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Broad Run Investment Management, LLC

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13F filer, CIK 1568621, ARLINGTON, VA

Broad Run Investment Management, LLC reported $538,467,385 across 24 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17. Its ten largest share positions make up 76.22% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001568621-26-000003

Period
2025-12-31
Reported value
$538M
Holdings
24
Top 10 weight
76.22%
New
1
Sold out
1

Largest buys vs the previous quarter

SecurityShares changeApprox. value
BNadded+403,948$18.5M
ITOTnew+18,657$2.77M
CCOIadded+19,670$424K
BNTadded+7,860$361K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
ASTSreduced-1,985,576-$144M
ECPGexited-35,733-$1.49M
AMATreduced-5,111-$1.31M
KMXreduced-14,569-$563K
AMTreduced-2,401-$422K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q4 2025

Share positions as resolved from 13F-HR 0001568621-26-000003, largest first. % of portfolio is the value over $538,467,385, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
ASTSAST SPACEMOBILE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,799,086 shares; 2024Q4: 3,773,407 shares; 2025Q1: 3,756,229 shares; 2025Q2: 3,682,428 shares; 2025Q3: 3,557,413 shares; 2025Q4: 1,571,837 shares 1,571,837$114M21.2%-1,985,576Timeline
BNBROOKFIELD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,298,016 shares; 2024Q4: 1,073,486 shares; 2025Q1: 1,006,781 shares; 2025Q2: 860,134 shares; 2025Q3: 811,015 shares; 2025Q4: 1,214,963 shares 1,214,963$55.8M10.35%+403,948Timeline
MKLMARKEL GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 33,110 shares; 2024Q4: 32,856 shares; 2025Q1: 24,408 shares; 2025Q2: 21,826 shares; 2025Q3: 20,547 shares; 2025Q4: 20,525 shares 20,525$44.1M8.19%-22Timeline
AMATAPPLIED MATLS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 219,453 shares; 2024Q4: 217,352 shares; 2025Q1: 205,439 shares; 2025Q2: 172,890 shares; 2025Q3: 162,214 shares; 2025Q4: 157,103 shares 157,103$40.4M7.5%-5,111Timeline
AONAON PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 169,626 shares; 2024Q4: 161,176 shares; 2025Q1: 117,085 shares; 2025Q2: 113,237 shares; 2025Q3: 106,617 shares; 2025Q4: 106,567 shares 106,567$37.6M6.98%-50Timeline
ORLYOREILLY AUTOMOTIVE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 50,302 shares; 2024Q4: 45,511 shares; 2025Q1: 31,533 shares; 2025Q2: 439,149 shares; 2025Q3: 399,595 shares; 2025Q4: 398,754 shares 398,754$36.4M6.75%-841Timeline
GOOGALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 96,417 shares; 2024Q4: 93,455 shares; 2025Q1: 91,520 shares; 2025Q2: 82,911 shares; 2025Q3: 68,209 shares; 2025Q4: 67,914 shares 67,914$21.3M3.96%-295Timeline
BAMBROOKFIELD ASSET MANAGMT LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 535,161 shares; 2024Q4: 470,687 shares; 2025Q1: 452,652 shares; 2025Q2: 415,637 shares; 2025Q3: 403,610 shares; 2025Q4: 403,356 shares 403,356$21.1M3.92%-254Timeline
NVRNVR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,190 shares; 2024Q4: 3,164 shares; 2025Q1: 3,099 shares; 2025Q2: 2,921 shares; 2025Q3: 2,786 shares; 2025Q4: 2,783 shares 2,783$20.3M3.77%-3Timeline
AMTAMERICAN TOWER CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 246,177 shares; 2024Q4: 210,435 shares; 2025Q1: 127,912 shares; 2025Q2: 120,300 shares; 2025Q3: 112,276 shares; 2025Q4: 109,875 shares 109,875$19.3M3.58%-2,401Timeline
HLTHILTON WORLDWIDE HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 84,279 shares; 2024Q4: 80,879 shares; 2025Q1: 68,639 shares; 2025Q2: 64,139 shares; 2025Q3: 64,139 shares; 2025Q4: 64,139 shares 64,139$18.4M3.42%0Timeline
CDWCDW CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 172,493 shares; 2024Q4: 171,503 shares; 2025Q1: 152,705 shares; 2025Q2: 133,067 shares; 2025Q3: 128,518 shares; 2025Q4: 125,837 shares 125,837$17.1M3.18%-2,681Timeline
DHRDANAHER CORP DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 70,935 shares; 2024Q4: 70,935 shares; 2025Q1: 70,935 shares; 2025Q2: 70,935 shares; 2025Q3: 70,935 shares; 2025Q4: 70,935 shares 70,935$16.2M3.02%0Timeline
TDGTRANSDIGM GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 13,794 shares; 2024Q4: 13,794 shares; 2025Q1: 12,801 shares; 2025Q2: 10,801 shares; 2025Q3: 10,801 shares; 2025Q4: 10,801 shares 10,801$14.4M2.67%0Timeline
CCOICOGENT COMM HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 706,987 shares; 2024Q4: 700,343 shares; 2025Q1: 698,063 shares; 2025Q2: 677,886 shares; 2025Q3: 644,030 shares; 2025Q4: 663,700 shares 663,700$14.3M2.66%+19,670Timeline
RHRHQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 95,251 shares; 2024Q4: 73,240 shares; 2025Q1: 68,464 shares; 2025Q2: 67,060 shares; 2025Q3: 64,603 shares; 2025Q4: 63,554 shares 63,554$11.4M2.11%-1,049Timeline
KMXCARMAX INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 672,928 shares; 2024Q4: 514,597 shares; 2025Q1: 348,317 shares; 2025Q2: 318,091 shares; 2025Q3: 300,111 shares; 2025Q4: 285,542 shares 285,542$11M2.05%-14,569Timeline
SHENSHENANDOAH TELECOMMUNICATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 941,221 shares; 2024Q4: 933,623 shares; 2025Q1: 933,576 shares; 2025Q2: 920,299 shares; 2025Q3: 897,475 shares; 2025Q4: 891,096 shares 891,096$10.3M1.91%-6,379Timeline
DISDISNEY WALT COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 60,563 shares; 2024Q4: 58,659 shares; 2025Q1: 57,349 shares; 2025Q2: 51,713 shares; 2025Q3: 42,094 shares; 2025Q4: 39,806 shares 39,806$4.53M0.84%-2,288Timeline
FNDFLOOR & DECOR HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 62,000 shares; 2024Q4: 62,000 shares; 2025Q1: 62,000 shares; 2025Q2: 62,000 shares; 2025Q3: 62,000 shares; 2025Q4: 62,000 shares 62,000$3.78M0.7%0Timeline
ITOTISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 18,657 shares 18,657$2.77M0.52%newTimeline
RELXRELX PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 47,000 shares; 2025Q2: 47,000 shares; 2025Q3: 47,000 shares; 2025Q4: 47,000 shares 47,000$1.9M0.35%0Timeline
BNTBROOKFIELD WEALTH SOL LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 15,721 shares; 2024Q4: 15,721 shares; 2025Q1: 15,721 shares; 2025Q2: 15,721 shares; 2025Q3: 15,721 shares; 2025Q4: 23,581 shares 23,581$1.08M0.2%+7,860Timeline
GOOGLALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,754 shares; 2024Q4: 2,754 shares; 2025Q1: 2,754 shares; 2025Q2: 2,670 shares; 2025Q3: 2,535 shares; 2025Q4: 2,535 shares 2,535$793K0.15%0Timeline

Sold out in Q4 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
ECPGENCORE CAP GROUP INC35,733$1.49Mshares

How Q4 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001568621-26-000003 base2026-02-17acceptance time not in the bulk data set