Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (43 quarters reported)
$111M in Q4 2015 → $476M now. Hover for any quarter.
As reported for the quarter ended June 30, 2026. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| Nelnet Inc | 35.5% | Trimmed 24% | 1,269,723 | $169M |
| Boston Omaha Corp | 16.0% | Unchanged | 5,589,253 | $76.2M |
| Asbury Automotive Group Inc | 11.0% | Trimmed 9.5% | 260,658 | $52.4M |
| Core Natural Resources Inc | 7.9% | Trimmed 22% | 467,524 | $37.4M |
| AR Alliance Resource Partners L | 6.4% | Trimmed 11% | 1,262,583 | $30.3M |
| IT Ishares Tr | 4.1% | New | 195,000 | $19.6M |
| Pure Cycle Corp | 4.0% | Trimmed 6.2% | 1,795,421 | $19.2M |
| CC Cogent Comm Holdings Inc | 2.9% | Trimmed 24% | 979,686 | $13.6M |
| S&P Global Inc | 2.8% | New | 32,550 | $13.3M |
| L Lennar Corp | 2.7% | Added 32% | 143,409 | $12.7M |
| BH Berkshire Hathaway Inc Del | 2.0% | New | 19,500 | $9.76M |
| Nvr Inc | 1.6% | Added 131% | 1,130 | $7.7M |
| Markel Group Inc | 0.9% | New | 2,100 | $4.1M |
| Home Bancshares Inc | 0.8% | New | 135,500 | $3.87M |
| Natural Resource Partners LP | 0.8% | New | 37,750 | $3.66M |
| AC Americas Car-mart Inc | 0.7% | Trimmed 11% | 1,119,875 | $3.12M |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 12, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Nelnet Inc | Trimmed | −399,253 | −$53.2M | 35.5% |
| IT Ishares Tr | New | +195,000 | +$19.6M | 4.1% |
| RH Re/max Hldgs Inc | Exited | −2,665,643 | −$15.4M | — |
| S&P Global Inc | New | +32,550 | +$13.3M | 2.8% |
| OM Old Mkt Cap Corp | Exited | −2,515,902 | −$11.2M | — |
| Core Natural Resources Inc | Trimmed | −134,976 | −$10.8M | 7.9% |
| BH Berkshire Hathaway Inc Del | New | +19,500 | +$9.76M | 2.0% |
| Asbury Automotive Group Inc | Trimmed | −27,346 | −$5.5M | 11.0% |
| Nvr Inc | Added | +640 | +$4.36M | 1.6% |
| CC Cogent Comm Holdings Inc | Trimmed | −310,518 | −$4.31M | 2.9% |
Showing the 10 largest of 17 changes.
quarter ended March 31, 2026 · filed April 24, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| AR Alliance Resource Partners L | Trimmed | −1,170,437 | −$32.4M | 7.3% |
| LW Lamb Weston Hldgs Inc | Exited | −212,500 | −$8.9M | — |
| Core Natural Resources Inc | Trimmed | −67,000 | −$7.02M | 11.7% |
| Nvr Inc | New | +490 | +$3.23M | 0.6% |
| L Lennar Corp | Added | +37,719 | +$3.17M | 1.7% |
| Asbury Automotive Group Inc | Added | +8,731 | +$1.71M | 10.5% |
| RH Re/max Hldgs Inc | Trimmed | −201,555 | −$1.16M | 2.9% |
| Pure Cycle Corp | Trimmed | −98,547 | −$991K | 3.6% |
| CC Cogent Comm Holdings Inc | Added | +43,867 | +$826K | 4.5% |
quarter ended December 31, 2025 · filed February 03, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| LW Lamb Weston Hldgs Inc | New | +212,500 | +$8.9M | 1.5% |
| L Lennar Corp | New | +71,031 | +$6.76M | 1.1% |
| Core Natural Resources Inc | Trimmed | −62,500 | −$5.53M | 9.8% |
| Heartland Express Inc | Exited | −484,700 | −$4.06M | — |
| Asbury Automotive Group Inc | Trimmed | −3,350 | −$779K | 10.7% |
| Pure Cycle Corp | Trimmed | −70,302 | −$773K | 3.6% |
| CC Cogent Communications Hldgs | Trimmed | −26,000 | −$561K | 4.4% |
| AR Alliance Resource Partners L | Trimmed | −8,000 | −$186K | 9.9% |
quarter ended September 30, 2025 · filed October 29, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Asbury Automotive Group Inc | Added | +44,500 | +$10.9M | 11.0% |
| CC Cogent Communications Hldgs | Added | +179,126 | +$6.87M | 7.7% |
| AC Americas Car-mart Inc | Trimmed | −167,404 | −$4.89M | 5.8% |
| Heartland Express Inc | New | +484,700 | +$4.06M | 0.6% |
| RM Re Max Hldgs Inc | Trimmed | −380,731 | −$3.59M | 4.3% |
| Core Natural Resources Inc | Added | +17,500 | +$1.46M | 9.7% |
| AR Alliance Resource Partners L | Trimmed | −3,322 | −$84K | 10.4% |
quarter ended June 30, 2025 · filed July 29, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| CC Cogent Communications Hldgs | New | +1,093,211 | +$52.7M | 8.1% |
| Core Natural Resources Inc | Added | +417,500 | +$29.1M | 7.7% |
| Nelnet Inc | Trimmed | −231,024 | −$28M | 31.1% |
| AR Alliance Resource Partners L | Trimmed | −675,331 | −$17.7M | 10.4% |
| AC Americas Car-mart Inc | Trimmed | −154,269 | −$8.65M | 12.3% |
| Asbury Automotive Group Inc | Added | +13,500 | +$3.22M | 8.7% |
quarter ended March 31, 2025 · filed May 01, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Core Natural Resources Inc | New | +297,000 | +$22.9M | 3.9% |
| Asbury Automotive Group Inc | Added | +75,500 | +$16.7M | 8.4% |
| CI Cnh Indl N V | Exited | −1,098,676 | −$12.4M | — |
| AR Alliance Resource Partners L | Trimmed | −166,521 | −$4.54M | 15.1% |
| BA British Amern Tob PLC | Exited | −102,000 | −$3.7M | — |
| RM Re Max Hldgs Inc | Added | +26,798 | +$224K | 4.6% |
quarter ended December 31, 2024 · filed February 10, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| FC Frontier Communications Pare | Exited | −800,797 | −$28.5M | — |
| CI Cnh Indl N V | New | +1,098,676 | +$12.4M | 2.1% |
| BA British Amern Tob PLC | New | +102,000 | +$3.7M | 0.6% |
| RM Re Max Hldgs Inc | Added | +70,457 | +$752K | 5.9% |
| Asbury Automotive Group Inc | Added | +3,000 | +$729K | 6.2% |
| OM Old Mkt Cap Corp | Added | +89,835 | +$577K | 2.8% |
quarter ended September 30, 2024 · filed November 04, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| FC Frontier Communications Pare | Trimmed | −3,598,134 | −$128M | 4.8% |
| AF Ally Finl Inc | Exited | −1,512,025 | −$60M | — |
| AC Americas Car-mart Inc | Added | +813,953 | +$34.1M | 11.2% |
| Asbury Automotive Group Inc | Added | +36,123 | +$8.62M | 5.9% |
| RM Re Max Hldgs Inc | Added | +26,522 | +$330K | 6.6% |
| AR Alliance Resource Partners L | Trimmed | −9,000 | −$225K | 14.5% |
| Pure Cycle Corp | Added | +11,497 | +$124K | 3.8% |
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