Horizon Kinetics' Trades and Holdings in Q4 2024

We break down the stocks Peter Doyle and Murray Stahl (Horizon Kinetics) bought, sold, and held in Q4 2024, including their holdings at the end of the quarter. All data sourced from Horizon Kinetics' 13F filed on February 10, 2025.

Who are Peter Doyle and Murray Stahl and Horizon Kinetics?

Horizon Kinetics is an independent investment firm founded in 1994 by Murray Stahl and Peter Doyle. The firm pursues a research-driven, long-term contrarian value investing strategy with particular emphasis on owner-operator businesses. Stahl and Doyle's approach centers on identifying overlooked or misunderstood companies with enduring competitive advantages and management teams with significant skin in the game, often holding positions for many years as their investment theses develop.

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Portfolio Changes in Q4 2024

New positions

Horizon Kinetics initiated several new positions in Q4 2024, most notably a $23.2 million stake in Hawaiian Electric (HE), followed by smaller positions in Aris Water Solutions (ARIS) at $5.5 million, Marex Group (MRX) at $4.4 million, and Alliance Resource Partners (ARLP) at $1.4 million.

Bought

The firm significantly increased its position in DigitalBridge (DBRG), expanding the holding from $6.5 million to $50.6 million for a 673% return, and substantially added to Landbridge (LB), growing that position from $203 million to $349 million. Other notable additions included Viper Energy (VNOM), San Juan Basin Royalty Trust (SJT), and Osisko Gold Royalties (OR).

Sold

Horizon Kinetics completely liquidated positions in CVS Health (CVS) worth $807,000, Blackstone Mortgage (BXMT) at $720,000, and several leveraged ETFs including UltraPro QQQ (TQQQ) and UltraPro Short QQQ (SQQQ). The firm also significantly reduced holdings in Nutrien (NTR) by 79% and BlackRock MuniHoldings Fund (MHD) by 88%.

New Investments in Q4 2024

Hawaiian Electric HE

Peter Doyle and Murray Stahl bought $23.15M of Hawaiian Electric in Q4 2024. Hawaiian Electric Industries reported mixed Q1 2025 results with core income from continuing operations rising 42.9% year-over-year to $40 million, though EPS declined to $0.23 from $0.26 in Q1 2024 due to share dilution. The company reduced holding company debt by $384 million through asset sales and advanced its Maui wildfire settlement process, improving financial flexibility. Strategic moves like divesting Hamakua Energy and progressing wildfire safety measures position the company for long-term stability despite ongoing litigation costs.

• Core income from continuing operations grew 42.9% YoY to $40M in Q1 2025.
• Reduced debt by $384M through American Savings Bank sale proceeds.
• Q1 2025 EPS of $0.23 met analyst estimates but declined 11.5% YoY.

Aris Water Solutions ARIS

Peter Doyle and Murray Stahl bought $5.49M of Aris Water Solutions in Q4 2024. Aris Water Solutions (ARIS) reported strong Q1 2025 results with adjusted EBITDA rising 6% YoY to $56.5 million, driven by record produced water volumes. Despite beating earnings and revenue forecasts ($0.35 EPS vs. $0.30 estimate), the stock fell 16% post-announcement due to market concerns about commodity price headwinds and high net debt levels. The company maintains growth momentum in water recycling infrastructure, positioning it as a key sustainability partner in the Permian Basin.

• Q1 revenue of $120.5M exceeded forecasts by 5.6% ($114.1M estimate).
• Adjusted EBITDA grew 4% sequentially and 6% YoY in Q1 2025.
• Stock trades at 16.01% below pre-earnings price despite results, with net debt at 3.2x EBITDA.

Marex Group MRX

Peter Doyle and Murray Stahl bought $4.41M of Marex Group in Q4 2024. Marex Group (MRX) delivered robust Q1 2025 results, with 28% year-over-year revenue growth to $467.3 million and 42% growth in adjusted profit before tax to $96.3 million, driven by strong client activity and market conditions. The company expanded its equity base by 7% to $1,046.2 million and completed a $500 million debt issuance, strengthening liquidity. Recent initiatives like Prime Services expansion and a dividend hike to $0.15 per share reflect strategic execution and investor confidence.

• Revenue grew 28% YoY to $467.3 million in Q1 2025, up from $365.8 million in Q1 2024.
• Adjusted profit before tax surged 42% YoY to $96.3 million, outpacing industry peers.
• Equity increased 7% to $1,046.2 million, supported by a $500 million debt offering to diversify funding.

Alliance Resource Partners ARLP

Peter Doyle and Murray Stahl bought $1.44M of Alliance Resource Partners in Q4 2024. Alliance Resource Partners reported mixed Q1 2025 results with revenue of $540.5M, down 17.1% YoY but net income rose 354% sequentially to $74M. Despite missing EPS estimates by $0.04, the stock gained 3.31% on strong coal demand and secured contracts through 2028. Strategic cost efficiencies and 96% committed 2025 coal sales position the company for stable cash flows amid market uncertainties.

• Q1 revenue declined 17.1% YoY to $540.5M, though EBITDA margins improved to 29.6%.
• EPS of $0.57 missed estimates by $0.04, yet shares rose 3.31% post-earnings.
• Secured 17.7M tons of new coal commitments for 2025-2028, with 96% of 2025 volumes priced.

iPath S&P 500 VXX

Peter Doyle and Murray Stahl bought $1.14M of iPath S&P 500 in Q4 2024. iPath S&P 500 VIX Short-Term Futures ETN (VXX) delivered strong performance in Q1 2025, outperforming its ETF Database category average with a 24.30% 3-month return versus 13.74% for peers. This surge coincided with heightened market volatility driven by geopolitical tensions and protectionist policies, as reflected in its 179.51% 5-day volatility metric. While long-term returns remain negative, the ETN gained 128.09% from its 52-week low through April 2025, reaching new yearly highs.

• 20.31% YTD return through April 2025, outperforming category average of 14.91%.
• 24.30% 3-month return vs 13.74% peer average, fueled by Q1 2025 volatility spike.
• 179.51% 5-day volatility as of April 2025, nearly triple its 200-day volatility of 93.72%.

MuniVest II MVT

Peter Doyle and Murray Stahl bought $505.62K of MuniVest II in Q4 2024. MuniVest II demonstrated 79.2% year-over-year revenue growth through January 2025, fueled by municipal bond market tailwinds and operational efficiency gains. However, the fund recently reduced its quarterly dividend by 22.9% ($0.07 to $0.054) amid tighter fiscal conditions, while maintaining a 13.91% annualized distribution rate. Its 3.62% YTD market price return outpaces the NAV growth (1.26%), though both metrics show recent softness in May 2025 pricing.

• Operating revenue surged 79.2% YoY to RMB852,733k (Jan 2025 vs Jan 2024).
• Market Price Total Return of 3.62% YTD through March 2025, versus -5.92% 1-month return indicating recent volatility.
• Quarterly distribution cut to $0.054 (May 2025) from $0.07 in January 2025 despite AAA-rated bond focus.

BlackRock Quality Municipal BKN

Peter Doyle and Murray Stahl bought $470.05K of BlackRock Quality Municipal in Q4 2024. BlackRock Quality Municipal Trust has seen mixed performance recently, with a -3.40% YTD NAV total return as of April 2025 amid broader market volatility. The trust maintains a competitive 5.16% distribution rate despite recent declines, while parent company BlackRock reported strong institutional momentum with $84 billion in Q1 2025 net inflows and 6% organic base fee growth - its best quarterly start since 2021.

• -3.40% YTD NAV return through April 2025 reflects pressure on municipal bond valuations.
• 5.16% distribution rate remains elevated compared to peers despite recent NAV declines.
• Parent company's 12% YoY revenue growth and $84B quarterly inflows suggest strong institutional support.

Ladder Capital LADR

Peter Doyle and Murray Stahl bought $458.79K of Ladder Capital in Q4 2024. Ladder Capital Corp (LADR) reported mixed Q1 2025 results with $10.7M GAAP pretax income and $0.20 distributable EPS, while demonstrating strategic growth through increased loan originations and a $100M stock buyback authorization. The company has maintained momentum with new loans outpacing payoffs, supported by its investment-grade credit rating achieved in May 2025. Recent capital allocation moves and improved liquidity position suggest potential for value creation despite modest ROE of 6.6%.

• Distributable EPS of $0.20 with ROE of 6.6% in Q1 2025 .
• Announced $100M stock repurchase authorization (50% increase from prior program) .
• Achieved investment-grade credit rating in May 2025, potentially lowering financing costs .

NuScale Power SMR

Peter Doyle and Murray Stahl bought $242.95K of NuScale Power in Q4 2024. NuScale Power (SMR) demonstrated explosive growth in Q1 2025, with revenue surging 929% year-over-year to $13.4 million, driven by its Romanian RoPower project and licensing agreements. The company reduced operating losses by 20% to $35.3 million while maintaining $521.4 million in liquidity to support commercialization. Shares have risen 33% YTD, outperforming the S&P 500, as investors bet on its leadership in small modular reactors for decarbonization.

• Q1 2025 revenue of $13.4M smashed forecasts by 480%, up from $1.4M in Q1 2024.
• Raised $102.4M via stock offering in Q1, boosting cash reserves to $521.4M (24% quarter-over-quarter increase).
• Stock gained 30% in 2025 vs S&P 500's 0.6% decline, fueled by DOE design certification progress.

AT&T T

Peter Doyle and Murray Stahl bought $236.81K of AT&T in Q4 2024. AT&T delivered strong Q1 2025 results with $30.6 billion revenue and 6.3% YoY EPS growth to $0.51, driven by 324,000 postpaid wireless and 261,000 fiber subscriber additions. The company is gaining market share in 5G and fiber broadband, outperforming Verizon's subscriber losses, while maintaining 2025 guidance and announcing upcoming share repurchases. Recent performance confirms AT&T's strategic pivot to core telecom services is resonating with customers and improving financial metrics.

• 4.4% YoY EBITDA growth to $11.5 billion with $3.1 billion free cash flow.
• 19% YoY fiber revenue growth with 9.6 million total fiber subscribers.
• Stock gained 4.27% premarket following earnings release.

Chesapeake Energy CHK

Peter Doyle and Murray Stahl bought $219.31K of Chesapeake Energy in Q4 2024. Chesapeake Energy (CHK) demonstrated significant financial improvement in Q1 2025, with adjusted net income surging to $487 million and Adjusted EBITDAX reaching $1.395 billion, marking a 175% year-over-year increase in EBITDAX. The company's inclusion in the S&P 500 index and its pending merger with Southwestern Energy position it for enhanced market visibility and operational scale. CHK outperformed energy sector volatility metrics, with Q1 2025 volatility at 30.82% compared to the XLE ETF's 23.14%, reflecting investor confidence in its growth trajectory.

• Adjusted EBITDAX grew 175% YoY to $1.395 billion in Q1 2025, up from $508 million in Q1 2024 .
• Delivered $112 million in adjusted free cash flow, enabling a $0.715 per share dividend payout .
• Added to S&P 500 index in Q1 2025, potentially attracting $11 billion in passive fund inflows .

Cheniere Energy Partners CQP

Peter Doyle and Murray Stahl bought $212.48K of Cheniere Energy Partners in Q4 2024. Cheniere Energy Partners reported mixed Q1 2025 results with $3.0 billion revenue beating estimates but 6% YoY net income decline to $641 million. The company maintained its full-year distribution guidance of $3.25-$3.35 per unit, signaling confidence in cash flow stability. While LNG demand remains strong, margin compression and infrastructure investment costs impacted quarterly profitability.

• Q1 2025 revenue of $3.0 billion surpassed estimates by 7.9% (vs. $2.78B expected).
• Adjusted EBITDA grew 4% YoY to $1.0 billion despite net income decline.
• Maintained $3.10/share base distribution with $2.0B liquidity position.

American Express AXP

Peter Doyle and Murray Stahl bought $207.75K of American Express in Q4 2024. American Express (AXP) delivered strong Q1 2025 results with $3.64 EPS beating estimates and 7% YoY revenue growth to $16.97B, driven by resilient consumer spending. Despite maintaining full-year guidance of $15.00-$15.50 EPS and 8-10% revenue growth, shares remain down 15% YTD amid broader market pressures. Recent developments including a Bank of America upgrade and credit rating improvements suggest underlying strength in its premium customer base.

• Q1 EPS of $3.64 surpassed estimates by 4.9% ($3.47 expected).
• Net interest income grew 1.7% to $4.17B, outperforming $4.10B consensus.
• YTD stock decline of 15% contrasts with 260bps EBITDA margin expansion in travel division.

Holdings at the end of Q4 2024

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