MAD RIVER INVESTORS Long-Term Concentrated

Location: Boston, MA

CIK: 0001384484 · Show all filings

Period: Q2 2025 (← Previous) (Next →)

Filing Date: Jul 8, 2025

Total Value: $223M (100.0% shares, 0.0% debt)

Holdings (24)

TPL TEXAS PACIFIC LAND CORPORATI 45.0%

Value $100M Shares 95,013 Est. Cost $150.53 Unrealized +170.4%

GBTC GRAYSCALE BITCOIN TRUST ETF 14.1%

Value $31.59M Shares 372,381 Est. Cost $60.50 Unrealized —

LB LANDBRIDGE COMPANY LLC 7.1%

Value $15.86M Shares 234,754 Est. Cost $33.65 Unrealized +114.1%

HE HAWAIIAN ELEC INDUSTRIES 5.8%

Value $13.03M Shares 1,225,900 Est. Cost $10.10 Unrealized +3.2%

PBT PERMIAN BASIN RTY TR 4.9%

Value $11.01M Shares 883,917 Est. Cost $12.27 Unrealized —

WPM WHEATON PRECIOUS METALS CORP 4.7%

Value $10.41M Shares 115,925 Est. Cost $20.89 Unrealized +302.5%

MSB MESABI TR 3.2%

Value $7.078M Shares 295,413 Est. Cost $23.08 Unrealized —

FBTC FIDELITY WISE ORIGIN BITCOIN 3.1%

Value $6.886M Shares 73,261 Est. Cost $62.06 Unrealized —

CCL CARNIVAL CORP 2.3%

Value $5.168M Shares 183,796 Est. Cost $10.36 Unrealized +106.6%

FNV FRANCO NEV CORP 1.8%

Value $3.943M Shares 24,053 Est. Cost $83.61 Unrealized +97.6%

BTC GRAYSCALE BITCOIN MINI TR ET 1.7%

Value $3.738M Shares 78,286 Est. Cost $41.87 Unrealized —

VTI VANGUARD INDEX FDS 1.7%

Value $3.684M Shares 12,122 Est. Cost $228.35 Unrealized —

— ARIS WATER SOLUTIONS INC 0.9%

Value $2.093M Shares 88,500 Est. Cost $30.75 Unrealized —

CVEO CIVEO CORP CDA 0.7%

Value $1.569M Shares 67,938 Est. Cost $11.28 Unrealized +87.4%

CBOE CBOE GLOBAL MKTS INC 0.7%

Value $1.558M Shares 6,680 Est. Cost $121.44 Unrealized +83.0%

ICE INTERCONTINENTAL EXCHANGE IN 0.6%

Value $1.412M Shares 7,695 Est. Cost $87.52 Unrealized +94.8%

VIG VANGUARD SPECIALIZED FUNDS 0.6%

Value $1.269M Shares 6,200 Est. Cost $166.25 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL 0.3%

Value $571K Shares 1,175 Est. Cost $134.20 Unrealized +278.4%

RLI RLI CORP 0.2%

Value $542K Shares 7,500 Est. Cost $42.27 Unrealized +70.7%

— SANDSTORM GOLD LTD 0.2%

Value $458K Shares 48,674 Est. Cost $6.97 Unrealized —

CACI CACI INTL INC 0.2%

Value $408K Shares 855 Est. Cost $211.31 Unrealized +109.6%

RSP INVESCO EXCHANGE TRADED FD T 0.1%

Value $274K Shares 1,508 Est. Cost $154.88 Unrealized —

EXP EAGLE MATLS INC 0.1%

Value $249K Shares 1,231 Est. Cost $234.27 Unrealized -8.3%

PBT PERMIAN BASIN RTY TR 0.0%

Value $99,680 Shares 8,000 Est. Cost $12.27 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TPL	TEXAS PACIFIC LAND CORPORATI	95,013	$100M	45.0%	$150.53	+170.4%	COM	88262P102
GBTC	GRAYSCALE BITCOIN TRUST ETF	372,381	$31.59M	14.1%	$60.50	—	SHS REP COM UT	389637109
LB	LANDBRIDGE COMPANY LLC	234,754	$15.86M	7.1%	$33.65	+114.1%	CL A	514952100
HE	HAWAIIAN ELEC INDUSTRIES	1,225,900	$13.03M	5.8%	$10.10	+3.2%	COM	419870100
PBT	PERMIAN BASIN RTY TR	883,917	$11.01M	4.9%	$12.27	—	UNIT BEN INT	714236106
WPM	WHEATON PRECIOUS METALS CORP	115,925	$10.41M	4.7%	$20.89	+302.5%	COM	962879102
MSB	MESABI TR	295,413	$7.078M	3.2%	$23.08	—	CTF BEN INT	590672101
FBTC	FIDELITY WISE ORIGIN BITCOIN	73,261	$6.886M	3.1%	$62.06	—	SHS	315948109
CCL	CARNIVAL CORP	183,796	$5.168M	2.3%	$10.36	+106.6%	UNIT 99/99/9999	143658300
FNV	FRANCO NEV CORP	24,053	$3.943M	1.8%	$83.61	+97.6%	COM	351858105
BTC	GRAYSCALE BITCOIN MINI TR ET	78,286	$3.738M	1.7%	$41.87	—	SHS NEW	389930207
VTI	VANGUARD INDEX FDS	12,122	$3.684M	1.7%	$228.35	—	TOTAL STK MKT	922908769
—	ARIS WATER SOLUTIONS INC	88,500	$2.093M	0.9%	$30.75	—	CLASS A COM	04041L106
CVEO	CIVEO CORP CDA	67,938	$1.569M	0.7%	$11.28	+87.4%	COM NEW	17878Y207
CBOE	CBOE GLOBAL MKTS INC	6,680	$1.558M	0.7%	$121.44	+83.0%	COM	12503M108
ICE	INTERCONTINENTAL EXCHANGE IN	7,695	$1.412M	0.6%	$87.52	+94.8%	COM	45866F104
VIG	VANGUARD SPECIALIZED FUNDS	6,200	$1.269M	0.6%	$166.25	—	DIV APP ETF	921908844
BRK/B	BERKSHIRE HATHAWAY INC DEL	1,175	$571K	0.3%	$134.20	+278.4%	CL B NEW	084670702
RLI	RLI CORP	7,500	$542K	0.2%	$42.27	+70.7%	COM	749607107
—	SANDSTORM GOLD LTD	48,674	$458K	0.2%	$6.97	—	COM NEW	80013R206
CACI	CACI INTL INC	855	$408K	0.2%	$211.31	+109.6%	CL A	127190304
RSP	INVESCO EXCHANGE TRADED FD T	1,508	$274K	0.1%	$154.88	—	S&P500 EQL WGT	46137V357
EXP	EAGLE MATLS INC	1,231	$249K	0.1%	$234.27	-8.3%	COM	26969P108
PBT	PERMIAN BASIN RTY TR	8,000	$99,680	0.0%	$12.27	—	Call	714236106