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MAD RIVER INVESTORS

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13F filer, CIK 1384484, BOSTON, MA

MAD RIVER INVESTORS reported $219,624,393 across 35 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-06. Its ten largest share positions make up 86.84% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001384484-26-000002

Period
2025-12-31
Reported value
$220M
Holdings
35
Top 10 weight
86.84%
New
2
Sold out
5

Largest buys vs the previous quarter

SecurityShares changeApprox. value
TPLadded+191,311$54.9M
PBTadded+64,589$1.1M
LBadded+21,878$1.07M
HEadded+53,900$663K
RGLDnew+2,656$591K

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
Sandstorm Gold Ltdexited-42,592-$533K
FEexited-5,700-$261K
VIGreduced-1,000-$220K
CRMexited-900-$213K
GLPIexited-4,558-$212K

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, Q4 2025

Share positions as resolved from 13F-HR 0001384484-26-000002, largest first. % of portfolio is the value over $219,449,733, 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; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 97,778 shares; 2024Q4: 95,938 shares; 2025Q1: 95,183 shares; 2025Q2: 95,013 shares; 2025Q3: 94,772 shares; 2025Q4: 286,083 shares 286,083$82.2M37.44%+191,311Timeline
GBTCGRAYSCALE BITCOIN TRUST ETFQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 389,745 shares; 2024Q4: 385,806 shares; 2025Q1: 372,481 shares; 2025Q2: 372,381 shares; 2025Q3: 360,954 shares; 2025Q4: 360,454 shares 360,454$24.6M11.23%-500Timeline
PBTPERMIAN BASIN RTY TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 276,382 shares; 2024Q4: 246,293 shares; 2025Q1: 471,693 shares; 2025Q2: 883,917 shares; 2025Q3: 922,230 shares; 2025Q4: 986,819 shares 986,819$16.8M7.64%+64,589Timeline
HEHAWAIIAN ELEC INDS INC MTN BQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 120,300 shares; 2025Q1: 1,215,900 shares; 2025Q2: 1,225,900 shares; 2025Q3: 1,230,250 shares; 2025Q4: 1,284,150 shares 1,284,150$15.8M7.2%+53,900Timeline
LBLANDBRIDGE COMPANY LLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 232,550 shares; 2024Q4: 233,452 shares; 2025Q1: 234,253 shares; 2025Q2: 234,754 shares; 2025Q3: 241,056 shares; 2025Q4: 262,934 shares 262,934$12.9M5.87%+21,878Timeline
WPMWHEATON PRECIOUS METALS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 147,288 shares; 2024Q4: 147,493 shares; 2025Q1: 147,793 shares; 2025Q2: 115,925 shares; 2025Q3: 97,927 shares; 2025Q4: 97,604 shares 97,604$11.5M5.23%-323Timeline
MSBMESABI TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 293,069 shares; 2024Q4: 294,901 shares; 2025Q1: 296,457 shares; 2025Q2: 295,413 shares; 2025Q3: 295,523 shares; 2025Q4: 296,649 shares 296,649$11.4M5.21%+1,126Timeline
FBTCFIDELITY WISE ORIGIN BITCOINQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 81,149 shares; 2024Q4: 76,298 shares; 2025Q1: 75,053 shares; 2025Q2: 73,261 shares; 2025Q3: 71,804 shares; 2025Q4: 70,859 shares 70,859$5.4M2.46%-945Timeline
WBIWATERBRIDGE INFRASTRUCTURE LQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 251,700 shares; 2025Q4: 257,000 shares 257,000$5.14M2.34%+5,300Timeline
FNVFRANCO NEV CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 32,600 shares; 2024Q4: 32,351 shares; 2025Q1: 27,802 shares; 2025Q2: 24,053 shares; 2025Q3: 23,579 shares; 2025Q4: 23,594 shares 23,594$4.89M2.23%+15Timeline
CCLCARNIVAL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 199,596 shares; 2024Q4: 192,896 shares; 2025Q1: 188,096 shares; 2025Q2: 183,796 shares; 2025Q3: 155,396 shares; 2025Q4: 155,596 shares 155,596$4.75M2.17%+200Timeline
VTIVANGUARD INDEX FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,122 shares; 2024Q4: 12,122 shares; 2025Q1: 12,122 shares; 2025Q2: 12,122 shares; 2025Q3: 12,122 shares; 2025Q4: 12,122 shares 12,122$4.06M1.85%0Timeline
MIAXMIAMI INTL HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 74,600 shares; 2025Q4: 75,050 shares 75,050$3.33M1.52%+450Timeline
BTCGRAYSCALE BITCOIN MINI TR ETQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 78,086 shares; 2025Q1: 78,286 shares; 2025Q2: 78,286 shares; 2025Q3: 82,179 shares; 2025Q4: 77,647 shares 77,647$3.01M1.37%-4,532Timeline
CBOECBOE GLOBAL MKTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,080 shares; 2024Q4: 6,205 shares; 2025Q1: 6,215 shares; 2025Q2: 6,680 shares; 2025Q3: 6,655 shares; 2025Q4: 6,690 shares 6,690$1.68M0.77%+35Timeline
ORCLORACLE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 8,050 shares; 2025Q4: 8,050 shares 8,050$1.57M0.71%0Timeline
AAPLAPPLE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 5,000 shares; 2025Q4: 5,100 shares 5,100$1.39M0.63%+100Timeline
ICEINTERCONTINENTAL EXCHANGE INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,625 shares; 2024Q4: 7,470 shares; 2025Q1: 7,520 shares; 2025Q2: 7,695 shares; 2025Q3: 7,720 shares; 2025Q4: 7,645 shares 7,645$1.24M0.56%-75Timeline
PANWPALO ALTO NETWORKS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 5,484 shares; 2025Q4: 5,484 shares 5,484$1.01M0.46%0Timeline
AMZNAMAZON COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 3,400 shares; 2025Q4: 3,500 shares 3,500$808K0.37%+100Timeline
RGLDROYAL GOLD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 2,656 shares 2,656$591K0.27%newTimeline
CINFCINCINNATI FINL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 3,600 shares; 2025Q4: 3,600 shares 3,600$588K0.27%0Timeline
BRK-BBERKSHIRE HATHAWAY INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,225 shares; 2024Q4: 6,725 shares; 2025Q1: 1,900 shares; 2025Q2: 1,175 shares; 2025Q3: 1,175 shares; 2025Q4: 1,125 shares 1,125$565K0.26%-50Timeline
UNHUNITEDHEALTH GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,700 shares; 2025Q4: 1,700 shares 1,700$561K0.26%0Timeline
RLIRLI CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,500 shares; 2024Q4: 5,500 shares; 2025Q1: 9,000 shares; 2025Q2: 7,500 shares; 2025Q3: 7,500 shares; 2025Q4: 7,500 shares 7,500$480K0.22%0Timeline
CSCOCISCO SYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 6,000 shares; 2025Q4: 6,000 shares 6,000$462K0.21%0Timeline
JPMJPMORGAN CHASE & COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,400 shares; 2025Q4: 1,400 shares 1,400$451K0.21%0Timeline
CACICACI INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 16,560 shares; 2024Q4: 16,310 shares; 2025Q1: 855 shares; 2025Q2: 855 shares; 2025Q3: 805 shares; 2025Q4: 805 shares 805$429K0.2%0Timeline
ETNEATON CORP PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,200 shares; 2025Q4: 1,200 shares 1,200$382K0.17%0Timeline
VIGVANGUARD SPECIALIZED FUNDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 9,065 shares; 2024Q4: 9,065 shares; 2025Q1: 6,200 shares; 2025Q2: 6,200 shares; 2025Q3: 2,600 shares; 2025Q4: 1,600 shares 1,600$352K0.16%-1,000Timeline
CCITIGROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 3,000 shares; 2025Q4: 3,000 shares 3,000$350K0.16%0Timeline
RSPINVESCO EXCHANGE TRADED FD TQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,508 shares; 2024Q4: 1,508 shares; 2025Q1: 1,508 shares; 2025Q2: 1,508 shares; 2025Q3: 1,508 shares; 2025Q4: 1,508 shares 1,508$289K0.13%0Timeline
KMBKIMBERLY-CLARK CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 2,800 shares; 2025Q4: 2,800 shares 2,800$282K0.13%0Timeline
JNJJOHNSON & JOHNSONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,200 shares; 2025Q4: 1,200 shares 1,200$248K0.11%0Timeline

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
HEHAWAIIAN ELEC INDS INC MTN B COMcall14,200$175Knew

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
Sandstorm Gold LtdSandstorm Gold Ltd42,592$533Kshares
TPLTEXAS PACIFIC LAND CORPORATI400$373Kput
FEFIRSTENERGY CORP5,700$261Kshares
CRMSALESFORCE INC900$213Kshares
GLPIGAMING & LEISURE P4,558$212Kshares

How Q4 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 0001384484-26-000002 base2026-02-06acceptance time not in the bulk data set