MAD RIVER INVESTORS Long-Term Concentrated

CIK: 0001384484 · Show all filings

Period: Q3 2025 (← Previous) (Next →)

Filing Date: Oct 14, 2025

Total Value ($000): $233,754 (99.8% shares, 0.2% debt)

Holdings (38)

TPL TEXAS PACIFIC LAND CORPORATI 37.9%

Value ($000) $88,483 Shares 94,772 Est. Cost $150.53 Unrealized +108.5%

GBTC GRAYSCALE BITCOIN TRUST ETF 13.9%

Value ($000) $32,403 Shares 360,954 Est. Cost $60.50 Unrealized —

PBT PERMIAN BASIN RTY TR 7.2%

Value ($000) $16,831 Shares 922,230 Est. Cost $12.51 Unrealized —

HE HAWAIIAN ELEC INDUSTRIES 5.8%

Value ($000) $13,582 Shares 1,230,250 Est. Cost $10.10 Unrealized +12.7%

LB LANDBRIDGE COMPANY LLC 5.5%

Value ($000) $12,860 Shares 241,056 Est. Cost $34.22 Unrealized +61.2%

WPM WHEATON PRECIOUS METALS CORP 4.7%

Value ($000) $10,952 Shares 97,927 Est. Cost $20.89 Unrealized +367.7%

MSB MESABI TR 3.7%

Value ($000) $8,650 Shares 295,523 Est. Cost $19.25 Unrealized —

FBTC FIDELITY WISE ORIGIN BITCOIN 3.1%

Value ($000) $7,167 Shares 71,804 Est. Cost $62.06 Unrealized —

WBI WATERBRIDGE INFRASTRUCTURE L 2.7%

Value ($000) $6,348 Shares 251,700 Est. Cost $23.45 Unrealized 0.0%

FNV FRANCO NEV CORP 2.2%

Value ($000) $5,256 Shares 23,579 Est. Cost $83.61 Unrealized +115.5%

CCL CARNIVAL CORP 1.9%

Value ($000) $4,493 Shares 155,396 Est. Cost $10.36 Unrealized +191.5%

BTC GRAYSCALE BITCOIN MINI TR ET 1.8%

Value ($000) $4,161 Shares 82,179 Est. Cost $42.28 Unrealized —

VTI VANGUARD INDEX FDS 1.7%

Value ($000) $3,978 Shares 12,122 Est. Cost $228.35 Unrealized —

MIAX MIAMI INTL HLDGS INC 1.3%

Value ($000) $3,003 Shares 74,600 Est. Cost $36.58 Unrealized 0.0%

ORCL ORACLE CORP 1.0%

Value ($000) $2,264 Shares 8,050 Est. Cost $254.17 Unrealized 0.0%

CBOE CBOE GLOBAL MKTS INC 0.7%

Value ($000) $1,632 Shares 6,655 Est. Cost $121.44 Unrealized +97.8%

ICE INTERCONTINENTAL EXCHANGE IN 0.6%

Value ($000) $1,301 Shares 7,720 Est. Cost $87.52 Unrealized +103.1%

AAPL APPLE INC 0.5%

Value ($000) $1,273 Shares 5,000 Est. Cost $225.58 Unrealized 0.0%

PANW PALO ALTO NETWORKS INC 0.5%

Value ($000) $1,117 Shares 5,484 Est. Cost $191.42 Unrealized 0.0%

AMZN AMAZON COM INC 0.3%

Value ($000) $747 Shares 3,400 Est. Cost $226.35 Unrealized 0.0%

BRK/B BERKSHIRE HATHAWAY INC DEL 0.3%

Value ($000) $591 Shares 1,175 Est. Cost $134.20 Unrealized +260.9%

UNH UNITEDHEALTH GROUP INC 0.3%

Value ($000) $587 Shares 1,700 Est. Cost $298.94 Unrealized 0.0%

CINF CINCINNATI FINL CORP 0.2%

Value ($000) $569 Shares 3,600 Est. Cost $150.23 Unrealized 0.0%

VIG VANGUARD SPECIALIZED FUNDS 0.2%

Value ($000) $561 Shares 2,600 Est. Cost $166.25 Unrealized —

— SANDSTORM GOLD LTD 0.2%

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

RLI RLI CORP 0.2%

Value ($000) $489 Shares 7,500 Est. Cost $42.27 Unrealized +54.4%

ETN EATON CORP PLC 0.2%

Value ($000) $449 Shares 1,200 Est. Cost $363.27 Unrealized 0.0%

JPM JPMORGAN CHASE & CO. 0.2%

Value ($000) $442 Shares 1,400 Est. Cost $295.93 Unrealized 0.0%

CSCO CISCO SYS INC 0.2%

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

CACI CACI INTL INC 0.2%

Value ($000) $402 Shares 805 Est. Cost $211.31 Unrealized +128.8%

TPL TEXAS PACIFIC LAND CORPORATI 0.2%

Value ($000) $373 Shares 400 Est. Cost $150.53 Unrealized +108.5%

KMB KIMBERLY-CLARK CORP 0.1%

Value ($000) $348 Shares 2,800 Est. Cost $126.80 Unrealized 0.0%

C CITIGROUP INC 0.1%

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

RSP INVESCO EXCHANGE TRADED FD T 0.1%

Value ($000) $286 Shares 1,508 Est. Cost $154.88 Unrealized —

FE FIRSTENERGY CORP 0.1%

Value ($000) $261 Shares 5,700 Est. Cost $42.11 Unrealized 0.0%

JNJ JOHNSON & JOHNSON 0.1%

Value ($000) $223 Shares 1,200 Est. Cost $169.51 Unrealized 0.0%

CRM SALESFORCE INC 0.1%

Value ($000) $213 Shares 900 Est. Cost $251.43 Unrealized 0.0%

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
TPL	TEXAS PACIFIC LAND CORPORATI	94,772	$88,483	37.9%	$150.53	+108.5%	COM	88262P102
GBTC	GRAYSCALE BITCOIN TRUST ETF	360,954	$32,403	13.9%	$60.50	—	SHS REP COM UT	389637109
PBT	PERMIAN BASIN RTY TR	922,230	$16,831	7.2%	$12.51	—	UNIT BEN INT	714236106
HE	HAWAIIAN ELEC INDUSTRIES	1,230,250	$13,582	5.8%	$10.10	+12.7%	COM	419870100
LB	LANDBRIDGE COMPANY LLC	241,056	$12,860	5.5%	$34.22	+61.2%	CL A	514952100
WPM	WHEATON PRECIOUS METALS CORP	97,927	$10,952	4.7%	$20.89	+367.7%	COM	962879102
MSB	MESABI TR	295,523	$8,650	3.7%	$19.25	—	CTF BEN INT	590672101
FBTC	FIDELITY WISE ORIGIN BITCOIN	71,804	$7,167	3.1%	$62.06	—	SHS	315948109
WBI	WATERBRIDGE INFRASTRUCTURE L	251,700	$6,348	2.7%	$23.45	0.0%	CL A SHS REPSTG	940923105
FNV	FRANCO NEV CORP	23,579	$5,256	2.2%	$83.61	+115.5%	COM	351858105
CCL	CARNIVAL CORP	155,396	$4,493	1.9%	$10.36	+191.5%	UNIT 99/99/9999	143658300
BTC	GRAYSCALE BITCOIN MINI TR ET	82,179	$4,161	1.8%	$42.28	—	SHS NEW	389930207
VTI	VANGUARD INDEX FDS	12,122	$3,978	1.7%	$228.35	—	TOTAL STK MKT	922908769
MIAX	MIAMI INTL HLDGS INC	74,600	$3,003	1.3%	$36.58	0.0%	COM	59356Q108
ORCL	ORACLE CORP	8,050	$2,264	1.0%	$254.17	0.0%	COM	68389X105
CBOE	CBOE GLOBAL MKTS INC	6,655	$1,632	0.7%	$121.44	+97.8%	COM	12503M108
ICE	INTERCONTINENTAL EXCHANGE IN	7,720	$1,301	0.6%	$87.52	+103.1%	COM	45866F104
AAPL	APPLE INC	5,000	$1,273	0.5%	$225.58	0.0%	COM	037833100
PANW	PALO ALTO NETWORKS INC	5,484	$1,117	0.5%	$191.42	0.0%	COM	697435105
AMZN	AMAZON COM INC	3,400	$747	0.3%	$226.35	0.0%	COM	023135106
BRK/B	BERKSHIRE HATHAWAY INC DEL	1,175	$591	0.3%	$134.20	+260.9%	CL B NEW	084670702
UNH	UNITEDHEALTH GROUP INC	1,700	$587	0.3%	$298.94	0.0%	COM	91324P102
CINF	CINCINNATI FINL CORP	3,600	$569	0.2%	$150.23	0.0%	COM	172062101
VIG	VANGUARD SPECIALIZED FUNDS	2,600	$561	0.2%	$166.25	—	DIV APP ETF	921908844
—	SANDSTORM GOLD LTD	42,592	$533	0.2%	$6.97	—	COM NEW	80013R206
RLI	RLI CORP	7,500	$489	0.2%	$42.27	+54.4%	COM	749607107
ETN	EATON CORP PLC	1,200	$449	0.2%	$363.27	0.0%	SHS	G29183103
JPM	JPMORGAN CHASE & CO.	1,400	$442	0.2%	$295.93	0.0%	COM	46625H100
CSCO	CISCO SYS INC	6,000	$411	0.2%	$67.38	0.0%	COM	17275R102
CACI	CACI INTL INC	805	$402	0.2%	$211.31	+128.8%	CL A	127190304
TPL	TEXAS PACIFIC LAND CORPORATI	400	$373	0.2%	$150.53	+108.5%	Put	88262P102
KMB	KIMBERLY-CLARK CORP	2,800	$348	0.1%	$126.80	0.0%	COM	494368103
C	CITIGROUP INC	3,000	$305	0.1%	$94.11	0.0%	COM NEW	172967424
RSP	INVESCO EXCHANGE TRADED FD T	1,508	$286	0.1%	$154.88	—	S&P500 EQL WGT	46137V357
FE	FIRSTENERGY CORP	5,700	$261	0.1%	$42.11	0.0%	COM	337932107
JNJ	JOHNSON & JOHNSON	1,200	$223	0.1%	$169.51	0.0%	COM	478160104
CRM	SALESFORCE INC	900	$213	0.1%	$251.43	0.0%	COM	79466L302
GLPI	GAMING & LEISURE PPTYS INC	4,558	$212	0.1%	$46.61	—	COM	36467J108