Core Insights - The article emphasizes the importance of in-depth research in various investment vehicles such as REITs, mREITs, Preferreds, BDCs, MLPs, and ETFs, highlighting the value of joining iREIT on Alpha for comprehensive insights [1]. Group 1 - Leo Nelissen is identified as a long-term investor and macro-focused strategist, focusing on dividend growth and high-quality compounders [2]. - The approach combines macro analysis with bottom-up stock research to identify businesses with strong cash-flow potential [2]. - Leo also contributes to Main Street Alpha, providing deeper research and actionable investment ideas for long-term investors [2]. Group 2 - The article includes a disclosure indicating that the analyst holds a beneficial long position in several companies, including MIAX, CME, LB, and TPL [3]. - It clarifies that the article reflects the author's opinions and is not influenced by compensation from any company mentioned [3]. Group 3 - Seeking Alpha's disclosure states that past performance does not guarantee future results and that no specific investment recommendations are provided [4]. - It notes that the views expressed may not represent those of Seeking Alpha as a whole, emphasizing the independence of its analysts [4].

Group 1 - The article promotes iREIT on Alpha, highlighting its comprehensive research offerings that include various investment vehicles such as REITs, mREITs, Preferreds, BDCs, MLPs, and ETFs [1] - It mentions that there are 438 testimonials, with most being 5-star ratings, indicating a high level of customer satisfaction [1] Group 2 - Leo Nelissen is identified as a long-term investor and macro-focused strategist, emphasizing his focus on dividend growth and high-quality compounders [2] - The article notes that Nelissen combines macro analysis with bottom-up stock research to identify businesses with strong cash-flow potential [2] - It also mentions that he publishes deeper-dive research and actionable investment ideas for long-term investors on Main Street Alpha [2]

Core Insights - Horizon Kinetics Asset Management increased its position in LandBridge Company LLC by 133,188 shares in Q3, despite a decrease in position value by $71.14 million due to falling share prices [2][3][6] Company Overview - LandBridge Company LLC is an energy infrastructure firm based in Houston, focusing on maximizing value from land and resource assets in the Delaware Basin [8] - The company has a market capitalization of $4.18 billion, with a revenue of $178.81 million and a net income of $24.53 million for the trailing twelve months [5] - LandBridge's business model includes leasing land for oil and natural gas development, collecting royalties, and selling ancillary materials to energy sector participants [12] Financial Performance - In Q3, LandBridge reported revenue of $50.8 million, representing a 78% year-over-year increase, with adjusted EBITDA reaching $44.9 million at an 88% margin [10] - Free cash flow for the quarter was $33.7 million, and management reaffirmed full-year adjusted EBITDA guidance of $165 million to $175 million [10] Investment Position - Following the transaction, LandBridge comprised 3.66% of Horizon Kinetics' 13F assets, with a total of 5.63 million shares valued at $300.47 million [4][6] - As of the latest report, LB shares were priced at $52.57, down 10% over the past year, underperforming the S&P 500, which increased by about 15% in the same period [4]

Group 1 - The article discusses the importance of in-depth research on various investment vehicles including REITs, mREITs, Preferreds, BDCs, MLPs, and ETFs, emphasizing the potential for income generation [1] - Leo Nelissen is highlighted as an analyst focusing on economic developments related to supply chains, infrastructure, and commodities, aiming to provide actionable investment ideas with a focus on dividend growth opportunities [1] Group 2 - The article includes a disclosure indicating that the author has a beneficial long position in specific stocks, which may influence the analysis presented [2] - It is noted that past performance is not indicative of future results, and no specific investment recommendations are made, emphasizing the independent nature of the analysis [3]

Group 1 - The article emphasizes the importance of having at least 30 stocks for a well-diversified portfolio, suggesting a focus on diversification in investment strategies [1] - Leo Nelissen is identified as an analyst specializing in major economic developments related to supply chains, infrastructure, and commodities, indicating a focus on these sectors for investment opportunities [1] - The iREIT®+HOYA Capital team aims to provide insightful analysis and actionable investment ideas, particularly emphasizing dividend growth opportunities, which may attract income-focused investors [1] Group 2 - The article does not provide specific financial data or performance metrics related to companies or industries [2][3]

Company Overview - LandBridge Company LLC is a Houston-based energy infrastructure firm focused on optimizing land and resource assets to support oil and gas development [6] - The company generates revenue primarily through land leasing, royalty income, and the sale of water and other surface resources to energy sector operators [8] - As of November 11, 2025, LandBridge shares were priced at $85.55, with a market capitalization of $6.02 billion, trailing twelve months (TTM) revenue of $178.81 million, and TTM net income of $61.79 million [4] Investment Activity - One Charles Private Wealth Services, LLC increased its stake in LandBridge by 66,806 shares during the third quarter, bringing the total position to approximately 245,000 shares valued at about $13.1 million [2][9] - The LandBridge stake represents 3.43% of One Charles Private Wealth Services, LLC's reportable assets under management [3] Market Performance - LandBridge shares have increased by 28.15% over the past year, although they have underperformed the S&P 500 by 0.17 percentage points [3] - Year-to-date, LandBridge shares have declined by 11%, while the S&P 500 has advanced by 18% [10] - Competitors such as Valaris and Geospace Technologies have outperformed LandBridge, with year-to-date gains of 22% and 23%, respectively [10]

Core Insights - LandBridge Company LLC (NYSE:LB) experienced a significant share price decline of 12.11% from November 19 to November 26, 2025, ranking among the energy stocks that lost the most during that week [1] Financial Performance - In Q3, LandBridge reported an EPS of $0.24, which was $0.27 below estimates, while revenue reached $50.8 million, reflecting a 78% year-over-year increase and exceeding expectations due to growth across all key revenue streams and a high-margin, asset-light business model [3] - Wells Fargo slightly reduced its price target for LandBridge from $91 to $90 but maintained an 'Overweight' rating, citing a strong Q3 performance and improved visibility for 2026, particularly highlighting the growth outlook for surface-use royalty and regional data center momentum [2] Analyst Ratings and Market Reactions - Following the Q3 report, Janney Montgomery Scott downgraded LandBridge from 'Buy' to 'Neutral' on November 13, while increasing its fair value estimate from $63 to $74 [4] - The company faced additional pressure on November 14 after announcing a public offering of 2.5 million Class A shares at $71 per share [4]

Core Insights - The article emphasizes the importance of in-depth research on various income-generating investment vehicles such as REITs, mREITs, Preferreds, BDCs, MLPs, and ETFs [1] Group 1: Research and Analysis - iREIT on Alpha offers comprehensive research services aimed at providing insights into real estate investment trusts and other income alternatives [1] - Leo Nelissen is highlighted as an analyst focusing on significant economic developments, particularly in supply chains, infrastructure, and commodities, contributing to actionable investment ideas [2] Group 2: Analyst Disclosures - The article includes disclosures regarding beneficial long positions in specific shares, indicating the analyst's vested interest in TPL and LB [3] - It clarifies that the opinions expressed are those of the analyst and not influenced by compensation from external sources [3]

Core Insights - LandBridge Company LLC (NYSE:LB) experienced a significant share price decline of 27.52% from November 11 to November 18, 2025, ranking among the energy stocks that lost the most during that week [1] - The company reported mixed Q3 results on November 12, with earnings per share of $0.24 falling short of estimates by $0.27, while revenue increased by over 78% year-over-year to nearly $51 million, exceeding forecasts [3] - Adjusted EBITDA rose by 79% year-over-year, driven by surface and royalty earnings following a recent land acquisition [3] Company Actions - Following the Q3 report, Janney Montgomery Scott downgraded LandBridge from 'Buy' to 'Neutral', but raised its fair value estimate from $63 to $74 [4] - On November 14, LandBridge announced a public offering of 2.5 million Class A shares at $71 per share, with underwriters given a 30-day option to purchase an additional 375,000 shares [4]

Financial Performance - Revenue for Q3 2025 was $50.8 million, representing a 78% increase year-over-year and a 7% increase quarter-over-quarter[5]. - Net income for Q3 2025 was $20.3 million, with a net income margin of 40%[5][10]. - Adjusted EBITDA for Q3 2025 was $44.9 million, up 79% year-over-year and 6% quarter-over-quarter, with an adjusted EBITDA margin of 88%[5][10]. - Total revenues for Q3 2025 reached $50,831,000, a 78.5% increase from $28,487,000 in Q3 2024[29]. - Net income for Q3 2025 was $20,291,000, compared to a net loss of $2,756,000 in Q3 2024, marking a significant turnaround[29]. - Adjusted EBITDA for Q3 2025 was $44,850,000, with an Adjusted EBITDA Margin of 88%[36]. - Cash flows from operating activities for the nine months ended September 30, 2025, were $88,157,000, up from $40,708,000 in the same period of 2024[31]. - Year-over-year comparison shows significant improvement in free cash flow from $7,147,000 in Q3 2024 to $33,725,000 in Q3 2025[42]. Cash Flow and Liquidity - Cash flow from operating activities was $34.9 million, with free cash flow of $33.7 million for Q3 2025[13]. - Total liquidity was $108.3 million as of September 30, 2025, with $80.0 million available under the revolving credit facility[15]. - Cash and cash equivalents at the end of Q3 2025 were $28,316,000, down from $37,032,000 at the beginning of the period[31]. - Net cash provided by operating activities for Q3 2025 was $34,912,000, a decrease from $37,332,000 in Q2 2025[42]. - Free Cash Flow for Q3 2025 was $33,725,000, compared to $36,092,000 in Q2 2025[42]. - Operating cash flow margin for Q3 2025 was 69%, down from 79% in Q2 2025[42]. - Free Cash Flow Margin for Q3 2025 was 66%, a decrease from 76% in Q2 2025[42]. Acquisitions and Investments - The company acquired approximately 37,500 acres, increasing total holdings to over 300,000 surface acres, aimed at diversifying revenue streams[8]. - Acquisitions in Q3 2025 amounted to $5,000, while proceeds from the disposal of assets were $(85,000)[42]. - Net cash used in investing activities for Q3 2025 was $(1,107,000), compared to $(2,079,000) in Q2 2025[42]. Dividends and Outlook - The company declared a quarterly cash dividend of $0.10 per share, payable on December 18, 2025[17]. - The company reaffirms its fiscal year 2025 outlook, expecting adjusted EBITDA between $165 million and $175 million[18]. Asset and Debt Management - Total current assets increased to $57,370,000 as of September 30, 2025, compared to $53,315,000 at the end of 2024[30]. - Long-term debt decreased to $366,081,000 as of September 30, 2025, from $380,815,000 at the end of 2024[30]. - The company’s total assets increased to $1,077,920,000 as of September 30, 2025, compared to $1,032,479,000 at the end of 2024[30]. Revenue Streams - Surface use royalties and revenue generated $35.0 million in Q3 2025, a 2% increase sequentially[10]. - Oil and gas royalties generated $3.3 million in Q3 2025, a 22% sequential increase due to higher net royalty production[12]. - The company reported a significant increase in surface use royalties, totaling $8,235,000 in Q3 2025, compared to $4,227,000 in Q3 2024[29]. - Resource sales for the nine months ended September 30, 2025, amounted to $17,122,000, up from $11,908,000 in the same period of 2024[29]. Overall Financial Health - The company continues to focus on maintaining a strong cash flow despite fluctuations in operating activities[42]. - The overall financial health indicates a robust operational strategy, with a focus on cash generation and prudent investment[42].