I have \~125,000 in this.
WHK is the way to own the best royalty in the best basin and the people who do this for a living are already all over it. 13F:
Leon Cooperman (Omega) $90.7M 3.26M shares
Horizon Kinetics $43.2M 1.55M shares
The asset is a toll road, not a drilling rig. $477.6M of Appalachian gas-and-oil mineral interests that throw off cash as operators drill them. zero capex, zero opex, no dry-hole risk. You collect the royalty and keep the whole margin. This is the business model Horizon Kinetics built its reputation on, and they're in it.
The cash flow is already turning and locked. Revenue +45% YoY to $29.1M in Q2'26; operating cash flow swung positive to +$6.7M. And it's hedged to 2029 - gas swaps at \~$4.00, the TETCO M2 basis locked at −$1.00, WTI at $61–63. The one variable that usually kills Marcellus economics basis - is nailed down. You own the volumes with the downside pre-paid.
Clean-accounting royalty compounder on North America's lowest-cost gas basin, \~68% owned by institutions, anchored by one of the great value investors and the single best royalty specialist in the business.