Greenhaven Road Investment Management, L.P. In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 5, 2025), Greenhaven Road Investment Management, L.P. reported 17 stock positions worth $243.2 million . Its top holding was Par Technology (PAR) at 25.4% of the portfolio, followed by Cellebrite Di (CLBT, 12.6% ) and KKR (KKR, 11.6% ). Compared with Q4 2024, it opened 2 new positions, sold out of 1, added to 8 and reduced 5. The biggest buy was Barnes & Noble Education (BNED, shares +106% ) and the biggest sale Cellebrite Di (CLBT, shares −20% ).
Location GREENWICH, CT
CIK 0001741129
Portfolio Value $243.2M (Q1 2025) Holdings 17 stocks · $243.2M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2024 PAR Par Technology Corp. 1,007,289 $61.8M Add +14.7% CLBT Cellebrite Di Ltd. 1,572,093 $30.5M Reduce -20.4% KKR KKR & Co. Inc. 244,700 $28.3M Reduce -8.3% LFCR Lifecore Biomedical Inc. 3,616,146 $25.5M No change BUR Burford Capital Ltd. 1,607,622 $21.2M No change LPX Louisiana-Pacific Corp. 194,917 $17.9M Add +28.6% SOC Sable Offshore Corp. 600,889 $15.2M Reduce -3.6% HGTY Hagerty Inc. Class A 1,360,506 $12.3M Add +10.1% BNED Barnes & Noble Education Inc. 1,069,162 $11.2M Add +105.7% ALTG Alta Equipment Group Inc. 1,794,389 $8.4M Reduce -0.1% KWY Kingsway Corp. 755,645 $6.0M Add +47.9% APPS Digital Turbine Inc. 1,025,951 $2.8M New ALLT Allot Ltd. 168,298 $961K Add +68.3% NN Nextnav Inc. 60,000 $730K New MTRX Matrix Service Co. 13,969 $162K Add +0.3% RSSS Research Solutions Inc. 37,743 $103K Reduce -6.2% QRHC Quest Resource Holding Corp. 11,482 $27K Add +3.9%
Options reported separately and not counted above: SABLE OFFSHORE CORP calls ($2.2M).
Portfolio Sells Q4 2024 → Q1 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▲ CLBT Cellebrite Di Ltd. Reduce -20.4% 12.56% −4.26 KKR KKR & Co. Inc. Reduce -8.3% 11.63% −3.62 ALTG Alta Equipment Group Inc. Reduce -0.1% 3.46% −1.08 MKTW Marketwise Inc. Sold out 0.00% −0.15 RSSS Research Solutions Inc. Reduce -6.2% 0.04% −0.02 SOC Sable Offshore Corp. Reduce -3.6% 6.27% +0.75
Portfolio Buys Q4 2024 → Q1 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▼ BNED Barnes & Noble Education Inc. Add +105.7% 4.62% +2.60 LPX Louisiana-Pacific Corp. Add +28.6% 7.37% +1.30 APPS Digital Turbine Inc. New 1.15% +1.15 KWY Kingsway Corp. Add +47.9% 2.46% +0.81 PAR Par Technology Corp. Add +14.7% 25.41% +0.74 HGTY Hagerty Inc. Class A Add +10.1% 5.06% +0.45 NN Nextnav Inc. New 0.30% +0.30 ALLT Allot Ltd. Add +68.3% 0.40% +0.17 MTRX Matrix Service Co. Add +0.3% 0.07% +0.00 QRHC Quest Resource Holding Corp. Add +3.9% 0.01% −0.02
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ STATE STR SPDR S&P 500 ETF T put Sold out 600,000 $351.6Mbefore exit PAR TECHNOLOGY CORP call Sold out 200,000 $14.5Mbefore exit SABLE OFFSHORE CORP call New 85,200 $2.2M DIGITAL TURBINE INC call Sold out 180,900 $306Kbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 17 $154.0M HGTY, CLBT, KWY, LFCR, PAR Q1 2026 17 $145.4M HGTY, CLBT, KWY, ASTS, LFCR Q4 2025 15 $230.8M HGTY, PAR, LFCR, CLBT, KWY Q3 2025 Amended 15 $242.3M PAR, HGTY, CLBT, KKR, LFCR Q2 2025 18 $284.8M PAR, KKR, LFCR, CLBT, BUR Q1 2025 17 $243.2M PAR, CLBT, KKR, LFCR, BUR Q4 2024 16 $258.7M PAR, CLBT, KKR, LFCR, BUR Q3 2024 14 $235.0M PAR, KKR, CLBT, BUR, HGTY Q2 2024 15 $205.5M PAR, KKR, CLBT, BUR, ALTG Q1 2024 16 $227.4M PAR, KKR, CLBT, BUR, ALTG