MAD RIVER INVESTORS Long-Term Concentrated

Location: Boston, MA

CIK: 0001384484 · Show all filings

Period: Q4 2025 (← Previous) (Next →)

Filing Date: Feb 6, 2026

Total Value: $220M (99.9% shares, 0.1% debt)

Holdings (35)

TPL TEXAS PACIFIC LAND CORPORATI 37.4%

Value $82.17M Shares 286,083 Est. Cost $253.85 Unrealized +20.2%

GBTC GRAYSCALE BITCOIN TRUST ETF 11.2%

Value $24.64M Shares 360,454 Est. Cost $60.50 Unrealized —

PBT PERMIAN BASIN RTY TR 7.6%

Value $16.76M Shares 986,819 Est. Cost $12.81 Unrealized —

HE HAWAIIAN ELEC INDUSTRIES 7.2%

Value $15.8M Shares 1,284,150 Est. Cost $10.17 Unrealized +14.0%

LB LANDBRIDGE COMPANY LLC 5.9%

Value $12.88M Shares 262,934 Est. Cost $36.21 Unrealized +60.6%

WPM WHEATON PRECIOUS METALS CORP 5.2%

Value $11.47M Shares 97,604 Est. Cost $20.89 Unrealized +412.5%

MSB MESABI TR 5.2%

Value $11.43M Shares 296,649 Est. Cost $23.08 Unrealized —

FBTC FIDELITY WISE ORIGIN BITCOIN 2.5%

Value $5.402M Shares 70,859 Est. Cost $62.06 Unrealized —

WBI WATERBRIDGE INFRASTRUCTURE L 2.3%

Value $5.143M Shares 257,000 Est. Cost $23.44 Unrealized -1.0%

FNV FRANCO NEV CORP 2.2%

Value $4.891M Shares 23,594 Est. Cost $83.61 Unrealized +142.6%

CCL CARNIVAL CORP 2.2%

Value $4.752M Shares 155,596 Est. Cost $10.36 Unrealized +169.2%

VTI VANGUARD INDEX FDS 1.9%

Value $4.064M Shares 12,122 Est. Cost $228.35 Unrealized —

MIAX MIAMI INTL HLDGS INC 1.5%

Value $3.331M Shares 75,050 Est. Cost $36.58 Unrealized +21.9%

BTC GRAYSCALE BITCOIN MINI TR ET 1.4%

Value $3.007M Shares 77,647 Est. Cost $42.28 Unrealized —

CBOE CBOE GLOBAL MKTS INC 0.8%

Value $1.679M Shares 6,690 Est. Cost $121.44 Unrealized +104.8%

ORCL ORACLE CORP 0.7%

Value $1.569M Shares 8,050 Est. Cost $254.17 Unrealized -6.3%

AAPL APPLE INC 0.6%

Value $1.386M Shares 5,100 Est. Cost $226.42 Unrealized +18.5%

ICE INTERCONTINENTAL EXCHANGE IN 0.6%

Value $1.238M Shares 7,645 Est. Cost $87.52 Unrealized +78.5%

PANW PALO ALTO NETWORKS INC 0.5%

Value $1.01M Shares 5,484 Est. Cost $191.42 Unrealized +5.4%

AMZN AMAZON COM INC 0.4%

Value $808K Shares 3,500 Est. Cost $226.42 Unrealized +1.0%

RGLD ROYAL GOLD INC 0.3%

Value $591K Shares 2,656 Est. Cost $198.37 Unrealized 0.0%

CINF CINCINNATI FINL CORP 0.3%

Value $588K Shares 3,600 Est. Cost $150.23 Unrealized +7.3%

BRK/B BERKSHIRE HATHAWAY INC DEL 0.3%

Value $565K Shares 1,125 Est. Cost $134.20 Unrealized +270.7%

UNH UNITEDHEALTH GROUP INC 0.3%

Value $561K Shares 1,700 Est. Cost $298.94 Unrealized +12.8%

RLI RLI CORP 0.2%

Value $480K Shares 7,500 Est. Cost $42.27 Unrealized +45.4%

CSCO CISCO SYS INC 0.2%

Value $462K Shares 6,000 Est. Cost $67.38 Unrealized +9.5%

JPM JPMORGAN CHASE & CO. 0.2%

Value $451K Shares 1,400 Est. Cost $295.93 Unrealized +4.6%

CACI CACI INTL INC 0.2%

Value $429K Shares 805 Est. Cost $211.31 Unrealized +167.4%

ETN EATON CORP PLC 0.2%

Value $382K Shares 1,200 Est. Cost $363.27 Unrealized -2.4%

VIG VANGUARD SPECIALIZED FUNDS 0.2%

Value $352K Shares 1,600 Est. Cost $166.25 Unrealized —

C CITIGROUP INC 0.2%

Value $350K Shares 3,000 Est. Cost $94.11 Unrealized +10.1%

RSP INVESCO EXCHANGE TRADED FD T 0.1%

Value $289K Shares 1,508 Est. Cost $154.88 Unrealized —

KMB KIMBERLY-CLARK CORP 0.1%

Value $282K Shares 2,800 Est. Cost $126.80 Unrealized -14.5%

JNJ JOHNSON & JOHNSON 0.1%

Value $248K Shares 1,200 Est. Cost $169.51 Unrealized +16.2%

HE HAWAIIAN ELEC INDUSTRIES 0.1%

Value $175K Shares 14,200 Est. Cost $10.17 Unrealized +14.0%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TPL	TEXAS PACIFIC LAND CORPORATI	286,083	$82.17M	37.4%	$253.85	+20.2%	COM	88262P102
GBTC	GRAYSCALE BITCOIN TRUST ETF	360,454	$24.64M	11.2%	$60.50	—	SHS REP COM UT	389637109
PBT	PERMIAN BASIN RTY TR	986,819	$16.76M	7.6%	$12.81	—	UNIT BEN INT	714236106
HE	HAWAIIAN ELEC INDUSTRIES	1,284,150	$15.8M	7.2%	$10.17	+14.0%	COM	419870100
LB	LANDBRIDGE COMPANY LLC	262,934	$12.88M	5.9%	$36.21	+60.6%	CL A	514952100
WPM	WHEATON PRECIOUS METALS CORP	97,604	$11.47M	5.2%	$20.89	+412.5%	COM	962879102
MSB	MESABI TR	296,649	$11.43M	5.2%	$23.08	—	CTF BEN INT	590672101
FBTC	FIDELITY WISE ORIGIN BITCOIN	70,859	$5.402M	2.5%	$62.06	—	SHS	315948109
WBI	WATERBRIDGE INFRASTRUCTURE L	257,000	$5.143M	2.3%	$23.44	-1.0%	CL A SHS REPSTG	940923105
FNV	FRANCO NEV CORP	23,594	$4.891M	2.2%	$83.61	+142.6%	COM	351858105
CCL	CARNIVAL CORP	155,596	$4.752M	2.2%	$10.36	+169.2%	UNIT 99/99/9999	143658300
VTI	VANGUARD INDEX FDS	12,122	$4.064M	1.9%	$228.35	—	TOTAL STK MKT	922908769
MIAX	MIAMI INTL HLDGS INC	75,050	$3.331M	1.5%	$36.58	+21.9%	COM	59356Q108
BTC	GRAYSCALE BITCOIN MINI TR ET	77,647	$3.007M	1.4%	$42.28	—	SHS NEW	389930207
CBOE	CBOE GLOBAL MKTS INC	6,690	$1.679M	0.8%	$121.44	+104.8%	COM	12503M108
ORCL	ORACLE CORP	8,050	$1.569M	0.7%	$254.17	-6.3%	COM	68389X105
AAPL	APPLE INC	5,100	$1.386M	0.6%	$226.42	+18.5%	COM	037833100
ICE	INTERCONTINENTAL EXCHANGE IN	7,645	$1.238M	0.6%	$87.52	+78.5%	COM	45866F104
PANW	PALO ALTO NETWORKS INC	5,484	$1.01M	0.5%	$191.42	+5.4%	COM	697435105
AMZN	AMAZON COM INC	3,500	$808K	0.4%	$226.42	+1.0%	COM	023135106
RGLD	ROYAL GOLD INC	2,656	$591K	0.3%	$198.37	0.0%	COM	780287108
CINF	CINCINNATI FINL CORP	3,600	$588K	0.3%	$150.23	+7.3%	COM	172062101
BRK/B	BERKSHIRE HATHAWAY INC DEL	1,125	$565K	0.3%	$134.20	+270.7%	CL B NEW	084670702
UNH	UNITEDHEALTH GROUP INC	1,700	$561K	0.3%	$298.94	+12.8%	COM	91324P102
RLI	RLI CORP	7,500	$480K	0.2%	$42.27	+45.4%	COM	749607107
CSCO	CISCO SYS INC	6,000	$462K	0.2%	$67.38	+9.5%	COM	17275R102
JPM	JPMORGAN CHASE & CO.	1,400	$451K	0.2%	$295.93	+4.6%	COM	46625H100
CACI	CACI INTL INC	805	$429K	0.2%	$211.31	+167.4%	CL A	127190304
ETN	EATON CORP PLC	1,200	$382K	0.2%	$363.27	-2.4%	SHS	G29183103
VIG	VANGUARD SPECIALIZED FUNDS	1,600	$352K	0.2%	$166.25	—	DIV APP ETF	921908844
C	CITIGROUP INC	3,000	$350K	0.2%	$94.11	+10.1%	COM NEW	172967424
RSP	INVESCO EXCHANGE TRADED FD T	1,508	$289K	0.1%	$154.88	—	S&P500 EQL WGT	46137V357
KMB	KIMBERLY-CLARK CORP	2,800	$282K	0.1%	$126.80	-14.5%	COM	494368103
JNJ	JOHNSON & JOHNSON	1,200	$248K	0.1%	$169.51	+16.2%	COM	478160104
HE	HAWAIIAN ELEC INDUSTRIES	14,200	$175K	0.1%	$10.17	+14.0%	Call	419870100