MAD RIVER INVESTORS Long-Term Concentrated

Location: Boston, MA

CIK: 0001384484 · Show all filings

Period: Q1 2025 (← Previous) (Next →)

Filing Date: Apr 22, 2025

Total Value: $236M (100.0% shares, 0.0% debt)

Holdings (24)

TPL TEXAS PACIFIC LAND CORPORATI 53.4%

Value $126M Shares 95,183 Est. Cost $150.53 Unrealized +194.5%

GBTC GRAYSCALE BITCOIN TRUST ETF 10.3%

Value $24.27M Shares 372,481 Est. Cost $60.50 Unrealized —

LB LANDBRIDGE COMPANY LLC 7.1%

Value $16.85M Shares 234,253 Est. Cost $33.65 Unrealized +110.2%

HE HAWAIIAN ELEC INDUSTRIES 5.6%

Value $13.31M Shares 1,215,900 Est. Cost $10.10 Unrealized -0.0%

WPM WHEATON PRECIOUS METALS CORP 4.9%

Value $11.47M Shares 147,793 Est. Cost $20.89 Unrealized +218.1%

MSB MESABI TR 3.4%

Value $8.064M Shares 296,457 Est. Cost $23.08 Unrealized —

FBTC FIDELITY WISE ORIGIN BITCOIN 2.3%

Value $5.402M Shares 75,053 Est. Cost $62.06 Unrealized —

PBT PERMIAN BASIN RTY TR 2.0%

Value $4.674M Shares 471,693 Est. Cost $12.10 Unrealized —

FNV FRANCO NEV CORP 1.9%

Value $4.38M Shares 27,802 Est. Cost $83.61 Unrealized +66.6%

CCL CARNIVAL CORP 1.6%

Value $3.674M Shares 188,096 Est. Cost $10.36 Unrealized +129.6%

VTI VANGUARD INDEX FDS 1.4%

Value $3.332M Shares 12,122 Est. Cost $228.35 Unrealized —

BTC GRAYSCALE BITCOIN MINI TR ET 1.2%

Value $2.857M Shares 78,286 Est. Cost $41.87 Unrealized —

— ARIS WATER SOLUTIONS INC 1.0%

Value $2.4M Shares 74,900 Est. Cost $32.04 Unrealized —

CVEO CIVEO CORP CDA 0.8%

Value $1.828M Shares 79,497 Est. Cost $11.28 Unrealized +105.9%

CBOE CBOE GLOBAL MKTS INC 0.6%

Value $1.406M Shares 6,215 Est. Cost $113.90 Unrealized +81.3%

ICE INTERCONTINENTAL EXCHANGE IN 0.5%

Value $1.297M Shares 7,520 Est. Cost $85.59 Unrealized +89.4%

VIG VANGUARD SPECIALIZED FUNDS 0.5%

Value $1.203M Shares 6,200 Est. Cost $166.25 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL 0.4%

Value $1.012M Shares 1,900 Est. Cost $134.20 Unrealized +262.3%

RLI RLI CORP 0.3%

Value $723K Shares 9,000 Est. Cost $42.27 Unrealized +72.9%

— SANDSTORM GOLD LTD 0.2%

Value $486K Shares 64,364 Est. Cost $6.97 Unrealized —

EXP EAGLE MATLS INC 0.2%

Value $467K Shares 2,106 Est. Cost $234.27 Unrealized +0.8%

CACI CACI INTL INC 0.1%

Value $314K Shares 855 Est. Cost $211.31 Unrealized +81.1%

RSP INVESCO EXCHANGE TRADED FD T 0.1%

Value $261K Shares 1,508 Est. Cost $154.88 Unrealized —

DIS DISNEY WALT CO 0.1%

Value $237K Shares 2,400 Est. Cost $86.20 Unrealized +23.3%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TPL	TEXAS PACIFIC LAND CORPORATI	95,183	$126M	53.4%	$150.53	+194.5%	COM	88262P102
GBTC	GRAYSCALE BITCOIN TRUST ETF	372,481	$24.27M	10.3%	$60.50	—	SHS REP COM UT	389637109
LB	LANDBRIDGE COMPANY LLC	234,253	$16.85M	7.1%	$33.65	+110.2%	CL A	514952100
HE	HAWAIIAN ELEC INDUSTRIES	1,215,900	$13.31M	5.6%	$10.10	-0.0%	COM	419870100
WPM	WHEATON PRECIOUS METALS CORP	147,793	$11.47M	4.9%	$20.89	+218.1%	COM	962879102
MSB	MESABI TR	296,457	$8.064M	3.4%	$23.08	—	CTF BEN INT	590672101
FBTC	FIDELITY WISE ORIGIN BITCOIN	75,053	$5.402M	2.3%	$62.06	—	SHS	315948109
PBT	PERMIAN BASIN RTY TR	471,693	$4.674M	2.0%	$12.10	—	UNIT BEN INT	714236106
FNV	FRANCO NEV CORP	27,802	$4.38M	1.9%	$83.61	+66.6%	COM	351858105
CCL	CARNIVAL CORP	188,096	$3.674M	1.6%	$10.36	+129.6%	UNIT 99/99/9999	143658300
VTI	VANGUARD INDEX FDS	12,122	$3.332M	1.4%	$228.35	—	TOTAL STK MKT	922908769
BTC	GRAYSCALE BITCOIN MINI TR ET	78,286	$2.857M	1.2%	$41.87	—	SHS NEW	389930207
—	ARIS WATER SOLUTIONS INC	74,900	$2.4M	1.0%	$32.04	—	CLASS A COM	04041L106
CVEO	CIVEO CORP CDA	79,497	$1.828M	0.8%	$11.28	+105.9%	COM NEW	17878Y207
CBOE	CBOE GLOBAL MKTS INC	6,215	$1.406M	0.6%	$113.90	+81.3%	COM	12503M108
ICE	INTERCONTINENTAL EXCHANGE IN	7,520	$1.297M	0.5%	$85.59	+89.4%	COM	45866F104
VIG	VANGUARD SPECIALIZED FUNDS	6,200	$1.203M	0.5%	$166.25	—	DIV APP ETF	921908844
BRK/B	BERKSHIRE HATHAWAY INC DEL	1,900	$1.012M	0.4%	$134.20	+262.3%	CL B NEW	084670702
RLI	RLI CORP	9,000	$723K	0.3%	$42.27	+72.9%	COM	749607107
—	SANDSTORM GOLD LTD	64,364	$486K	0.2%	$6.97	—	COM NEW	80013R206
EXP	EAGLE MATLS INC	2,106	$467K	0.2%	$234.27	+0.8%	COM	26969P108
CACI	CACI INTL INC	855	$314K	0.1%	$211.31	+81.1%	CL A	127190304
RSP	INVESCO EXCHANGE TRADED FD T	1,508	$261K	0.1%	$154.88	—	S&P500 EQL WGT	46137V357
DIS	DISNEY WALT CO	2,400	$237K	0.1%	$86.20	+23.3%	COM	254687106