Broad Run Investment Management, LLC Long-Term Concentrated

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $538,467 (100.0% shares, 0.0% debt)

Holdings (24)

New Positions (1)

Value ($000) $2,774 Shares 18,657 Est. Cost $148.69 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ITOT	ISHARES TR	18,657	$2,774	0.5%	$148.69	—	CORE S&P TTL STK	464287150

Increased Positions (3)

CCOI COGENT COMMUNICATIONS HLDGS 2.7%

Value ($000) $14,309 (-42.1%) Shares 663,700 (+3.1%) Est. Cost $52.54 Unrealized -43.9%

BN BROOKFIELD CORP 10.4%

Value ($000) $55,755 (+0.2%) Shares 1,214,963 (+49.8%) Est. Cost $29.76 Unrealized +53.0%

BNT BROOKFIELD WEALTH SOL LTD 0.2%

Value ($000) $1,084 (+0.6%) Shares 23,581 (+50.0%) Est. Cost $36.07 Unrealized +26.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CCOI	COGENT COMMUNICATIONS HLDGS	663,700 (+3.1%)	$14,309 (-42.1%)	2.7%	$52.54	-43.9%	COM NEW	19239V302
BN	BROOKFIELD CORP	1,214,963 (+49.8%)	$55,755 (+0.2%)	10.4%	$29.76	+53.0%	CL A LTD VT SH	11271J107
BNT	BROOKFIELD WEALTH SOL LTD	23,581 (+50.0%)	$1,084 (+0.6%)	0.2%	$36.07	+26.4%	CL A EXCHANGEAB	G17434104

Exited Positions (1)

ECPG ENCORE CAP GROUP INC 0.3%

Value ($000) $1,491 Shares 35,733 Est. Cost $36.97 Unrealized +30.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ECPG	ENCORE CAP GROUP INC	35,733	$1,491	0.3%	$36.97	+30.4%	—	292554102

Decreased Positions (7)

ASTS AST SPACEMOBILE INC 21.2%

Value ($000) $114,163 (-34.6%) Shares 1,571,837 (-55.8%) Est. Cost $6.51 Unrealized +996.0%

AMAT APPLIED MATLS INC 7.5%

Value ($000) $40,374 (+21.6%) Shares 157,103 (-3.2%) Est. Cost $130.69 Unrealized +83.2%

CDW CDW CORP 3.2%

Value ($000) $17,139 (-16.3%) Shares 125,837 (-2.1%) Est. Cost $146.74 Unrealized +0.2%

KMX CARMAX INC 2.0%

Value ($000) $11,033 (-18.1%) Shares 285,542 (-4.9%) Est. Cost $52.56 Unrealized -23.9%

AMT AMERICAN TOWER CORP NEW 3.6%

Value ($000) $19,291 (-10.7%) Shares 109,875 (-2.1%) Est. Cost $65.47 Unrealized +175.4%

RH RH 2.1%

Value ($000) $11,386 (-13.3%) Shares 63,554 (-1.6%) Est. Cost $242.72 Unrealized -29.5%

DIS DISNEY WALT CO 0.8%

Value ($000) $4,529 (-6.0%) Shares 39,806 (-5.4%) Est. Cost $117.02 Unrealized -6.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ASTS	AST SPACEMOBILE INC	1,571,837 (-55.8%)	$114,163 (-34.6%)	21.2%	$6.51	+996.0%	COM CL A	00217D100
AMAT	APPLIED MATLS INC	157,103 (-3.2%)	$40,374 (+21.6%)	7.5%	$130.69	+83.2%	COM	038222105
CDW	CDW CORP	125,837 (-2.1%)	$17,139 (-16.3%)	3.2%	$146.74	+0.2%	COM	12514G108
KMX	CARMAX INC	285,542 (-4.9%)	$11,033 (-18.1%)	2.0%	$52.56	-23.9%	COM	143130102
AMT	AMERICAN TOWER CORP NEW	109,875 (-2.1%)	$19,291 (-10.7%)	3.6%	$65.47	+175.4%	COM	03027X100
RH	RH	63,554 (-1.6%)	$11,386 (-13.3%)	2.1%	$242.72	-29.5%	COM	74967X103
DIS	DISNEY WALT CO	39,806 (-5.4%)	$4,529 (-6.0%)	0.8%	$117.02	-6.4%	COM	254687106

Unchanged Positions (13)

ORLY OREILLY AUTOMOTIVE INC 6.8%

Value ($000) $36,370 Shares 398,754 Est. Cost $85.24 Unrealized +14.6%

MKL MARKEL CORP 8.2%

Value ($000) $44,122 Shares 20,525 Est. Cost $597.59 Unrealized +239.0%

GOOG ALPHABET INC 4.0%

Value ($000) $21,311 Shares 67,914 Est. Cost $107.05 Unrealized +167.5%

DHR DANAHER CORPORATION 3.0%

Value ($000) $16,238 Shares 70,935 Est. Cost $230.89 Unrealized -4.9%

NVR NVR INC 3.8%

Value ($000) $20,296 Shares 2,783 Est. Cost $3286.93 Unrealized +127.5%

BAM BROOKFIELD ASSET MANAGMT LTD 3.9%

Value ($000) $21,132 Shares 403,356 Est. Cost $29.04 Unrealized +84.1%

HLT HILTON WORLDWIDE HLDGS INC 3.4%

Value ($000) $18,424 Shares 64,139 Est. Cost $168.73 Unrealized +61.3%

SHEN SHENANDOAH TELECOMMUNICATION 1.9%

Value ($000) $10,301 Shares 891,096 Est. Cost $21.84 Unrealized -45.8%

FND FLOOR & DECOR HLDGS INC 0.7%

Value ($000) $3,775 Shares 62,000 Est. Cost $113.54 Unrealized -42.9%

AON AON PLC 7.0%

Value ($000) $37,605 Shares 106,567 Est. Cost $178.56 Unrealized +95.5%

RELX RELX PLC 0.4%

Value ($000) $1,900 Shares 47,000 Est. Cost $50.41 Unrealized —

GOOGL ALPHABET INC 0.1%

Value ($000) $793 Shares 2,535 Est. Cost $106.26 Unrealized +168.8%

TDG TRANSDIGM GROUP INC 2.7%

Value ($000) $14,364 Shares 10,801 Est. Cost $741.62 Unrealized +76.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ORLY	OREILLY AUTOMOTIVE INC	398,754	$36,370	6.8%	$85.24	+14.6%	COM	67103H107
MKL	MARKEL CORP	20,525	$44,122	8.2%	$597.59	+239.0%	COM	570535104
GOOG	ALPHABET INC	67,914	$21,311	4.0%	$107.05	+167.5%	CAP STK CL C	02079K107
DHR	DANAHER CORPORATION	70,935	$16,238	3.0%	$230.89	-4.9%	COM	235851102
NVR	NVR INC	2,783	$20,296	3.8%	$3286.93	+127.5%	COM	62944T105
BAM	BROOKFIELD ASSET MANAGMT LTD	403,356	$21,132	3.9%	$29.04	+84.1%	CL A LMT VTG SHS	113004105
HLT	HILTON WORLDWIDE HLDGS INC	64,139	$18,424	3.4%	$168.73	+61.3%	COM	43300A203
SHEN	SHENANDOAH TELECOMMUNICATION	891,096	$10,301	1.9%	$21.84	-45.8%	COM	82312B106
FND	FLOOR & DECOR HLDGS INC	62,000	$3,775	0.7%	$113.54	-42.9%	CL A	339750101
AON	AON PLC	106,567	$37,605	7.0%	$178.56	+95.5%	SHS CL A	G0403H108
RELX	RELX PLC	47,000	$1,900	0.4%	$50.41	—	SPONSORED ADR	759530108
GOOGL	ALPHABET INC	2,535	$793	0.1%	$106.26	+168.8%	CAP STK CL A	02079K305
TDG	TRANSDIGM GROUP INC	10,801	$14,364	2.7%	$741.62	+76.7%	COM	893641100