13F HOLDINGS REPORT
MAD RIVER INVESTORS
Quarter ended Q3 2025 · Filed October 14, 2025 · Accession 0001384484-25-000009
Total Value
$233.8M
Positions
38
Other Managers
0
Confidential Omitted
No
Holdings (38)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | TEXAS PACIFIC LAND CORPORATI | TPL | 94,772 | $88.5M | 37.85% |
| 2 | GRAYSCALE BITCOIN TRUST ETF | GBTC | 360,954 | $32.4M | 13.86% |
| 3 | PERMIAN BASIN RTY TR | 714236106 | 922,230 | $16.8M | 7.20% |
| 4 | HAWAIIAN ELEC INDUSTRIES | 419870100 | 1,230,250 | $13.6M | 5.81% |
| 5 | LANDBRIDGE COMPANY LLC | LB | 241,056 | $12.9M | 5.50% |
| 6 | WHEATON PRECIOUS METALS CORP | WPM | 97,927 | $11.0M | 4.69% |
| 7 | MESABI TR | MSB | 295,523 | $8.6M | 3.70% |
| 8 | FIDELITY WISE ORIGIN BITCOIN | FBTC | 71,804 | $7.2M | 3.07% |
| 9 | WATERBRIDGE INFRASTRUCTURE L | WBI | 251,700 | $6.3M | 2.72% |
| 10 | FRANCO NEV CORP | FNV | 23,579 | $5.3M | 2.25% |
| 11 | CARNIVAL CORP | CUKPF | 155,396 | $4.5M | 1.92% |
| 12 | GRAYSCALE BITCOIN MINI TR ET | 389930207 | 82,179 | $4.2M | 1.78% |
| 13 | VANGUARD INDEX FDS | 922908769 | 12,122 | $4.0M | 1.70% |
| 14 | MIAMI INTL HLDGS INC | 59356Q108 | 74,600 | $3.0M | 1.28% |
| 15 | ORACLE CORP | ORCL-PD | 8,050 | $2.3M | 0.97% |
| 16 | CBOE GLOBAL MKTS INC | 12503M108 | 6,655 | $1.6M | 0.70% |
| 17 | INTERCONTINENTAL EXCHANGE IN | 45866F104 | 7,720 | $1.3M | 0.56% |
| 18 | APPLE INC | AAPL | 5,000 | $1.3M | 0.54% |
| 19 | PALO ALTO NETWORKS INC | PANW | 5,484 | $1.1M | 0.48% |
| 20 | AMAZON COM INC | AMZN | 3,400 | $746,538 | 0.32% |
| 21 | BERKSHIRE HATHAWAY INC DEL | BRK-A | 1,175 | $590,720 | 0.25% |
| 22 | UNITEDHEALTH GROUP INC | UNH | 1,700 | $587,010 | 0.25% |
| 23 | CINCINNATI FINL CORP | 172062101 | 3,600 | $569,160 | 0.24% |
| 24 | VANGUARD SPECIALIZED FUNDS | 921908844 | 2,600 | $561,054 | 0.24% |
| 25 | SANDSTORM GOLD LTD | 80013R206 | 42,592 | $533,252 | 0.23% |
| 26 | RLI CORP | RLI | 7,500 | $489,150 | 0.21% |
| 27 | EATON CORP PLC | ETN | 1,200 | $449,100 | 0.19% |
| 28 | JPMORGAN CHASE & CO. | VYLD | 1,400 | $441,602 | 0.19% |
| 29 | CISCO SYS INC | CSCO | 6,000 | $410,520 | 0.18% |
| 30 | CACI INTL INC | 127190304 | 805 | $401,518 | 0.17% |
| 31 | TEXAS PACIFIC LAND CORPORATI | TPL | 400 | $373,456 | 0.16% |
| 32 | KIMBERLY-CLARK CORP | KMB | 2,800 | $348,152 | 0.15% |
| 33 | CITIGROUP INC | C-PR | 3,000 | $304,500 | 0.13% |
| 34 | INVESCO EXCHANGE TRADED FD T | IVZ | 1,508 | $286,068 | 0.12% |
| 35 | FIRSTENERGY CORP | FE | 5,700 | $261,174 | 0.11% |
| 36 | JOHNSON & JOHNSON | JNJ | 1,200 | $222,504 | 0.10% |
| 37 | SALESFORCE INC | CRM | 900 | $213,300 | 0.09% |
| 38 | GAMING & LEISURE PPTYS INC | 36467J108 | 4,558 | $212,449 | 0.09% |