Filed: 7/8/2025ACC: 0001384484-25-000007
📋 What this filing means
MAD RIVER INVESTORS filed this quarterly 13F‑HR report disclosing 24 equity positions with a total reported market value of $223.28M. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.
24
Positions
$223.28M
Total AUM (reported)
3.84M
Total Shares
Allocation by class
COM$131.52M58.9%
SHS REP COM UT$31.59M14.1%
CL A$16.27M7.3%
UNIT BEN INT$11.01M4.9%
CTF BEN INT$7.08M3.2%
SHS$6.89M3.1%
UNIT 99/99/9999$5.17M2.3%
Portfolio Concentration
Top 3$147.82M66.2%
4–10$57.53M25.8%
11–25$17.92M8.0%
Top 3 weight
66.2%
Top 10 weight
92.0%
Voting Authority Distribution
Total shares with voting rights: 3.84M
Sole
Full voting authority
86.89K
shares
% of voting shares2.3%
Shared
Joint voting authority
0.00
shares
% of voting shares0.0%
None
No voting authority
3.75M
shares
% of voting shares97.7%
Investment Discretion (by position count)
Sole24
Shared0
Other0
Dominant voting typeNone · 97.7% of voting shares
Institutional Holdings24
Rows:
TEXAS PACIFIC LAND CORPORATI
SOLEShares95.01K
TypeSH
Market value$100.37M
44.95%
Sole
0.00
Shared
0.00
None
95.01K
GRAYSCALE BITCOIN TRUST ETF
SOLEShares372.38K
TypeSH
Market value$31.59M
14.15%
Sole
70.32K
Shared
0.00
None
302.06K
LANDBRIDGE COMPANY LLC
SOLEShares234.75K
TypeSH
Market value$15.86M
7.11%
Sole
0.00
Shared
0.00
None
234.75K
HAWAIIAN ELEC INDUSTRIES
SOLEShares1.23M
TypeSH
Market value$13.03M
5.84%
Sole
0.00
Shared
0.00
None
1.23M
PERMIAN BASIN RTY TR
SOLEShares883.92K
TypeSH
Market value$11.01M
4.93%
Sole
0.00
Shared
0.00
None
883.92K
WHEATON PRECIOUS METALS CORP
SOLEShares115.92K
TypeSH
Market value$10.41M
4.66%
Sole
0.00
Shared
0.00
None
115.92K
MESABI TR
SOLEShares295.41K
TypeSH
Market value$7.08M
3.17%
Sole
0.00
Shared
0.00
None
295.41K
FIDELITY WISE ORIGIN BITCOIN
SOLEShares73.26K
TypeSH
Market value$6.89M
3.08%
Sole
0.00
Shared
0.00
None
73.26K
CARNIVAL CORP
SOLEShares183.80K
TypeSH
Market value$5.17M
2.31%
Sole
0.00
Shared
0.00
None
183.80K
FRANCO NEV CORP
SOLEShares24.05K
TypeSH
Market value$3.94M
1.77%
Sole
0.00
Shared
0.00
None
24.05K
GRAYSCALE BITCOIN MINI TR ET
SOLEShares78.29K
TypeSH
Market value$3.74M
1.67%
Sole
16.57K
Shared
0.00
None
61.72K
VANGUARD INDEX FDS
SOLEShares12.12K
TypeSH
Market value$3.68M
1.65%
Sole
0.00
Shared
0.00
None
12.12K
ARIS WATER SOLUTIONS INC
SOLEShares88.50K
TypeSH
Market value$2.09M
0.94%
Sole
0.00
Shared
0.00
None
88.50K
CIVEO CORP CDA
SOLEShares67.94K
TypeSH
Market value$1.57M
0.70%
Sole
0.00
Shared
0.00
None
67.94K
CBOE GLOBAL MKTS INC
SOLEShares6.68K
TypeSH
Market value$1.56M
0.70%
Sole
0.00
Shared
0.00
None
6.68K
INTERCONTINENTAL EXCHANGE IN
SOLEShares7.70K
TypeSH
Market value$1.41M
0.63%
Sole
0.00
Shared
0.00
None
7.70K
VANGUARD SPECIALIZED FUNDS
SOLEShares6.20K
TypeSH
Market value$1.27M
0.57%
Sole
0.00
Shared
0.00
None
6.20K
BERKSHIRE HATHAWAY INC DEL
SOLEShares1.18K
TypeSH
Market value$570.8K
0.26%
Sole
0.00
Shared
0.00
None
1.18K
RLI CORP
SOLEShares7.50K
TypeSH
Market value$541.6K
0.24%
Sole
0.00
Shared
0.00
None
7.50K
SANDSTORM GOLD LTD
SOLEShares48.67K
TypeSH
Market value$457.5K
0.20%
Sole
0.00
Shared
0.00
None
48.67K
CACI INTL INC
SOLEShares855.00
TypeSH
Market value$407.6K
0.18%
Sole
0.00
Shared
0.00
None
855.00
INVESCO EXCHANGE TRADED FD T
SOLEShares1.51K
TypeSH
Market value$274.1K
0.12%
Sole
0.00
Shared
0.00
None
1.51K
EAGLE MATLS INC
SOLEShares1.23K
TypeSH
Market value$248.7K
0.11%
Sole
0.00
Shared
0.00
None
1.23K
PERMIAN BASIN RTY TR
SOLEShares8K
TypePRN
Market value$99.7K
0.04%
Sole
0.00
Shared
0.00
None
8K
| Issuer | Class | Shares | Type | Value / Portfolio % | Voting — Sole | Shared | None |
|---|---|---|---|---|---|---|---|
TEXAS PACIFIC LAND CORPORATISOLE | COM | 95.01K | SH | $100.37M 44.95% | 0.00 | 0.00 | 95.01K |
GRAYSCALE BITCOIN TRUST ETFSOLE | SHS REP COM UT | 372.38K | SH | $31.59M 14.15% | 70.32K | 0.00 | 302.06K |
LANDBRIDGE COMPANY LLCSOLE | CL A | 234.75K | SH | $15.86M 7.11% | 0.00 | 0.00 | 234.75K |
HAWAIIAN ELEC INDUSTRIESSOLE | COM | 1.23M | SH | $13.03M 5.84% | 0.00 | 0.00 | 1.23M |
PERMIAN BASIN RTY TRSOLE | UNIT BEN INT | 883.92K | SH | $11.01M 4.93% | 0.00 | 0.00 | 883.92K |
WHEATON PRECIOUS METALS CORPSOLE | COM | 115.92K | SH | $10.41M 4.66% | 0.00 | 0.00 | 115.92K |
MESABI TRSOLE | CTF BEN INT | 295.41K | SH | $7.08M 3.17% | 0.00 | 0.00 | 295.41K |
FIDELITY WISE ORIGIN BITCOINSOLE | SHS | 73.26K | SH | $6.89M 3.08% | 0.00 | 0.00 | 73.26K |
CARNIVAL CORPSOLE | UNIT 99/99/9999 | 183.80K | SH | $5.17M 2.31% | 0.00 | 0.00 | 183.80K |
FRANCO NEV CORPSOLE | COM | 24.05K | SH | $3.94M 1.77% | 0.00 | 0.00 | 24.05K |
GRAYSCALE BITCOIN MINI TR ETSOLE | SHS NEW | 78.29K | SH | $3.74M 1.67% | 16.57K | 0.00 | 61.72K |
VANGUARD INDEX FDSSOLE | TOTAL STK MKT | 12.12K | SH | $3.68M 1.65% | 0.00 | 0.00 | 12.12K |
ARIS WATER SOLUTIONS INCSOLE | CLASS A COM | 88.50K | SH | $2.09M 0.94% | 0.00 | 0.00 | 88.50K |
CIVEO CORP CDASOLE | COM NEW | 67.94K | SH | $1.57M 0.70% | 0.00 | 0.00 | 67.94K |
CBOE GLOBAL MKTS INCSOLE | COM | 6.68K | SH | $1.56M 0.70% | 0.00 | 0.00 | 6.68K |
INTERCONTINENTAL EXCHANGE INSOLE | COM | 7.70K | SH | $1.41M 0.63% | 0.00 | 0.00 | 7.70K |
VANGUARD SPECIALIZED FUNDSSOLE | DIV APP ETF | 6.20K | SH | $1.27M 0.57% | 0.00 | 0.00 | 6.20K |
BERKSHIRE HATHAWAY INC DELSOLE | CL B NEW | 1.18K | SH | $570.8K 0.26% | 0.00 | 0.00 | 1.18K |
RLI CORPSOLE | COM | 7.50K | SH | $541.6K 0.24% | 0.00 | 0.00 | 7.50K |
SANDSTORM GOLD LTDSOLE | COM NEW | 48.67K | SH | $457.5K 0.20% | 0.00 | 0.00 | 48.67K |
CACI INTL INCSOLE | CL A | 855.00 | SH | $407.6K 0.18% | 0.00 | 0.00 | 855.00 |
INVESCO EXCHANGE TRADED FD TSOLE | S&P500 EQL WGT | 1.51K | SH | $274.1K 0.12% | 0.00 | 0.00 | 1.51K |
EAGLE MATLS INCSOLE | COM | 1.23K | SH | $248.7K 0.11% | 0.00 | 0.00 | 1.23K |
PERMIAN BASIN RTY TRSOLE | CALL | 8K | PRN | $99.7K 0.04% | 0.00 | 0.00 | 8K |