Mad River Investors

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 6, 2026), Mad River Investors reported 34 stock positions worth $219.4 million. Its top holding was Texas Pacific Land (TPL) at 37.4% of the portfolio, followed by Grayscale Bitcoin Trust ETF (GBTC, 11.2%) and Permian Basin Royalty Trust (PBT, 7.6%). Compared with Q3 2025, it opened 1 new position, sold out of 4, added to 12 and reduced 7. The biggest buy was Mesabi Trust (MSB, shares +0%) and the biggest sale Grayscale Bitcoin Trust ETF (GBTC, shares −0%).

Most Recent 13F
Q2 2026
Location
BOSTON, MA
CIK
0001384484
Portfolio Value
$219.4M (Q4 2025)
SEC Filing
0001384484-26-000002 ↗ filed Feb 6, 2026

Holdings Value

0$100.0M$200.0M$300.0M Q1 2024: $144.1M Q1 2024 Q2 2024: $149.3M Q2 2024 Q3 2024: $180.3M Q3 2024 Q4 2024: $215.2M Q4 2024 Q1 2025: $236.0M Q1 2025 Q2 2025: $223.2M Q2 2025 Q3 2025: $233.4M Q3 2025 Q4 2025: $219.4M $219.4M Q4 2025 Q1 2026: $277.2M Q1 2026 Q2 2026: $267.4M Q2 2026

Holdings 34 stocks · $219.4M
TPL Texas Pacific Land Corp. 37.44% 286,083 $82.2M Add +0.6%
GBTC Grayscale Bitcoin Trust ETF 11.23% 360,454 $24.6M Reduce -0.1%
PBT Permian Basin Royalty Trust 7.64% 986,819 $16.8M Add +7.0%
HE Hawaiian Electric Inds 7.20% 1,284,150 $15.8M Add +4.4%
LB Landbridge Co. LLC-A 5.87% 262,934 $12.9M Add +9.1%
WPM Wheaton Precious Metals Corp. 5.23% 97,604 $11.5M Reduce -0.3%
MSB Mesabi Trust 5.21% 296,649 $11.4M Add +0.4%
FBTC Fidelity Wise Origin Bitcoin 2.46% 70,859 $5.4M Reduce -1.3%
WBI Waterbridge Infrastruc Class A 2.34% 257,000 $5.1M Add +2.1%
FNV Franco-Nevada Corp. 2.23% 23,594 $4.9M Add +0.1%
CCL Carnival Corp. 2.17% 155,596 $4.8M Add +0.1%
VTI VG Morningstar TS MKT ETF-US 1.85% 12,122 $4.1M No change
MIAX Miami International Holdings 1.52% 75,050 $3.3M Add +0.6%
BTC Grayscale Bitcoin Mini ETF 1.37% 77,647 $3.0M Reduce -5.5%
CBOE Cboe Global Markets Inc. 0.77% 6,690 $1.7M Add +0.5%
ORCL Oracle Corp. 0.71% 8,050 $1.6M No change
AAPL Apple Inc. 0.63% 5,100 $1.4M Add +2.0%
ICE Intercontinental Exchange Inc. 0.56% 7,645 $1.2M Reduce -1.0%
PANW Palo Alto Networks Inc. 0.46% 5,484 $1.0M No change
AMZN Amazon.com Inc. 0.37% 3,500 $808K Add +2.9%
RGLD Royal Gold Inc. 0.27% 2,656 $591K New
CINF Cincinnati Financial Corp. 0.27% 3,600 $588K No change
BRK.B Berkshire Hathaway Inc. Class B 0.26% 1,125 $565K Reduce -4.3%
UNH Unitedhealth Group Inc. 0.26% 1,700 $561K No change
RLI Rli Corp. 0.22% 7,500 $480K No change
CSCO Cisco Systems Inc. 0.21% 6,000 $462K No change
JPM JPMorgan Chase & Co. 0.21% 1,400 $451K No change
CACI Caci International Inc. Class A 0.20% 805 $429K No change
ETN Eaton Corp. PLC 0.17% 1,200 $382K No change
VIG Vanguard Dividend Apprec ETF 0.16% 1,600 $352K Reduce -38.5%
C Citigroup Inc. 0.16% 3,000 $350K No change
RSP Invesco S&P 500 Equal Weight 0.13% 1,508 $289K No change
KMB Kimberly-Clark Corp. 0.13% 2,800 $282K No change
JNJ Johnson & Johnson 0.11% 1,200 $248K No change

Options reported separately and not counted above: HE calls ($175K).

Portfolio Sells Q3 2025 → Q4 2025
GBTC Grayscale Bitcoin Trust ETF Reduce -0.1% 11.23% −2.66
FBTC Fidelity Wise Origin Bitcoin Reduce -1.3% 2.46% −0.61
BTC Grayscale Bitcoin Mini ETF Reduce -5.5% 1.37% −0.41
SAND Sandstorm Gold Ltd. Sold out 0.00% −0.23
FE Firstenergy Corp. Sold out 0.00% −0.11
CRM Salesforce Inc. Sold out 0.00% −0.09
GLPI Gaming and Leisure Propertie Sold out 0.00% −0.09
VIG Vanguard Dividend Apprec ETF Reduce -38.5% 0.16% −0.08
BRK.B Berkshire Hathaway Inc. Class B Reduce -4.3% 0.26% +0.00
ICE Intercontinental Exchange Inc. Reduce -1.0% 0.56% +0.01
WPM Wheaton Precious Metals Corp. Reduce -0.3% 5.23% +0.53

Portfolio Buys Q3 2025 → Q4 2025
MSB Mesabi Trust Add +0.4% 5.21% +1.50
HE Hawaiian Electric Inds Add +4.4% 7.20% +1.38
PBT Permian Basin Royalty Trust Add +7.0% 7.64% +0.42
LB Landbridge Co. LLC-A Add +9.1% 5.87% +0.36
RGLD Royal Gold Inc. New 0.27% +0.27
CCL Carnival Corp. Add +0.1% 2.17% +0.24
MIAX Miami International Holdings Add +0.6% 1.52% +0.23
AAPL Apple Inc. Add +2.0% 0.63% +0.09
CBOE Cboe Global Markets Inc. Add +0.5% 0.77% +0.07
AMZN Amazon.com Inc. Add +2.9% 0.37% +0.05
FNV Franco-Nevada Corp. Add +0.1% 2.23% −0.02
WBI Waterbridge Infrastruc Class A Add +2.1% 2.34% −0.38
TPL Texas Pacific Land Corp. Add +0.6% 37.44% −0.47

Options Activity Q3 2025 → Q4 2025
TPL Texas Pacific Land Corp. put Sold out 1,200 $373Kbefore exit
HE Hawaiian Electric Inds call New 14,200 $175K

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 29$267.4MTPL, PBT, LB, HE, GBTC
Q1 2026 31$277.2MTPL, PBT, HE, GBTC, LB
Q4 2025 34$219.4MTPL, GBTC, PBT, HE, LB
Q3 2025 37$233.4MTPL, GBTC, PBT, HE, LB
Q2 2025 23$223.2MTPL, GBTC, LB, HE, PBT
Q1 2025 24$236.0MTPL, GBTC, LB, HE, WPM
Q4 2024 26$215.2MTPL, GBTC, LB, WPM, MSB
Q3 2024 26$180.3MTPL, GBTC, LB, WPM, CACI
Q2 2024 27$149.3MTPL, GBTC, WPM, CACI, CVEO
Q1 2024 27$144.1MTPL, GBTC, WPM, CACI, CVEO