Jackson Hole Capital Partners, LLC

Price drift, not buying, pushed Alliance Resource Partners — a coal and energy MLP — from $48.9 million to $58.6 million and 9.7% of Jackson Hole Capital Partners' $605.1 million, 313-position Q1 2026 book, while share count barely budged (up just 0.7%). The position's near-20% value jump is a price story, not a buying decision, and it now sits alongside sizable pipeline and utility stakes (Williams Cos, ONEOK, Kinder Morgan, Enterprise Products) that push total energy-and-utilities exposure to roughly 23% of assets. The quarter's real trading tells a rotation story: Riley Exploration Permian, a smaller E&P name, was cut 65% (a $7.7 million reduction, the book's largest genuine outflow), while new capital flowed into Chevron ($3.95 million) and HF Sinclair ($4.15 million) — more energy, different names. On the exit side, Salesforce, an iShares growth-ETF (IWF), Brookfield Corp and Visa were all fully closed out, and Alphabet's Class A shares were sold off entirely while the larger Class C stake was retained — a share-class consolidation rather than an exit from Google.