Filed: 1/16/2025ACC: 0001384484-25-000002
📋 What this filing means
MAD RIVER INVESTORS filed this quarterly 13F‑HR report disclosing 26 equity positions with a total reported market value of $215.20M. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.
26
Positions
$215.20M
Total AUM (reported)
2.44M
Total Shares
Allocation by class
COM$124.70M57.9%
SHS REP COM UT$28.56M13.3%
CL A$21.67M10.1%
CTF BEN INT$8.29M3.9%
SHS$6.22M2.9%
COM NEW$5.95M2.8%
UNIT 99/99/9999$4.81M2.2%
Portfolio Concentration
Top 3$149.74M69.6%
4–10$42.94M20.0%
11–25$22.46M10.4%
Rest$62.4K0.0%
Top 3 weight
69.6%
Top 10 weight
89.5%
Voting Authority Distribution
Total shares with voting rights: 2.44M
Sole
Full voting authority
99.41K
shares
% of voting shares4.1%
Shared
Joint voting authority
0.00
shares
% of voting shares0.0%
None
No voting authority
2.34M
shares
% of voting shares95.9%
Investment Discretion (by position count)
Sole26
Shared0
Other0
Dominant voting typeNone · 95.9% of voting shares
Institutional Holdings26
Rows:
TEXAS PACIFIC LAND CORPORATI
SOLEShares95.94K
TypeSH
Market value$106.10M
49.30%
Sole
0.00
Shared
0.00
None
95.94K
GRAYSCALE BITCOIN TRUST ETF
SOLEShares385.81K
TypeSH
Market value$28.56M
13.27%
Sole
82.84K
Shared
0.00
None
302.96K
LANDBRIDGE COMPANY LLC
SOLEShares233.45K
TypeSH
Market value$15.08M
7.01%
Sole
0.00
Shared
0.00
None
233.45K
WHEATON PRECIOUS METALS CORP
SOLEShares147.49K
TypeSH
Market value$8.29M
3.85%
Sole
0.00
Shared
0.00
None
147.49K
MESABI TR
SOLEShares294.90K
TypeSH
Market value$8.29M
3.85%
Sole
0.00
Shared
0.00
None
294.90K
CACI INTL INC
SOLEShares16.31K
TypeSH
Market value$6.59M
3.06%
Sole
0.00
Shared
0.00
None
16.31K
FIDELITY WISE ORIGIN BITCOIN
SOLEShares76.30K
TypeSH
Market value$6.22M
2.89%
Sole
0.00
Shared
0.00
None
76.30K
CIVEO CORP CDA
SOLEShares216.77K
TypeSH
Market value$4.92M
2.29%
Sole
0.00
Shared
0.00
None
216.77K
CARNIVAL CORP
SOLEShares192.90K
TypeSH
Market value$4.81M
2.23%
Sole
0.00
Shared
0.00
None
192.90K
FRANCO NEV CORP
SOLEShares32.35K
TypeSH
Market value$3.80M
1.77%
Sole
0.00
Shared
0.00
None
32.35K
VANGUARD INDEX FDS
SOLEShares12.12K
TypeSH
Market value$3.51M
1.63%
Sole
0.00
Shared
0.00
None
12.12K
GRAYSCALE BITCOIN MINI TR ET
SOLEShares78.09K
TypeSH
Market value$3.27M
1.52%
Sole
16.57K
Shared
0.00
None
61.52K
BERKSHIRE HATHAWAY INC DEL
SOLEShares6.72K
TypeSH
Market value$3.05M
1.42%
Sole
0.00
Shared
0.00
None
6.72K
PERMIAN BASIN RTY TR
SOLEShares246.29K
TypeSH
Market value$2.73M
1.27%
Sole
0.00
Shared
0.00
None
246.29K
VANGUARD SPECIALIZED FUNDS
SOLEShares9.06K
TypeSH
Market value$1.78M
0.82%
Sole
0.00
Shared
0.00
None
9.06K
EAGLE MATLS INC
SOLEShares5.38K
TypeSH
Market value$1.33M
0.62%
Sole
0.00
Shared
0.00
None
5.38K
CBOE GLOBAL MKTS INC
SOLEShares6.21K
TypeSH
Market value$1.21M
0.56%
Sole
0.00
Shared
0.00
None
6.21K
HAWAIIAN ELEC INDUSTRIES
SOLEShares120.30K
TypeSH
Market value$1.17M
0.54%
Sole
0.00
Shared
0.00
None
120.30K
INTERCONTINENTAL EXCHANGE IN
SOLEShares7.47K
TypeSH
Market value$1.11M
0.52%
Sole
0.00
Shared
0.00
None
7.47K
SANDSTORM GOLD LTD
SOLEShares183.10K
TypeSH
Market value$1.02M
0.47%
Sole
0.00
Shared
0.00
None
183.10K
RLI CORP
SOLEShares5.50K
TypeSH
Market value$906.6K
0.42%
Sole
0.00
Shared
0.00
None
5.50K
TEJON RANCH CO
SOLEShares27.80K
TypeSH
Market value$442.0K
0.21%
Sole
0.00
Shared
0.00
None
27.80K
ISHARES TR
SOLEShares7.75K
TypeSH
Market value$404.1K
0.19%
Sole
0.00
Shared
0.00
None
7.75K
DISNEY WALT CO
SOLEShares2.40K
TypeSH
Market value$267.2K
0.12%
Sole
0.00
Shared
0.00
None
2.40K
INVESCO EXCHANGE TRADED FD T
SOLEShares1.51K
TypeSH
Market value$264.2K
0.12%
Sole
0.00
Shared
0.00
None
1.51K
| Issuer | Class | Shares | Type | Value / Portfolio % | Voting — Sole | Shared | None |
|---|---|---|---|---|---|---|---|
TEXAS PACIFIC LAND CORPORATISOLE | COM | 95.94K | SH | $106.10M 49.30% | 0.00 | 0.00 | 95.94K |
GRAYSCALE BITCOIN TRUST ETFSOLE | SHS REP COM UT | 385.81K | SH | $28.56M 13.27% | 82.84K | 0.00 | 302.96K |
LANDBRIDGE COMPANY LLCSOLE | CL A | 233.45K | SH | $15.08M 7.01% | 0.00 | 0.00 | 233.45K |
WHEATON PRECIOUS METALS CORPSOLE | COM | 147.49K | SH | $8.29M 3.85% | 0.00 | 0.00 | 147.49K |
MESABI TRSOLE | CTF BEN INT | 294.90K | SH | $8.29M 3.85% | 0.00 | 0.00 | 294.90K |
CACI INTL INCSOLE | CL A | 16.31K | SH | $6.59M 3.06% | 0.00 | 0.00 | 16.31K |
FIDELITY WISE ORIGIN BITCOINSOLE | SHS | 76.30K | SH | $6.22M 2.89% | 0.00 | 0.00 | 76.30K |
CIVEO CORP CDASOLE | COM NEW | 216.77K | SH | $4.92M 2.29% | 0.00 | 0.00 | 216.77K |
CARNIVAL CORPSOLE | UNIT 99/99/9999 | 192.90K | SH | $4.81M 2.23% | 0.00 | 0.00 | 192.90K |
FRANCO NEV CORPSOLE | COM | 32.35K | SH | $3.80M 1.77% | 0.00 | 0.00 | 32.35K |
VANGUARD INDEX FDSSOLE | TOTAL STK MKT | 12.12K | SH | $3.51M 1.63% | 0.00 | 0.00 | 12.12K |
GRAYSCALE BITCOIN MINI TR ETSOLE | SHS NEW | 78.09K | SH | $3.27M 1.52% | 16.57K | 0.00 | 61.52K |
BERKSHIRE HATHAWAY INC DELSOLE | CL B NEW | 6.72K | SH | $3.05M 1.42% | 0.00 | 0.00 | 6.72K |
PERMIAN BASIN RTY TRSOLE | UNIT BEN INT | 246.29K | SH | $2.73M 1.27% | 0.00 | 0.00 | 246.29K |
VANGUARD SPECIALIZED FUNDSSOLE | DIV APP ETF | 9.06K | SH | $1.78M 0.82% | 0.00 | 0.00 | 9.06K |
EAGLE MATLS INCSOLE | COM | 5.38K | SH | $1.33M 0.62% | 0.00 | 0.00 | 5.38K |
CBOE GLOBAL MKTS INCSOLE | COM | 6.21K | SH | $1.21M 0.56% | 0.00 | 0.00 | 6.21K |
HAWAIIAN ELEC INDUSTRIESSOLE | COM | 120.30K | SH | $1.17M 0.54% | 0.00 | 0.00 | 120.30K |
INTERCONTINENTAL EXCHANGE INSOLE | COM | 7.47K | SH | $1.11M 0.52% | 0.00 | 0.00 | 7.47K |
SANDSTORM GOLD LTDSOLE | COM NEW | 183.10K | SH | $1.02M 0.47% | 0.00 | 0.00 | 183.10K |
RLI CORPSOLE | COM | 5.50K | SH | $906.6K 0.42% | 0.00 | 0.00 | 5.50K |
TEJON RANCH COSOLE | COM | 27.80K | SH | $442.0K 0.21% | 0.00 | 0.00 | 27.80K |
ISHARES TRSOLE | MSCI ACWI EX US | 7.75K | SH | $404.1K 0.19% | 0.00 | 0.00 | 7.75K |
DISNEY WALT COSOLE | COM | 2.40K | SH | $267.2K 0.12% | 0.00 | 0.00 | 2.40K |
INVESCO EXCHANGE TRADED FD TSOLE | S&P500 EQL WGT | 1.51K | SH | $264.2K 0.12% | 0.00 | 0.00 | 1.51K |
Page 1 of 2