JRM Investment Counsel, LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), JRM Investment Counsel, LLC reported 19 stock positions worth $331.0 million. Its top holding was Berkshire Hathaway Class B (BRK.B) at 30.2% of the portfolio, followed by Vanguard Ftse Developed ETF (VEA, 11.2%) and Avantis US Large Cap Value (AVLV, 10.6%). Compared with Q2 2025, it opened 1 new position, added to 8 and reduced 7. The biggest buy was a new position in Carlyle (CG) and the biggest sale Vanguard Ftse Developed ETF (VEA, shares −1%).

Most Recent 13F
Q2 2026
Location
OMAHA, NE
CIK
0001631084
Portfolio Value
$331.0M (Q3 2025)
SEC Filing
0001631084-25-000006 ↗ filed Nov 12, 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 Q2 2025 Q3 2025: $331.0M $331.0M Q3 2025 Q4 2025: $342.9M Q4 2025 Q1 2026: $372.7M Q1 2026 Q2 2026: $410.5M Q2 2026

Holdings 19 stocks · $331.0M
BRK.B Berkshire Hathaway Inc. Class B 30.20% 198,831 $100.0M Add +0.0%
VEA Vanguard Ftse Developed ETF 11.22% 619,537 $37.1M Reduce -0.6%
AVLV Avantis US Large Cap Value 10.64% 487,352 $35.2M Add +0.4%
AVUS Avantis U.S. Equity ETF 10.52% 320,470 $34.8M Reduce -1.3%
AVEM Avantis Emerging Markets Eq 7.08% 311,836 $23.4M Add +4.2%
AVDE Avantis International Equity 5.55% 232,924 $18.4M Add +4.9%
AVUV Avantis US Small Cap Value 5.22% 173,495 $17.3M Add +8.0%
EPD Enterprise Products Partners 5.04% 533,937 $16.7M Add +2.1%
BRK.A Berkshire Hathaway Inc. Class A 5.01% 22 $16.6M No change
AVDV Avantis Intl S/C Value ETF 4.13% 153,715 $13.7M Add +5.6%
PAGP Plains GP Holdings LP 1.26% 229,000 $4.2M Add +4.6%
SPDW Ste STR SPDR PT DW Eu ETF 1.15% 88,913 $3.8M Reduce -2.1%
CG The Carlyle Group Inc. 1.03% 54,240 $3.4M New
AAPL Apple Inc. 0.52% 6,811 $1.7M Reduce -2.1%
TRP TC Energy Corp. 0.44% 27,000 $1.5M No change
IEFA iShares Core MSCI Eafe ETF 0.43% 16,462 $1.4M Reduce -2.1%
VIG Vanguard Dividend Apprec ETF 0.28% 4,274 $922K Reduce -3.2%
BX Blackstone Inc. 0.17% 3,384 $578K Reduce -57.8%
UNP Union Pacific Corp. 0.09% 1,265 $299K No change
Other holdings (2): bonds, preferreds, convertibles and warrants · $3.1M (not counted above)
SecurityClassShares / PrincipalValueChange
WELLS FARGO & COMPANY (WFC 7.5 PERP L) PERP PFD CNV A 1,889$2.3MReduce -10.0%
BANK OF AMERICA CORP (BAC 7.25 PERP L) 7.25%CNV PFD L 569$729KReduce -16.6%

Total filed on the 13F, all lines: $334.1M.

Portfolio Sells Q2 2025 → Q3 2025
VEA Vanguard Ftse Developed ETF Reduce -0.6% 11.22% −0.33
BX Blackstone Inc. Reduce -57.8% 0.17% −0.22
AVUS Avantis U.S. Equity ETF Reduce -1.3% 10.52% −0.11
SPDW Ste STR SPDR PT DW Eu ETF Reduce -2.1% 1.15% −0.05
IEFA iShares Core MSCI Eafe ETF Reduce -2.1% 0.43% −0.02
VIG Vanguard Dividend Apprec ETF Reduce -3.2% 0.28% −0.01
AAPL Apple Inc. Reduce -2.1% 0.52% +0.06

Portfolio Buys Q2 2025 → Q3 2025
CG The Carlyle Group Inc. New 1.03% +1.03
AVUV Avantis US Small Cap Value Add +8.0% 5.22% +0.46
AVEM Avantis Emerging Markets Eq Add +4.2% 7.08% +0.41
AVDV Avantis Intl S/C Value ETF Add +5.6% 4.13% +0.39
AVDE Avantis International Equity Add +4.9% 5.55% +0.21
AVLV Avantis US Large Cap Value Add +0.4% 10.64% −0.11
PAGP Plains GP Holdings LP Add +4.6% 1.26% −0.12
EPD Enterprise Products Partners Add +2.1% 5.04% −0.23
BRK.B Berkshire Hathaway Inc. Class B Add +0.0% 30.20% −1.18

Notes & Other Activity Q2 2025 → Q3 2025
WELLS FARGO & COMPANY (WFC 7.5 PERP L) PERP PFD CNV A Reduce -10.0% 1,889 $2.3M
BANK OF AMERICA CORP (BAC 7.25 PERP L) 7.25%CNV PFD L Reduce -16.6% 569 $729K

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