Skip to content
Disclosery

MAD RIVER INVESTORS

Follow

13F filer, CIK 1384484, BOSTON, MA

MAD RIVER INVESTORS reported $268,105,784 across 30 holdings for the quarter ended 2026-06-30, in a 13F-HR filed 2026-08-03. Its ten largest share positions make up 91.48% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001384484-26-000006

Period
2026-06-30
Reported value
$268M
Holdings
30
Top 10 weight
91.48%
New
2
Sold out
4

Largest buys vs the previous quarter

SecurityShares changeApprox. value
MIAXadded+207,750$7.72M
CCLnew+95,373$2.72M
FRMInew+16,500$151K
LBadded+1,568$124K
TPLadded+210$91.9K

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
CCLexited-156,181-$4.04M
WPMreduced-33,098-$3.72M
VTIreduced-2,000-$740K
RGLDexited-2,463-$627K
JPMexited-1,417-$417K

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 2026

Share positions as resolved from 13F-HR 0001384484-26-000006, largest first. % of portfolio is the value over $267,445,520, 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; 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; 2026Q2: 285,330 shares 285,330$125M46.69%+210Timeline
PBTPERMIAN BASIN RTY TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 1,005,152 shares 1,005,152$25.2M9.41%+2,012Timeline
LBLANDBRIDGE COMPANY LLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 267,953 shares 267,953$21.2M7.94%+1,568Timeline
HEHAWAIIAN ELEC INDS INC MTN BQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 1,321,850 shares 1,321,850$17.9M6.69%+4,800Timeline
GBTCGRAYSCALE BITCOIN TRUST ETFQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 360,139 shares 360,139$16.4M6.13%0Timeline
MIAXMIAMI INTL HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 74,600 shares; 2025Q4: 75,050 shares; 2026Q1: 81,250 shares; 2026Q2: 289,000 shares 289,000$10.7M4.02%+207,750Timeline
WBIWATERBRIDGE INFRASTRUCTURE LQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 251,700 shares; 2025Q4: 257,000 shares; 2026Q1: 270,900 shares; 2026Q2: 267,801 shares 267,801$9.18M3.43%-3,099Timeline
MSBMESABI TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 323,735 shares 323,735$8.19M3.06%+2,189Timeline
WPMWHEATON PRECIOUS METALS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 56,173 shares 56,173$6.31M2.36%-33,098Timeline
FNVFRANCO NEV CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 22,506 shares 22,506$4.69M1.75%-1,084Timeline
FBTCFIDELITY WISE ORIGIN BITCOINQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 70,369 shares 70,369$3.59M1.34%+30Timeline
CCLCARNIVAL CORP LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: not reported; 2026Q2: 95,373 shares 95,373$2.72M1.02%newTimeline
VTIVANGUARD INDEX FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 6,800 shares 6,800$2.52M0.94%-2,000Timeline
BTCGRAYSCALE BITCOIN MINI TR ETQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 81,517 shares 81,517$2.12M0.79%+300Timeline
PANWPALO ALTO NETWORKS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 5,484 shares; 2025Q4: 5,484 shares; 2026Q1: 5,484 shares; 2026Q2: 5,484 shares 5,484$1.87M0.7%0Timeline
CBOECBOE GLOBAL MKTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 6,705 shares 6,705$1.63M0.61%+25Timeline
AAPLAPPLE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 5,000 shares; 2025Q4: 5,100 shares; 2026Q1: 5,100 shares; 2026Q2: 5,050 shares 5,050$1.46M0.55%-50Timeline
ORCLORACLE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 8,050 shares; 2025Q4: 8,050 shares; 2026Q1: 8,050 shares; 2026Q2: 8,050 shares 8,050$1.18M0.44%0Timeline
ICEINTERCONTINENTAL EXCHANGE INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 7,846 shares 7,846$966K0.36%+201Timeline
AMZNAMAZON COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 3,400 shares; 2025Q4: 3,500 shares; 2026Q1: 3,500 shares; 2026Q2: 3,400 shares 3,400$810K0.3%-100Timeline
UNHUNITEDHEALTH GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,700 shares; 2025Q4: 1,700 shares; 2026Q1: 1,700 shares; 2026Q2: 1,700 shares 1,700$707K0.26%0Timeline
CSCOCISCO SYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 6,000 shares; 2025Q4: 6,000 shares; 2026Q1: 6,000 shares; 2026Q2: 6,000 shares 6,000$705K0.26%0Timeline
CINFCINCINNATI FINL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 3,600 shares; 2025Q4: 3,600 shares; 2026Q1: 3,600 shares; 2026Q2: 3,600 shares 3,600$667K0.25%0Timeline
ETNEATON CORP PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,200 shares; 2025Q4: 1,200 shares; 2026Q1: 1,200 shares; 2026Q2: 1,200 shares 1,200$511K0.19%0Timeline
RLIRLI CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 6,000 shares 6,000$354K0.13%0Timeline
BRK-BBERKSHIRE HATHAWAY INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q2: 625 shares 625$313K0.12%-200Timeline
JNJJOHNSON & JOHNSONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,200 shares; 2025Q4: 1,200 shares; 2026Q1: 1,200 shares; 2026Q2: 1,200 shares 1,200$305K0.11%0Timeline
CACICACI INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q3: 16,560 shares; 2024Q4: 16,310 shares; 2025Q1: 855 shares; 2025Q2: 855 shares; 2025Q3: 805 shares; 2025Q4: 805 shares; 2026Q1: 805 shares; 2026Q2: 455 shares 455$211K0.08%-350Timeline
FRMIFERMI INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: not reported; 2026Q2: 16,500 shares 16,500$151K0.06%newTimeline

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 COMcall48,800$660K+1,900

Sold out in Q2 2026

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

SecurityShares beforeValue beforeType
CCLCARNIVAL CORP156,181$4.04Mshares
RGLDROYAL GOLD INC2,463$627Kshares
JPMJPMORGAN CHASE & CO1,417$417Kshares
VIGVANGUARD SPECIALIZED FUNDS1,000$215Kshares

How Q2 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 0001384484-26-000006 base2026-08-03acceptance time not in the bulk data set