Filed: 4/22/2025ACC: 0001384484-25-000005
📋 What this filing means
MAD RIVER INVESTORS filed this quarterly 13F‑HR report disclosing 24 equity positions with a total reported market value of $236.05M. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.
24
Positions
$236.05M
Total AUM (reported)
3.47M
Total Shares
Allocation by class
COM$159.41M67.5%
SHS REP COM UT$24.27M10.3%
CL A$17.17M7.3%
CTF BEN INT$8.06M3.4%
SHS$5.40M2.3%
UNIT BEN INT$4.67M2.0%
UNIT 99/99/9999$3.67M1.6%
Portfolio Concentration
Top 3$167.24M70.9%
4–10$50.98M21.6%
11–25$17.82M7.6%
Top 3 weight
70.9%
Top 10 weight
92.4%
Voting Authority Distribution
Total shares with voting rights: 3.47M
Sole
Full voting authority
86.89K
shares
% of voting shares2.5%
Shared
Joint voting authority
0.00
shares
% of voting shares0.0%
None
No voting authority
3.38M
shares
% of voting shares97.5%
Investment Discretion (by position count)
Sole24
Shared0
Other0
Dominant voting typeNone · 97.5% of voting shares
Institutional Holdings24
Rows:
TEXAS PACIFIC LAND CORPORATI
SOLEShares95.18K
TypeSH
Market value$126.12M
53.43%
Sole
0.00
Shared
0.00
None
95.18K
GRAYSCALE BITCOIN TRUST ETF
SOLEShares372.48K
TypeSH
Market value$24.27M
10.28%
Sole
70.32K
Shared
0.00
None
302.16K
LANDBRIDGE COMPANY LLC
SOLEShares234.25K
TypeSH
Market value$16.85M
7.14%
Sole
0.00
Shared
0.00
None
234.25K
HAWAIIAN ELEC INDUSTRIES
SOLEShares1.22M
TypeSH
Market value$13.31M
5.64%
Sole
0.00
Shared
0.00
None
1.22M
WHEATON PRECIOUS METALS CORP
SOLEShares147.79K
TypeSH
Market value$11.47M
4.86%
Sole
0.00
Shared
0.00
None
147.79K
MESABI TR
SOLEShares296.46K
TypeSH
Market value$8.06M
3.42%
Sole
0.00
Shared
0.00
None
296.46K
FIDELITY WISE ORIGIN BITCOIN
SOLEShares75.05K
TypeSH
Market value$5.40M
2.29%
Sole
0.00
Shared
0.00
None
75.05K
PERMIAN BASIN RTY TR
SOLEShares471.69K
TypeSH
Market value$4.67M
1.98%
Sole
0.00
Shared
0.00
None
471.69K
FRANCO NEV CORP
SOLEShares27.80K
TypeSH
Market value$4.38M
1.86%
Sole
0.00
Shared
0.00
None
27.80K
CARNIVAL CORP
SOLEShares188.10K
TypeSH
Market value$3.67M
1.56%
Sole
0.00
Shared
0.00
None
188.10K
VANGUARD INDEX FDS
SOLEShares12.12K
TypeSH
Market value$3.33M
1.41%
Sole
0.00
Shared
0.00
None
12.12K
GRAYSCALE BITCOIN MINI TR ET
SOLEShares78.29K
TypeSH
Market value$2.86M
1.21%
Sole
16.57K
Shared
0.00
None
61.72K
ARIS WATER SOLUTIONS INC
SOLEShares74.90K
TypeSH
Market value$2.40M
1.02%
Sole
0.00
Shared
0.00
None
74.90K
CIVEO CORP CDA
SOLEShares79.50K
TypeSH
Market value$1.83M
0.77%
Sole
0.00
Shared
0.00
None
79.50K
CBOE GLOBAL MKTS INC
SOLEShares6.21K
TypeSH
Market value$1.41M
0.60%
Sole
0.00
Shared
0.00
None
6.21K
INTERCONTINENTAL EXCHANGE IN
SOLEShares7.52K
TypeSH
Market value$1.30M
0.55%
Sole
0.00
Shared
0.00
None
7.52K
VANGUARD SPECIALIZED FUNDS
SOLEShares6.20K
TypeSH
Market value$1.20M
0.51%
Sole
0.00
Shared
0.00
None
6.20K
BERKSHIRE HATHAWAY INC DEL
SOLEShares1.90K
TypeSH
Market value$1.01M
0.43%
Sole
0.00
Shared
0.00
None
1.90K
RLI CORP
SOLEShares9K
TypeSH
Market value$723.0K
0.31%
Sole
0.00
Shared
0.00
None
9K
SANDSTORM GOLD LTD
SOLEShares64.36K
TypeSH
Market value$485.9K
0.21%
Sole
0.00
Shared
0.00
None
64.36K
EAGLE MATLS INC
SOLEShares2.11K
TypeSH
Market value$467.3K
0.20%
Sole
0.00
Shared
0.00
None
2.11K
CACI INTL INC
SOLEShares855.00
TypeSH
Market value$313.7K
0.13%
Sole
0.00
Shared
0.00
None
855.00
INVESCO EXCHANGE TRADED FD T
SOLEShares1.51K
TypeSH
Market value$261.2K
0.11%
Sole
0.00
Shared
0.00
None
1.51K
DISNEY WALT CO
SOLEShares2.40K
TypeSH
Market value$236.9K
0.10%
Sole
0.00
Shared
0.00
None
2.40K
| Issuer | Class | Shares | Type | Value / Portfolio % | Voting — Sole | Shared | None |
|---|---|---|---|---|---|---|---|
TEXAS PACIFIC LAND CORPORATISOLE | COM | 95.18K | SH | $126.12M 53.43% | 0.00 | 0.00 | 95.18K |
GRAYSCALE BITCOIN TRUST ETFSOLE | SHS REP COM UT | 372.48K | SH | $24.27M 10.28% | 70.32K | 0.00 | 302.16K |
LANDBRIDGE COMPANY LLCSOLE | CL A | 234.25K | SH | $16.85M 7.14% | 0.00 | 0.00 | 234.25K |
HAWAIIAN ELEC INDUSTRIESSOLE | COM | 1.22M | SH | $13.31M 5.64% | 0.00 | 0.00 | 1.22M |
WHEATON PRECIOUS METALS CORPSOLE | COM | 147.79K | SH | $11.47M 4.86% | 0.00 | 0.00 | 147.79K |
MESABI TRSOLE | CTF BEN INT | 296.46K | SH | $8.06M 3.42% | 0.00 | 0.00 | 296.46K |
FIDELITY WISE ORIGIN BITCOINSOLE | SHS | 75.05K | SH | $5.40M 2.29% | 0.00 | 0.00 | 75.05K |
PERMIAN BASIN RTY TRSOLE | UNIT BEN INT | 471.69K | SH | $4.67M 1.98% | 0.00 | 0.00 | 471.69K |
FRANCO NEV CORPSOLE | COM | 27.80K | SH | $4.38M 1.86% | 0.00 | 0.00 | 27.80K |
CARNIVAL CORPSOLE | UNIT 99/99/9999 | 188.10K | SH | $3.67M 1.56% | 0.00 | 0.00 | 188.10K |
VANGUARD INDEX FDSSOLE | TOTAL STK MKT | 12.12K | SH | $3.33M 1.41% | 0.00 | 0.00 | 12.12K |
GRAYSCALE BITCOIN MINI TR ETSOLE | SHS NEW | 78.29K | SH | $2.86M 1.21% | 16.57K | 0.00 | 61.72K |
ARIS WATER SOLUTIONS INCSOLE | CLASS A COM | 74.90K | SH | $2.40M 1.02% | 0.00 | 0.00 | 74.90K |
CIVEO CORP CDASOLE | COM NEW | 79.50K | SH | $1.83M 0.77% | 0.00 | 0.00 | 79.50K |
CBOE GLOBAL MKTS INCSOLE | COM | 6.21K | SH | $1.41M 0.60% | 0.00 | 0.00 | 6.21K |
INTERCONTINENTAL EXCHANGE INSOLE | COM | 7.52K | SH | $1.30M 0.55% | 0.00 | 0.00 | 7.52K |
VANGUARD SPECIALIZED FUNDSSOLE | DIV APP ETF | 6.20K | SH | $1.20M 0.51% | 0.00 | 0.00 | 6.20K |
BERKSHIRE HATHAWAY INC DELSOLE | CL B NEW | 1.90K | SH | $1.01M 0.43% | 0.00 | 0.00 | 1.90K |
RLI CORPSOLE | COM | 9K | SH | $723.0K 0.31% | 0.00 | 0.00 | 9K |
SANDSTORM GOLD LTDSOLE | COM NEW | 64.36K | SH | $485.9K 0.21% | 0.00 | 0.00 | 64.36K |
EAGLE MATLS INCSOLE | COM | 2.11K | SH | $467.3K 0.20% | 0.00 | 0.00 | 2.11K |
CACI INTL INCSOLE | CL A | 855.00 | SH | $313.7K 0.13% | 0.00 | 0.00 | 855.00 |
INVESCO EXCHANGE TRADED FD TSOLE | S&P500 EQL WGT | 1.51K | SH | $261.2K 0.11% | 0.00 | 0.00 | 1.51K |
DISNEY WALT COSOLE | COM | 2.40K | SH | $236.9K 0.10% | 0.00 | 0.00 | 2.40K |