MAD RIVER INVESTORS

Holdings History for LandBridge Co LLC - Class A Shares (LB)

Symbol: LB on NYSE
Investment type: Equity / Class A Shares

Shares, Excluding Options vs Price

Value, Excluding Options

Holdings date	Weight	Change	Value $	Shares	Change	Activity %	Price	All Holders
31 Dec 2025	5.9%	+0.49%	$12,881,153	262,934	+21,878	+9.1%	$48.99	Q4 2025
30 Sep 2025	5.5%	+0.14%	$12,860,359	241,056	+6,302	+2.7%	$53.35	Q3 2025
30 Jun 2025	7.1%	+0.02%	$15,864,708	234,754	+501		$67.58	Q2 2025
31 Mar 2025	7.1%	+0.02%	$16,852,165	234,253	+801		$71.94	Q1 2025
31 Dec 2024	7%	+0.03%	$15,080,983	233,452	+902	+0.39%	$64.60	Q4 2024
30 Sep 2024	5%	+5%	$9,097,356	232,550	+232,550	NEW	$39.12	Q3 2024

* Reported Price is the price of the security as of the portfolio date. This value is significant in that it is the last known price at which the security was still held.
An asterisk sign (*) next to the price indicates that the price is likely invalid.