MAD RIVER INVESTORS Long-Term Concentrated

Location: Boston, MA

CIK: 0001384484 · Show all filings

Period: Q3 2025 (← Previous) (Next →)

Filing Date: Oct 14, 2025

Total Value: $234M (99.8% shares, 0.2% debt)

Holdings (38)

TPL TEXAS PACIFIC LAND CORPORATI 37.9%

Value $88.48M Shares 94,772 Est. Cost $150.53 Unrealized +108.5%

GBTC GRAYSCALE BITCOIN TRUST ETF 13.9%

Value $32.4M Shares 360,954 Est. Cost $60.50 Unrealized —

PBT PERMIAN BASIN RTY TR 7.2%

Value $16.83M Shares 922,230 Est. Cost $12.51 Unrealized —

HE HAWAIIAN ELEC INDUSTRIES 5.8%

Value $13.58M Shares 1,230,250 Est. Cost $10.10 Unrealized +12.7%

LB LANDBRIDGE COMPANY LLC 5.5%

Value $12.86M Shares 241,056 Est. Cost $34.22 Unrealized +61.2%

WPM WHEATON PRECIOUS METALS CORP 4.7%

Value $10.95M Shares 97,927 Est. Cost $20.89 Unrealized +367.7%

MSB MESABI TR 3.7%

Value $8.65M Shares 295,523 Est. Cost $23.08 Unrealized —

FBTC FIDELITY WISE ORIGIN BITCOIN 3.1%

Value $7.167M Shares 71,804 Est. Cost $62.06 Unrealized —

WBI WATERBRIDGE INFRASTRUCTURE L 2.7%

Value $6.348M Shares 251,700 Est. Cost $23.45 Unrealized 0.0%

FNV FRANCO NEV CORP 2.2%

Value $5.256M Shares 23,579 Est. Cost $83.61 Unrealized +115.5%

CCL CARNIVAL CORP 1.9%

Value $4.493M Shares 155,396 Est. Cost $10.36 Unrealized +191.5%

BTC GRAYSCALE BITCOIN MINI TR ET 1.8%

Value $4.161M Shares 82,179 Est. Cost $42.28 Unrealized —

VTI VANGUARD INDEX FDS 1.7%

Value $3.978M Shares 12,122 Est. Cost $228.35 Unrealized —

MIAX MIAMI INTL HLDGS INC 1.3%

Value $3.003M Shares 74,600 Est. Cost $36.58 Unrealized 0.0%

ORCL ORACLE CORP 1.0%

Value $2.264M Shares 8,050 Est. Cost $254.17 Unrealized 0.0%

CBOE CBOE GLOBAL MKTS INC 0.7%

Value $1.632M Shares 6,655 Est. Cost $121.44 Unrealized +97.8%

ICE INTERCONTINENTAL EXCHANGE IN 0.6%

Value $1.301M Shares 7,720 Est. Cost $87.52 Unrealized +103.1%

AAPL APPLE INC 0.5%

Value $1.273M Shares 5,000 Est. Cost $225.58 Unrealized 0.0%

PANW PALO ALTO NETWORKS INC 0.5%

Value $1.117M Shares 5,484 Est. Cost $191.42 Unrealized 0.0%

AMZN AMAZON COM INC 0.3%

Value $747K Shares 3,400 Est. Cost $226.35 Unrealized 0.0%

BRK/B BERKSHIRE HATHAWAY INC DEL 0.3%

Value $591K Shares 1,175 Est. Cost $134.20 Unrealized +260.9%

UNH UNITEDHEALTH GROUP INC 0.3%

Value $587K Shares 1,700 Est. Cost $298.94 Unrealized 0.0%

CINF CINCINNATI FINL CORP 0.2%

Value $569K Shares 3,600 Est. Cost $150.23 Unrealized 0.0%

VIG VANGUARD SPECIALIZED FUNDS 0.2%

Value $561K Shares 2,600 Est. Cost $166.25 Unrealized —

— SANDSTORM GOLD LTD 0.2%

Value $533K Shares 42,592 Est. Cost $6.97 Unrealized —

RLI RLI CORP 0.2%

Value $489K Shares 7,500 Est. Cost $42.27 Unrealized +54.4%

ETN EATON CORP PLC 0.2%

Value $449K Shares 1,200 Est. Cost $363.27 Unrealized 0.0%

JPM JPMORGAN CHASE & CO. 0.2%

Value $442K Shares 1,400 Est. Cost $295.93 Unrealized 0.0%

CSCO CISCO SYS INC 0.2%

Value $411K Shares 6,000 Est. Cost $67.38 Unrealized 0.0%

CACI CACI INTL INC 0.2%

Value $402K Shares 805 Est. Cost $211.31 Unrealized +128.8%

TPL TEXAS PACIFIC LAND CORPORATI 0.2%

Value $373K Shares 400 Est. Cost $150.53 Unrealized +108.5%

KMB KIMBERLY-CLARK CORP 0.1%

Value $348K Shares 2,800 Est. Cost $126.80 Unrealized 0.0%

C CITIGROUP INC 0.1%

Value $305K Shares 3,000 Est. Cost $94.11 Unrealized 0.0%

RSP INVESCO EXCHANGE TRADED FD T 0.1%

Value $286K Shares 1,508 Est. Cost $154.88 Unrealized —

FE FIRSTENERGY CORP 0.1%

Value $261K Shares 5,700 Est. Cost $42.11 Unrealized 0.0%

JNJ JOHNSON & JOHNSON 0.1%

Value $223K Shares 1,200 Est. Cost $169.51 Unrealized 0.0%

CRM SALESFORCE INC 0.1%

Value $213K Shares 900 Est. Cost $251.43 Unrealized 0.0%

GLPI GAMING & LEISURE PPTYS INC 0.1%

Value $212K Shares 4,558 Est. Cost $46.61 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TPL	TEXAS PACIFIC LAND CORPORATI	94,772	$88.48M	37.9%	$150.53	+108.5%	COM	88262P102
GBTC	GRAYSCALE BITCOIN TRUST ETF	360,954	$32.4M	13.9%	$60.50	—	SHS REP COM UT	389637109
PBT	PERMIAN BASIN RTY TR	922,230	$16.83M	7.2%	$12.51	—	UNIT BEN INT	714236106
HE	HAWAIIAN ELEC INDUSTRIES	1,230,250	$13.58M	5.8%	$10.10	+12.7%	COM	419870100
LB	LANDBRIDGE COMPANY LLC	241,056	$12.86M	5.5%	$34.22	+61.2%	CL A	514952100
WPM	WHEATON PRECIOUS METALS CORP	97,927	$10.95M	4.7%	$20.89	+367.7%	COM	962879102
MSB	MESABI TR	295,523	$8.65M	3.7%	$23.08	—	CTF BEN INT	590672101
FBTC	FIDELITY WISE ORIGIN BITCOIN	71,804	$7.167M	3.1%	$62.06	—	SHS	315948109
WBI	WATERBRIDGE INFRASTRUCTURE L	251,700	$6.348M	2.7%	$23.45	0.0%	CL A SHS REPSTG	940923105
FNV	FRANCO NEV CORP	23,579	$5.256M	2.2%	$83.61	+115.5%	COM	351858105
CCL	CARNIVAL CORP	155,396	$4.493M	1.9%	$10.36	+191.5%	UNIT 99/99/9999	143658300
BTC	GRAYSCALE BITCOIN MINI TR ET	82,179	$4.161M	1.8%	$42.28	—	SHS NEW	389930207
VTI	VANGUARD INDEX FDS	12,122	$3.978M	1.7%	$228.35	—	TOTAL STK MKT	922908769
MIAX	MIAMI INTL HLDGS INC	74,600	$3.003M	1.3%	$36.58	0.0%	COM	59356Q108
ORCL	ORACLE CORP	8,050	$2.264M	1.0%	$254.17	0.0%	COM	68389X105
CBOE	CBOE GLOBAL MKTS INC	6,655	$1.632M	0.7%	$121.44	+97.8%	COM	12503M108
ICE	INTERCONTINENTAL EXCHANGE IN	7,720	$1.301M	0.6%	$87.52	+103.1%	COM	45866F104
AAPL	APPLE INC	5,000	$1.273M	0.5%	$225.58	0.0%	COM	037833100
PANW	PALO ALTO NETWORKS INC	5,484	$1.117M	0.5%	$191.42	0.0%	COM	697435105
AMZN	AMAZON COM INC	3,400	$747K	0.3%	$226.35	0.0%	COM	023135106
BRK/B	BERKSHIRE HATHAWAY INC DEL	1,175	$591K	0.3%	$134.20	+260.9%	CL B NEW	084670702
UNH	UNITEDHEALTH GROUP INC	1,700	$587K	0.3%	$298.94	0.0%	COM	91324P102
CINF	CINCINNATI FINL CORP	3,600	$569K	0.2%	$150.23	0.0%	COM	172062101
VIG	VANGUARD SPECIALIZED FUNDS	2,600	$561K	0.2%	$166.25	—	DIV APP ETF	921908844
—	SANDSTORM GOLD LTD	42,592	$533K	0.2%	$6.97	—	COM NEW	80013R206
RLI	RLI CORP	7,500	$489K	0.2%	$42.27	+54.4%	COM	749607107
ETN	EATON CORP PLC	1,200	$449K	0.2%	$363.27	0.0%	SHS	G29183103
JPM	JPMORGAN CHASE & CO.	1,400	$442K	0.2%	$295.93	0.0%	COM	46625H100
CSCO	CISCO SYS INC	6,000	$411K	0.2%	$67.38	0.0%	COM	17275R102
CACI	CACI INTL INC	805	$402K	0.2%	$211.31	+128.8%	CL A	127190304
TPL	TEXAS PACIFIC LAND CORPORATI	400	$373K	0.2%	$150.53	+108.5%	Put	88262P102
KMB	KIMBERLY-CLARK CORP	2,800	$348K	0.1%	$126.80	0.0%	COM	494368103
C	CITIGROUP INC	3,000	$305K	0.1%	$94.11	0.0%	COM NEW	172967424
RSP	INVESCO EXCHANGE TRADED FD T	1,508	$286K	0.1%	$154.88	—	S&P500 EQL WGT	46137V357
FE	FIRSTENERGY CORP	5,700	$261K	0.1%	$42.11	0.0%	COM	337932107
JNJ	JOHNSON & JOHNSON	1,200	$223K	0.1%	$169.51	0.0%	COM	478160104
CRM	SALESFORCE INC	900	$213K	0.1%	$251.43	0.0%	COM	79466L302
GLPI	GAMING & LEISURE PPTYS INC	4,558	$212K	0.1%	$46.61	—	COM	36467J108