Greenhaven Road Investment Management, L.P.

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 13, 2025), Greenhaven Road Investment Management, L.P. reported 16 stock positions worth $258.7 million. Its top holding was Par Technology (PAR) at 24.7% of the portfolio, followed by Cellebrite Di (CLBT, 16.8%) and KKR (KKR, 15.2%). Compared with Q3 2024, it opened 3 new positions, sold out of 1, added to 6 and reduced 7. The biggest buy was Lifecore Biomedical (LFCR, shares +62%) and the biggest sale an exit from Digital Turbine (APPS).

Most Recent 13F
Q2 2026
Location
GREENWICH, CT
CIK
0001741129
Portfolio Value
$258.7M (Q4 2024)
SEC Filing
0001420506-25-000362 ↗ filed Feb 13, 2025

Holdings Value

0$100.0M$200.0M$300.0M Q1 2024: $227.4M Q1 2024 Q2 2024: $205.5M Q2 2024 Q3 2024: $235.0M Q3 2024 Q4 2024: $258.7M $258.7M Q4 2024 Q1 2025: $243.2M Q1 2025 Q2 2025: $284.8M Q2 2025 Q3 2025: $242.3M Q3 2025 Q4 2025: $230.8M Q4 2025 Q1 2026: $145.4M Q1 2026 Q2 2026: $154.0M Q2 2026

Holdings 16 stocks · $258.7M
PAR Par Technology Corp. 24.67% 878,258 $63.8M Reduce -26.8%
CLBT Cellebrite Di Ltd. 16.82% 1,975,541 $43.5M Reduce -5.3%
KKR KKR & Co. Inc. 15.25% 266,700 $39.4M Reduce -4.3%
LFCR Lifecore Biomedical Inc. 10.39% 3,616,146 $26.9M Add +62.3%
BUR Burford Capital Ltd. 7.92% 1,607,622 $20.5M Reduce -0.9%
LPX Louisiana-Pacific Corp. 6.07% 151,617 $15.7M Add +7.4%
SOC Sable Offshore Corp. 5.52% 623,364 $14.3M Add +24.3%
HGTY Hagerty Inc. Class A 4.61% 1,236,170 $11.9M Reduce -18.1%
ALTG Alta Equipment Group Inc. 4.54% 1,795,359 $11.7M Add +0.1%
BNED Barnes & Noble Education Inc. 2.02% 519,897 $5.2M New
KWY Kingsway Corp. 1.65% 511,060 $4.3M Add +0.3%
ALLT Allot Ltd. 0.23% 100,000 $595K New
MKTW Marketwise Inc. 0.15% 688,665 $391K Reduce -80.5%
RSSS Research Solutions Inc. 0.06% 40,251 $167K Add +10.8%
MTRX Matrix Service Co. 0.06% 13,931 $167K Reduce -11.2%
QRHC Quest Resource Holding Corp. 0.03% 11,054 $72K New

Options reported separately and not counted above: STATE STR SPDR S&P 500 ETF T puts ($351.6M), PAR TECHNOLOGY CORP calls ($14.5M), DIGITAL TURBINE INC calls ($306K).

Portfolio Sells Q3 2024 → Q4 2024
APPS Digital Turbine Inc. Sold out 0.00% −3.05
PAR Par Technology Corp. Reduce -26.8% 24.67% −1.93
HGTY Hagerty Inc. Class A Reduce -18.1% 4.61% −1.92
BUR Burford Capital Ltd. Reduce -0.9% 7.92% −1.23
MKTW Marketwise Inc. Reduce -80.5% 0.15% −0.85
KKR KKR & Co. Inc. Reduce -4.3% 15.25% −0.24
MTRX Matrix Service Co. Reduce -11.2% 0.06% −0.01
CLBT Cellebrite Di Ltd. Reduce -5.3% 16.82% +1.87

Portfolio Buys Q3 2024 → Q4 2024
LFCR Lifecore Biomedical Inc. Add +62.3% 10.39% +5.71
BNED Barnes & Noble Education Inc. New 2.02% +2.02
SOC Sable Offshore Corp. Add +24.3% 5.52% +0.47
ALLT Allot Ltd. New 0.23% +0.23
QRHC Quest Resource Holding Corp. New 0.03% +0.03
RSSS Research Solutions Inc. Add +10.8% 0.06% +0.02
KWY Kingsway Corp. Add +0.3% 1.65% −0.14
LPX Louisiana-Pacific Corp. Add +7.4% 6.07% −0.38
ALTG Alta Equipment Group Inc. Add +0.1% 4.54% −0.61

Options Activity Q3 2024 → Q4 2024
STATE STR SPDR S&P 500 ETF T put New 600,000 $351.6M
PAR TECHNOLOGY CORP call New 200,000 $14.5M
DIGITAL TURBINE INC call New 180,900 $306K

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q3 2024 → Q4 2024
JWSWF Jaws Mustang Acq C -CW26 *W EXP 01/30/202 Sold out 1,170,817 $27Kbefore exit

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

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 17$154.0MHGTY, CLBT, KWY, LFCR, PAR
Q1 2026 17$145.4MHGTY, CLBT, KWY, ASTS, LFCR
Q4 2025 15$230.8MHGTY, PAR, LFCR, CLBT, KWY
Q3 2025Amended 15$242.3MPAR, HGTY, CLBT, KKR, LFCR
Q2 2025 18$284.8MPAR, KKR, LFCR, CLBT, BUR
Q1 2025 17$243.2MPAR, CLBT, KKR, LFCR, BUR
Q4 2024 16$258.7MPAR, CLBT, KKR, LFCR, BUR
Q3 2024 14$235.0MPAR, KKR, CLBT, BUR, HGTY
Q2 2024 15$205.5MPAR, KKR, CLBT, BUR, ALTG
Q1 2024 16$227.4MPAR, KKR, CLBT, BUR, ALTG