSB	MESABI TR	296,649	$11,427	5.2%	$19.25	—	CTF BEN INT	590672101
ORCL	ORACLE CORP	8,050	$1,569	0.7%	$254.17	-6.3%	COM	68389X105
WPM	WHEATON PRECIOUS METALS CORP	97,604	$11,470	5.2%	$20.89	+412.5%	COM	962879102
FNV	FRANCO NEV CORP	23,594	$4,891	2.2%	$83.61	+142.6%	COM	351858105
MIAX	MIAMI INTL HLDGS INC	75,050	$3,331	1.5%	$36.58	+21.9%	COM	59356Q108
CCL	CARNIVAL CORP	155,596	$4,752	2.2%	$10.36	+169.2%	UNIT 99/99/9999	143658300
PANW	PALO ALTO NETWORKS INC	5,484	$1,010	0.5%	$191.42	+5.4%	COM	697435105
VTI	VANGUARD INDEX FDS	12,122	$4,064	1.9%	$228.35	—	TOTAL STK MKT	922908769
ETN	EATON CORP PLC	1,200	$382	0.2%	$363.27	-2.4%	SHS	G29183103
KMB	KIMBERLY-CLARK CORP	2,800	$282	0.1%	$126.80	-14.5%	COM	494368103
ICE	INTERCONTINENTAL EXCHANGE IN	7,645	$1,238	0.6%	$87.52	+78.5%	COM	45866F104
CSCO	CISCO SYS INC	6,000	$462	0.2%	$67.38	+9.5%	COM	17275R102
CBOE	CBOE GLOBAL MKTS INC	6,690	$1,679	0.8%	$121.44	+104.8%	COM	12503M108
C	CITIGROUP INC	3,000	$350	0.2%	$94.11	+10.1%	COM NEW	172967424
CACI	CACI INTL INC	805	$429	0.2%	$211.31	+167.4%	CL A	127190304
JNJ	JOHNSON & JOHNSON	1,200	$248	0.1%	$169.51	+16.2%	COM	478160104
UNH	UNITEDHEALTH GROUP INC	1,700	$561	0.3%	$298.94	+12.8%	COM	91324P102
CINF	CINCINNATI FINL CORP	3,600	$588	0.3%	$150.23	+7.3%	COM	172062101
JPM	JPMORGAN CHASE & CO.	1,400	$451	0.2%	$295.93	+4.6%	COM	46625H100
RLI	RLI CORP	7,500	$480	0.2%	$42.27	+45.4%	COM	749607107
RSP	INVESCO EXCHANGE TRADED FD T	1,508	$289	0.1%	$154.88	—	S&P500 EQL WGT	46137V357