MAD RIVER INVESTORS
CIK 1384484 · Holdings on Mar 31, 2026 · First reported Apr 23, 2026
Top ten holdings
Q1 2026- TPL48.82%
- PBT7.79%
- HE7.05%
- GBTC6.86%
- LB6.64%
- WPM4.22%
- MSB3.65%
- WBI2.62%
- FNV2.10%
- FBTC1.50%
Share classes counted separately91.25%
Portfolio value by quarter
What changed this quarter?
Within preview · weight change- TPLWeight increased · +11.38 pp37.44% → 48.82%Shares -963 (-0.34%)
- GBTCWeight decreased · -4.37 pp11.23% → 6.86%Shares -315 (-0.09%)
- MSBWeight decreased · -1.56 pp5.21% → 3.65%Shares +24.90K (+8.39%)
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 | $135.31M | 48.82% | 285.12K shares | 37.44% → 48.82%+11.38 pp -963 (-0.34%) | Reduced | ↗▾ |
| 02 | PBTPERMIAN BASIN ROYALTY TRUSTUNIT BEN INT View history and evidence | $21.59M | 7.79% | 1.00M shares | 7.64% → 7.79%+0.15 pp +16.32K (+1.65%) | Added | ↗▾ |
| 03 | HEHAWAIIAN ELECTRIC INDS View history and evidence | $19.55M | 7.05% | 1.32M shares | 7.20% → 7.05%-0.15 pp +32.90K (+2.56%) | Added | ↗▾ |
| 04 | GBTCGRAYSCALE BITCOIN TRUST ETFSHS REP COM UT View history and evidence | $19.00M | 6.86% | 360.14K shares | 11.23% → 6.86%-4.37 pp -315 (-0.09%) | Reduced | ↗▾ |
| 05 | LBLANDBRIDGE CO LLC-ACL A View history and evidence | $18.39M | 6.64% | 266.38K shares | 5.87% → 6.64%+0.77 pp +3.45K (+1.31%) | Added | ↗▾ |
| 06 | WPMWHEATON PRECIOUS METALS CORP View history and evidence | $11.70M | 4.22% | 89.27K shares | 5.23% → 4.22%-1.01 pp -8.33K (-8.54%) | Reduced | ↗▾ |
| 07 | MSBMESABI TRUSTCTF BEN INT View history and evidence | $10.13M | 3.65% | 321.55K shares | 5.21% → 3.65%-1.56 pp +24.90K (+8.39%) | Added | ↗▾ |
| 08 | WBIWATERBRIDGE INFRASTRUC-CL ACL A SHS REPSTG View history and evidence | $7.26M | 2.62% | 270.90K shares | 2.34% → 2.62%+0.28 pp +13.90K (+5.41%) | Added | ↗▾ |
| 09 | FNVFRANCO-NEVADA CORP View history and evidence | $5.83M | 2.10% | 23.59K shares | 2.23% → 2.10%-0.13 pp -4 (-0.02%) | Reduced | ↗▾ |
| 10 | FBTCFIDELITY WISE ORIGIN BITCOINSHS View history and evidence | $4.15M | 1.50% | 70.34K shares | 2.46% → 1.50%-0.96 pp -520 (-0.73%) | Reduced | ↗▾ |
Options overlay 1
$696.00K 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 | |
|---|---|---|---|---|---|
HEHAWAIIAN ELECTRIC INDSCALL View history and evidence | Call | 46.90K | $696.00K | +32.70K (+230.28%) | ▾ |
1 / 1 options · preview only
Exited positions 3
| Security | Type | Shares out | Value out | Previous filing | This filing |
|---|---|---|---|---|---|
| C CITIGROUP INC | Non-derivative | -3,000 | -$350.07K | SEC filing ↗ | SEC filing ↗ |
| RSP INVESCO S&P 500 EQUAL WEIGHT | Non-derivative | -1,508 | -$288.87K | SEC filing ↗ | SEC filing ↗ |
| KMB KIMBERLY-CLARK CORP | Non-derivative | -2,800 | -$282.49K | SEC filing ↗ | SEC filing ↗ |
3 / 3 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 2026-03-31
Data loaded 2026-09-23 · First reported 2026-04-23
Amendments and versions
{
"amendments_merged": null,
"prior_versions": null,
"cover_table_value": 277869809
}Research all 32 reported holdings.
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