In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 8, 2025), Mad River Investors reported 23 stock positions worth $223.2 million . Its top holding was Texas Pacific Land (TPL) at 45.0% of the portfolio, followed by Grayscale Bitcoin Trust ETF (GBTC, 14.2% ) and Landbridge Co. LLC-A (LB, 7.1% ). Compared with Q1 2025, it sold out of 1, added to 6 and reduced 12. The biggest buy was Permian Basin Royalty Trust (PBT, shares +87% ) and the biggest sale Texas Pacific Land (TPL, shares −0% ).
Location BOSTON, MA
CIK 0001384484
Portfolio Value $223.2M (Q2 2025) Holdings 23 stocks · $223.2M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q1 2025 TPL Texas Pacific Land Corp. 95,013 $100.4M Reduce -0.2% GBTC Grayscale Bitcoin Trust ETF 372,381 $31.6M Reduce -0.0% LB Landbridge Co. LLC-A 234,754 $15.9M Add +0.2% HE Hawaiian Electric Inds 1,225,900 $13.0M Add +0.8% PBT Permian Basin Royalty Trust 883,917 $11.0M Add +87.4% WPM Wheaton Precious Metals Corp. 115,925 $10.4M Reduce -21.6% MSB Mesabi Trust 295,413 $7.1M Reduce -0.3% FBTC Fidelity Wise Origin Bitcoin 73,261 $6.9M Reduce -2.4% CCL Carnival Corp. 183,796 $5.2M Reduce -2.3% FNV Franco-Nevada Corp. 24,053 $3.9M Reduce -13.5% BTC Grayscale Bitcoin Mini ETF 78,286 $3.7M No change VTI VG Morningstar TS MKT ETF-US 12,122 $3.7M No change ARIS WATER SOLUTIONS INC-A 88,500 $2.1M Add +18.2% CVEO Civeo Corp. 67,938 $1.6M Reduce -14.5% CBOE Cboe Global Markets Inc. 6,680 $1.6M Add +7.5% ICE Intercontinental Exchange Inc. 7,695 $1.4M Add +2.3% VIG Vanguard Dividend Apprec ETF 6,200 $1.3M No change BRK.B Berkshire Hathaway Inc. Class B 1,175 $571K Reduce -38.2% RLI Rli Corp. 7,500 $542K Reduce -16.7% SAND Sandstorm Gold Ltd. 48,674 $458K Reduce -24.4% CACI Caci International Inc. Class A 855 $408K No change RSP Invesco S&P 500 Equal Weight 1,508 $274K No change EXP Eagle Materials Inc. 1,231 $249K Reduce -41.5%
Options reported separately and not counted above: PBT calls ($100K).
Portfolio Sells Q1 2025 → Q2 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2025 % Of Portfolio Change To Portfolio ▲ TPL Texas Pacific Land Corp. Reduce -0.2% 44.97% −8.46 MSB Mesabi Trust Reduce -0.3% 3.17% −0.24 WPM Wheaton Precious Metals Corp. Reduce -21.6% 4.66% −0.20 BRK.B Berkshire Hathaway Inc. Class B Reduce -38.2% 0.26% −0.17 DIS The Walt Disney Co. Sold out 0.00% −0.10 FNV Franco-Nevada Corp. Reduce -13.5% 1.77% −0.09 EXP Eagle Materials Inc. Reduce -41.5% 0.11% −0.09 CVEO Civeo Corp. Reduce -14.5% 0.70% −0.07 RLI Rli Corp. Reduce -16.7% 0.24% −0.06 SAND Sandstorm Gold Ltd. Reduce -24.4% 0.20% −0.00 CCL Carnival Corp. Reduce -2.3% 2.32% +0.76 FBTC Fidelity Wise Origin Bitcoin Reduce -2.4% 3.09% +0.80 GBTC Grayscale Bitcoin Trust ETF Reduce -0.0% 14.15% +3.87
Portfolio Buys Q1 2025 → Q2 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2025 % Of Portfolio Change To Portfolio ▼ PBT Permian Basin Royalty Trust Add +87.4% 4.93% +2.95 HE Hawaiian Electric Inds Add +0.8% 5.84% +0.20 CBOE Cboe Global Markets Inc. Add +7.5% 0.70% +0.10 ICE Intercontinental Exchange Inc. Add +2.3% 0.63% +0.08 LB Landbridge Co. LLC-A Add +0.2% 7.11% −0.03 ARIS WATER SOLUTIONS INC-A Add +18.2% 0.94% −0.08
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ PBT Permian Basin Royalty Trust call New 8,000 $100K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 29 $267.4M TPL, PBT, LB, HE, GBTC Q1 2026 31 $277.2M TPL, PBT, HE, GBTC, LB Q4 2025 34 $219.4M TPL, GBTC, PBT, HE, LB Q3 2025 37 $233.4M TPL, GBTC, PBT, HE, LB Q2 2025 23 $223.2M TPL, GBTC, LB, HE, PBT Q1 2025 24 $236.0M TPL, GBTC, LB, HE, WPM Q4 2024 26 $215.2M TPL, GBTC, LB, WPM, MSB Q3 2024 26 $180.3M TPL, GBTC, LB, WPM, CACI Q2 2024 27 $149.3M TPL, GBTC, WPM, CACI, CVEO Q1 2024 27 $144.1M TPL, GBTC, WPM, CACI, CVEO