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MAD RIVER INVESTORS

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13F filer, CIK 1384484, BOSTON, MA

MAD RIVER INVESTORS reported $223,277,467 across 24 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-07-08. Its ten largest share positions make up 92.01% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001384484-25-000007

Period
2025-06-30
Reported value
$223M
Holdings
24
Top 10 weight
92.01%
New
1
Sold out
1

Largest buys vs the previous quarter

SecurityShares changeApprox. value
PBTadded+412,224$5.14M
ARIS WATER SOLUTIONS INCadded+13,600$322K
CBOEadded+465$108K
HEadded+10,000$106K
LBadded+501$33.9K

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
WPMreduced-31,868-$2.86M
FNVreduced-3,749-$615K
BRK-Breduced-725-$352K
CVEOreduced-11,559-$267K
DISexited-2,400-$237K

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, Q2 2025

Share positions as resolved from 13F-HR 0001384484-25-000007, largest first. % of portfolio is the value over $223,177,787, 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; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 97,778 shares; 2024Q4: 95,938 shares; 2025Q1: 95,183 shares; 2025Q2: 95,013 shares 95,013$100M44.97%-170Timeline
GBTCGRAYSCALE BITCOIN TRUST ETFQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 389,745 shares; 2024Q4: 385,806 shares; 2025Q1: 372,481 shares; 2025Q2: 372,381 shares 372,381$31.6M14.15%-100Timeline
LBLANDBRIDGE COMPANY LLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 232,550 shares; 2024Q4: 233,452 shares; 2025Q1: 234,253 shares; 2025Q2: 234,754 shares 234,754$15.9M7.11%+501Timeline
HEHAWAIIAN ELEC INDS INC MTN BQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 120,300 shares; 2025Q1: 1,215,900 shares; 2025Q2: 1,225,900 shares 1,225,900$13M5.84%+10,000Timeline
PBTPERMIAN BASIN RTY TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 276,382 shares; 2024Q4: 246,293 shares; 2025Q1: 471,693 shares; 2025Q2: 883,917 shares 883,917$11M4.93%+412,224Timeline
WPMWHEATON PRECIOUS METALS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 147,288 shares; 2024Q4: 147,493 shares; 2025Q1: 147,793 shares; 2025Q2: 115,925 shares 115,925$10.4M4.66%-31,868Timeline
MSBMESABI TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 293,069 shares; 2024Q4: 294,901 shares; 2025Q1: 296,457 shares; 2025Q2: 295,413 shares 295,413$7.08M3.17%-1,044Timeline
FBTCFIDELITY WISE ORIGIN BITCOINQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 81,149 shares; 2024Q4: 76,298 shares; 2025Q1: 75,053 shares; 2025Q2: 73,261 shares 73,261$6.89M3.09%-1,792Timeline
CCLCARNIVAL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 199,596 shares; 2024Q4: 192,896 shares; 2025Q1: 188,096 shares; 2025Q2: 183,796 shares 183,796$5.17M2.32%-4,300Timeline
FNVFRANCO NEV CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 32,600 shares; 2024Q4: 32,351 shares; 2025Q1: 27,802 shares; 2025Q2: 24,053 shares 24,053$3.94M1.77%-3,749Timeline
BTCGRAYSCALE BITCOIN MINI TR ETQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 78,086 shares; 2025Q1: 78,286 shares; 2025Q2: 78,286 shares 78,286$3.74M1.67%0Timeline
VTIVANGUARD INDEX FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,122 shares; 2024Q4: 12,122 shares; 2025Q1: 12,122 shares; 2025Q2: 12,122 shares 12,122$3.68M1.65%0Timeline
ARIS WATER SOLUTIONS INCARIS WATER SOLUTIONS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 74,900 shares; 2025Q2: 88,500 shares 88,500$2.09M0.94%+13,600
CVEOCIVEO CORP CDAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 230,258 shares; 2024Q4: 216,766 shares; 2025Q1: 79,497 shares; 2025Q2: 67,938 shares 67,938$1.57M0.7%-11,559Timeline
CBOECBOE GLOBAL MKTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,080 shares; 2024Q4: 6,205 shares; 2025Q1: 6,215 shares; 2025Q2: 6,680 shares 6,680$1.56M0.7%+465Timeline
ICEINTERCONTINENTAL EXCHANGE INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,625 shares; 2024Q4: 7,470 shares; 2025Q1: 7,520 shares; 2025Q2: 7,695 shares 7,695$1.41M0.63%+175Timeline
VIGVANGUARD SPECIALIZED FUNDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 9,065 shares; 2024Q4: 9,065 shares; 2025Q1: 6,200 shares; 2025Q2: 6,200 shares 6,200$1.27M0.57%0Timeline
BRK-BBERKSHIRE HATHAWAY INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,225 shares; 2024Q4: 6,725 shares; 2025Q1: 1,900 shares; 2025Q2: 1,175 shares 1,175$571K0.26%-725Timeline
RLIRLI CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,500 shares; 2024Q4: 5,500 shares; 2025Q1: 9,000 shares; 2025Q2: 7,500 shares 7,500$542K0.24%-1,500Timeline
Sandstorm Gold LtdSandstorm Gold LtdQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 193,249 shares; 2024Q4: 183,099 shares; 2025Q1: 64,364 shares; 2025Q2: 48,674 shares 48,674$458K0.21%-15,690
CACICACI INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 16,560 shares; 2024Q4: 16,310 shares; 2025Q1: 855 shares; 2025Q2: 855 shares 855$408K0.18%0Timeline
RSPINVESCO EXCHANGE TRADED FD TQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,508 shares; 2024Q4: 1,508 shares; 2025Q1: 1,508 shares; 2025Q2: 1,508 shares 1,508$274K0.12%0Timeline
EXPEAGLE MATLS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,672 shares; 2024Q4: 5,376 shares; 2025Q1: 2,106 shares; 2025Q2: 1,231 shares 1,231$249K0.11%-875Timeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
PBTPERMIAN BASIN RTY TR UNIT BEN INTcall8,000$99.7Knew

Sold out in Q2 2025

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

SecurityShares beforeValue beforeType
DISDISNEY WALT CO2,400$237Kshares

How Q2 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 0001384484-25-000007 base2025-07-08acceptance time not in the bulk data set