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MAD RIVER INVESTORS

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13F filer, CIK 1384484, BOSTON, MA

MAD RIVER INVESTORS reported $236,046,816 across 24 holdings for the quarter ended 2025-03-31, in a 13F-HR filed 2025-04-22. Its ten largest share positions make up 92.45% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001384484-25-000005

Period
2025-03-31
Reported value
$236M
Holdings
24
Top 10 weight
92.45%
New
1
Sold out
3

Largest buys vs the previous quarter

SecurityShares changeApprox. value
HEadded+1,095,600$12M
ARIS WATER SOLUTIONS INCnew+74,900$2.4M
PBTadded+225,400$2.23M
RLIadded+3,500$281K
LBadded+801$57.6K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
CACIreduced-15,455-$5.67M
CVEOreduced-137,269-$3.16M
BRK-Breduced-4,825-$2.57M
TPLreduced-755-$1M
Sandstorm Gold Ltdreduced-118,735-$896K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q1 2025

Share positions as resolved from 13F-HR 0001384484-25-000005, largest first. % of portfolio is the value over $236,046,816, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
TPLTEXAS PACIFIC LAND CORPORATIQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 97,778 shares; 2024Q4: 95,938 shares; 2025Q1: 95,183 shares 95,183$126M53.43%-755Timeline
GBTCGRAYSCALE BITCOIN TRUST ETFQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 389,745 shares; 2024Q4: 385,806 shares; 2025Q1: 372,481 shares 372,481$24.3M10.28%-13,325Timeline
LBLANDBRIDGE COMPANY LLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 232,550 shares; 2024Q4: 233,452 shares; 2025Q1: 234,253 shares 234,253$16.9M7.14%+801Timeline
HEHAWAIIAN ELEC INDS INC MTN BQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 120,300 shares; 2025Q1: 1,215,900 shares 1,215,900$13.3M5.64%+1,095,600Timeline
WPMWHEATON PRECIOUS METALS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 147,288 shares; 2024Q4: 147,493 shares; 2025Q1: 147,793 shares 147,793$11.5M4.86%+300Timeline
MSBMESABI TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 293,069 shares; 2024Q4: 294,901 shares; 2025Q1: 296,457 shares 296,457$8.06M3.42%+1,556Timeline
FBTCFIDELITY WISE ORIGIN BITCOINQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 81,149 shares; 2024Q4: 76,298 shares; 2025Q1: 75,053 shares 75,053$5.4M2.29%-1,245Timeline
PBTPERMIAN BASIN RTY TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 276,382 shares; 2024Q4: 246,293 shares; 2025Q1: 471,693 shares 471,693$4.67M1.98%+225,400Timeline
FNVFRANCO NEV CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 32,600 shares; 2024Q4: 32,351 shares; 2025Q1: 27,802 shares 27,802$4.38M1.86%-4,549Timeline
CCLCARNIVAL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 199,596 shares; 2024Q4: 192,896 shares; 2025Q1: 188,096 shares 188,096$3.67M1.56%-4,800Timeline
VTIVANGUARD INDEX FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,122 shares; 2024Q4: 12,122 shares; 2025Q1: 12,122 shares 12,122$3.33M1.41%0Timeline
BTCGRAYSCALE BITCOIN MINI TR ETQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 78,086 shares; 2025Q1: 78,286 shares 78,286$2.86M1.21%+200Timeline
ARIS WATER SOLUTIONS INCARIS WATER SOLUTIONS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 74,900 shares 74,900$2.4M1.02%new
CVEOCIVEO CORP CDAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 230,258 shares; 2024Q4: 216,766 shares; 2025Q1: 79,497 shares 79,497$1.83M0.77%-137,269Timeline
CBOECBOE GLOBAL MKTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,080 shares; 2024Q4: 6,205 shares; 2025Q1: 6,215 shares 6,215$1.41M0.6%+10Timeline
ICEINTERCONTINENTAL EXCHANGE INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,625 shares; 2024Q4: 7,470 shares; 2025Q1: 7,520 shares 7,520$1.3M0.55%+50Timeline
VIGVANGUARD SPECIALIZED FUNDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 9,065 shares; 2024Q4: 9,065 shares; 2025Q1: 6,200 shares 6,200$1.2M0.51%-2,865Timeline
BRK-BBERKSHIRE HATHAWAY INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,225 shares; 2024Q4: 6,725 shares; 2025Q1: 1,900 shares 1,900$1.01M0.43%-4,825Timeline
RLIRLI CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,500 shares; 2024Q4: 5,500 shares; 2025Q1: 9,000 shares 9,000$723K0.31%+3,500Timeline
Sandstorm Gold LtdSandstorm Gold LtdQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 193,249 shares; 2024Q4: 183,099 shares; 2025Q1: 64,364 shares 64,364$486K0.21%-118,735
EXPEAGLE MATLS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,672 shares; 2024Q4: 5,376 shares; 2025Q1: 2,106 shares 2,106$467K0.2%-3,270Timeline
CACICACI INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 16,560 shares; 2024Q4: 16,310 shares; 2025Q1: 855 shares 855$314K0.13%-15,455Timeline
RSPINVESCO EXCHANGE TRADED FD TQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,508 shares; 2024Q4: 1,508 shares; 2025Q1: 1,508 shares 1,508$261K0.11%0Timeline
DISDISNEY WALT COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,400 shares; 2024Q4: 2,400 shares; 2025Q1: 2,400 shares 2,400$237K0.1%0Timeline

Sold out in Q1 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
TRCTEJON RANCH CO27,799$442Kshares
ACWXISHARES TR7,747$404Kshares
RCGRENN FD INC28,000$62.4Kshares

How Q1 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001384484-25-000005 base2025-04-22acceptance time not in the bulk data set