Mad River Investors

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed April 23, 2026), Mad River Investors reported 31 stock positions worth $277.2 million. Its top holding was Texas Pacific Land (TPL) at 48.8% of the portfolio, followed by Permian Basin Royalty Trust (PBT, 7.8%) and Hawaiian Electric Inds (HE, 7.1%). Compared with Q4 2025, it sold out of 3, added to 9 and reduced 11. The biggest buy was Landbridge Co. LLC-A (LB, shares +1%) and the biggest sale Grayscale Bitcoin Trust ETF (GBTC, shares −0%).

Most Recent 13F
Q2 2026
Location
BOSTON, MA
CIK
0001384484
Portfolio Value
$277.2M (Q1 2026)
SEC Filing
0001384484-26-000004 ↗ filed Apr 23, 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 Q4 2025 Q1 2026: $277.2M $277.2M Q1 2026 Q2 2026: $267.4M Q2 2026

Holdings 31 stocks · $277.2M
TPL Texas Pacific Land Corp. 48.82% 285,120 $135.3M Reduce -0.3%
PBT Permian Basin Royalty Trust 7.79% 1,003,140 $21.6M Add +1.6%
HE Hawaiian Electric Inds 7.05% 1,317,050 $19.5M Add +2.6%
GBTC Grayscale Bitcoin Trust ETF 6.86% 360,139 $19.0M Reduce -0.1%
LB Landbridge Co. LLC-A 6.64% 266,385 $18.4M Add +1.3%
WPM Wheaton Precious Metals Corp. 4.22% 89,271 $11.7M Reduce -8.5%
MSB Mesabi Trust 3.65% 321,546 $10.1M Add +8.4%
WBI Waterbridge Infrastruc Class A 2.62% 270,900 $7.3M Add +5.4%
FNV Franco-Nevada Corp. 2.10% 23,590 $5.8M Reduce -0.0%
FBTC Fidelity Wise Origin Bitcoin 1.50% 70,339 $4.2M Reduce -0.7%
CCL Carnival Corp. 1.46% 156,181 $4.0M Add +0.4%
MIAX Miami International Holdings 1.14% 81,250 $3.2M Add +8.3%
VTI VG Morningstar TS MKT ETF-US 1.02% 8,800 $2.8M Reduce -27.4%
BTC Grayscale Bitcoin Mini ETF 0.88% 81,217 $2.4M Add +4.6%
CBOE Cboe Global Markets Inc. 0.68% 6,680 $1.9M Reduce -0.1%
AAPL Apple Inc. 0.47% 5,100 $1.3M No change
ICE Intercontinental Exchange Inc. 0.43% 7,645 $1.2M No change
ORCL Oracle Corp. 0.43% 8,050 $1.2M No change
PANW Palo Alto Networks Inc. 0.32% 5,484 $879K No change
AMZN Amazon.com Inc. 0.26% 3,500 $729K No change
RGLD Royal Gold Inc. 0.23% 2,463 $627K Reduce -7.3%
CINF Cincinnati Financial Corp. 0.20% 3,600 $566K No change
CSCO Cisco Systems Inc. 0.17% 6,000 $466K No change
UNH Unitedhealth Group Inc. 0.17% 1,700 $460K No change
CACI Caci International Inc. Class A 0.16% 805 $438K No change
ETN Eaton Corp. PLC 0.15% 1,200 $429K No change
JPM JPMorgan Chase & Co. 0.15% 1,417 $417K Add +1.2%
BRK.B Berkshire Hathaway Inc. Class B 0.14% 825 $395K Reduce -26.7%
RLI Rli Corp. 0.12% 6,000 $342K Reduce -20.0%
JNJ Johnson & Johnson 0.11% 1,200 $293K No change
VIG Vanguard Dividend Apprec ETF 0.08% 1,000 $215K Reduce -37.5%

Options reported separately and not counted above: HE calls ($696K).

Portfolio Sells Q4 2025 → Q1 2026
GBTC Grayscale Bitcoin Trust ETF Reduce -0.1% 6.86% −4.37
WPM Wheaton Precious Metals Corp. Reduce -8.5% 4.22% −1.01
FBTC Fidelity Wise Origin Bitcoin Reduce -0.7% 1.50% −0.96
VTI VG Morningstar TS MKT ETF-US Reduce -27.4% 1.02% −0.83
C Citigroup Inc. Sold out 0.00% −0.16
RSP Invesco S&P 500 Equal Weight Sold out 0.00% −0.13
KMB Kimberly-Clark Corp. Sold out 0.00% −0.13
FNV Franco-Nevada Corp. Reduce -0.0% 2.10% −0.13
BRK.B Berkshire Hathaway Inc. Class B Reduce -26.7% 0.14% −0.12
RLI Rli Corp. Reduce -20.0% 0.12% −0.10
CBOE Cboe Global Markets Inc. Reduce -0.1% 0.68% −0.09
VIG Vanguard Dividend Apprec ETF Reduce -37.5% 0.08% −0.08
RGLD Royal Gold Inc. Reduce -7.3% 0.23% −0.04
TPL Texas Pacific Land Corp. Reduce -0.3% 48.82% +11.37

Portfolio Buys Q4 2025 → Q1 2026
LB Landbridge Co. LLC-A Add +1.3% 6.64% +0.77
WBI Waterbridge Infrastruc Class A Add +5.4% 2.62% +0.28
PBT Permian Basin Royalty Trust Add +1.6% 7.79% +0.15
JPM JPMorgan Chase & Co. Add +1.2% 0.15% −0.06
HE Hawaiian Electric Inds Add +2.6% 7.05% −0.15
MIAX Miami International Holdings Add +8.3% 1.14% −0.38
BTC Grayscale Bitcoin Mini ETF Add +4.6% 0.88% −0.49
CCL Carnival Corp. Add +0.4% 1.46% −0.71
MSB Mesabi Trust Add +8.4% 3.65% −1.55

Options Activity Q4 2025 → Q1 2026
HE Hawaiian Electric Inds call Add +230.3% 46,900 $696K

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