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 Share Price $287.22 Est. Cost/Share $253.85 Unrealized @ Report Date +13.1%

GBTC GRAYSCALE BITCOIN TRUST ETF 11.2%

Value $24.64M Shares 360,454 Share Price $68.36 Est. Cost/Share $44.10 Unrealized @ Report Date +55.0%

PBT PERMIAN BASIN RTY TR 7.6%

Value $16.76M Shares 986,819 Share Price $16.98 Est. Cost/Share $12.81 Unrealized @ Report Date —

HE HAWAIIAN ELEC INDUSTRIES 7.2%

Value $15.8M Shares 1,284,150 Share Price $12.30 Est. Cost/Share $10.17 Unrealized @ Report Date +21.0%

LB LANDBRIDGE COMPANY LLC 5.9%

Value $12.88M Shares 262,934 Share Price $48.99 Est. Cost/Share $36.21 Unrealized @ Report Date +35.3%

WPM WHEATON PRECIOUS METALS CORP 5.2%

Value $11.47M Shares 97,604 Share Price $117.52 Est. Cost/Share $20.89 Unrealized @ Report Date +462.5%

MSB MESABI TR 5.2%

Value $11.43M Shares 296,649 Share Price $38.52 Est. Cost/Share $23.08 Unrealized @ Report Date —

FBTC FIDELITY WISE ORIGIN BITCOIN 2.5%

Value $5.402M Shares 70,859 Share Price $76.23 Est. Cost/Share $47.84 Unrealized @ Report Date +59.3%

WBI WATERBRIDGE INFRASTRUCTURE L 2.3%

Value $5.143M Shares 257,000 Share Price $20.01 Est. Cost/Share $23.44 Unrealized @ Report Date -14.6%

FNV FRANCO NEV CORP 2.2%

Value $4.891M Shares 23,594 Share Price $207.28 Est. Cost/Share $83.61 Unrealized @ Report Date +147.9%

CCL CARNIVAL CORP 2.2%

Value $4.752M Shares 155,596 Share Price $30.54 Est. Cost/Share $10.36 Unrealized @ Report Date +194.9%

VTI VANGUARD INDEX FDS 1.9%

Value $4.064M Shares 12,122 Share Price $335.27 Est. Cost/Share $208.58 Unrealized @ Report Date +60.7%

MIAX MIAMI INTL HLDGS INC 1.5%

Value $3.331M Shares 75,050 Share Price $44.38 Est. Cost/Share $36.58 Unrealized @ Report Date +21.3%

BTC GRAYSCALE BITCOIN MINI TR ET 1.4%

Value $3.007M Shares 77,647 Share Price $38.73 Est. Cost/Share $37.47 Unrealized @ Report Date +3.4%

CBOE CBOE GLOBAL MKTS INC 0.8%

Value $1.679M Shares 6,690 Share Price $250.99 Est. Cost/Share $121.44 Unrealized @ Report Date +106.7%

ORCL ORACLE CORP 0.7%

Value $1.569M Shares 8,050 Share Price $194.91 Est. Cost/Share $254.17 Unrealized @ Report Date -23.3%

AAPL APPLE INC 0.6%

Value $1.386M Shares 5,100 Share Price $271.86 Est. Cost/Share $226.42 Unrealized @ Report Date +20.1%

ICE INTERCONTINENTAL EXCHANGE IN 0.6%

Value $1.238M Shares 7,645 Share Price $161.97 Est. Cost/Share $87.52 Unrealized @ Report Date +85.0%

PANW PALO ALTO NETWORKS INC 0.5%

Value $1.01M Shares 5,484 Share Price $184.20 Est. Cost/Share $191.42 Unrealized @ Report Date -3.8%

AMZN AMAZON COM INC 0.4%

Value $808K Shares 3,500 Share Price $230.82 Est. Cost/Share $226.42 Unrealized @ Report Date +1.9%

RGLD ROYAL GOLD INC 0.3%

Value $591K Shares 2,656 Share Price $222.33 Est. Cost/Share $198.37 Unrealized @ Report Date +12.1%

CINF CINCINNATI FINL CORP 0.3%

Value $588K Shares 3,600 Share Price $163.32 Est. Cost/Share $150.23 Unrealized @ Report Date +8.7%

BRK/B BERKSHIRE HATHAWAY INC DEL 0.3%

Value $565K Shares 1,125 Share Price $502.65 Est. Cost/Share $134.20 Unrealized @ Report Date +274.5%

UNH UNITEDHEALTH GROUP INC 0.3%

Value $561K Shares 1,700 Share Price $330.11 Est. Cost/Share $298.94 Unrealized @ Report Date +10.4%

RLI RLI CORP 0.2%

Value $480K Shares 7,500 Share Price $63.98 Est. Cost/Share $42.27 Unrealized @ Report Date +51.4%

CSCO CISCO SYS INC 0.2%

Value $462K Shares 6,000 Share Price $77.03 Est. Cost/Share $67.38 Unrealized @ Report Date +13.7%

JPM JPMORGAN CHASE & CO. 0.2%

Value $451K Shares 1,400 Share Price $322.22 Est. Cost/Share $295.93 Unrealized @ Report Date +8.9%

CACI CACI INTL INC 0.2%

Value $429K Shares 805 Share Price $532.81 Est. Cost/Share $211.31 Unrealized @ Report Date +152.1%

ETN EATON CORP PLC 0.2%

Value $382K Shares 1,200 Share Price $318.51 Est. Cost/Share $363.27 Unrealized @ Report Date -12.3%

VIG VANGUARD SPECIALIZED FUNDS 0.2%

Value $352K Shares 1,600 Share Price $219.78 Est. Cost/Share $156.60 Unrealized @ Report Date +40.3%

C CITIGROUP INC 0.2%

Value $350K Shares 3,000 Share Price $116.69 Est. Cost/Share $94.11 Unrealized @ Report Date +24.0%

RSP INVESCO EXCHANGE TRADED FD T 0.1%

Value $289K Shares 1,508 Share Price $191.56 Est. Cost/Share $144.05 Unrealized @ Report Date +33.0%

KMB KIMBERLY-CLARK CORP 0.1%

Value $282K Shares 2,800 Share Price $100.89 Est. Cost/Share $126.80 Unrealized @ Report Date -20.4%

JNJ JOHNSON & JOHNSON 0.1%

Value $248K Shares 1,200 Share Price $206.95 Est. Cost/Share $169.51 Unrealized @ Report Date +22.1%

HE HAWAIIAN ELEC INDUSTRIES 0.1%

Value $175K Shares 14,200 Share Price $12.30 Est. Cost/Share $10.17 Unrealized @ Report Date +21.0%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
TPL	TEXAS PACIFIC LAND CORPORATI	286,083	$82.17M	37.4%	$287.22	$253.85	+13.1%	COM	88262P102
GBTC	GRAYSCALE BITCOIN TRUST ETF	360,454	$24.64M	11.2%	$68.36	$44.10	+55.0%	SHS REP COM UT	389637109
PBT	PERMIAN BASIN RTY TR	986,819	$16.76M	7.6%	$16.98	$12.81	—	UNIT BEN INT	714236106
HE	HAWAIIAN ELEC INDUSTRIES	1,284,150	$15.8M	7.2%	$12.30	$10.17	+21.0%	COM	419870100
LB	LANDBRIDGE COMPANY LLC	262,934	$12.88M	5.9%	$48.99	$36.21	+35.3%	CL A	514952100
WPM	WHEATON PRECIOUS METALS CORP	97,604	$11.47M	5.2%	$117.52	$20.89	+462.5%	COM	962879102
MSB	MESABI TR	296,649	$11.43M	5.2%	$38.52	$23.08	—	CTF BEN INT	590672101
FBTC	FIDELITY WISE ORIGIN BITCOIN	70,859	$5.402M	2.5%	$76.23	$47.84	+59.3%	SHS	315948109
WBI	WATERBRIDGE INFRASTRUCTURE L	257,000	$5.143M	2.3%	$20.01	$23.44	-14.6%	CL A SHS REPSTG	940923105
FNV	FRANCO NEV CORP	23,594	$4.891M	2.2%	$207.28	$83.61	+147.9%	COM	351858105
CCL	CARNIVAL CORP	155,596	$4.752M	2.2%	$30.54	$10.36	+194.9%	UNIT 99/99/9999	143658300
VTI	VANGUARD INDEX FDS	12,122	$4.064M	1.9%	$335.27	$208.58	+60.7%	TOTAL STK MKT	922908769
MIAX	MIAMI INTL HLDGS INC	75,050	$3.331M	1.5%	$44.38	$36.58	+21.3%	COM	59356Q108
BTC	GRAYSCALE BITCOIN MINI TR ET	77,647	$3.007M	1.4%	$38.73	$37.47	+3.4%	SHS NEW	389930207
CBOE	CBOE GLOBAL MKTS INC	6,690	$1.679M	0.8%	$250.99	$121.44	+106.7%	COM	12503M108
ORCL	ORACLE CORP	8,050	$1.569M	0.7%	$194.91	$254.17	-23.3%	COM	68389X105
AAPL	APPLE INC	5,100	$1.386M	0.6%	$271.86	$226.42	+20.1%	COM	037833100
ICE	INTERCONTINENTAL EXCHANGE IN	7,645	$1.238M	0.6%	$161.97	$87.52	+85.0%	COM	45866F104
PANW	PALO ALTO NETWORKS INC	5,484	$1.01M	0.5%	$184.20	$191.42	-3.8%	COM	697435105
AMZN	AMAZON COM INC	3,500	$808K	0.4%	$230.82	$226.42	+1.9%	COM	023135106
RGLD	ROYAL GOLD INC	2,656	$591K	0.3%	$222.33	$198.37	+12.1%	COM	780287108
CINF	CINCINNATI FINL CORP	3,600	$588K	0.3%	$163.32	$150.23	+8.7%	COM	172062101
BRK/B	BERKSHIRE HATHAWAY INC DEL	1,125	$565K	0.3%	$502.65	$134.20	+274.5%	CL B NEW	084670702
UNH	UNITEDHEALTH GROUP INC	1,700	$561K	0.3%	$330.11	$298.94	+10.4%	COM	91324P102
RLI	RLI CORP	7,500	$480K	0.2%	$63.98	$42.27	+51.4%	COM	749607107
CSCO	CISCO SYS INC	6,000	$462K	0.2%	$77.03	$67.38	+13.7%	COM	17275R102
JPM	JPMORGAN CHASE & CO.	1,400	$451K	0.2%	$322.22	$295.93	+8.9%	COM	46625H100
CACI	CACI INTL INC	805	$429K	0.2%	$532.81	$211.31	+152.1%	CL A	127190304
ETN	EATON CORP PLC	1,200	$382K	0.2%	$318.51	$363.27	-12.3%	SHS	G29183103
VIG	VANGUARD SPECIALIZED FUNDS	1,600	$352K	0.2%	$219.78	$156.60	+40.3%	DIV APP ETF	921908844
C	CITIGROUP INC	3,000	$350K	0.2%	$116.69	$94.11	+24.0%	COM NEW	172967424
RSP	INVESCO EXCHANGE TRADED FD T	1,508	$289K	0.1%	$191.56	$144.05	+33.0%	S&P500 EQL WGT	46137V357
KMB	KIMBERLY-CLARK CORP	2,800	$282K	0.1%	$100.89	$126.80	-20.4%	COM	494368103
JNJ	JOHNSON & JOHNSON	1,200	$248K	0.1%	$206.95	$169.51	+22.1%	COM	478160104
HE	HAWAIIAN ELEC INDUSTRIES	14,200	$175K	0.1%	$12.30	$10.17	+21.0%	Call	419870100