Filed: 10/14/2025ACC: 0001384484-25-000009
📋 What this filing means
MAD RIVER INVESTORS filed this quarterly 13F‑HR report disclosing 38 equity positions with a total reported market value of $233.75M. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.
38
Positions
$233.75M
Total AUM (reported)
4.04M
Total Shares
Allocation by class
COM$133.36M57.1%
SHS REP COM UT$32.40M13.9%
UNIT BEN INT$16.83M7.2%
CL A$13.26M5.7%
CTF BEN INT$8.65M3.7%
SHS$7.62M3.3%
CL A SHS REPSTG$6.35M2.7%
Portfolio Concentration
Top 3$137.72M58.9%
4–10$64.82M27.7%
11–25$26.81M11.5%
Rest$4.41M1.9%
Top 3 weight
58.9%
Top 10 weight
86.6%
Voting Authority Distribution
Total shares with voting rights: 4.04M
Sole
Full voting authority
84.77K
shares
% of voting shares2.1%
Shared
Joint voting authority
0.00
shares
% of voting shares0.0%
None
No voting authority
3.95M
shares
% of voting shares97.9%
Investment Discretion (by position count)
Sole38
Shared0
Other0
Dominant voting typeNone · 97.9% of voting shares
Institutional Holdings38
Rows:
TEXAS PACIFIC LAND CORPORATI
SOLEShares94.77K
TypeSH
Market value$88.48M
37.85%
Sole
0.00
Shared
0.00
None
94.77K
GRAYSCALE BITCOIN TRUST ETF
SOLEShares360.95K
TypeSH
Market value$32.40M
13.86%
Sole
68.20K
Shared
0.00
None
292.75K
PERMIAN BASIN RTY TR
SOLEShares922.23K
TypeSH
Market value$16.83M
7.20%
Sole
0.00
Shared
0.00
None
922.23K
HAWAIIAN ELEC INDUSTRIES
SOLEShares1.23M
TypeSH
Market value$13.58M
5.81%
Sole
0.00
Shared
0.00
None
1.23M
LANDBRIDGE COMPANY LLC
SOLEShares241.06K
TypeSH
Market value$12.86M
5.50%
Sole
0.00
Shared
0.00
None
241.06K
WHEATON PRECIOUS METALS CORP
SOLEShares97.93K
TypeSH
Market value$10.95M
4.69%
Sole
0.00
Shared
0.00
None
97.93K
MESABI TR
SOLEShares295.52K
TypeSH
Market value$8.65M
3.70%
Sole
0.00
Shared
0.00
None
295.52K
FIDELITY WISE ORIGIN BITCOIN
SOLEShares71.80K
TypeSH
Market value$7.17M
3.07%
Sole
0.00
Shared
0.00
None
71.80K
WATERBRIDGE INFRASTRUCTURE L
SOLEShares251.70K
TypeSH
Market value$6.35M
2.72%
Sole
0.00
Shared
0.00
None
251.70K
FRANCO NEV CORP
SOLEShares23.58K
TypeSH
Market value$5.26M
2.25%
Sole
0.00
Shared
0.00
None
23.58K
CARNIVAL CORP
SOLEShares155.40K
TypeSH
Market value$4.49M
1.92%
Sole
0.00
Shared
0.00
None
155.40K
GRAYSCALE BITCOIN MINI TR ET
SOLEShares82.18K
TypeSH
Market value$4.16M
1.78%
Sole
16.57K
Shared
0.00
None
65.61K
VANGUARD INDEX FDS
SOLEShares12.12K
TypeSH
Market value$3.98M
1.70%
Sole
0.00
Shared
0.00
None
12.12K
MIAMI INTL HLDGS INC
SOLEShares74.60K
TypeSH
Market value$3.00M
1.28%
Sole
0.00
Shared
0.00
None
74.60K
ORACLE CORP
SOLEShares8.05K
TypeSH
Market value$2.26M
0.97%
Sole
0.00
Shared
0.00
None
8.05K
CBOE GLOBAL MKTS INC
SOLEShares6.66K
TypeSH
Market value$1.63M
0.70%
Sole
0.00
Shared
0.00
None
6.66K
INTERCONTINENTAL EXCHANGE IN
SOLEShares7.72K
TypeSH
Market value$1.30M
0.56%
Sole
0.00
Shared
0.00
None
7.72K
APPLE INC
SOLEShares5K
TypeSH
Market value$1.27M
0.54%
Sole
0.00
Shared
0.00
None
5K
PALO ALTO NETWORKS INC
SOLEShares5.48K
TypeSH
Market value$1.12M
0.48%
Sole
0.00
Shared
0.00
None
5.48K
AMAZON COM INC
SOLEShares3.40K
TypeSH
Market value$746.5K
0.32%
Sole
0.00
Shared
0.00
None
3.40K
BERKSHIRE HATHAWAY INC DEL
SOLEShares1.18K
TypeSH
Market value$590.7K
0.25%
Sole
0.00
Shared
0.00
None
1.18K
UNITEDHEALTH GROUP INC
SOLEShares1.70K
TypeSH
Market value$587.0K
0.25%
Sole
0.00
Shared
0.00
None
1.70K
CINCINNATI FINL CORP
SOLEShares3.60K
TypeSH
Market value$569.2K
0.24%
Sole
0.00
Shared
0.00
None
3.60K
VANGUARD SPECIALIZED FUNDS
SOLEShares2.60K
TypeSH
Market value$561.1K
0.24%
Sole
0.00
Shared
0.00
None
2.60K
SANDSTORM GOLD LTD
SOLEShares42.59K
TypeSH
Market value$533.3K
0.23%
Sole
0.00
Shared
0.00
None
42.59K
| Issuer | Class | Shares | Type | Value / Portfolio % | Voting — Sole | Shared | None |
|---|---|---|---|---|---|---|---|
TEXAS PACIFIC LAND CORPORATISOLE | COM | 94.77K | SH | $88.48M 37.85% | 0.00 | 0.00 | 94.77K |
GRAYSCALE BITCOIN TRUST ETFSOLE | SHS REP COM UT | 360.95K | SH | $32.40M 13.86% | 68.20K | 0.00 | 292.75K |
PERMIAN BASIN RTY TRSOLE | UNIT BEN INT | 922.23K | SH | $16.83M 7.20% | 0.00 | 0.00 | 922.23K |
HAWAIIAN ELEC INDUSTRIESSOLE | COM | 1.23M | SH | $13.58M 5.81% | 0.00 | 0.00 | 1.23M |
LANDBRIDGE COMPANY LLCSOLE | CL A | 241.06K | SH | $12.86M 5.50% | 0.00 | 0.00 | 241.06K |
WHEATON PRECIOUS METALS CORPSOLE | COM | 97.93K | SH | $10.95M 4.69% | 0.00 | 0.00 | 97.93K |
MESABI TRSOLE | CTF BEN INT | 295.52K | SH | $8.65M 3.70% | 0.00 | 0.00 | 295.52K |
FIDELITY WISE ORIGIN BITCOINSOLE | SHS | 71.80K | SH | $7.17M 3.07% | 0.00 | 0.00 | 71.80K |
WATERBRIDGE INFRASTRUCTURE LSOLE | CL A SHS REPSTG | 251.70K | SH | $6.35M 2.72% | 0.00 | 0.00 | 251.70K |
FRANCO NEV CORPSOLE | COM | 23.58K | SH | $5.26M 2.25% | 0.00 | 0.00 | 23.58K |
CARNIVAL CORPSOLE | UNIT 99/99/9999 | 155.40K | SH | $4.49M 1.92% | 0.00 | 0.00 | 155.40K |
GRAYSCALE BITCOIN MINI TR ETSOLE | SHS NEW | 82.18K | SH | $4.16M 1.78% | 16.57K | 0.00 | 65.61K |
VANGUARD INDEX FDSSOLE | TOTAL STK MKT | 12.12K | SH | $3.98M 1.70% | 0.00 | 0.00 | 12.12K |
MIAMI INTL HLDGS INCSOLE | COM | 74.60K | SH | $3.00M 1.28% | 0.00 | 0.00 | 74.60K |
ORACLE CORPSOLE | COM | 8.05K | SH | $2.26M 0.97% | 0.00 | 0.00 | 8.05K |
CBOE GLOBAL MKTS INCSOLE | COM | 6.66K | SH | $1.63M 0.70% | 0.00 | 0.00 | 6.66K |
INTERCONTINENTAL EXCHANGE INSOLE | COM | 7.72K | SH | $1.30M 0.56% | 0.00 | 0.00 | 7.72K |
APPLE INCSOLE | COM | 5K | SH | $1.27M 0.54% | 0.00 | 0.00 | 5K |
PALO ALTO NETWORKS INCSOLE | COM | 5.48K | SH | $1.12M 0.48% | 0.00 | 0.00 | 5.48K |
AMAZON COM INCSOLE | COM | 3.40K | SH | $746.5K 0.32% | 0.00 | 0.00 | 3.40K |
BERKSHIRE HATHAWAY INC DELSOLE | CL B NEW | 1.18K | SH | $590.7K 0.25% | 0.00 | 0.00 | 1.18K |
UNITEDHEALTH GROUP INCSOLE | COM | 1.70K | SH | $587.0K 0.25% | 0.00 | 0.00 | 1.70K |
CINCINNATI FINL CORPSOLE | COM | 3.60K | SH | $569.2K 0.24% | 0.00 | 0.00 | 3.60K |
VANGUARD SPECIALIZED FUNDSSOLE | DIV APP ETF | 2.60K | SH | $561.1K 0.24% | 0.00 | 0.00 | 2.60K |
SANDSTORM GOLD LTDSOLE | COM NEW | 42.59K | SH | $533.3K 0.23% | 0.00 | 0.00 | 42.59K |
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