JRM Investment Counsel, LLC Long-Term Concentrated

CIK: 0001631084 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 12, 2026

Total Value ($000): $345,724 (100.0% shares, 0.0% debt)

Holdings (21)

Increased Positions (11)

AVLV AMERICAN CENTY ETF TR 10.9%

Value ($000) $37,814 (+7.4%) Shares 499,066 (+2.4%) Est. Cost $52.82 Unrealized —

VEA VANGUARD TAX-MANAGED FDS 11.4%

Value ($000) $39,464 (+6.3%) Shares 631,723 (+2.0%) Est. Cost $47.84 Unrealized —

AVDE AMERICAN CENTY ETF TR 5.7%

Value ($000) $19,573 (+6.5%) Shares 237,767 (+2.1%) Est. Cost $74.40 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL 29.2%

Value ($000) $101,104 (+1.1%) Shares 201,142 (+1.2%) Est. Cost $237.02 Unrealized +109.9%

AVDV AMERICAN CENTY ETF TR 4.3%

Value ($000) $14,712 (+7.5%) Shares 156,562 (+1.9%) Est. Cost $55.71 Unrealized —

AVEM AMERICAN CENTY ETF TR 7.1%

Value ($000) $24,397 (+4.2%) Shares 316,761 (+1.6%) Est. Cost $58.76 Unrealized —

EPD ENTERPRISE PRODS PARTNERS L 5.0%

Value ($000) $17,351 (+3.9%) Shares 541,196 (+1.4%) Est. Cost $25.94 Unrealized —

SPDW SPDR INDEX SHS FDS 1.2%

Value ($000) $4,001 (+5.2%) Shares 90,103 (+1.3%) Est. Cost $33.72 Unrealized —

CG CARLYLE GROUP INC 0.9%

Value ($000) $3,246 (-4.5%) Shares 54,921 (+1.3%) Est. Cost $61.42 Unrealized -8.4%

IEFA ISHARES TR 0.4%

Value ($000) $1,489 (+3.6%) Shares 16,644 (+1.1%) Est. Cost $72.24 Unrealized —

VIG VANGUARD SPECIALIZED FUNDS 0.3%

Value ($000) $971 (+5.2%) Shares 4,416 (+3.3%) Est. Cost $120.62 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AVLV	AMERICAN CENTY ETF TR	499,066 (+2.4%)	$37,814 (+7.4%)	10.9%	$52.82	—	US LARGE CAP VLU	025072349
VEA	VANGUARD TAX-MANAGED FDS	631,723 (+2.0%)	$39,464 (+6.3%)	11.4%	$47.84	—	VAN FTSE DEV MKT	921943858
AVDE	AMERICAN CENTY ETF TR	237,767 (+2.1%)	$19,573 (+6.5%)	5.7%	$74.40	—	INTL EQT ETF	025072703
BRK/B	BERKSHIRE HATHAWAY INC DEL	201,142 (+1.2%)	$101,104 (+1.1%)	29.2%	$237.02	+109.9%	CL B NEW	084670702
AVDV	AMERICAN CENTY ETF TR	156,562 (+1.9%)	$14,712 (+7.5%)	4.3%	$55.71	—	INTL SMCP VLU	025072802
AVEM	AMERICAN CENTY ETF TR	316,761 (+1.6%)	$24,397 (+4.2%)	7.1%	$58.76	—	AVANTIS EMGMKT	025072604
EPD	ENTERPRISE PRODS PARTNERS L	541,196 (+1.4%)	$17,351 (+3.9%)	5.0%	$25.94	—	COM	293792107
SPDW	SPDR INDEX SHS FDS	90,103 (+1.3%)	$4,001 (+5.2%)	1.2%	$33.72	—	PORTFOLIO DEVLPD	78463X889
CG	CARLYLE GROUP INC	54,921 (+1.3%)	$3,246 (-4.5%)	0.9%	$61.42	-8.4%	COM	14316J108
IEFA	ISHARES TR	16,644 (+1.1%)	$1,489 (+3.6%)	0.4%	$72.24	—	CORE MSCI EAFE	46432F842
VIG	VANGUARD SPECIALIZED FUNDS	4,416 (+3.3%)	$971 (+5.2%)	0.3%	$120.62	—	DIV APP ETF	921908844

Decreased Positions (4)

— BANK AMERICA CORP 0.2%

Value ($000) $585 (-19.7%) Shares 467 (-17.9%) Est. Cost $1208.89 Unrealized —

BX BLACKSTONE INC 0.1%

Value ($000) $455 (-21.3%) Shares 2,954 (-12.7%) Est. Cost $40.65 Unrealized +272.6%

— WELLS FARGO CO NEW 0.6%

Value ($000) $2,242 (-3.8%) Shares 1,850 (-2.1%) Est. Cost $1294.04 Unrealized —

AAPL APPLE INC 0.5%

Value ($000) $1,780 (+2.6%) Shares 6,546 (-3.9%) Est. Cost $70.21 Unrealized +282.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	BANK AMERICA CORP	467 (-17.9%)	$585 (-19.7%)	0.2%	$1208.89	—	7.25%CNV PFD L	060505682
BX	BLACKSTONE INC	2,954 (-12.7%)	$455 (-21.3%)	0.1%	$40.65	+272.6%	COM	09260D107
—	WELLS FARGO CO NEW	1,850 (-2.1%)	$2,242 (-3.8%)	0.6%	$1294.04	—	PERP PFD CNV A	949746804
AAPL	APPLE INC	6,546 (-3.9%)	$1,780 (+2.6%)	0.5%	$70.21	+282.2%	COM	037833100

Unchanged Positions (6)

AVUS AMERICAN CENTY ETF TR 10.4%

Value ($000) $35,937 Shares 321,496 Est. Cost $81.40 Unrealized —

AVUV AMERICAN CENTY ETF TR 5.2%

Value ($000) $17,836 Shares 174,902 Est. Cost $79.66 Unrealized —

PAGP PLAINS GP HLDGS L P 1.3%

Value ($000) $4,383 Shares 229,000 Est. Cost $20.76 Unrealized —

TRP TC ENERGY CORP 0.4%

Value ($000) $1,485 Shares 27,000 Est. Cost $34.25 Unrealized +55.8%

BRK/A BERKSHIRE HATHAWAY INC DEL 4.8%

Value ($000) $16,606 Shares 22 Est. Cost $245759.83 Unrealized +203.7%

UNP UNION PAC CORP 0.1%

Value ($000) $293 Shares 1,265 Est. Cost $211.45 Unrealized +7.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AVUS	AMERICAN CENTY ETF TR	321,496	$35,937	10.4%	$81.40	—	US EQT ETF	025072885
AVUV	AMERICAN CENTY ETF TR	174,902	$17,836	5.2%	$79.66	—	US SML CP VALU	025072877
PAGP	PLAINS GP HLDGS L P	229,000	$4,383	1.3%	$20.76	—	LTD PARTNR INT A	72651A207
TRP	TC ENERGY CORP	27,000	$1,485	0.4%	$34.25	+55.8%	COM	87807B107
BRK/A	BERKSHIRE HATHAWAY INC DEL	22	$16,606	4.8%	$245759.83	+203.7%	CL A	084670108
UNP	UNION PAC CORP	1,265	$293	0.1%	$211.45	+7.5%	COM	907818108