Check Capital

Q4 2025 13F · by Steven Check, CIO

As of: Dec 31, 2025
Filed: Feb 6, 2026
US stock: $1.7B · prev $1.6B
Positions: 50 · prev 50
Options notional: $1.8B
Documents: 1· no amendments

Picture48.6% US stock

Partial picture · of what this 13F reports is US stock

US stock listed on a US exchange 48.6%
Foreign stock not listed in the US 0.1%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 51.3%

Moves31 since the prior filing

+2.2 pp in · −2.2 pp out

New 2 +1.70 pp
Added 13 +0.53 pp
Trimmed 13 −0.43 pp
Exited 2 −1.73 pp

Options: 1 move on a notional base, in the table below.

The book

Very concentrated · behaves like 6 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 22% a year, about 4.6 years per position

Low
Moderate
High

Top 5 positions75% of US stock

BRK.B BERKSHIRE HATHAWAY Class B added−1.10 pp added−1.1033.1%
GOOG Alphabet Inc. Class C trimmed+2.17 pp trimmed+2.1713.2%
BN Brookfield Corporation trimmed−0.68 pp trimmed−0.6812.0%
MKL Markel Group Inc. trimmed+0.55 pp trimmed+0.559.9%
AER Aercap Holdings N.V. trimmed+0.74 pp trimmed+0.747.1%

Positions50 in this filing · 2 exited


BRK.BBERKSHIRE HATHAWAY Class B	33.13%	1,102,508	$554M	added+3%	−1.10 pp	21 q
GOOGAlphabet Inc. Class C	13.20%	703,613	$221M	trimmed−2%	+2.17 pp	21 q
BNBrookfield Corporation	12.04%	4,388,968	$201M	trimmed−0%	−0.68 pp	13 q
MKLMarkel Group Inc.	9.94%	77,313	$166M	trimmed−0%	+0.55 pp	21 q
AERAercap Holdings N.V.	7.11%	827,362	$119M	trimmed−1%	+0.74 pp	20 q
FCNCAFirst Citizens BancShares Inc	5.49%	42,788	$92M	added+21%	+1.48 pp	11 q
SIRISirius XM Holdings, Inc	3.45%	2,883,500	$58M	added+40%	+0.41 pp	6 q
DISThe Walt Disney Company	2.97%	436,641	$50M	added+1%	−0.18 pp	21 q
LKQLKQ Corporation	2.81%	1,558,481	$47M	trimmed−2%	−0.27 pp	21 q
HSYThe Hershey Company	2.07%	190,689	$35M	added+1%	−0.17 pp	8 q
JEFJefferies Financial Group Inc.	1.68%	452,487	$28M	new	+1.68 pp	new
CMPRCimpress PLC (Ireland)	1.62%	406,606	$27M	added+6%	+0.09 pp	21 q
BRK.ABerkshire Hathaway Inc.	1.31%	29	$22M	held	—	21 q
WWayfair Inc.	1.00%	167,192	$17M	trimmed−0%	+0.05 pp	21 q
AAPLApple Inc.	0.41%	25,395	$7M	held	—	21 q
BACBank of America Corporation	0.26%	79,737	$4M	trimmed−1%	0.00 pp	21 q
BH.ABiglari Holdings Inc. Class A	0.23%	2,200	$4M	trimmed−1%	+0.01 pp	21 q
MSFTMicrosoft Corp	0.18%	6,126	$3M	held	—	21 q
TRUPTrupanion, Inc.	0.09%	40,780	$2M	trimmed−0%	−0.02 pp	21 q
AMGNAmgen Inc	0.08%	3,885	$1M	held	—	21 q
unresolvedGoogle Inc.	0.07%	3,623	$1M	held	—	21 q
TSLATesla, Inc.	0.07%	2,500	$1M	added+2%	0.00 pp	12 q
CATCaterpillar Inc.	0.06%	1,717	$983,618	held	—	21 q
unresolvedGeneral Electric Co	0.06%	3,240	$998,017	held	—	13 q
GSGoldman Sachs Group Inc.	0.06%	1,230	$1M	held	—	21 q
AMZNAmazon.Com Inc	0.05%	3,481	$803,522	added+11%	+0.01 pp	21 q
BAMBrookfield Asset Management Ltd.	0.04%	12,786	$669,859	added+10%	0.00 pp	13 q
FDXFedEx Corporation	0.04%	2,237	$646,128	trimmed−99%	−2.95 pp	21 q
GEVGE Vernova Inc.	0.04%	988	$645,727	held	—	6 q
XTiShares Trust iShares Future Exponential Technologies ETF	0.04%	8,800	$613,712	held	—	21 q
RTXRTX Corporation	0.04%	3,489	$639,883	held	—	10 q
SPYState Street SPDR S&P 500 ETF Trust	0.04%	965	$658,053	held	—	21 q
unresolvedBiglari Holdings Inc	0.03%	1,340	$445,456	held	—	8 q
GLWCorning Incorporated	0.03%	5,050	$442,178	held	—	6 q
WFCWells Fargo & Co.	0.03%	5,038	$469,542	added+14%	+0.01 pp	21 q
BABoeing Company	0.02%	1,245	$270,314	held	—	5 q
FRFHFFairfax Fincl Hldg S/VTG	0.02%	133	$253,812	new	+0.02 pp	new
FASTFastenal Co	0.02%	7,920	$317,830	held	—	21 q
ITWIllinois Tool Works Inc.	0.02%	1,100	$270,930	held	—	13 q
JPMJPMorgan Chase & Co.	0.02%	955	$307,722	added0%	0.00 pp	5 q
NVDANvidia Corp	0.02%	2,117	$394,820	trimmed−1%	−0.01 pp	5 q
SCHGSchwab U.S. Large-Cap Growth ETF	0.02%	9,800	$319,676	held	—	9 q
UBERUber Technologies, Inc.	0.02%	4,860	$397,111	trimmed−1%	−0.01 pp	11 q
CVXChevron Corporation	0.01%	1,350	$205,753	held	—	2 q
CFGCitizens Financial Group, Inc.	0.01%	3,800	$221,958	held	—	2 q
COPConocoPhillips	0.01%	2,534	$237,208	trimmed−24%	−0.01 pp	19 q
METAMeta Platforms, Inc. Class A	0.01%	336	$221,790	held	—	3 q
DGXQuest Diagnostics Inc.	0.01%	1,300	$225,590	held	—	21 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.01%	719	$237,349	added+1%	−0.01 pp	2 q
VZVerizon Communications	0.01%	5,860	$238,678	added0%	−0.01 pp	21 q
KMXCarMax Inc.	—	−600,043	—	exited	−1.71 pp	—
unresolvedPowershares Qqq Trust Series 1	—	−641	—	exited	−0.02 pp	—

Other 13(f) securities

Options 1

Contract	% of notional	Shares	Notional
BRK.B CALL	100.00%	3,510,000	$1.8B

Notes 0

None in this filing

Source

Form: 13F-HR
Reading: 7 defects · 3 unresolved
Accession: 0001032814-26-000001
Notes: none in this filing
SEC cross-check: SEC data set not published yet

A row was set aside — invalid CUSIP 045290255
A security outside the official 13F list — CUSIP 045290255 not on the Official 13(f) List for 2025-12-31
A security outside the official 13F list — CUSIP 08986R101 not on the Official 13(f) List for 2025-12-31
A security outside the official 13F list — CUSIP 303901102 not on the Official 13(f) List for 2025-12-31
A security outside the official 13F list — CUSIP 369604103 not on the Official 13(f) List for 2025-12-31
A security outside the official 13F list — CUSIP 38259P508 not on the Official 13(f) List for 2025-12-31
A security outside the official 13F list — CUSIP 38259P706 not on the Official 13(f) List for 2025-12-31

Search