MAD RIVER INVESTORS
Comparing Q4 2025 vs Q3 2025
Sorting applies to all holdings for this quarter on the server, then the page is sliced. Prior-quarter values come from the full prior-quarter filing.
Issuer ▲▼ | Shares | Value ($K) | ||||
|---|---|---|---|---|---|---|
Q3 2025 ▲▼ | Q4 2025 ▲▼ | Change ▲▼ | Q3 2025 ▲▼ | Q4 2025 ▲▼ | Change ▲▼ | |
| MESABI TR | 295,523 | 296,649 | +1,126 | 8,649,963 | 11,426,935 | +2,776,972 |
| HAWAIIAN ELEC INDUSTRIES | 1,230,250 | 1,284,150 | +53,900 | 13,581,960 | 15,795,045 | +2,213,085 |
| ROYAL GOLD INC | 0 | 2,656 | +2,656 | 0 | 590,507 | +590,507 |
| WHEATON PRECIOUS METALS CORP | 97,927 | 97,604 | -323 | 10,952,180 | 11,470,412 | +518,232 |
| MIAMI INTL HLDGS INC | 74,600 | 75,050 | +450 | 3,003,396 | 3,330,719 | +327,323 |
| CARNIVAL CORP | 155,396 | 155,596 | +200 | 4,492,506 | 4,751,910 | +259,404 |
| HAWAIIAN ELEC INDUSTRIES(Call) | 0 | 0 | 0 | 0 | 174,660 | +174,660 |
| APPLE INC | 5,000 | 5,100 | +100 | 1,273,150 | 1,386,486 | +113,336 |
| VANGUARD INDEX FDS | 12,122 | 12,122 | 0 | 3,978,077 | 4,064,143 | +86,066 |
| AMAZON COM INC | 3,400 | 3,500 | +100 | 746,538 | 807,870 | +61,332 |
| CISCO SYS INC | 6,000 | 6,000 | 0 | 410,520 | 462,180 | +51,660 |
| CBOE GLOBAL MKTS INC | 6,655 | 6,690 | +35 | 1,632,054 | 1,679,103 | +47,049 |
| CITIGROUP INC | 3,000 | 3,000 | 0 | 304,500 | 350,070 | +45,570 |
| CACI INTL INC | 805 | 805 | 0 | 401,518 | 428,913 | +27,395 |
| JOHNSON & JOHNSON | 1,200 | 1,200 | 0 | 222,504 | 248,340 | +25,836 |
| LANDBRIDGE COMPANY LLC | 241,056 | 262,934 | +21,878 | 12,860,359 | 12,881,153 | +20,794 |
| CINCINNATI FINL CORP | 3,600 | 3,600 | 0 | 569,160 | 587,952 | +18,792 |
| JPMORGAN CHASE & CO. | 1,400 | 1,400 | 0 | 441,602 | 451,108 | +9,506 |
| INVESCO EXCHANGE TRADED FD T | 1,508 | 1,508 | 0 | 286,068 | 288,873 | +2,805 |
| RLI CORP | 7,500 | 7,500 | 0 | 489,150 | 479,850 | -9,300 |
| BERKSHIRE HATHAWAY INC DEL | 1,175 | 1,125 | -50 | 590,720 | 565,482 | -25,238 |
| UNITEDHEALTH GROUP INC | 1,700 | 1,700 | 0 | 587,010 | 561,187 | -25,823 |
| INTERCONTINENTAL EXCHANGE IN | 7,720 | 7,645 | -75 | 1,300,733 | 1,238,249 | -62,484 |
| KIMBERLY-CLARK CORP | 2,800 | 2,800 | 0 | 348,152 | 282,492 | -65,660 |
| EATON CORP PLC | 1,200 | 1,200 | 0 | 449,100 | 382,212 | -66,888 |
| PERMIAN BASIN RTY TR | 922,230 | 986,819 | +64,589 | 16,830,700 | 16,756,184 | -74,516 |
| PALO ALTO NETWORKS INC | 5,484 | 5,484 | 0 | 1,116,653 | 1,010,153 | -106,500 |
| VANGUARD SPECIALIZED FUNDS | 2,600 | 1,600 | -1,000 | 561,054 | 351,648 | -209,406 |
| FRANCO NEV CORP | 23,579 | 23,594 | +15 | 5,255,925 | 4,890,653 | -365,272 |
| ORACLE CORP | 8,050 | 8,050 | 0 | 2,263,982 | 1,569,026 | -694,956 |
| GRAYSCALE BITCOIN MINI TR ET | 82,179 | 77,647 | -4,532 | 4,160,723 | 3,007,269 | -1,153,454 |
| WATERBRIDGE INFRASTRUCTURE L | 251,700 | 257,000 | +5,300 | 6,347,874 | 5,142,570 | -1,205,304 |
| FIDELITY WISE ORIGIN BITCOIN | 71,804 | 70,859 | -945 | 7,166,757 | 5,401,582 | -1,765,175 |
| TEXAS PACIFIC LAND CORPORATI | 94,772 | 286,083 | +191,311 | 88,483,336 | 82,168,821 | -6,314,515 |
| GRAYSCALE BITCOIN TRUST ETF | 360,954 | 360,454 | -500 | 32,402,841 | 24,640,636 | -7,762,205 |