MAD RIVER INVESTORS

Q4 2025 13F Holdings

  • Location
    boston, MA
  • Num holdings

    35

  • Value ($000)

    $219,624

  • Date Filed
    02/06/2026
  • 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 Q4 2025 to
Select Quarter
Issuer Name
Class
CUSIP
VALUE
%
Shares
Principal
Option Type
---

TEXAS PACIFIC LAND CORPORATI

COM
$82.17M
37 %

286,083

GBTC

GRAYSCALE BITCOIN TRUST ETF

SHS REP COM UT
$24.64M
11 %

360,454

PBT

PERMIAN BASIN RTY TR

UNIT BEN INT
$16.76M
8 %

986,819

HE

HAWAIIAN ELEC INDUSTRIES

COM
$15.8M
7 %

1,284,150

LB

LANDBRIDGE COMPANY LLC

CL A
$12.88M
6 %

262,934

WPM

WHEATON PRECIOUS METALS CORP

COM
$11.47M
5 %

97,604

MSB

MESABI TR

CTF BEN INT
$11.43M
5 %

296,649

FBTC

FIDELITY WISE ORIGIN BITCOIN

SHS
$5.4M
3 %

70,859

---

WATERBRIDGE INFRASTRUCTURE L

CL A SHS REPSTG
$5.14M
2 %

257,000

FNV

FRANCO NEV CORP

COM
$4.89M
2 %

23,594

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