Yorktown Energy Partners X, L.P.

Key Holdings

The portfolio is dominated by a massive position in Ramaco Resources Inc (METC), which accounts for $83.07 million or 77.33% of the total assets. With 2.5 million shares held, this position represents the core anchor of the fund's strategy. The second and third largest positions appear to represent complex ownership structures or distinct share classes related to the same or affiliated entities. The second position, listed simply as "Ramaco Resources Inc" without a ticker, holds $13.75 million (12.80% of the portfolio), while the third position, Riley Exploration Permian Inc, holds $10.60 million (9.86% of the portfolio). The heavy weighting toward Ramaco Resources—totaling approximately 90% of the portfolio when combining the top two positions—signals an extreme conviction in the company’s operational performance and market outlook.

Sector Allocation

The sector allocation reveals an exclusive focus on the Energy sector, with $83.07 million explicitly allocated to METC. The remaining $24.35 million is categorized as "Unknown," which likely corresponds to the positions listed without specific tickers (the second Ramaco entry and potentially Riley Exploration if the specific sector classification was pending or ambiguous in the raw data). However, given the nature of the named holdings, it is highly probable that the entire portfolio is 100% allocated to energy equities, specifically those involved in coal and Permian basin oil and gas exploration. There is a complete absence of hedging through other sectors (such as technology or healthcare) or asset classes, reinforcing the firm's identity as a specialized energy investment vehicle.