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 Share Price $474.56 Est. Cost/Share $253.85 Unrealized @ Report Date +86.9%

PBT PERMIAN BASIN RTY TR 7.8%

Value $21.59M Shares 1,003,140 Share Price $21.52 Est. Cost/Share $12.95 Unrealized @ Report Date —

HE HAWAIIAN ELEC INDS INC MTN B 7.0%

Value $19.55M Shares 1,317,050 Share Price $14.84 Est. Cost/Share $10.29 Unrealized @ Report Date +44.2%

GBTC GRAYSCALE BITCOIN TRUST ETF 6.8%

Value $19M Shares 360,139 Share Price $52.76 Est. Cost/Share $44.10 Unrealized @ Report Date +19.6%

LB LANDBRIDGE COMPANY LLC 6.6%

Value $18.39M Shares 266,385 Share Price $69.05 Est. Cost/Share $36.56 Unrealized @ Report Date +88.9%

WPM WHEATON PRECIOUS METALS CORP 4.2%

Value $11.7M Shares 89,271 Share Price $131.01 Est. Cost/Share $20.89 Unrealized @ Report Date +527.1%

MSB MESABI TR 3.6%

Value $10.13M Shares 321,546 Share Price $31.50 Est. Cost/Share $23.73 Unrealized @ Report Date —

WBI WATERBRIDGE INFRASTRUCTURE L 2.6%

Value $7.257M Shares 270,900 Share Price $26.79 Est. Cost/Share $23.46 Unrealized @ Report Date +14.2%

FNV FRANCO NEV CORP 2.1%

Value $5.828M Shares 23,590 Share Price $247.05 Est. Cost/Share $83.61 Unrealized @ Report Date +195.5%

FBTC FIDELITY WISE ORIGIN BITCOIN 1.5%

Value $4.152M Shares 70,339 Share Price $59.03 Est. Cost/Share $47.84 Unrealized @ Report Date +23.4%

CCL CARNIVAL CORP 1.5%

Value $4.042M Shares 156,181 Share Price $25.88 Est. Cost/Share $10.36 Unrealized @ Report Date +149.9%

MIAX MIAMI INTL HLDGS INC 1.1%

Value $3.162M Shares 81,250 Share Price $38.92 Est. Cost/Share $36.93 Unrealized @ Report Date +5.4%

VTI VANGUARD INDEX FDS 1.0%

Value $2.823M Shares 8,800 Share Price $320.81 Est. Cost/Share $208.58 Unrealized @ Report Date +53.8%

BTC GRAYSCALE BITCOIN MINI TR ET 0.9%

Value $2.436M Shares 81,217 Share Price $29.99 Est. Cost/Share $37.30 Unrealized @ Report Date -19.6%

CBOE CBOE GLOBAL MKTS INC 0.7%

Value $1.877M Shares 6,680 Share Price $281.06 Est. Cost/Share $121.44 Unrealized @ Report Date +131.4%

AAPL APPLE INC 0.5%

Value $1.294M Shares 5,100 Share Price $253.79 Est. Cost/Share $226.42 Unrealized @ Report Date +12.1%

ICE INTERCONTINENTAL EXCHANGE IN 0.4%

Value $1.202M Shares 7,645 Share Price $157.29 Est. Cost/Share $87.52 Unrealized @ Report Date +79.7%

ORCL ORACLE CORP 0.4%

Value $1.184M Shares 8,050 Share Price $147.11 Est. Cost/Share $254.17 Unrealized @ Report Date -42.1%

PANW PALO ALTO NETWORKS INC 0.3%

Value $879K Shares 5,484 Share Price $160.32 Est. Cost/Share $191.42 Unrealized @ Report Date -16.2%

AMZN AMAZON COM INC 0.3%

Value $729K Shares 3,500 Share Price $208.27 Est. Cost/Share $226.42 Unrealized @ Report Date -8.0%

HE HAWAIIAN ELEC INDS INC MTN B 0.3%

Value $696K Shares 46,900 Share Price $14.84 Est. Cost/Share $10.29 Unrealized @ Report Date +44.2%

RGLD ROYAL GOLD INC 0.2%

Value $627K Shares 2,463 Share Price $254.49 Est. Cost/Share $198.37 Unrealized @ Report Date +28.3%

CINF CINCINNATI FINL CORP 0.2%

Value $566K Shares 3,600 Share Price $157.35 Est. Cost/Share $150.23 Unrealized @ Report Date +4.7%

CSCO CISCO SYS INC 0.2%

Value $466K Shares 6,000 Share Price $77.59 Est. Cost/Share $67.38 Unrealized @ Report Date +15.1%

UNH UNITEDHEALTH GROUP INC 0.2%

Value $460K Shares 1,700 Share Price $270.59 Est. Cost/Share $298.94 Unrealized @ Report Date -9.5%

CACI CACI INTL INC 0.2%

Value $438K Shares 805 Share Price $543.87 Est. Cost/Share $211.31 Unrealized @ Report Date +157.4%

ETN EATON CORP PLC 0.2%

Value $429K Shares 1,200 Share Price $357.67 Est. Cost/Share $363.27 Unrealized @ Report Date -1.5%

JPM JPMORGAN CHASE & CO 0.2%

Value $417K Shares 1,417 Share Price $294.16 Est. Cost/Share $296.02 Unrealized @ Report Date -0.6%

BRK/B BERKSHIRE HATHAWAY INC DEL 0.1%

Value $395K Shares 825 Share Price $479.20 Est. Cost/Share $134.20 Unrealized @ Report Date +257.1%

RLI RLI CORP 0.1%

Value $342K Shares 6,000 Share Price $57.04 Est. Cost/Share $42.27 Unrealized @ Report Date +34.9%

JNJ JOHNSON & JOHNSON 0.1%

Value $293K Shares 1,200 Share Price $244.44 Est. Cost/Share $169.51 Unrealized @ Report Date +44.2%

VIG VANGUARD SPECIALIZED FUNDS 0.1%

Value $215K Shares 1,000 Share Price $215.06 Est. Cost/Share $156.60 Unrealized @ Report Date +37.3%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
TPL	TEXAS PACIFIC LAND CORPORATI	285,120	$135M	48.7%	$474.56	$253.85	+86.9%	COM	88262P102
PBT	PERMIAN BASIN RTY TR	1,003,140	$21.59M	7.8%	$21.52	$12.95	—	UNIT BEN INT	714236106
HE	HAWAIIAN ELEC INDS INC MTN B	1,317,050	$19.55M	7.0%	$14.84	$10.29	+44.2%	COM	419870100
GBTC	GRAYSCALE BITCOIN TRUST ETF	360,139	$19M	6.8%	$52.76	$44.10	+19.6%	SHS REP COM UT	389637109
LB	LANDBRIDGE COMPANY LLC	266,385	$18.39M	6.6%	$69.05	$36.56	+88.9%	CL A	514952100
WPM	WHEATON PRECIOUS METALS CORP	89,271	$11.7M	4.2%	$131.01	$20.89	+527.1%	COM	962879102
MSB	MESABI TR	321,546	$10.13M	3.6%	$31.50	$23.73	—	CTF BEN INT	590672101
WBI	WATERBRIDGE INFRASTRUCTURE L	270,900	$7.257M	2.6%	$26.79	$23.46	+14.2%	CL A SHS REPSTG	940923105
FNV	FRANCO NEV CORP	23,590	$5.828M	2.1%	$247.05	$83.61	+195.5%	COM	351858105
FBTC	FIDELITY WISE ORIGIN BITCOIN	70,339	$4.152M	1.5%	$59.03	$47.84	+23.4%	SHS	315948109
CCL	CARNIVAL CORP	156,181	$4.042M	1.5%	$25.88	$10.36	+149.9%	COMMON STOCK	143658300
MIAX	MIAMI INTL HLDGS INC	81,250	$3.162M	1.1%	$38.92	$36.93	+5.4%	COM	59356Q108
VTI	VANGUARD INDEX FDS	8,800	$2.823M	1.0%	$320.81	$208.58	+53.8%	TOTAL STK MKT	922908769
BTC	GRAYSCALE BITCOIN MINI TR ET	81,217	$2.436M	0.9%	$29.99	$37.30	-19.6%	SHS NEW	389930207
CBOE	CBOE GLOBAL MKTS INC	6,680	$1.877M	0.7%	$281.06	$121.44	+131.4%	COM	12503M108
AAPL	APPLE INC	5,100	$1.294M	0.5%	$253.79	$226.42	+12.1%	COM	037833100
ICE	INTERCONTINENTAL EXCHANGE IN	7,645	$1.202M	0.4%	$157.29	$87.52	+79.7%	COM	45866F104
ORCL	ORACLE CORP	8,050	$1.184M	0.4%	$147.11	$254.17	-42.1%	COM	68389X105
PANW	PALO ALTO NETWORKS INC	5,484	$879K	0.3%	$160.32	$191.42	-16.2%	COM	697435105
AMZN	AMAZON COM INC	3,500	$729K	0.3%	$208.27	$226.42	-8.0%	COM	023135106
HE	HAWAIIAN ELEC INDS INC MTN B	46,900	$696K	0.3%	$14.84	$10.29	+44.2%	Call	419870100
RGLD	ROYAL GOLD INC	2,463	$627K	0.2%	$254.49	$198.37	+28.3%	COM	780287108
CINF	CINCINNATI FINL CORP	3,600	$566K	0.2%	$157.35	$150.23	+4.7%	COM	172062101
CSCO	CISCO SYS INC	6,000	$466K	0.2%	$77.59	$67.38	+15.1%	COM	17275R102
UNH	UNITEDHEALTH GROUP INC	1,700	$460K	0.2%	$270.59	$298.94	-9.5%	COM	91324P102
CACI	CACI INTL INC	805	$438K	0.2%	$543.87	$211.31	+157.4%	CL A	127190304
ETN	EATON CORP PLC	1,200	$429K	0.2%	$357.67	$363.27	-1.5%	SHS	G29183103
JPM	JPMORGAN CHASE & CO	1,417	$417K	0.2%	$294.16	$296.02	-0.6%	COM	46625H100
BRK/B	BERKSHIRE HATHAWAY INC DEL	825	$395K	0.1%	$479.20	$134.20	+257.1%	CL B NEW	084670702
RLI	RLI CORP	6,000	$342K	0.1%	$57.04	$42.27	+34.9%	COM	749607107
JNJ	JOHNSON & JOHNSON	1,200	$293K	0.1%	$244.44	$169.51	+44.2%	COM	478160104
VIG	VANGUARD SPECIALIZED FUNDS	1,000	$215K	0.1%	$215.06	$156.60	+37.3%	DIV APP ETF	921908844