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MAD RIVER INVESTORS

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13F filer, CIK 1384484, BOSTON, MA

MAD RIVER INVESTORS reported $277,869,809 across 32 holdings for the quarter ended 2026-03-31, in a 13F-HR filed 2026-04-23. Its ten largest share positions make up 91.24% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001384484-26-000004

Period
2026-03-31
Reported value
$278M
Holdings
32
Top 10 weight
91.24%
New
0
Sold out
3

Largest buys vs the previous quarter

SecurityShares changeApprox. value
MSBadded+24,897$784K
HEadded+32,900$488K
WBIadded+13,900$372K
PBTadded+16,321$351K
MIAXadded+6,200$241K

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-8,333-$1.09M
VTIreduced-3,322-$1.07M
TPLreduced-963-$457K
Cexited-3,000-$350K
RSPexited-1,508-$289K

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 2026

Share positions as resolved from 13F-HR 0001384484-26-000004, largest first. % of portfolio is the value over $277,173,813, 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; 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; 2026Q1: 285,120 shares 285,120$135M48.82%-963Timeline
PBTPERMIAN BASIN RTY TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 1,003,140 shares 1,003,140$21.6M7.79%+16,321Timeline
HEHAWAIIAN ELEC INDS INC MTN BQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 1,317,050 shares 1,317,050$19.5M7.05%+32,900Timeline
GBTCGRAYSCALE BITCOIN TRUST ETFQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 360,139 shares 360,139$19M6.86%-315Timeline
LBLANDBRIDGE COMPANY LLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 266,385 shares 266,385$18.4M6.64%+3,451Timeline
WPMWHEATON PRECIOUS METALS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 89,271 shares 89,271$11.7M4.22%-8,333Timeline
MSBMESABI TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 321,546 shares 321,546$10.1M3.65%+24,897Timeline
WBIWATERBRIDGE INFRASTRUCTURE LQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 251,700 shares; 2025Q4: 257,000 shares; 2026Q1: 270,900 shares 270,900$7.26M2.62%+13,900Timeline
FNVFRANCO NEV CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 23,590 shares 23,590$5.83M2.1%-4Timeline
FBTCFIDELITY WISE ORIGIN BITCOINQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 70,339 shares 70,339$4.15M1.5%-520Timeline
CCLCARNIVAL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 156,181 shares 156,181$4.04M1.46%+585Timeline
MIAXMIAMI INTL HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 74,600 shares; 2025Q4: 75,050 shares; 2026Q1: 81,250 shares 81,250$3.16M1.14%+6,200Timeline
VTIVANGUARD INDEX FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 8,800 shares 8,800$2.82M1.02%-3,322Timeline
BTCGRAYSCALE BITCOIN MINI TR ETQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 81,217 shares 81,217$2.44M0.88%+3,570Timeline
CBOECBOE GLOBAL MKTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 6,680 shares 6,680$1.88M0.68%-10Timeline
AAPLAPPLE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 5,000 shares; 2025Q4: 5,100 shares; 2026Q1: 5,100 shares 5,100$1.29M0.47%0Timeline
ICEINTERCONTINENTAL EXCHANGE INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 7,645 shares 7,645$1.2M0.43%0Timeline
ORCLORACLE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 8,050 shares; 2025Q4: 8,050 shares; 2026Q1: 8,050 shares 8,050$1.18M0.43%0Timeline
PANWPALO ALTO NETWORKS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 5,484 shares; 2025Q4: 5,484 shares; 2026Q1: 5,484 shares 5,484$879K0.32%0Timeline
AMZNAMAZON COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 3,400 shares; 2025Q4: 3,500 shares; 2026Q1: 3,500 shares 3,500$729K0.26%0Timeline
RGLDROYAL GOLD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 2,656 shares; 2026Q1: 2,463 shares 2,463$627K0.23%-193Timeline
CINFCINCINNATI FINL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 3,600 shares; 2025Q4: 3,600 shares; 2026Q1: 3,600 shares 3,600$566K0.2%0Timeline
CSCOCISCO SYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 6,000 shares; 2025Q4: 6,000 shares; 2026Q1: 6,000 shares 6,000$466K0.17%0Timeline
UNHUNITEDHEALTH GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,700 shares; 2025Q4: 1,700 shares; 2026Q1: 1,700 shares 1,700$460K0.17%0Timeline
CACICACI INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 16,560 shares; 2024Q4: 16,310 shares; 2025Q1: 855 shares; 2025Q2: 855 shares; 2025Q3: 805 shares; 2025Q4: 805 shares; 2026Q1: 805 shares 805$438K0.16%0Timeline
ETNEATON CORP PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,200 shares; 2025Q4: 1,200 shares; 2026Q1: 1,200 shares 1,200$429K0.15%0Timeline
JPMJPMORGAN CHASE & COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,400 shares; 2025Q4: 1,400 shares; 2026Q1: 1,417 shares 1,417$417K0.15%+17Timeline
BRK-BBERKSHIRE HATHAWAY INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 825 shares 825$395K0.14%-300Timeline
RLIRLI CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 6,000 shares 6,000$342K0.12%-1,500Timeline
JNJJOHNSON & JOHNSONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,200 shares; 2025Q4: 1,200 shares; 2026Q1: 1,200 shares 1,200$293K0.11%0Timeline
VIGVANGUARD SPECIALIZED FUNDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 1,000 shares 1,000$215K0.08%-600Timeline

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 COMcall46,900$696K+32,700

Sold out in Q1 2026

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

SecurityShares beforeValue beforeType
CCITIGROUP INC3,000$350Kshares
RSPINVESCO EXCHANGE TRADED FD T1,508$289Kshares
KMBKIMBERLY-CLARK CORP2,800$282Kshares

How Q1 2026 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 0001384484-26-000004 base2026-04-23acceptance time not in the bulk data set