MAD RIVER INVESTORS

Q3 2025 13F Holdings

  • Location
    boston, MA
  • Num holdings

    38

  • Value ($000)

    $233,754

  • Date Filed
    10/14/2025
  • Form type
    13F-HR
  • CIK
    0001384484
  • All SEC filings
  • Note
    Holdings aggregated across “other managers” listed in original SEC filing, see here for detailed holdings broken out by other managers
Compare Q3 2025 to
Select Quarter
Issuer Name
Class
CUSIP
VALUE
%
Shares
Principal
Option Type
---

TEXAS PACIFIC LAND CORPORATI

COM
$88.48M
38 %

94,772

GBTC
GBTC

GRAYSCALE BITCOIN TRUST ETF

SHS REP COM UT
$32.40M
14 %

360,954

PBT
PBT

PERMIAN BASIN RTY TR

UNIT BEN INT
$16.83M
7 %

922,230

HE
HE

HAWAIIAN ELEC INDUSTRIES

COM
$13.58M
6 %

1,230,250

LB
LB

LANDBRIDGE COMPANY LLC

CL A
$12.86M
6 %

241,056

WPM
WPM

WHEATON PRECIOUS METALS CORP

COM
$10.95M
5 %

97,927

MSB
MSB

MESABI TR

CTF BEN INT
$8.65M
4 %

295,523

FBTC
FBTC

FIDELITY WISE ORIGIN BITCOIN

SHS
$7.17M
3 %

71,804

---

WATERBRIDGE INFRASTRUCTURE L

CL A SHS REPSTG
$6.35M
3 %

251,700

FNV
FNV

FRANCO NEV CORP

COM
$5.26M
2 %

23,579

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