In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 14, 2025), Mad River Investors reported 37 stock positions worth $233.4 million . Its top holding was Texas Pacific Land (TPL) at 37.9% of the portfolio, followed by Grayscale Bitcoin Trust ETF (GBTC, 13.9% ) and Permian Basin Royalty Trust (PBT, 7.2% ). Compared with Q2 2025, it opened 17 new positions, sold out of 3, added to 6 and reduced 10. The biggest buy was a new position in Waterbridge Infrastruc Class A (WBI) and the biggest sale Texas Pacific Land (TPL, shares −0% ).
Location BOSTON, MA
CIK 0001384484
Portfolio Value $233.4M (Q3 2025) Holdings 37 stocks · $233.4M 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 Q2 2025 TPL Texas Pacific Land Corp. 94,772 $88.5M Reduce -0.3% GBTC Grayscale Bitcoin Trust ETF 360,954 $32.4M Reduce -3.1% PBT Permian Basin Royalty Trust 922,230 $16.8M Add +4.3% HE Hawaiian Electric Inds 1,230,250 $13.6M Add +0.3% LB Landbridge Co. LLC-A 241,056 $12.9M Add +2.7% WPM Wheaton Precious Metals Corp. 97,927 $11.0M Reduce -15.5% MSB Mesabi Trust 295,523 $8.6M Add +0.0% FBTC Fidelity Wise Origin Bitcoin 71,804 $7.2M Reduce -2.0% WBI Waterbridge Infrastruc Class A 251,700 $6.3M New FNV Franco-Nevada Corp. 23,579 $5.3M Reduce -2.0% CCL Carnival Corp. 155,396 $4.5M Reduce -15.4% BTC Grayscale Bitcoin Mini ETF 82,179 $4.2M Add +5.0% VTI VG Morningstar TS MKT ETF-US 12,122 $4.0M No change MIAX Miami International Holdings 74,600 $3.0M New ORCL Oracle Corp. 8,050 $2.3M New CBOE Cboe Global Markets Inc. 6,655 $1.6M Reduce -0.4% ICE Intercontinental Exchange Inc. 7,720 $1.3M Add +0.3% AAPL Apple Inc. 5,000 $1.3M New PANW Palo Alto Networks Inc. 5,484 $1.1M New AMZN Amazon.com Inc. 3,400 $747K New BRK.B Berkshire Hathaway Inc. Class B 1,175 $591K No change UNH Unitedhealth Group Inc. 1,700 $587K New CINF Cincinnati Financial Corp. 3,600 $569K New VIG Vanguard Dividend Apprec ETF 2,600 $561K Reduce -58.1% SAND Sandstorm Gold Ltd. 42,592 $533K Reduce -12.5% RLI Rli Corp. 7,500 $489K No change ETN Eaton Corp. PLC 1,200 $449K New JPM JPMorgan Chase & Co. 1,400 $442K New CSCO Cisco Systems Inc. 6,000 $411K New CACI Caci International Inc. Class A 805 $402K Reduce -5.8% KMB Kimberly-Clark Corp. 2,800 $348K New C Citigroup Inc. 3,000 $305K New RSP Invesco S&P 500 Equal Weight 1,508 $286K No change FE Firstenergy Corp. 5,700 $261K New JNJ Johnson & Johnson 1,200 $223K New CRM Salesforce Inc. 900 $213K New GLPI Gaming and Leisure Propertie 4,558 $212K New
Options reported separately and not counted above: TPL puts ($373K).
Portfolio Sells Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▲ TPL Texas Pacific Land Corp. Reduce -0.3% 37.91% −7.06 ARIS WATER SOLUTIONS INC-A Sold out 0.00% −0.94 CVEO Civeo Corp. Sold out 0.00% −0.70 CCL Carnival Corp. Reduce -15.4% 1.93% −0.39 VIG Vanguard Dividend Apprec ETF Reduce -58.1% 0.24% −0.33 GBTC Grayscale Bitcoin Trust ETF Reduce -3.1% 13.88% −0.27 EXP Eagle Materials Inc. Sold out 0.00% −0.11 FBTC Fidelity Wise Origin Bitcoin Reduce -2.0% 3.07% −0.01 CACI Caci International Inc. Class A Reduce -5.8% 0.17% −0.01 CBOE Cboe Global Markets Inc. Reduce -0.4% 0.70% +0.00 SAND Sandstorm Gold Ltd. Reduce -12.5% 0.23% +0.02 WPM Wheaton Precious Metals Corp. Reduce -15.5% 4.69% +0.03 FNV Franco-Nevada Corp. Reduce -2.0% 2.25% +0.49
Portfolio Buys Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▼ WBI Waterbridge Infrastruc Class A New 2.72% +2.72 PBT Permian Basin Royalty Trust Add +4.3% 7.21% +2.28 MIAX Miami International Holdings New 1.29% +1.29 ORCL Oracle Corp. New 0.97% +0.97 AAPL Apple Inc. New 0.55% +0.55 MSB Mesabi Trust Add +0.0% 3.71% +0.53 PANW Palo Alto Networks Inc. New 0.48% +0.48 AMZN Amazon.com Inc. New 0.32% +0.32 UNH Unitedhealth Group Inc. New 0.25% +0.25 CINF Cincinnati Financial Corp. New 0.24% +0.24 ETN Eaton Corp. PLC New 0.19% +0.19 JPM JPMorgan Chase & Co. New 0.19% +0.19 CSCO Cisco Systems Inc. New 0.18% +0.18 KMB Kimberly-Clark Corp. New 0.15% +0.15 C Citigroup Inc. New 0.13% +0.13 FE Firstenergy Corp. New 0.11% +0.11 BTC Grayscale Bitcoin Mini ETF Add +5.0% 1.78% +0.11 JNJ Johnson & Johnson New 0.10% +0.10 CRM Salesforce Inc. New 0.09% +0.09 GLPI Gaming and Leisure Propertie New 0.09% +0.09 HE Hawaiian Electric Inds Add +0.3% 5.82% −0.02 ICE Intercontinental Exchange Inc. Add +0.3% 0.56% −0.08 LB Landbridge Co. LLC-A Add +2.7% 5.51% −1.60
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ TPL Texas Pacific Land Corp. put New 400 $373K PBT Permian Basin Royalty Trust call Sold out 8,000 $100Kbefore exit
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