MAD RIVER INVESTORS
Securities ▲▼ | Shares | Value ($K) | |||||
|---|---|---|---|---|---|---|---|
Q2 2025 ▲▼ | Q3 2025 ▲▼ | Change ▲▼ | Q2 2025 ▲▼ | Q3 2025 ▲▼ | Weight (%) ▲▼ | Change ▲▼ | |
| WATERBRIDGE INFRASTRUCTURE L(WBI) | 0 | 251,700 | +251,700 | 0 | 6,347,874 | 2.72% | +6,347,874 |
| PERMIAN BASIN RTY TR(PBT) | 883,917 | 922,230 | +38,313 | 11,013,607 | 16,830,700 | 7.21% | +5,817,093 |
| MIAMI INTL HLDGS INC(MIAX) | 0 | 74,600 | +74,600 | 0 | 3,003,396 | 1.29% | +3,003,396 |
| ORACLE CORP(ORCL) | 0 | 8,050 | +8,050 | 0 | 2,263,982 | 0.97% | +2,263,982 |
| MESABI TR | 295,413 | 295,523 | +110 | 7,078,099 | 8,649,963 | 3.71% | +1,571,864 |
| FRANCO NEV CORP(FNV) | 24,053 | 23,579 | -474 | 3,942,762 | 5,255,925 | 2.25% | +1,313,163 |
| APPLE INC(AAPL) | 0 | 5,000 | +5,000 | 0 | 1,273,150 | 0.55% | +1,273,150 |
| PALO ALTO NETWORKS INC(PANW) | 0 | 5,484 | +5,484 | 0 | 1,116,653 | 0.48% | +1,116,653 |
| GRAYSCALE BITCOIN TRUST ETF(GBTC) | 372,381 | 360,954 | -11,427 | 31,589,081 | 32,402,841 | 13.88% | +813,760 |
| AMAZON COM INC(AMZN) | 0 | 3,400 | +3,400 | 0 | 746,538 | 0.32% | +746,538 |
| UNITEDHEALTH GROUP INC(UNH) | 0 | 1,700 | +1,700 | 0 | 587,010 | 0.25% | +587,010 |
| CINCINNATI FINL CORP(CINF) | 0 | 3,600 | +3,600 | 0 | 569,160 | 0.24% | +569,160 |
| HAWAIIAN ELEC INDUSTRIES(HE) | 1,225,900 | 1,230,250 | +4,350 | 13,031,317 | 13,581,960 | 5.82% | +550,643 |
| WHEATON PRECIOUS METALS CORP(WPM) | 115,925 | 97,927 | -17,998 | 10,410,107 | 10,952,180 | 4.69% | +542,073 |
| EATON CORP PLC(ETN) | 0 | 1,200 | +1,200 | 0 | 449,100 | 0.19% | +449,100 |
| JPMORGAN CHASE & CO.(JPM) | 0 | 1,400 | +1,400 | 0 | 441,602 | 0.19% | +441,602 |
| GRAYSCALE BITCOIN MINI TR ET(BTC) | 78,286 | 82,179 | +3,893 | 3,738,157 | 4,160,723 | 1.78% | +422,566 |
| CISCO SYS INC(CSCO) | 0 | 6,000 | +6,000 | 0 | 410,520 | 0.18% | +410,520 |
| TEXAS PACIFIC LAND CORPORATI(TPL)(Put) | 0 | 0 | 0 | 0 | 373,456 | — | +373,456 |
| KIMBERLY-CLARK CORP(KMB) | 0 | 2,800 | +2,800 | 0 | 348,152 | 0.15% | +348,152 |
| CITIGROUP INC(C) | 0 | 3,000 | +3,000 | 0 | 304,500 | 0.13% | +304,500 |
| VANGUARD INDEX FDS | 12,122 | 12,122 | 0 | 3,684,240 | 3,978,077 | 1.70% | +293,837 |
| FIDELITY WISE ORIGIN BITCOIN(FBTC) | 73,261 | 71,804 | -1,457 | 6,885,802 | 7,166,757 | 3.07% | +280,955 |
| FIRSTENERGY CORP(FE) | 0 | 5,700 | +5,700 | 0 | 261,174 | 0.11% | +261,174 |
| JOHNSON & JOHNSON(JNJ) | 0 | 1,200 | +1,200 | 0 | 222,504 | 0.10% | +222,504 |
| SALESFORCE INC(CRM) | 0 | 900 | +900 | 0 | 213,300 | 0.09% | +213,300 |
| GAMING & LEISURE PPTYS INC(GLPI) | 0 | 4,558 | +4,558 | 0 | 212,449 | 0.09% | +212,449 |
| SANDSTORM GOLD LTD | 48,674 | 42,592 | -6,082 | 457,538 | 533,252 | 0.23% | +75,714 |
| CBOE GLOBAL MKTS INC(CBOE) | 6,680 | 6,655 | -25 | 1,557,762 | 1,632,054 | 0.70% | +74,292 |
| BERKSHIRE HATHAWAY INC DEL | 1,175 | 1,175 | 0 | 570,780 | 590,720 | 0.25% | +19,940 |
| INVESCO EXCHANGE TRADED FD T | 1,508 | 1,508 | 0 | 274,064 | 286,068 | 0.12% | +12,004 |
| CACI INTL INC(CACI) | 855 | 805 | -50 | 407,579 | 401,518 | 0.17% | -6,061 |
| RLI CORP(RLI) | 7,500 | 7,500 | 0 | 541,650 | 489,150 | 0.21% | -52,500 |
| PERMIAN BASIN RTY TR(PBT)(Call) | 0 | 0 | 0 | 99,680 | 0 | — | -99,680 |
| INTERCONTINENTAL EXCHANGE IN(ICE) | 7,695 | 7,720 | +25 | 1,411,875 | 1,300,733 | 0.56% | -111,142 |
| EAGLE MATLS INC(EXP) | 1,231 | 0 | -1,231 | 248,700 | 0 | — | -248,700 |
| CARNIVAL CORP | 183,796 | 155,396 | -28,400 | 5,168,351 | 4,492,506 | 1.92% | -675,845 |
| VANGUARD SPECIALIZED FUNDS | 6,200 | 2,600 | -3,600 | 1,268,954 | 561,054 | 0.24% | -707,900 |
| CIVEO CORP CDA | 67,938 | 0 | -67,938 | 1,568,685 | 0 | — | -1,568,685 |
| ARIS WATER SOLUTIONS INC | 88,500 | 0 | -88,500 | 2,093,025 | 0 | — | -2,093,025 |
| LANDBRIDGE COMPANY LLC(LB) | 234,754 | 241,056 | +6,302 | 15,864,708 | 12,860,359 | 5.51% | -3,004,349 |
| TEXAS PACIFIC LAND CORPORATI(TPL) | 95,013 | 94,772 | -241 | 100,370,944 | 88,483,336 | 37.91% | -11,887,608 |