Nitor Capital Management

A sincere Thank You to one of the GOATs, Murray Stahl. Murray, thank you for your selfless service to us. I was first introduced to Horizon in the mid-late 1990’s shortly after its founding. Your vision, your dedication and passion greatly influenced my framework, and I will continue to align myself w/your partners, and live out your lessons. I’ve said this nearly every week to investors for so many years… “We’re fortunate to invest alongside Murray Stahl, because he is with out question, the most intelligent long-only fund manager I’ve ever met. He’s an honest man, and if you can commit to a true long-term horizon, and be patient, this man’s firm can change your life.” It did. Thank you Murray for what you (and your team) delivered to us, and the people we serve. You will be greatly missed. God Bless You and your family. @HorizonKinetics

Local realtor anticipates more New Yorkers moving to Walton County $JOE wjhg.com/2025/11/07/loc…

@marginofdanger Have they said this specifically?

@Nitorcap Yes, that

$FPH update. I had presented $FPH at year end 2024 as my very best idea. As of today it is up about 50% YTD (to ~$5.60/share) and it is still a high conviction idea. In my original post (link below), my thesis is playing out exactly as I presented it. However, there is now a new leg to the thesis, and it's worth diving in. Last Friday, $FPH announced that it was acquiring 75% of Hearthstone's asset and investment mgmt businesses for $56mm ("HS"). HS is a merchant bank that arranges land financings - having relationships with both homebuilders and investors (HNWI, family office, funds, etc.) and arranging multi-year financings. In addition to earning fees, they also co-invest in these projects and as best I can tell Hearthstone's funds have never posted a loss. Over the years, the homebuilder model has evolved, with the capital markets rewarding asset light. $NVR has been a home run and $LEN has recently spun off its land banking operations as $MRP and alternative asset managers are moving into land banking as well. Why? Well, it's a huge space and land bank investors can structure deals with homebuilders with low double digit returns, that are somewhat uncorrelated. Meanwhile $FPH has generated a ton of cash (with a LOT more coming) from Irvine, and it has already signalled that it will not go asset heavy in Valencia and SF. So this is a quite opportune time for $FPH to leverage its clean balance sheet and overhead. I expect that $FPH with Hearthstone will be a solid combination whereby the company can become a more relevant player in the landbanking space. In the next year or two, while $FPH management pushes forward in Valencia and SF, I expect them to use the HS business to acquire more land in an asset lite manner and start to develop a fee stream that can offset the company's G&A. Additionally, they can tap into HS's relationships to help bring in financing for their own existing landholdings in Valencia and SF, thereby reducing the capital intensity. Candidly I have been a little disappointed that the company has not yet returned its large cash hoard to shareholders - but I think part of that is a function of the tariff uncertainty, this HS transaction and also getting the financing lined up for both Valencia and SF. As more of the financing pieces come into place, I could see $FPH returning capital to shareholders, as early as this year or next. The core business continues to hum with Irvine land sales coming in at $12mm/acre. SF is moving along with planning and Valencia is too. The market is now pricing in 5 rate cuts between now and the end of 2026 - that should bode well for accelerating the pace of land sales. My DCF is around ~$10-15/share still but my assumptions are quite conservative and I see nice upside beyond that. x.com/marginofdanger… cc: @RagingVentures @OSA_Rochester @BobRobotti

@hkuppy @DumbAlphaa Il be there as well.

@DumbAlphaa @Nitorcap I’ll be there!!

Anyone else heading to the $JOE AGM on Tuesday? @Nitorcap @hkuppy - love to buy you a beer and chew the fat.

"I knew it was fast, but I didn't know it was second in the nation fast." $JOE newsherald.com/story/news/loc…

this is a high quality response from a company after an activist takes a position $mkl

ECP airport reached 1.878m passengers in 2024. When we first visited in 2018, the Airport was doing less than 1m passengers. In its first year (2010), 312k people flew through ECP. So ECP traffic has grown by over 6x in just 15 years. $JOE

costar.com/article/351536… "The Port of Los Angeles had its second most active year ever in 2024, moving 10.3 million container units, up 20% from 2023. That’s the largest year-over-year gain recorded at the 117-year-old port, according to executive director Gene Seroka."

@couldntcareles0 Longer-term lot development will grow overtime (it will just always be lumpy ), and we believe there is around $10m to $14m of annual interest expense that can be wiped out by the company using cash flow and current liquidity to pay off some of its floating rate debt.

@couldntcareles0 A pause in lot development growth has masked the continued growth of the overall business (see the growth of recurring NOI last 3 years ). Over the last 3 years, bottom line earnings appear to be flat. This is entirely due to lower earnings from lot sales + interest costs ^

"We continue to see record number of people coming and going through the airport, and we're excited," McClellan said. "We're prepared to continue to grow." $JOE newsherald.com/story/business…

Don't rationalize your way into mediocre investments. It happens when you're bored and haven't found something great in a long time so you start finding excuses to buy mediocre ideas. You buy them and almost immediately something better, something that was meant for you shows up. You sell the mediocre thing for a loss to buy the thing you should have just waited for all along. Mediocrity is the price you pay for impatience. microcapclub.com/active-patienc…

$TRC...Constructive for TRC's 495 unit project...Apartments purchase sets new Bakersfield record bakersfield.com/news/apartment… via @Bakersfieldcali A 249-unit rental community in the city's southwest recently sold to Irvine-based private equity firm The Bascom Group for $56.6 million — the highest price ever paid for a single apartment complex in Bakersfield.

Tejon Ranch, the largest swath of private land in California, is tapping the municipal bond market for $61.6 million bond deal trib.al/59u06Xm

@couldntcareles0 On the other hand, if one's assessment of value is ultimately wrong or management is not actually maximizing value via capital allocation... Then you have a problem.

@couldntcareles0 If our assessment of value is correct and management is maximizing value through capital allocation, then this is not something we ever worry about. The stock will eventually reflect the value, or the value will be returned to shareholders. This applies to all stocks.

$JOE "The 10 busiest days in the history of the TSA have all been this summer. ECP also logged five of its top 10 busiest days ever within the past two months" "That is our biggest month − the biggest month in the history of the airport." newsherald.com/story/news/loc…