halbergman/iStock via Getty Images Black Stone Minerals ( BSM ) is expecting its production to ramp up during 2026 after falling to around 32,100 BOEPD in Q4 2025. It expects an average of roughly 34,500 BOEPD in 2026 production (roughly the same as 2025), and that points to double-digit production growth from Q4 2025 to Q4 2026. Black Stone has most of its 2026 production hedged, so changes in co...
halbergman/iStock via Getty Images Black Stone Minerals ( BSM ) is expecting its production to ramp up during 2026 after falling to around 32,100 BOEPD in Q4 2025. It expects an average of roughly 34,500 BOEPD in 2026 production (roughly the same as 2025), and that points to double-digit production growth from Q4 2025 to Q4 2026. Black Stone has most of its 2026 production hedged, so changes in commodity prices should have little direct impact on its distributable cash flow. I expect it to maintain a $0.30 per unit quarterly distribution during 2026, although spending on seismic data acquisitions and mineral and royalty acquisitions will likely result in its leverage and net debt increasing during the year. I am slightly trimming my estimate of Black Stone's value from $16 per unit to $15.50 per unit due to lower near-term production expectations and the projected increase in its net debt and leverage in 2026. Q4 2025 Results Black Stone ended up with approximately 32,100 BOEPD (74% natural gas) in Q4 2025 production, bringing its full-year production to approximately 34,600 BOEPD (74% natural gas). This production was towards the high end of its revised (in Q2 2025) full-year production guidance of 33,000 to 35,000 BOEPD, although well below its initial guidance of 38,000 to 41,000 BOEPD. Black Stone had revised its guidance downward due to lower-than-expected first-half production plus expectations for delayed natural gas production growth during the rest of the year. Blackstone's distribution coverage for Q4 2025 was 1.05x with its $0.30 per unit distribution. Black Stone's production fell by 11.5% quarter-over-quarter, which was a bit more than I expected, contributing to its distribution coverage being lower than my 1.1x projection. It expects its production to ramp up from Q4 2025 levels throughout 2026, with "solid growth" from Q4 2025 to Q4 2026. 2026 Outlook Black Stone expects roughly 33,000 to 36,000 BOEPD in 2026 production (with a guidance midpoint of 3...
ICE New Orleans Reports 11,000 Deportations In January Look no further than the reason unhinged Democrats want to rein in, or even abolish, ICE: these left-wing politicians have championed nation-killing open borders under a globalist framework, flooding their sanctuary cities with illegal aliens to build a new voter bloc. That voter bloc then translates into voting power, and ICE is now reversing...
ICE New Orleans Reports 11,000 Deportations In January Look no further than the reason unhinged Democrats want to rein in, or even abolish, ICE: these left-wing politicians have championed nation-killing open borders under a globalist framework, flooding their sanctuary cities with illegal aliens to build a new voter bloc. That voter bloc then translates into voting power, and ICE is now reversing that power through deportations tied to national security threats. On Wednesday, the ICE field office in New Orleans reported that, in January, it made 2,714 arrests, carried out 10,886 deportations, and recorded more than 25 gang-related arrests. In the month of January, ICE New Orleans was on 🔥 💥Arrests: 2,714 💥Deportations: 10,886 💥Gang Arrest: 25 — ICE New Orleans (@ERONewOrleans) February 25, 2026 One X user asked: "I wonder what happens to housing costs in New Orleans when 3% of the population is removed. Affordable housing coming soon." I wonder what happens to housing costs in New Orleans when 3% of the population is removed. Affordable housing coming soon. pic.twitter.com/GSgOSOYCke — John D S (@USC2ndAmendment) February 26, 2026 There was discussion on X about people claiming that the nearly 11,000 deportations were equivalent to 3% of the sanctuary city's total population. However, the National Immigration Center for Enforcement clarified the figure and corrected any misrepresentations. "Calling this "3% of New Orleans" misreads how ICE operates (and is a premature mass deportation victory lap). These 10,886 deportations went through the top ICE Air hub, processing illegals from all over. Great, but the scale must continue to be ramped up! @Phase2Deport," National Immigration Center for Enforcement wrote on X. Calling this “3% of New Orleans” misreads how ICE operates (and is a premature mass deportation victory lap). These 10,886 deportations went through the top ICE Air hub, processing illegals from all over. Great, but the scale must continue to be ramped up!...
Riot police use teargas to disperse people gathering around wreckage of plane loaded with money from central bank At least 15 people have died after a military cargo plane carrying banknotes crashed on Friday near Bolivia’s capital, damaging about a dozen vehicles on a highway and scattering bills on the ground, an official has said. Fire chief Pavel Tovar did not specify if those killed were in t...
Riot police use teargas to disperse people gathering around wreckage of plane loaded with money from central bank At least 15 people have died after a military cargo plane carrying banknotes crashed on Friday near Bolivia’s capital, damaging about a dozen vehicles on a highway and scattering bills on the ground, an official has said. Fire chief Pavel Tovar did not specify if those killed were in the plane or on the highway near the airport in La Paz. He said people had been injured. Continue reading...
champc/iStock via Getty Images The equity portion of the Fund rose (gross of fees) but underperformed its benchmark over the quarter. 1 Expense ratios Fiscal year ended September 30 (%) Annual Expenses Percent of Net Assets Percent of Managed Assets Management Fees 1.25 1.19 Other Expenses 0.24 0.23 Fee Waiver 0.00 0.00 Operating Expenses 1.49 1.42 Leverage Costs 1.71 1.63 Total Expenses 3.20 3.05...
champc/iStock via Getty Images The equity portion of the Fund rose (gross of fees) but underperformed its benchmark over the quarter. 1 Expense ratios Fiscal year ended September 30 (%) Annual Expenses Percent of Net Assets Percent of Managed Assets Management Fees 1.25 1.19 Other Expenses 0.24 0.23 Fee Waiver 0.00 0.00 Operating Expenses 1.49 1.42 Leverage Costs 1.71 1.63 Total Expenses 3.20 3.05 Total Expenses before Fee Waiver 3.20 3.05 Click to enlarge Effective upon the close of business on October 27, 2023, the Adviser entered into a written contract with the Fund to limit the total ordinary operating expenses of the Fund (excluding leverage costs, interest, taxes, brokerage commissions, acquired fund fees and expenses and any non-routine expenses) from exceeding 1.51% of the average daily net assets of the Fund on an annualized basis for twelve months (the "Expense Limitation Agreement"). The Expense Limitation Agreement may not be terminated before October 27, 2025, without the approval of the Fund's trustees who are not "interested persons" of the Fund (as defined in the 1940 Act). Click to enlarge Performance The latest available performance figures have been calculated net-of-fees in U.S. dollars for the period: Cumulative and annualized total return as of December 31, 2025 (%) NAV Market price Quarter to date 5.13 4.25 Year to date 30.91 30.90 1 year 30.91 30.90 3 years (p.a.) 11.91 7.29 5 years (p.a.) 8.63 6.78 Since inception (p.a.) 7.31 8.76 Click to enlarge Past Performance is no guarantee of future results. Investment returns and principal value will fluctuate and shares, when sold, may be worth more or less than original cost. Current performance may be lower or higher than the performance quoted. NAV return data includes investment management fees, custodial charges and administrative fees (such as Director and legal fees) and assumes the reinvestment of all distributions. abrdn Inc. (the "Adviser") became the Fund's adviser on October 27, 2023. F...
Compared to other electric car stocks, Rivian (NASDAQ: RIVN) shares are undeniably cheap. Tesla stock, for example, trades at 15.8 times sales. Lucid Group , a struggling EV competitor, trades at 3.3 times sales. Yet Rivian -- a promising EV maker with an exciting few years ahead of it -- trades at just 2.9 times sales. From this perspective, Rivian stock looks extraordinarily cheap, especially fo...
Compared to other electric car stocks, Rivian (NASDAQ: RIVN) shares are undeniably cheap. Tesla stock, for example, trades at 15.8 times sales. Lucid Group , a struggling EV competitor, trades at 3.3 times sales. Yet Rivian -- a promising EV maker with an exciting few years ahead of it -- trades at just 2.9 times sales. From this perspective, Rivian stock looks extraordinarily cheap, especially following the recent correction . But does that make shares a buy? You might be surprised by the answer. The valuation gap between Rivian and Tesla is huge. The same is true for Lucid's valuation versus Tesla's. And while relative valuation techniques are still useful in this context, you'll need to take this valuation gap with a grain of salt. Continue reading
Getty Images By Ryan J. Puplava Tariff-ic Trouble The week opened with policy-driven volatility after President Trump raised the Section 122 global tariff rate to 15% from 10% and warned of further measures against countries attempting to revisit trade agreements. Reports that the EU was pausing approval of a deal added to uncertainty, and speculation that Congress may not extend Section 122 tarif...
Getty Images By Ryan J. Puplava Tariff-ic Trouble The week opened with policy-driven volatility after President Trump raised the Section 122 global tariff rate to 15% from 10% and warned of further measures against countries attempting to revisit trade agreements. Reports that the EU was pausing approval of a deal added to uncertainty, and speculation that Congress may not extend Section 122 tariffs beyond 150 days compounded the ambiguity. Markets repriced quickly. The S&P 500 fell 1.0% Monday, the Nasdaq 1.1%, and the Dow 1.7%, with the S&P closing below its 50-day moving average. Small- and mid-caps underperformed, reflecting greater sensitivity to tighter financial conditions. Import-heavy consumer discretionary names such as Williams-Sonoma ( WSM ) (-6.0%), lululemon ( LULU ) (-4.9%), and Nike ( NKE ) (-3.6%) were pressured, while travel names like Expedia ( EXPE ) (-7.4%) and MGM Resorts ( MGM ) (-6.9%) declined alongside broader cyclicals. Defensive sectors - consumer staples (+1.5%), healthcare (+1.2%), and utilities (+0.7%) - led performance. By Friday, inflation data reinforced caution. January PPI rose 0.5% month over month versus 0.3% expected, and core PPI surged 0.8% versus 0.3% expected. The hotter pipeline inflation print complicated expectations for Fed easing and weighed on rate-sensitive equities, particularly small caps. The Russell 2000 fell 2.1% Friday, materially underperforming large caps. Other economic data were resilient: Consumer Confidence rose to 91.2 versus 86 expected, initial jobless claims held at 212,000, and Chicago PMI jumped to 57.7 versus 52.5 expected. Growth remains intact, but sticky inflation narrows policy flexibility. Investment Implication : Tariff risk and firm inflation tend to support defensive sectors and energy while pressuring cyclicals and small caps. Hotter PPI can push Treasury yields higher, weighing on longer-duration bond prices and increasing equity rate sensitivity. AI: Chips Up, Apps Down Technology once a...
A Bolivian military aircraft transporting cash for the central bank crashed near El Alto International Airport in the western part of the country, leaving more than 10 people dead and an unspecified number injured. The crash was followed by unrest at the scene as dozens of people attempted to seize banknotes scattered across the area, clashing with security forces. Police used tear gas and water c...
A Bolivian military aircraft transporting cash for the central bank crashed near El Alto International Airport in the western part of the country, leaving more than 10 people dead and an unspecified number injured. The crash was followed by unrest at the scene as dozens of people attempted to seize banknotes scattered across the area, clashing with security forces. Police used tear gas and water cannons to disperse crowds before burning the bills after central bank officials said the cash had no legal value. “These banknotes are not valid, they are illegal, they are not in circulation. Therefore, we are proceeding to burn them, and anyone who holds them is acting illegally,” David Espinoza , the central bank’s president, said at the site as flames consumed the currency. The shipment was part of a contract for 966.9 million banknotes from Crane Currency Malta Ltd., Espinoza said, without specifying how much money was on board. The cash was being transported by military aircraft from Santa Cruz to El Alto, near the capital La Paz. The Air Force said eight crew members were on board the aircraft. At least six were injured and two remained missing at about 9 p.m. local time. Most of the victims were people in vehicles that were struck by the plane as it crashed. Authorities are investigating the cause of the incident. At least 12 people were arrested amid the clashes, and some individuals attempted to damage airport infrastructure, authorities said.