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 Share Price $933.64 * Est. Cost/Share $150.53 Unrealized @ Report Date +106.4%

GBTC GRAYSCALE BITCOIN TRUST ETF 13.9%

Value $32.4M Shares 360,954 Share Price $89.77 Est. Cost/Share $44.10 Unrealized @ Report Date +103.5%

PBT PERMIAN BASIN RTY TR 7.2%

Value $16.83M Shares 922,230 Share Price $18.25 Est. Cost/Share $12.51 Unrealized @ Report Date —

HE HAWAIIAN ELEC INDUSTRIES 5.8%

Value $13.58M Shares 1,230,250 Share Price $11.04 Est. Cost/Share $10.10 Unrealized @ Report Date +9.3%

LB LANDBRIDGE COMPANY LLC 5.5%

Value $12.86M Shares 241,056 Share Price $53.35 Est. Cost/Share $34.22 Unrealized @ Report Date +55.9%

WPM WHEATON PRECIOUS METALS CORP 4.7%

Value $10.95M Shares 97,927 Share Price $111.84 Est. Cost/Share $20.89 Unrealized @ Report Date +435.3%

MSB MESABI TR 3.7%

Value $8.65M Shares 295,523 Share Price $29.27 Est. Cost/Share $23.08 Unrealized @ Report Date —

FBTC FIDELITY WISE ORIGIN BITCOIN 3.1%

Value $7.167M Shares 71,804 Share Price $99.81 Est. Cost/Share $47.84 Unrealized @ Report Date +108.6%

WBI WATERBRIDGE INFRASTRUCTURE L 2.7%

Value $6.348M Shares 251,700 Share Price $25.22 Est. Cost/Share $23.45 Unrealized @ Report Date +7.6%

FNV FRANCO NEV CORP 2.2%

Value $5.256M Shares 23,579 Share Price $222.91 Est. Cost/Share $83.61 Unrealized @ Report Date +166.6%

CCL CARNIVAL CORP 1.9%

Value $4.493M Shares 155,396 Share Price $28.91 Est. Cost/Share $10.36 Unrealized @ Report Date +179.1%

BTC GRAYSCALE BITCOIN MINI TR ET 1.8%

Value $4.161M Shares 82,179 Share Price $50.63 Est. Cost/Share $37.47 Unrealized @ Report Date +35.1%

VTI VANGUARD INDEX FDS 1.7%

Value $3.978M Shares 12,122 Share Price $328.17 Est. Cost/Share $208.58 Unrealized @ Report Date +57.3%

MIAX MIAMI INTL HLDGS INC 1.3%

Value $3.003M Shares 74,600 Share Price $40.26 Est. Cost/Share $36.58 Unrealized @ Report Date +10.1%

ORCL ORACLE CORP 1.0%

Value $2.264M Shares 8,050 Share Price $281.24 Est. Cost/Share $254.17 Unrealized @ Report Date +10.5%

CBOE CBOE GLOBAL MKTS INC 0.7%

Value $1.632M Shares 6,655 Share Price $245.24 Est. Cost/Share $121.44 Unrealized @ Report Date +101.9%

ICE INTERCONTINENTAL EXCHANGE IN 0.6%

Value $1.301M Shares 7,720 Share Price $168.49 Est. Cost/Share $87.52 Unrealized @ Report Date +91.9%

AAPL APPLE INC 0.5%

Value $1.273M Shares 5,000 Share Price $254.63 Est. Cost/Share $225.58 Unrealized @ Report Date +12.8%

PANW PALO ALTO NETWORKS INC 0.5%

Value $1.117M Shares 5,484 Share Price $203.62 Est. Cost/Share $191.42 Unrealized @ Report Date +6.4%

AMZN AMAZON COM INC 0.3%

Value $747K Shares 3,400 Share Price $219.57 Est. Cost/Share $226.35 Unrealized @ Report Date -3.0%

BRK/B BERKSHIRE HATHAWAY INC DEL 0.3%

Value $591K Shares 1,175 Share Price $502.74 Est. Cost/Share $134.20 Unrealized @ Report Date +274.6%

UNH UNITEDHEALTH GROUP INC 0.3%

Value $587K Shares 1,700 Share Price $345.30 Est. Cost/Share $298.94 Unrealized @ Report Date +14.7%

CINF CINCINNATI FINL CORP 0.2%

Value $569K Shares 3,600 Share Price $158.10 Est. Cost/Share $150.23 Unrealized @ Report Date +4.7%

VIG VANGUARD SPECIALIZED FUNDS 0.2%

Value $561K Shares 2,600 Share Price $215.79 Est. Cost/Share $156.60 Unrealized @ Report Date +37.8%

— SANDSTORM GOLD LTD 0.2%

Value $533K Shares 42,592 Share Price $12.52 Est. Cost/Share $6.97 Unrealized @ Report Date —

RLI RLI CORP 0.2%

Value $489K Shares 7,500 Share Price $65.22 * Est. Cost/Share $42.27 Unrealized @ Report Date +49.1%

ETN EATON CORP PLC 0.2%

Value $449K Shares 1,200 Share Price $374.25 Est. Cost/Share $363.27 Unrealized @ Report Date +3.0%

JPM JPMORGAN CHASE & CO. 0.2%

Value $442K Shares 1,400 Share Price $315.43 Est. Cost/Share $295.93 Unrealized @ Report Date +6.1%

CSCO CISCO SYS INC 0.2%

Value $411K Shares 6,000 Share Price $68.42 Est. Cost/Share $67.38 Unrealized @ Report Date +0.4%

CACI CACI INTL INC 0.2%

Value $402K Shares 805 Share Price $498.78 Est. Cost/Share $211.31 Unrealized @ Report Date +136.0%

TPL TEXAS PACIFIC LAND CORPORATI 0.2%

Value $373K Shares 400 Share Price $933.64 * Est. Cost/Share $150.53 Unrealized @ Report Date +106.4%

KMB KIMBERLY-CLARK CORP 0.1%

Value $348K Shares 2,800 Share Price $124.34 Est. Cost/Share $126.80 Unrealized @ Report Date -3.1%

C CITIGROUP INC 0.1%

Value $305K Shares 3,000 Share Price $101.50 Est. Cost/Share $94.11 Unrealized @ Report Date +7.2%

RSP INVESCO EXCHANGE TRADED FD T 0.1%

Value $286K Shares 1,508 Share Price $189.70 Est. Cost/Share $144.05 Unrealized @ Report Date +31.7%

FE FIRSTENERGY CORP 0.1%

Value $261K Shares 5,700 Share Price $45.82 Est. Cost/Share $42.11 Unrealized @ Report Date +7.8%

JNJ JOHNSON & JOHNSON 0.1%

Value $223K Shares 1,200 Share Price $185.42 Est. Cost/Share $169.51 Unrealized @ Report Date +8.7%

CRM SALESFORCE INC 0.1%

Value $213K Shares 900 Share Price $237.00 Est. Cost/Share $251.43 Unrealized @ Report Date -5.9%

GLPI GAMING & LEISURE PPTYS INC 0.1%

Value $212K Shares 4,558 Share Price $46.61 Est. Cost/Share $46.61 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
TPL	TEXAS PACIFIC LAND CORPORATI	94,772	$88.48M	37.9%	$933.64 *	$150.53	+106.4%	COM	88262P102
GBTC	GRAYSCALE BITCOIN TRUST ETF	360,954	$32.4M	13.9%	$89.77	$44.10	+103.5%	SHS REP COM UT	389637109
PBT	PERMIAN BASIN RTY TR	922,230	$16.83M	7.2%	$18.25	$12.51	—	UNIT BEN INT	714236106
HE	HAWAIIAN ELEC INDUSTRIES	1,230,250	$13.58M	5.8%	$11.04	$10.10	+9.3%	COM	419870100
LB	LANDBRIDGE COMPANY LLC	241,056	$12.86M	5.5%	$53.35	$34.22	+55.9%	CL A	514952100
WPM	WHEATON PRECIOUS METALS CORP	97,927	$10.95M	4.7%	$111.84	$20.89	+435.3%	COM	962879102
MSB	MESABI TR	295,523	$8.65M	3.7%	$29.27	$23.08	—	CTF BEN INT	590672101
FBTC	FIDELITY WISE ORIGIN BITCOIN	71,804	$7.167M	3.1%	$99.81	$47.84	+108.6%	SHS	315948109
WBI	WATERBRIDGE INFRASTRUCTURE L	251,700	$6.348M	2.7%	$25.22	$23.45	+7.6%	CL A SHS REPSTG	940923105
FNV	FRANCO NEV CORP	23,579	$5.256M	2.2%	$222.91	$83.61	+166.6%	COM	351858105
CCL	CARNIVAL CORP	155,396	$4.493M	1.9%	$28.91	$10.36	+179.1%	UNIT 99/99/9999	143658300
BTC	GRAYSCALE BITCOIN MINI TR ET	82,179	$4.161M	1.8%	$50.63	$37.47	+35.1%	SHS NEW	389930207
VTI	VANGUARD INDEX FDS	12,122	$3.978M	1.7%	$328.17	$208.58	+57.3%	TOTAL STK MKT	922908769
MIAX	MIAMI INTL HLDGS INC	74,600	$3.003M	1.3%	$40.26	$36.58	+10.1%	COM	59356Q108
ORCL	ORACLE CORP	8,050	$2.264M	1.0%	$281.24	$254.17	+10.5%	COM	68389X105
CBOE	CBOE GLOBAL MKTS INC	6,655	$1.632M	0.7%	$245.24	$121.44	+101.9%	COM	12503M108
ICE	INTERCONTINENTAL EXCHANGE IN	7,720	$1.301M	0.6%	$168.49	$87.52	+91.9%	COM	45866F104
AAPL	APPLE INC	5,000	$1.273M	0.5%	$254.63	$225.58	+12.8%	COM	037833100
PANW	PALO ALTO NETWORKS INC	5,484	$1.117M	0.5%	$203.62	$191.42	+6.4%	COM	697435105
AMZN	AMAZON COM INC	3,400	$747K	0.3%	$219.57	$226.35	-3.0%	COM	023135106
BRK/B	BERKSHIRE HATHAWAY INC DEL	1,175	$591K	0.3%	$502.74	$134.20	+274.6%	CL B NEW	084670702
UNH	UNITEDHEALTH GROUP INC	1,700	$587K	0.3%	$345.30	$298.94	+14.7%	COM	91324P102
CINF	CINCINNATI FINL CORP	3,600	$569K	0.2%	$158.10	$150.23	+4.7%	COM	172062101
VIG	VANGUARD SPECIALIZED FUNDS	2,600	$561K	0.2%	$215.79	$156.60	+37.8%	DIV APP ETF	921908844
—	SANDSTORM GOLD LTD	42,592	$533K	0.2%	$12.52	$6.97	—	COM NEW	80013R206
RLI	RLI CORP	7,500	$489K	0.2%	$65.22 *	$42.27	+49.1%	COM	749607107
ETN	EATON CORP PLC	1,200	$449K	0.2%	$374.25	$363.27	+3.0%	SHS	G29183103
JPM	JPMORGAN CHASE & CO.	1,400	$442K	0.2%	$315.43	$295.93	+6.1%	COM	46625H100
CSCO	CISCO SYS INC	6,000	$411K	0.2%	$68.42	$67.38	+0.4%	COM	17275R102
CACI	CACI INTL INC	805	$402K	0.2%	$498.78	$211.31	+136.0%	CL A	127190304
TPL	TEXAS PACIFIC LAND CORPORATI	400	$373K	0.2%	$933.64 *	$150.53	+106.4%	Put	88262P102
KMB	KIMBERLY-CLARK CORP	2,800	$348K	0.1%	$124.34	$126.80	-3.1%	COM	494368103
C	CITIGROUP INC	3,000	$305K	0.1%	$101.50	$94.11	+7.2%	COM NEW	172967424
RSP	INVESCO EXCHANGE TRADED FD T	1,508	$286K	0.1%	$189.70	$144.05	+31.7%	S&P500 EQL WGT	46137V357
FE	FIRSTENERGY CORP	5,700	$261K	0.1%	$45.82	$42.11	+7.8%	COM	337932107
JNJ	JOHNSON & JOHNSON	1,200	$223K	0.1%	$185.42	$169.51	+8.7%	COM	478160104
CRM	SALESFORCE INC	900	$213K	0.1%	$237.00	$251.43	-5.9%	COM	79466L302
GLPI	GAMING & LEISURE PPTYS INC	4,558	$212K	0.1%	$46.61	$46.61	—	COM	36467J108