Beddow Capital Management Inc.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 11, 2026), Beddow Capital Management Inc. reported 53 stock positions worth $256.1 million. Its top holding was Texas Pacific Land Trust (TPL) at 7.7% of the portfolio, followed by Investor AB-B SHS (6.4%) and Dollar General (DG, 5.9%). Compared with Q3 2025, it opened 1 new position, sold out of 1, added to 10 and reduced 34. The biggest buy was Berkshire Hathaway Class A (BRK.A, shares +14%) and the biggest sale Oracle (ORCL, shares −87%).

Most Recent 13F
Q4 2025
Location
JACKSON, WY
CIK
0001278641
Portfolio Value
$256.1M (Q4 2025)
SEC Filing
0001278641-26-000001 ↗ filed Feb 11, 2026

Holdings Value

0$100.0M$200.0M$300.0M Q1 2024: $221.5M Q1 2024 Q2 2024: $220.6M Q2 2024 Q3 2024: $235.4M Q3 2024 Q4 2024: $234.4M Q4 2024 Q1 2025: $258.3M Q1 2025 Q2 2025: $243.8M Q2 2025 Q3 2025: $262.4M Q3 2025 Q4 2025: $256.1M $256.1M Q4 2025

Holdings 53 stocks · $256.1M
TPL Texas Pacific Land Trust 7.65% 68,241 $19.6M Add +202.0%
INVESTOR AB-B SHS 6.36% 459,474 $16.3M Reduce -3.3%
DG Dollar General Corp. 5.91% 113,995 $15.1M Reduce -7.1%
MSB Mesabi Trust 5.30% 352,805 $13.6M Reduce -3.6%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 5.30% 45,790 $13.6M Reduce -8.4%
BLX Bladex Inc. filed as Banco Latinoamericano de Comercio Exterior SA 5.12% 294,135 $13.1M Reduce -3.5%
FNV Franco-Nevada Corp. 4.15% 51,272 $10.6M Reduce -2.8%
WPM Wheaton Precious Metals Corp. 4.13% 89,943 $10.6M Reduce -3.5%
ALV Autoliv Inc. 4.12% 88,810 $10.5M Reduce -2.6%
JNJ Johnson & Johnson 3.91% 48,425 $10.0M Reduce -2.8%
SIEGY Siemens AG-Spons ADR 3.91% 71,555 $10.0M Reduce -3.3%
ABBNY Abb Ltd.-Spon ADR 3.60% 124,815 $9.2M Reduce -3.7%
BRK.B Berkshire Hathaway Inc. Class B 3.09% 15,736 $7.9M Reduce -7.5%
NSRGY Nestle SA-Spons ADR 2.83% 73,394 $7.3M Reduce -0.5%
FUJHY Subaru Corp.-Unspons ADR 2.44% 583,121 $6.3M Reduce -2.1%
BRK.A Berkshire Hathaway Inc. Class A 2.36% 8 $6.0M Add +14.3%
ABBV Abbvie Inc. 2.30% 25,725 $5.9M Reduce -15.4%
LNG Cheniere Energy Inc. 2.18% 28,740 $5.6M Reduce -3.4%
FANG Diamondback Energy Inc. 2.06% 35,155 $5.3M Add +6.7%
CTRA Coterra Energy Inc. 2.00% 194,974 $5.1M Reduce -2.0%
CHRD Chord Energy Corp. 1.90% 52,535 $4.9M Reduce -6.6%
OGN Organon & Co. 1.87% 666,725 $4.8M Add +2.5%
CONOCOPHILLIPS (COP 7 03/30/29) 1.77% 48,380 $4.5M Reduce -7.3%
POGHF Pilot Corp. 1.76% 145,306 $4.5M Reduce -2.8%
SKFRY SKF AB-Sponsored ADR 1.70% 164,511 $4.4M Reduce -5.6%
SHEL Shell PLC-ADR 1.64% 57,076 $4.2M Reduce -2.4%
EOG EOG Resources Inc. 1.52% 36,960 $3.9M Reduce -3.6%
CPRT Copart Inc. 1.45% 94,590 $3.7M Add +44.5%
ACLIF Accelleron Industries AG 1.43% 47,473 $3.7M Reduce -4.1%
MTD Mettler-Toledo International 1.28% 2,347 $3.3M No change
GOOGL Alphabet Inc. Class A 0.53% 4,300 $1.3M Reduce -4.4%
AMZN Amazon.com Inc. 0.50% 5,580 $1.3M Reduce -1.3%
AZO AutoZone Inc. 0.35% 265 $899K No change
FRMO Frmo Corp. 0.28% 96,702 $706K Add +3.0%
AAPL Apple Inc. 0.27% 2,550 $693K No change
NVS Novartis AG-Sponsored ADR 0.27% 4,940 $681K Add +11.0%
PSHZF Pershing Square Holdings Ltd. 0.26% 10,175 $663K No change
MXC Mexco Energy Corp. 0.24% 62,295 $617K Add +52.5%
MRK Merck & Co. Inc. 0.24% 5,850 $616K Reduce -15.5%
MMM 3M Co. 0.23% 3,705 $593K Reduce -34.5%
ORCL Oracle Corp. 0.19% 2,465 $480K Reduce -86.8%
ALL Allstate Corp. 0.18% 2,250 $468K No change
PFE Pfizer Inc. 0.18% 18,770 $467K Reduce -46.0%
BLDR Builders Firstsource Inc. 0.18% 4,410 $454K Add +4.1%
AZZ Azz Inc. 0.17% 4,000 $429K Reduce -2.4%
CVX Chevron Corp. 0.15% 2,560 $390K Add +7.3%
MSFT Microsoft Corp. 0.15% 790 $382K Reduce -1.3%
TFPM Triple Flag Precious Met 0.14% 10,750 $357K No change
TKR Timken Co. 0.13% 3,875 $326K No change
VTRS Viatris Inc. 0.12% 25,570 $318K Reduce -15.0%
CAT Caterpillar Inc. 0.12% 550 $315K Reduce -8.3%
ZEUS Olympic Steel Inc. 0.08% 5,000 $214K New
Surface Oncology Inc. 0.01% 20,000 $21K No change
Other holdings (2): bonds, preferreds, convertibles and warrants · $8.7M (not counted above)
SecurityClassShares / PrincipalValueChange
CITIGROUP CAPITAL XIII (C V0 10/30/40) C.PRN 289,455$8.7MReduce -1.5%
BRISTOL-MYERS SQUIBB-CVR COMMON STOCK 505,289$0Reduce -3.4%

Total filed on the 13F, all lines: $264.9M.

Portfolio Sells Q3 2025 → Q4 2025
ORCL Oracle Corp. Reduce -86.8% 0.19% −1.81
LNG Cheniere Energy Inc. Reduce -3.4% 2.18% −0.48
ABBV Abbvie Inc. Reduce -15.4% 2.30% −0.39
FNV Franco-Nevada Corp. Reduce -2.8% 4.15% −0.33
CHRD Chord Energy Corp. Reduce -6.6% 1.90% −0.23
ACLIF Accelleron Industries AG Reduce -4.1% 1.43% −0.22
BLX Bladex Inc. Reduce -3.5% 5.12% −0.22
ALV Autoliv Inc. Reduce -2.6% 4.12% −0.18
BRK.B Berkshire Hathaway Inc. Class B Reduce -7.5% 3.09% −0.17
PFE Pfizer Inc. Reduce -46.0% 0.18% −0.16
EOG EOG Resources Inc. Reduce -3.6% 1.52% −0.12
CONOCOPHILLIPS (COP 7 03/30/29) Reduce -7.3% 1.77% −0.11
KEWL Keweenaw Land Association LT Sold out 0.00% −0.11
MMM 3M Co. Reduce -34.5% 0.23% −0.10
POGHF Pilot Corp. Reduce -2.8% 1.76% −0.10
IBM Intl Business Machines Corp. Reduce -8.4% 5.30% −0.08
MSFT Microsoft Corp. Reduce -1.3% 0.15% −0.01
AZZ Azz Inc. Reduce -2.4% 0.17% −0.00
VTRS Viatris Inc. Reduce -15.0% 0.12% +0.01
CAT Caterpillar Inc. Reduce -8.3% 0.12% +0.01
MRK Merck & Co. Inc. Reduce -15.5% 0.24% +0.02
AMZN Amazon.com Inc. Reduce -1.3% 0.50% +0.03
SKFRY SKF AB-Sponsored ADR Reduce -5.6% 1.70% +0.04
SHEL Shell PLC-ADR Reduce -2.4% 1.64% +0.04
ABBNY Abb Ltd.-Spon ADR Reduce -3.7% 3.60% +0.05
SIEGY Siemens AG-Spons ADR Reduce -3.3% 3.91% +0.10
GOOGL Alphabet Inc. Class A Reduce -4.4% 0.53% +0.11
FUJHY Subaru Corp.-Unspons ADR Reduce -2.1% 2.44% +0.15
WPM Wheaton Precious Metals Corp. Reduce -3.5% 4.13% +0.15
CTRA Coterra Energy Inc. Reduce -2.0% 2.00% +0.21
NSRGY Nestle SA-Spons ADR Reduce -0.5% 2.83% +0.25
JNJ Johnson & Johnson Reduce -2.8% 3.91% +0.39
INVESTOR AB-B SHS Reduce -3.3% 6.36% +0.84
DG Dollar General Corp. Reduce -7.1% 5.91% +1.07
MSB Mesabi Trust Reduce -3.6% 5.30% +1.22

Portfolio Buys Q3 2025 → Q4 2025
BRK.A Berkshire Hathaway Inc. Class A Add +14.3% 2.36% +0.35
CPRT Copart Inc. Add +44.5% 1.45% +0.32
FANG Diamondback Energy Inc. Add +6.7% 2.06% +0.27
MXC Mexco Energy Corp. Add +52.5% 0.24% +0.10
ZEUS Olympic Steel Inc. New 0.08% +0.08
NVS Novartis AG-Sponsored ADR Add +11.0% 0.27% +0.05
CVX Chevron Corp. Add +7.3% 0.15% +0.01
BLDR Builders Firstsource Inc. Add +4.1% 0.18% −0.02
FRMO Frmo Corp. Add +3.0% 0.28% −0.04
TPL Texas Pacific Land Trust Add +202.0% 7.65% −0.39
OGN Organon & Co. Add +2.5% 1.87% −0.78

Notes & Other Activity Q3 2025 → Q4 2025
CITIGROUP CAPITAL XIII (C V0 10/30/40) C.PRN Reduce -1.5% 289,455 $8.7M
BRISTOL-MYERS SQUIBB-CVR COMMON STOCK Reduce -3.4% 505,289 $0

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q4 2025 53$256.1MTPL, INVESTOR AB-B SHS, DG, MSB, IBM
Q3 2025 53$262.4MTPL, INVESTOR AB-B SHS, IBM, BLX, DG
Q2 2025 53$243.8MTPL, IBM, BLX, INVESTOR AB-B SHS, DG
Q1 2025 55$258.3MTPL, INVESTOR AB-B SHS, IBM, BLX, MSB
Q4 2024 56$234.4MTPL, BLX, INVESTOR AB-B SHS, IBM, MSB
Q3 2024 57$235.4MTPL, INVESTOR AB-B SHS, BLX, IBM, MSB
Q2 2024 57$220.6MTPL, INVESTOR AB-B SHS, BLX, IBM, MSB
Q1 2024 57$221.5MTPL, INVESTOR AB-B SHS, BLX, IBM, ALV