13F HOLDINGS REPORT
MAD RIVER INVESTORS
Quarter ended Q2 2025 · Filed July 8, 2025 · Accession 0001384484-25-000007
Total Value
$223.3M
Positions
24
Other Managers
0
Confidential Omitted
No
Holdings (24)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | TEXAS PACIFIC LAND CORPORATI | TPL | 95,013 | $100.4M | 44.95% |
| 2 | GRAYSCALE BITCOIN TRUST ETF | GBTC | 372,381 | $31.6M | 14.15% |
| 3 | LANDBRIDGE COMPANY LLC | LB | 234,754 | $15.9M | 7.11% |
| 4 | HAWAIIAN ELEC INDUSTRIES | 419870100 | 1,225,900 | $13.0M | 5.84% |
| 5 | PERMIAN BASIN RTY TR | 714236106 | 883,917 | $11.0M | 4.93% |
| 6 | WHEATON PRECIOUS METALS CORP | WPM | 115,925 | $10.4M | 4.66% |
| 7 | MESABI TR | MSB | 295,413 | $7.1M | 3.17% |
| 8 | FIDELITY WISE ORIGIN BITCOIN | FBTC | 73,261 | $6.9M | 3.08% |
| 9 | CARNIVAL CORP | CUKPF | 183,796 | $5.2M | 2.31% |
| 10 | FRANCO NEV CORP | FNV | 24,053 | $3.9M | 1.77% |
| 11 | GRAYSCALE BITCOIN MINI TR ET | 389930207 | 78,286 | $3.7M | 1.67% |
| 12 | VANGUARD INDEX FDS | 922908769 | 12,122 | $3.7M | 1.65% |
| 13 | ARIS WATER SOLUTIONS INC | 04041L106 | 88,500 | $2.1M | 0.94% |
| 14 | CIVEO CORP CDA | CVEO | 67,938 | $1.6M | 0.70% |
| 15 | CBOE GLOBAL MKTS INC | 12503M108 | 6,680 | $1.6M | 0.70% |
| 16 | INTERCONTINENTAL EXCHANGE IN | 45866F104 | 7,695 | $1.4M | 0.63% |
| 17 | VANGUARD SPECIALIZED FUNDS | 921908844 | 6,200 | $1.3M | 0.57% |
| 18 | BERKSHIRE HATHAWAY INC DEL | BRK-A | 1,175 | $570,780 | 0.26% |
| 19 | RLI CORP | RLI | 7,500 | $541,650 | 0.24% |
| 20 | SANDSTORM GOLD LTD | 80013R206 | 48,674 | $457,538 | 0.20% |
| 21 | CACI INTL INC | 127190304 | 855 | $407,579 | 0.18% |
| 22 | INVESCO EXCHANGE TRADED FD T | IVZ | 1,508 | $274,064 | 0.12% |
| 23 | EAGLE MATLS INC | 26969P108 | 1,231 | $248,700 | 0.11% |
| 24 | PERMIAN BASIN RTY TR | 714236106 | 8,000 | $99,680 | 0.04% |