JRM Investment Counsel, LLC

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), JRM Investment Counsel, LLC reported 18 stock positions worth $307.8 million. Its top holding was Berkshire Hathaway Class B (BRK.B) at 31.4% of the portfolio, followed by Vanguard Ftse Developed ETF (VEA, 11.5%) and Avantis US Large Cap Value (AVLV, 10.8%). Compared with Q1 2025, it opened 1 new position, sold out of 1, added to 11 and reduced 4. The biggest buy was a new position in Avantis International Equity (AVDE) and the biggest sale Blackstone (BX, shares −65%).

Most Recent 13F
Q2 2026
Location
OMAHA, NE
CIK
0001631084
Portfolio Value
$307.8M (Q2 2025)
SEC Filing
0001631084-25-000003 ↗ filed Aug 13, 2025

Holdings Value

0$100.0M$200.0M$300.0M$400.0M$500.0M Q1 2024: $279.4M Q1 2024 Q2 2024: $277.2M Q2 2024 Q3 2024: $272.9M Q3 2024 Q4 2024: $268.2M Q4 2024 Q1 2025: $281.5M Q1 2025 Q2 2025: $307.8M $307.8M Q2 2025 Q3 2025: $331.0M Q3 2025 Q4 2025: $342.9M Q4 2025 Q1 2026: $372.7M Q1 2026 Q2 2026: $410.5M Q2 2026

Holdings 18 stocks · $307.8M
BRK.B Berkshire Hathaway Inc. Class B 31.38% 198,792 $96.6M Add +3.9%
VEA Vanguard Ftse Developed ETF 11.54% 623,253 $35.5M Add +5.4%
AVLV Avantis US Large Cap Value 10.75% 485,224 $33.1M Add +2.2%
AVUS Avantis U.S. Equity ETF 10.63% 324,632 $32.7M Add +6.0%
AVEM Avantis Emerging Markets Eq 6.66% 299,264 $20.5M Add +17.6%
AVDE Avantis International Equity 5.34% 222,000 $16.4M New
EPD Enterprise Products Partners 5.27% 523,012 $16.2M Add +9.4%
BRK.A Berkshire Hathaway Inc. Class A 5.21% 22 $16.0M No change
AVUV Avantis US Small Cap Value 4.76% 160,691 $14.6M Add +1.8%
AVDV Avantis Intl S/C Value ETF 3.75% 145,529 $11.5M Add +5.8%
PAGP Plains GP Holdings LP 1.38% 219,000 $4.3M Add +33.5%
SPDW Ste STR SPDR PT DW Eu ETF 1.20% 90,851 $3.7M Add +1.3%
AAPL Apple Inc. 0.46% 6,956 $1.4M Reduce -42.7%
IEFA iShares Core MSCI Eafe ETF 0.46% 16,812 $1.4M Reduce -46.8%
TRP TC Energy Corp. 0.43% 27,000 $1.3M No change
BX Blackstone Inc. 0.39% 8,025 $1.2M Reduce -65.1%
VIG Vanguard Dividend Apprec ETF 0.29% 4,416 $904K Reduce -2.1%
UNP Union Pacific Corp. 0.09% 1,265 $291K Add +0.2%
Other holdings (2): bonds, preferreds, convertibles and warrants · $3.3M (not counted above)
SecurityClassShares / PrincipalValueChange
WELLS FARGO & COMPANY (WFC 7.5 PERP L) PERP PFD CNV A 2,099$2.5MReduce -69.2%
BANK OF AMERICA CORP (BAC 7.25 PERP L) 7.25%CNV PFD L 682$827KReduce -77.1%

Total filed on the 13F, all lines: $311.1M.

Portfolio Sells Q1 2025 → Q2 2025
BX Blackstone Inc. Reduce -65.1% 0.39% −0.75
AAPL Apple Inc. Reduce -42.7% 0.46% −0.49
IEFA iShares Core MSCI Eafe ETF Reduce -46.8% 0.46% −0.39
VTI VG Morningstar TS MKT ETF-US Sold out 0.00% −0.08
VIG Vanguard Dividend Apprec ETF Reduce -2.1% 0.29% −0.02

Portfolio Buys Q1 2025 → Q2 2025
AVDE Avantis International Equity New 5.34% +5.34
AVEM Avantis Emerging Markets Eq Add +17.6% 6.66% +1.23
VEA Vanguard Ftse Developed ETF Add +5.4% 11.54% +0.87
AVUS Avantis U.S. Equity ETF Add +6.0% 10.63% +0.58
AVDV Avantis Intl S/C Value ETF Add +5.8% 3.75% +0.34
PAGP Plains GP Holdings LP Add +33.5% 1.38% +0.14
SPDW Ste STR SPDR PT DW Eu ETF Add +1.3% 1.20% +0.03
UNP Union Pacific Corp. Add +0.2% 0.09% −0.01
AVUV Avantis US Small Cap Value Add +1.8% 4.76% −0.13
AVLV Avantis US Large Cap Value Add +2.2% 10.75% −0.24
EPD Enterprise Products Partners Add +9.4% 5.27% −0.53
BRK.B Berkshire Hathaway Inc. Class B Add +3.9% 31.38% −4.82

Notes & Other Activity Q1 2025 → Q2 2025
WELLS FARGO & COMPANY (WFC 7.5 PERP L) PERP PFD CNV A Reduce -69.2% 2,099 $2.5M
BANK OF AMERICA CORP (BAC 7.25 PERP L) 7.25%CNV PFD L Reduce -77.1% 682 $827K

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

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 19$410.5MBRK.B, AVLV, VEA, AVUS, AVEM
Q1 2026 19$372.7MBRK.B, AVLV, VEA, AVUS, AVEM
Q4 2025 19$342.9MBRK.B, VEA, AVLV, AVUS, AVEM
Q3 2025 19$331.0MBRK.B, VEA, AVLV, AVUS, AVEM
Q2 2025 18$307.8MBRK.B, VEA, AVLV, AVUS, AVEM
Q1 2025 18$281.5MBRK.B, AVLV, VEA, AVUS, BRK.A
Q4 2024 18$268.2MBRK.B, AVUS, AVLV, VEA, AVUV
Q3 2024 18$272.9MBRK.B, AVUS, VEA, AVLV, AVEM
Q2 2024 19$277.2MBRK.B, AVUS, AVLV, VEA, AVUV
Q1 2024 18$279.4MBRK.B, AVUS, VEA, AVLV, AVUV