MAD RIVER INVESTORS
CIK 1384484 · Holdings on Sep 30, 2025 · First reported Oct 14, 2025
Top ten holdings
Q3 2025- TPL37.91%
- GBTC13.88%
- PBT7.21%
- HE5.82%
- LB5.51%
- WPM4.69%
- MSB3.71%
- FBTC3.07%
- WBI2.72%
- FNV2.25%
Share classes counted separately86.77%
Portfolio value by quarter
What changed this quarter?
Within preview · weight change- TPLWeight decreased · -7.06 pp44.97% → 37.91%Shares -241 (-0.25%)
- PBTWeight increased · +2.28 pp4.93% → 7.21%Shares +38.31K (+4.33%)
- LBWeight decreased · -1.60 pp7.11% → 5.51%Shares +6.30K (+2.68%)
Weight = security value ÷ total reported holdings value. Changes are in percentage points; price moves also affect weights, so they are not trade sizes.
Top 10 holdings 29
USD · B = billion · M = million; expand a row for exact values| # | Security | Value | Weight | Quantity | Weight / quantity change | Activity | |
|---|---|---|---|---|---|---|---|
| 01 | TPLTEXAS PACIFIC LAND CORP View history and evidence | $88.48M | 37.91% | 94.77K shares | 44.97% → 37.91%-7.06 pp -241 (-0.25%) | Reduced | ↗▾ |
| 02 | GBTCGRAYSCALE BITCOIN TRUST ETFSHS REP COM UT View history and evidence | $32.40M | 13.88% | 360.95K shares | 14.15% → 13.88%-0.27 pp -11.43K (-3.07%) | Reduced | ↗▾ |
| 03 | PBTPERMIAN BASIN ROYALTY TRUSTUNIT BEN INT View history and evidence | $16.83M | 7.21% | 922.23K shares | 4.93% → 7.21%+2.28 pp +38.31K (+4.33%) | Added | ↗▾ |
| 04 | HEHAWAIIAN ELECTRIC INDS View history and evidence | $13.58M | 5.82% | 1.23M shares | 5.84% → 5.82%-0.02 pp +4.35K (+0.35%) | Added | ↗▾ |
| 05 | LBLANDBRIDGE CO LLC-ACL A View history and evidence | $12.86M | 5.51% | 241.06K shares | 7.11% → 5.51%-1.60 pp +6.30K (+2.68%) | Added | ↗▾ |
| 06 | WPMWHEATON PRECIOUS METALS CORP View history and evidence | $10.95M | 4.69% | 97.93K shares | 4.66% → 4.69%+0.03 pp -18.00K (-15.53%) | Reduced | ↗▾ |
| 07 | MSBMESABI TRUSTCTF BEN INT View history and evidence | $8.65M | 3.71% | 295.52K shares | 3.17% → 3.71%+0.54 pp +110 (+0.04%) | Added | ↗▾ |
| 08 | FBTCFIDELITY WISE ORIGIN BITCOINSHS View history and evidence | $7.17M | 3.07% | 71.80K shares | 3.09% → 3.07%-0.02 pp -1.46K (-1.99%) | Reduced | ↗▾ |
| 09 | WBIWATERBRIDGE INFRASTRUC-CL ACL A SHS REPSTG View history and evidence | $6.35M | 2.72% | 251.70K shares | Prior unavailable +251.70K | New | ↗▾ |
| 10 | FNVFRANCO-NEVADA CORP View history and evidence | $5.26M | 2.25% | 23.58K shares | 1.77% → 2.25%+0.48 pp -474 (-1.97%) | Reduced | ↗▾ |
Options overlay 1
$373.46K notionalPut and Call positions are separate. Notional is based on underlying securities, not option premium, market value or net exposure. Quantities are underlying shares.
| Security | Put / Call | Underlying shares | Notional | Quantity change | |
|---|---|---|---|---|---|
TPLTEXAS PACIFIC LAND CORPPUT View history and evidence | Put | 400 | $373.46K | +400 | ▾ |
1 / 1 options · preview only
Exited positions 4
| Security | Type | Shares out | Value out | Previous filing | This filing |
|---|---|---|---|---|---|
| ARIS ARIS WATER SOLUTIONS INC-A | Non-derivative | -88,500 | -$2.09M | SEC filing ↗ | SEC filing ↗ |
| CVEO CIVEO CORP | Non-derivative | -67,938 | -$1.57M | SEC filing ↗ | SEC filing ↗ |
| EXP EAGLE MATERIALS INC | Non-derivative | -1,231 | -$248.70K | SEC filing ↗ | SEC filing ↗ |
3 / 4 preview exits. Up to 30 exit records are previewed. Exit means absent from the current filing; execution date, price and proceeds are unknown.
Every number has a source.
CIK 1384484 · Period 2025-09-30
Data loaded 2026-09-23 · First reported 2025-10-14
Amendments and versions
{
"amendments_merged": null,
"prior_versions": null,
"cover_table_value": 233754396
}Research all 38 reported holdings.
This page includes 30 of 38 reported holdings. Sign in to look up the full history beyond 3 years, use advanced screening & filtering, download CSV, and get the complete set through the Akkru API.
- Download CSV
- Earlier quarters
- Advanced screening & filtering
- API & AI access
＋ New accounts get free API credits to explore data beyond ownership filings.
For AI agents & developers
The initial HTML of this page carries its exact data as script#portfolio-data (JSON): values, units, scope, preview limits and SEC sources. Read it directly, no script or API key needed; script#research-access says what needs an account. This page lists 30 of 38 current positions (options included); totals and weights use the complete filing.
Without an account: the last 3 years, with the row caps stated on the page. A free account opens all history on file on these pages and the CSV of what a page shows. Rows beyond the caps and bulk retrieval go through the authenticated API / MCP.
MCP https://api.akkrudata.ai/mcp
get_institutional_portfolio
{"cik":"1384484","quarter":"2025Q3","page_size":100}
get_institutional_manager_history
{"cik":"1384484","page_size":100}Connect to MCP with OAuth and follow the returned pagination. Credits and usage limits depend on the account.
- MCP endpoint
- https://api.akkrudata.ai/mcp
- API / MCP documentation
- /documents
- llms.txt
- /llms.txt
Sources, coverage & how to read this data
Figures are as reported to the SEC and merged with later amendments where Akkru could match them. Preview limits apply to what is listed, not to the totals, which come from the complete reported data. Nothing is zero-filled: a missing quarter or month is shown as missing.