JRM Investment Counsel, LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 12, 2026), JRM Investment Counsel, LLC reported 19 stock positions worth $342.9 million. Its top holding was Berkshire Hathaway Class B (BRK.B) at 29.5% of the portfolio, followed by Vanguard Ftse Developed ETF (VEA, 11.5%) and Avantis US Large Cap Value (AVLV, 11.0%). Compared with Q3 2025, it added to 13 and reduced 2. The biggest buy was Avantis US Large Cap Value (AVLV, shares +2%) and the biggest sale Blackstone (BX, shares −13%).

Most Recent 13F
Q2 2026
Location
OMAHA, NE
CIK
0001631084
Portfolio Value
$342.9M (Q4 2025)
SEC Filing
0001631084-26-000001 ↗ filed Feb 12, 2026

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 Q3 2025 Q4 2025: $342.9M $342.9M Q4 2025 Q1 2026: $372.7M Q1 2026 Q2 2026: $410.5M Q2 2026

Holdings 19 stocks · $342.9M
BRK.B Berkshire Hathaway Inc. Class B 29.49% 201,142 $101.1M Add +1.2%
VEA Vanguard Ftse Developed ETF 11.51% 631,723 $39.5M Add +2.0%
AVLV Avantis US Large Cap Value 11.03% 499,066 $37.8M Add +2.4%
AVUS Avantis U.S. Equity ETF 10.48% 321,496 $35.9M Add +0.3%
AVEM Avantis Emerging Markets Eq 7.11% 316,761 $24.4M Add +1.6%
AVDE Avantis International Equity 5.71% 237,767 $19.6M Add +2.1%
AVUV Avantis US Small Cap Value 5.20% 174,902 $17.8M Add +0.8%
EPD Enterprise Products Partners 5.06% 541,196 $17.4M Add +1.4%
BRK.A Berkshire Hathaway Inc. Class A 4.84% 22 $16.6M No change
AVDV Avantis Intl S/C Value ETF 4.29% 156,562 $14.7M Add +1.9%
PAGP Plains GP Holdings LP 1.28% 229,000 $4.4M No change
SPDW Ste STR SPDR PT DW Eu ETF 1.17% 90,103 $4.0M Add +1.3%
CG The Carlyle Group Inc. 0.95% 54,921 $3.2M Add +1.3%
AAPL Apple Inc. 0.52% 6,546 $1.8M Reduce -3.9%
IEFA iShares Core MSCI Eafe ETF 0.43% 16,644 $1.5M Add +1.1%
TRP TC Energy Corp. 0.43% 27,000 $1.5M No change
VIG Vanguard Dividend Apprec ETF 0.28% 4,416 $971K Add +3.3%
BX Blackstone Inc. 0.13% 2,954 $455K Reduce -12.7%
UNP Union Pacific Corp. 0.09% 1,265 $293K No change
Other holdings (2): bonds, preferreds, convertibles and warrants · $2.8M (not counted above)
SecurityClassShares / PrincipalValueChange
WELLS FARGO & COMPANY (WFC 7.5 PERP L) PERP PFD CNV A 1,850$2.2MReduce -2.1%
BANK OF AMERICA CORP (BAC 7.25 PERP L) 7.25%CNV PFD L 467$585KReduce -17.9%

Total filed on the 13F, all lines: $345.7M.

Portfolio Sells Q3 2025 → Q4 2025
BX Blackstone Inc. Reduce -12.7% 0.13% −0.04
AAPL Apple Inc. Reduce -3.9% 0.52% −0.01

Portfolio Buys Q3 2025 → Q4 2025
AVLV Avantis US Large Cap Value Add +2.4% 11.03% +0.39
VEA Vanguard Ftse Developed ETF Add +2.0% 11.51% +0.29
AVDV Avantis Intl S/C Value ETF Add +1.9% 4.29% +0.16
AVDE Avantis International Equity Add +2.1% 5.71% +0.16
AVEM Avantis Emerging Markets Eq Add +1.6% 7.11% +0.04
SPDW Ste STR SPDR PT DW Eu ETF Add +1.3% 1.17% +0.02
EPD Enterprise Products Partners Add +1.4% 5.06% +0.02
VIG Vanguard Dividend Apprec ETF Add +3.3% 0.28% +0.00
IEFA iShares Core MSCI Eafe ETF Add +1.1% 0.43% 0.00
AVUV Avantis US Small Cap Value Add +0.8% 5.20% −0.02
AVUS Avantis U.S. Equity ETF Add +0.3% 10.48% −0.04
CG The Carlyle Group Inc. Add +1.3% 0.95% −0.08
BRK.B Berkshire Hathaway Inc. Class B Add +1.2% 29.49% −0.71

Notes & Other Activity Q3 2025 → Q4 2025
WELLS FARGO & COMPANY (WFC 7.5 PERP L) PERP PFD CNV A Reduce -2.1% 1,850 $2.2M
BANK OF AMERICA CORP (BAC 7.25 PERP L) 7.25%CNV PFD L Reduce -17.9% 467 $585K

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