Greenhaven Road Investment Management, L.P. In its 13F for Q3 2025 (holdings as of September 30, 2025, filed December 1, 2025), Greenhaven Road Investment Management, L.P. reported 15 stock positions worth $242.3 million . Its top holding was Par Technology (PAR) at 15.9% of the portfolio, followed by Hagerty Class A (HGTY, 13.2% ) and Cellebrite Di (CLBT, 12.6% ). Compared with Q2 2025, it sold out of 3, added to 5 and reduced 5. The biggest buy was Hagerty Class A (HGTY, shares +47% ) and the biggest sale Par Technology (PAR, shares −2% ).
Location GREENWICH, CT
CIK 0001741129
Portfolio Value $242.3M (Q3 2025) Holdings 15 stocks · $242.3M 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 Q2 2025 PAR Par Technology Corp. 973,198 $38.5M Reduce -2.2% HGTY Hagerty Inc. Class A 2,664,784 $32.1M Add +47.1% CLBT Cellebrite Di Ltd. 1,653,047 $30.6M Add +8.9% KKR KKR & Co. Inc. 219,700 $28.6M Reduce -6.4% LFCR Lifecore Biomedical Inc. 3,694,832 $27.2M No change BUR Burford Capital Ltd. 1,602,812 $19.2M Reduce -1.4% KWY Kingsway Corp. 1,310,536 $19.2M No change LPX Louisiana-Pacific Corp. 186,417 $16.6M Reduce -7.5% ASTS Ast Spacemobile Inc. 329,111 $16.2M Add +22.8% ALLT Allot Ltd. 759,643 $8.0M Add +21.3% SOC Sable Offshore Corp. 289,345 $5.1M Reduce -55.2% NN Nextnav Inc. 60,000 $858K No change MTRX Matrix Service Co. 13,969 $183K No change RSSS Research Solutions Inc. 38,477 $144K No change QRHC Quest Resource Holding Corp. 30,777 $48K Add +137.2%
Options reported separately and not counted above: TLT puts ($369.7M), IWM puts ($65.6M).
Portfolio Sells Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▲ PAR Par Technology Corp. Reduce -2.2% 15.89% −8.34 BNED Barnes & Noble Education Inc. Sold out 0.00% −4.07 ALTG Alta Equipment Group Inc. Sold out 0.00% −3.02 SOC Sable Offshore Corp. Reduce -55.2% 2.08% −2.90 BUR Burford Capital Ltd. Reduce -1.4% 7.91% −0.23 CCRD Corecard Corp. Sold out 0.00% −0.08 LPX Louisiana-Pacific Corp. Reduce -7.5% 6.83% +0.75 KKR KKR & Co. Inc. Reduce -6.4% 11.78% +0.82
Portfolio Buys Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▼ HGTY Hagerty Inc. Class A Add +47.1% 13.24% +6.81 CLBT Cellebrite Di Ltd. Add +8.9% 12.64% +4.11 ASTS Ast Spacemobile Inc. Add +22.8% 6.67% +2.27 ALLT Allot Ltd. Add +21.3% 3.32% +1.44 QRHC Quest Resource Holding Corp. Add +137.2% 0.02% +0.01
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ TLT iShares 20+ Year Treasury BD put New 4,166,500 $369.7M IWM iShares Russell 2000 ETF put New 271,000 $65.6M SABLE OFFSHORE CORP call Sold out 325,000 $7.1Mbefore 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