MAD RIVER INVESTORS Long-Term Concentrated

Location: Boston, MA

CIK: 0001384484 · Show all filings

Period: Q2 2026 (← Previous) (Next →)

Filing Date: Aug 3, 2026

Total Value: $268M (99.8% shares, 0.2% debt)

Holdings (30)

TPL TEXAS PACIFIC LAND CORPORATI 46.6%

Value $125M Shares 285,330 Share Price $437.64 Est. Cost/Share $253.85 Unrealized @ Report Date +72.4%

PBT PERMIAN BASIN RTY TR 9.4%

Value $25.17M Shares 1,005,152 Share Price $25.04 Est. Cost/Share $12.95 Unrealized @ Report Date —

LB LANDBRIDGE COMPANY LLC 7.9%

Value $21.23M Shares 267,953 Share Price $79.24 Est. Cost/Share $36.56 Unrealized @ Report Date +116.7%

HE HAWAIIAN ELEC INDS INC MTN B 6.7%

Value $17.88M Shares 1,321,850 Share Price $13.53 Est. Cost/Share $10.29 Unrealized @ Report Date +31.5%

GBTC GRAYSCALE BITCOIN TRUST ETF 6.1%

Value $16.39M Shares 360,139 Share Price $45.52 Est. Cost/Share $44.10 Unrealized @ Report Date +3.2%

MIAX MIAMI INTL HLDGS INC 4.0%

Value $10.74M Shares 289,000 Share Price $37.16 Est. Cost/Share $42.53 Unrealized @ Report Date -12.6%

WBI WATERBRIDGE INFRASTRUCTURE L 3.4%

Value $9.178M Shares 267,801 Share Price $34.27 Est. Cost/Share $23.46 Unrealized @ Report Date +46.1%

MSB MESABI TR 3.1%

Value $8.19M Shares 323,735 Share Price $25.30 Est. Cost/Share $23.73 Unrealized @ Report Date —

WPM WHEATON PRECIOUS METALS CORP 2.4%

Value $6.309M Shares 56,173 Share Price $112.32 Est. Cost/Share $20.89 Unrealized @ Report Date +437.6%

FNV FRANCO NEV CORP 1.7%

Value $4.691M Shares 22,506 Share Price $208.44 Est. Cost/Share $83.61 Unrealized @ Report Date +149.3%

FBTC FIDELITY WISE ORIGIN BITCOIN 1.3%

Value $3.592M Shares 70,369 Share Price $51.05 Est. Cost/Share $47.84 Unrealized @ Report Date +6.7%

CCL CARNIVAL CORP LTD 1.0%

Value $2.725M Shares 95,373 Share Price $28.57 Est. Cost/Share $28.57 Unrealized @ Report Date —

VTI VANGUARD INDEX FDS 0.9%

Value $2.516M Shares 6,800 Share Price $370.04 Est. Cost/Share $208.58 Unrealized @ Report Date +77.4%

BTC GRAYSCALE BITCOIN MINI TR ET 0.8%

Value $2.115M Shares 81,517 Share Price $25.95 Est. Cost/Share $37.30 Unrealized @ Report Date -30.4%

PANW PALO ALTO NETWORKS INC 0.7%

Value $1.87M Shares 5,484 Share Price $341.02 Est. Cost/Share $191.42 Unrealized @ Report Date +78.1%

CBOE CBOE GLOBAL MKTS INC 0.6%

Value $1.627M Shares 6,705 Share Price $242.66 Est. Cost/Share $121.44 Unrealized @ Report Date +99.8%

AAPL APPLE INC 0.5%

Value $1.461M Shares 5,050 Share Price $289.36 Est. Cost/Share $226.42 Unrealized @ Report Date +27.8%

ORCL ORACLE CORP 0.4%

Value $1.18M Shares 8,050 Share Price $146.55 Est. Cost/Share $254.17 Unrealized @ Report Date -42.3%

ICE INTERCONTINENTAL EXCHANGE IN 0.4%

Value $966K Shares 7,846 Share Price $123.10 Est. Cost/Share $89.13 Unrealized @ Report Date +38.1%

AMZN AMAZON COM INC 0.3%

Value $810K Shares 3,400 Share Price $238.34 Est. Cost/Share $226.42 Unrealized @ Report Date +5.3%

UNH UNITEDHEALTH GROUP INC 0.3%

Value $707K Shares 1,700 Share Price $415.63 Est. Cost/Share $298.94 Unrealized @ Report Date +39.0%

CSCO CISCO SYS INC 0.3%

Value $705K Shares 6,000 Share Price $117.46 Est. Cost/Share $67.38 Unrealized @ Report Date +74.3%

CINF CINCINNATI FINL CORP 0.2%

Value $667K Shares 3,600 Share Price $185.14 Est. Cost/Share $150.23 Unrealized @ Report Date +23.2%

HE HAWAIIAN ELEC INDS INC MTN B 0.2%

Value $660K Shares 48,800 Share Price $13.53 Est. Cost/Share $10.29 Unrealized @ Report Date +31.5%

ETN EATON CORP PLC 0.2%

Value $511K Shares 1,200 Share Price $426.12 Est. Cost/Share $363.27 Unrealized @ Report Date +17.3%

RLI RLI CORP 0.1%

Value $354K Shares 6,000 Share Price $59.07 Est. Cost/Share $42.27 Unrealized @ Report Date +39.7%

BRK/B BERKSHIRE HATHAWAY INC DEL 0.1%

Value $313K Shares 625 Share Price $500.39 Est. Cost/Share $134.20 Unrealized @ Report Date +272.9%

JNJ JOHNSON & JOHNSON 0.1%

Value $305K Shares 1,200 Share Price $253.97 Est. Cost/Share $169.51 Unrealized @ Report Date +49.8%

CACI CACI INTL INC 0.1%

Value $211K Shares 455 Share Price $463.26 Est. Cost/Share $211.31 Unrealized @ Report Date +119.2%

FRMI FERMI INC 0.1%

Value $151K Shares 16,500 Share Price $9.16 Est. Cost/Share $6.32 Unrealized @ Report Date +44.9%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
TPL	TEXAS PACIFIC LAND CORPORATI	285,330	$125M	46.6%	$437.64	$253.85	+72.4%	COM	88262P102
PBT	PERMIAN BASIN RTY TR	1,005,152	$25.17M	9.4%	$25.04	$12.95	—	UNIT BEN INT	714236106
LB	LANDBRIDGE COMPANY LLC	267,953	$21.23M	7.9%	$79.24	$36.56	+116.7%	CL A	514952100
HE	HAWAIIAN ELEC INDS INC MTN B	1,321,850	$17.88M	6.7%	$13.53	$10.29	+31.5%	COM	419870100
GBTC	GRAYSCALE BITCOIN TRUST ETF	360,139	$16.39M	6.1%	$45.52	$44.10	+3.2%	SHS REP COM UT	389637109
MIAX	MIAMI INTL HLDGS INC	289,000	$10.74M	4.0%	$37.16	$42.53	-12.6%	COM	59356Q108
WBI	WATERBRIDGE INFRASTRUCTURE L	267,801	$9.178M	3.4%	$34.27	$23.46	+46.1%	CL A SHS REPSTG	940923105
MSB	MESABI TR	323,735	$8.19M	3.1%	$25.30	$23.73	—	CTF BEN INT	590672101
WPM	WHEATON PRECIOUS METALS CORP	56,173	$6.309M	2.4%	$112.32	$20.89	+437.6%	COM	962879102
FNV	FRANCO NEV CORP	22,506	$4.691M	1.7%	$208.44	$83.61	+149.3%	COM	351858105
FBTC	FIDELITY WISE ORIGIN BITCOIN	70,369	$3.592M	1.3%	$51.05	$47.84	+6.7%	SHS	315948109
CCL	CARNIVAL CORP LTD	95,373	$2.725M	1.0%	$28.57	$28.57	—	COMMON SHARES	G2004J103
VTI	VANGUARD INDEX FDS	6,800	$2.516M	0.9%	$370.04	$208.58	+77.4%	TOTAL STK MKT	922908769
BTC	GRAYSCALE BITCOIN MINI TR ET	81,517	$2.115M	0.8%	$25.95	$37.30	-30.4%	SHS NEW	389930207
PANW	PALO ALTO NETWORKS INC	5,484	$1.87M	0.7%	$341.02	$191.42	+78.1%	COM	697435105
CBOE	CBOE GLOBAL MKTS INC	6,705	$1.627M	0.6%	$242.66	$121.44	+99.8%	COM	12503M108
AAPL	APPLE INC	5,050	$1.461M	0.5%	$289.36	$226.42	+27.8%	COM	037833100
ORCL	ORACLE CORP	8,050	$1.18M	0.4%	$146.55	$254.17	-42.3%	COM	68389X105
ICE	INTERCONTINENTAL EXCHANGE IN	7,846	$966K	0.4%	$123.10	$89.13	+38.1%	COM	45866F104
AMZN	AMAZON COM INC	3,400	$810K	0.3%	$238.34	$226.42	+5.3%	COM	023135106
UNH	UNITEDHEALTH GROUP INC	1,700	$707K	0.3%	$415.63	$298.94	+39.0%	COM	91324P102
CSCO	CISCO SYS INC	6,000	$705K	0.3%	$117.46	$67.38	+74.3%	COM	17275R102
CINF	CINCINNATI FINL CORP	3,600	$667K	0.2%	$185.14	$150.23	+23.2%	COM	172062101
HE	HAWAIIAN ELEC INDS INC MTN B	48,800	$660K	0.2%	$13.53	$10.29	+31.5%	Call	419870100
ETN	EATON CORP PLC	1,200	$511K	0.2%	$426.12	$363.27	+17.3%	SHS	G29183103
RLI	RLI CORP	6,000	$354K	0.1%	$59.07	$42.27	+39.7%	COM	749607107
BRK/B	BERKSHIRE HATHAWAY INC DEL	625	$313K	0.1%	$500.39	$134.20	+272.9%	CL B NEW	084670702
JNJ	JOHNSON & JOHNSON	1,200	$305K	0.1%	$253.97	$169.51	+49.8%	COM	478160104
CACI	CACI INTL INC	455	$211K	0.1%	$463.26	$211.31	+119.2%	CL A	127190304
FRMI	FERMI INC	16,500	$151K	0.1%	$9.16	$6.32	+44.9%	COM	314911108