Alliancebernstein Holding L.p.

• Horizon Kinetics 1st Quarter Commentary ↗ Horizon Kinetics argues that crowd-driven capital flows create durable discounts in royalty businesses, partnerships and other assets outside index mandates. It discusses recovery-stage positions in Hawaiian Electric and Cheniere, private mineral-rights investments, and senior CLO tranches as income sources with inflation protection and limited rate sensitivity. 1st Quarter 2026 AB $3.4BHE $2BLNG $57BMIAX $4.2B
• Horizon Kinetics 4th Quarter Commentary ↗ Texas Pacific Land, LandBridge and WaterBridge stand to benefit from data-center development in the Delaware Basin, where land, gas and water scarcity create strategic value. The commentary argues that rapid NVIDIA chip cycles may strand early data-center capital, while water treatment, disposal routes and royalty-like business models reward patient resource owners and exchange operators. 4th Quarter 2025 TPL $26BAB $3.4BAMG $9.4BATUSF $2.8B

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