MAD RIVER INVESTORS Long-Term Concentrated

Location: Boston, MA

CIK: 0001384484 · Show all filings

Period: Q1 2026 (← Previous) (Next →)

Filing Date: Apr 23, 2026

Total Value: $278M (99.7% shares, 0.3% debt)

Holdings (32)

TPL TEXAS PACIFIC LAND CORPORATI 48.7%

Value $135M Shares 285,120 Est. Cost $253.85 Unrealized +47.0%

PBT PERMIAN BASIN RTY TR 7.8%

Value $21.59M Shares 1,003,140 Est. Cost $12.95 Unrealized —

HE HAWAIIAN ELEC INDS INC MTN B 7.0%

Value $19.55M Shares 1,317,050 Est. Cost $10.29 Unrealized +48.1%

GBTC GRAYSCALE BITCOIN TRUST ETF 6.8%

Value $19M Shares 360,139 Est. Cost $60.50 Unrealized —

LB LANDBRIDGE COMPANY LLC 6.6%

Value $18.39M Shares 266,385 Est. Cost $36.49 Unrealized +58.7%

WPM WHEATON PRECIOUS METALS CORP 4.2%

Value $11.7M Shares 89,271 Est. Cost $20.89 Unrealized +569.3%

MSB MESABI TR 3.6%

Value $10.13M Shares 321,546 Est. Cost $23.73 Unrealized —

WBI WATERBRIDGE INFRASTRUCTURE L 2.6%

Value $7.257M Shares 270,900 Est. Cost $23.40 Unrealized -3.2%

FNV FRANCO NEV CORP 2.1%

Value $5.828M Shares 23,590 Est. Cost $83.61 Unrealized +194.0%

FBTC FIDELITY WISE ORIGIN BITCOIN 1.5%

Value $4.152M Shares 70,339 Est. Cost $62.06 Unrealized —

CCL CARNIVAL CORP 1.5%

Value $4.042M Shares 156,181 Est. Cost $10.36 Unrealized +199.5%

MIAX MIAMI INTL HLDGS INC 1.1%

Value $3.162M Shares 81,250 Est. Cost $36.99 Unrealized +13.5%

VTI VANGUARD INDEX FDS 1.0%

Value $2.823M Shares 8,800 Est. Cost $228.35 Unrealized —

BTC GRAYSCALE BITCOIN MINI TR ET 0.9%

Value $2.436M Shares 81,217 Est. Cost $41.74 Unrealized —

CBOE CBOE GLOBAL MKTS INC 0.7%

Value $1.877M Shares 6,680 Est. Cost $121.44 Unrealized +124.0%

AAPL APPLE INC 0.5%

Value $1.294M Shares 5,100 Est. Cost $226.42 Unrealized +16.1%

ICE INTERCONTINENTAL EXCHANGE IN 0.4%

Value $1.202M Shares 7,645 Est. Cost $87.52 Unrealized +88.5%

ORCL ORACLE CORP 0.4%

Value $1.184M Shares 8,050 Est. Cost $254.17 Unrealized -33.3%

PANW PALO ALTO NETWORKS INC 0.3%

Value $879K Shares 5,484 Est. Cost $191.42 Unrealized -10.1%

AMZN AMAZON COM INC 0.3%

Value $729K Shares 3,500 Est. Cost $226.42 Unrealized +0.2%

HE HAWAIIAN ELEC INDS INC MTN B 0.3%

Value $696K Shares 46,900 Est. Cost $10.29 Unrealized +48.1%

RGLD ROYAL GOLD INC 0.2%

Value $627K Shares 2,463 Est. Cost $198.37 Unrealized +36.1%

CINF CINCINNATI FINL CORP 0.2%

Value $566K Shares 3,600 Est. Cost $150.23 Unrealized +8.4%

CSCO CISCO SYS INC 0.2%

Value $466K Shares 6,000 Est. Cost $67.38 Unrealized +15.6%

UNH UNITEDHEALTH GROUP INC 0.2%

Value $460K Shares 1,700 Est. Cost $298.94 Unrealized +3.3%

CACI CACI INTL INC 0.2%

Value $438K Shares 805 Est. Cost $211.31 Unrealized +185.4%

ETN EATON CORP PLC 0.2%

Value $429K Shares 1,200 Est. Cost $363.27 Unrealized -2.7%

JPM JPMORGAN CHASE & CO 0.2%

Value $417K Shares 1,417 Est. Cost $296.12 Unrealized +5.2%

BRK/B BERKSHIRE HATHAWAY INC DEL 0.1%

Value $395K Shares 825 Est. Cost $134.20 Unrealized +267.7%

RLI RLI CORP 0.1%

Value $342K Shares 6,000 Est. Cost $42.27 Unrealized +42.3%

JNJ JOHNSON & JOHNSON 0.1%

Value $293K Shares 1,200 Est. Cost $169.51 Unrealized +34.4%

VIG VANGUARD SPECIALIZED FUNDS 0.1%

Value $215K Shares 1,000 Est. Cost $166.25 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TPL	TEXAS PACIFIC LAND CORPORATI	285,120	$135M	48.7%	$253.85	+47.0%	COM	88262P102
PBT	PERMIAN BASIN RTY TR	1,003,140	$21.59M	7.8%	$12.95	—	UNIT BEN INT	714236106
HE	HAWAIIAN ELEC INDS INC MTN B	1,317,050	$19.55M	7.0%	$10.29	+48.1%	COM	419870100
GBTC	GRAYSCALE BITCOIN TRUST ETF	360,139	$19M	6.8%	$60.50	—	SHS REP COM UT	389637109
LB	LANDBRIDGE COMPANY LLC	266,385	$18.39M	6.6%	$36.49	+58.7%	CL A	514952100
WPM	WHEATON PRECIOUS METALS CORP	89,271	$11.7M	4.2%	$20.89	+569.3%	COM	962879102
MSB	MESABI TR	321,546	$10.13M	3.6%	$23.73	—	CTF BEN INT	590672101
WBI	WATERBRIDGE INFRASTRUCTURE L	270,900	$7.257M	2.6%	$23.40	-3.2%	CL A SHS REPSTG	940923105
FNV	FRANCO NEV CORP	23,590	$5.828M	2.1%	$83.61	+194.0%	COM	351858105
FBTC	FIDELITY WISE ORIGIN BITCOIN	70,339	$4.152M	1.5%	$62.06	—	SHS	315948109
CCL	CARNIVAL CORP	156,181	$4.042M	1.5%	$10.36	+199.5%	COMMON STOCK	143658300
MIAX	MIAMI INTL HLDGS INC	81,250	$3.162M	1.1%	$36.99	+13.5%	COM	59356Q108
VTI	VANGUARD INDEX FDS	8,800	$2.823M	1.0%	$228.35	—	TOTAL STK MKT	922908769
BTC	GRAYSCALE BITCOIN MINI TR ET	81,217	$2.436M	0.9%	$41.74	—	SHS NEW	389930207
CBOE	CBOE GLOBAL MKTS INC	6,680	$1.877M	0.7%	$121.44	+124.0%	COM	12503M108
AAPL	APPLE INC	5,100	$1.294M	0.5%	$226.42	+16.1%	COM	037833100
ICE	INTERCONTINENTAL EXCHANGE IN	7,645	$1.202M	0.4%	$87.52	+88.5%	COM	45866F104
ORCL	ORACLE CORP	8,050	$1.184M	0.4%	$254.17	-33.3%	COM	68389X105
PANW	PALO ALTO NETWORKS INC	5,484	$879K	0.3%	$191.42	-10.1%	COM	697435105
AMZN	AMAZON COM INC	3,500	$729K	0.3%	$226.42	+0.2%	COM	023135106
HE	HAWAIIAN ELEC INDS INC MTN B	46,900	$696K	0.3%	$10.29	+48.1%	Call	419870100
RGLD	ROYAL GOLD INC	2,463	$627K	0.2%	$198.37	+36.1%	COM	780287108
CINF	CINCINNATI FINL CORP	3,600	$566K	0.2%	$150.23	+8.4%	COM	172062101
CSCO	CISCO SYS INC	6,000	$466K	0.2%	$67.38	+15.6%	COM	17275R102
UNH	UNITEDHEALTH GROUP INC	1,700	$460K	0.2%	$298.94	+3.3%	COM	91324P102
CACI	CACI INTL INC	805	$438K	0.2%	$211.31	+185.4%	CL A	127190304
ETN	EATON CORP PLC	1,200	$429K	0.2%	$363.27	-2.7%	SHS	G29183103
JPM	JPMORGAN CHASE & CO	1,417	$417K	0.2%	$296.12	+5.2%	COM	46625H100
BRK/B	BERKSHIRE HATHAWAY INC DEL	825	$395K	0.1%	$134.20	+267.7%	CL B NEW	084670702
RLI	RLI CORP	6,000	$342K	0.1%	$42.27	+42.3%	COM	749607107
JNJ	JOHNSON & JOHNSON	1,200	$293K	0.1%	$169.51	+34.4%	COM	478160104
VIG	VANGUARD SPECIALIZED FUNDS	1,000	$215K	0.1%	$166.25	—	DIV APP ETF	921908844