Data as of Q4 2025 (Dec 31, 2025)

MAD RIVER INVESTORS

•CIK: 1384484•Filing: Q4 2025

**MAD RIVER INVESTORS** manages $219M across a concentrated portfolio of 34 positions. The fund exhibits significant overweighting in digital asset infrastructure, highlighted by a $82.2M position in TPL and a $24.6M allocation to GBTC. Further notable holdings include $16.8M in PBT and $15.8M in HE, indicating a focused, high-conviction approach within the digital asset and related technology sectors.

Total AUM
$219.4M
QoQ Performance
-6.0%
Positions
34
Top 10 Concentration
86.8%
Latest Filing
Q4 2025

Top Holdings Allocation

TPL
GBTC
PBT
HE
LB
WPM
MSB
TPL37.4%
GBTC11.2%
PBT7.6%
HE7.2%
LB5.9%
WPM5.2%
MSB5.2%
FBTC2.5%

📈 Biggest Buys

TPL
TEXAS PACIFIC LAND CORPORATI
+201.9%
37.4% of portfolio
PBT
PERMIAN BASIN RTY TR
+7.0%
7.6% of portfolio
LB
LANDBRIDGE COMPANY LLC
+9.1%
5.9% of portfolio
HE
HAWAIIAN ELEC INDUSTRIES
+4.4%
7.2% of portfolio
RGLD
ROYAL GOLD INC
NEW
0.3% of portfolio

📉 Biggest Sells

VIG
VANGUARD SPECIALIZED FUNDS
-38.5%
0.2% of portfolio
BTC
GRAYSCALE BITCOIN MINI TR ET
-5.5%
1.4% of portfolio
FBTC
FIDELITY WISE ORIGIN BITCOIN
-1.3%
2.5% of portfolio
WPM
WHEATON PRECIOUS METALS CORP
-0.3%
5.2% of portfolio
GBTC
GRAYSCALE BITCOIN TRUST ETF
-0.1%
11.2% of portfolio

Sector Breakdown

Other97.2%
Technology1.6%
Financial0.5%
Healthcare0.4%
Consumer0.4%

🚪 Exited Positionssold since Q3 2025

AYS1
SANDSTORM GOLD LTD
SOLD
$533.3K
FE
FIRSTENERGY CORP
SOLD
$261.2K
CRM
SALESFORCE INC
SOLD
$213.3K
GLPI
GAMING & LEISURE PPTYS INC
SOLD
$212.4K

Changes from Q3 2025

NEW1 new position
↑12 increased
↓7 decreased

Historical Filings

Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023

📌 Top Holdings

TPL37.4%
TEXAS PACIFIC LAND CORPORATI
$82.2M
GBTC11.2%
GRAYSCALE BITCOIN TRUST ETF
$24.6M
PBT7.6%
PERMIAN BASIN RTY TR
$16.8M
HE7.2%
HAWAIIAN ELEC INDUSTRIES
$15.8M
LB5.9%
LANDBRIDGE COMPANY LLC
$12.9M

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