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SL ADVISORS, LLC

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13F filer, CIK 1680365, NAPLES, FL

SL ADVISORS, LLC reported $48,838,226 across 32 holdings for the quarter ended 2025-12-31, in a 13F-HR/A filed 2026-04-15. Its ten largest share positions make up 71.31% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR/A 0001680365-26-000017

Period
2025-12-31
Reported value
$48.8M
Holdings
32
Top 10 weight
71.31%
New
2
Sold out
1

Largest buys vs the previous quarter

SecurityShares changeApprox. value
SOBOnew+21,336$586K
KNTKadded+13,891$501K
USAIadded+12,430$474K
MRKnew+1,992$210K
ETadded+11,401$188K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
MKCexited-3,323-$222K
WMBreduced-3,036-$182K
OKEreduced-1,917-$141K
LNGreduced-679-$132K
TRGPreduced-557-$103K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q4 2025

Share positions as resolved from 13F-HR/A 0001680365-26-000017, largest first. % of portfolio is the value over $48,838,226, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
ETENERGY TRANSFER L PQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 379,324 shares; 2024Q4: 378,868 shares; 2025Q1: 378,868 shares; 2025Q2: 378,868 shares; 2025Q3: 431,577 shares; 2025Q4: 442,978 shares 442,978$7.3M14.96%+11,401Timeline
NEXTNEXTDECADE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 823,529 shares; 2024Q4: 853,529 shares; 2025Q1: 873,779 shares; 2025Q2: 960,279 shares; 2025Q3: 927,384 shares; 2025Q4: 922,889 shares 922,889$4.86M9.96%-4,495Timeline
WMBWILLIAMS COS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 69,974 shares; 2024Q4: 69,209 shares; 2025Q1: 68,949 shares; 2025Q2: 68,949 shares; 2025Q3: 69,634 shares; 2025Q4: 66,598 shares 66,598$4M8.2%-3,036Timeline
USAIPACER FDS TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 95,765 shares; 2024Q4: 96,615 shares; 2025Q1: 93,315 shares; 2025Q2: 93,465 shares; 2025Q3: 83,465 shares; 2025Q4: 95,895 shares 95,895$3.66M7.49%+12,430Timeline
LNGCHENIERE ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 18,209 shares; 2024Q4: 18,209 shares; 2025Q1: 18,209 shares; 2025Q2: 18,209 shares; 2025Q3: 18,435 shares; 2025Q4: 17,756 shares 17,756$3.45M7.07%-679Timeline
TRGPTARGA RES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 23,786 shares; 2024Q4: 23,686 shares; 2025Q1: 18,581 shares; 2025Q2: 18,371 shares; 2025Q3: 18,452 shares; 2025Q4: 17,895 shares 17,895$3.3M6.76%-557Timeline
OKEONEOK INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 37,790 shares; 2024Q4: 37,405 shares; 2025Q1: 46,733 shares; 2025Q2: 46,733 shares; 2025Q3: 41,462 shares; 2025Q4: 39,545 shares 39,545$2.91M5.95%-1,917Timeline
EPDENTERPRISE PRODS PARTNERS LQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 73,064 shares; 2024Q4: 73,064 shares; 2025Q1: 73,064 shares; 2025Q2: 73,064 shares; 2025Q3: 73,971 shares; 2025Q4: 71,745 shares 71,745$2.3M4.71%-2,226Timeline
BRK-BBERKSHIRE HATHAWAY INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,916 shares; 2024Q4: 4,884 shares; 2025Q1: 4,806 shares; 2025Q2: 3,136 shares; 2025Q3: 3,129 shares; 2025Q4: 3,124 shares 3,124$1.57M3.22%-5Timeline
SPYSTATE STR SPDR S&P 500 ETF TQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 9,969 shares; 2024Q4: 9,969 shares; 2025Q1: 2,144 shares; 2025Q2: 2,147 shares; 2025Q3: 2,147 shares; 2025Q4: 2,147 shares 2,147$1.46M3%0Timeline
TRPTC ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 30,175 shares; 2024Q4: 30,011 shares; 2025Q1: 29,849 shares; 2025Q2: 29,849 shares; 2025Q3: 25,651 shares; 2025Q4: 24,825 shares 24,825$1.37M2.8%-826Timeline
ENBENBRIDGE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 38,850 shares; 2024Q4: 37,368 shares; 2025Q1: 37,044 shares; 2025Q2: 37,044 shares; 2025Q3: 29,341 shares; 2025Q4: 28,199 shares 28,199$1.35M2.76%-1,142Timeline
KNTKKINETIK HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 21,927 shares; 2024Q4: 21,927 shares; 2025Q1: 21,927 shares; 2025Q2: 21,927 shares; 2025Q3: 22,306 shares; 2025Q4: 36,197 shares 36,197$1.3M2.67%+13,891Timeline
KMIKINDER MORGAN INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 48,297 shares; 2024Q4: 47,881 shares; 2025Q1: 47,472 shares; 2025Q2: 47,472 shares; 2025Q3: 36,648 shares; 2025Q4: 35,159 shares 35,159$967K1.98%-1,489Timeline
WESWESTERN MIDSTREAM PARTNERS LQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 24,177 shares; 2024Q4: 24,177 shares; 2025Q1: 24,177 shares; 2025Q2: 24,177 shares; 2025Q3: 24,554 shares; 2025Q4: 23,602 shares 23,602$932K1.91%-952Timeline
MPLXMPLX LPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 17,375 shares; 2024Q4: 17,375 shares; 2025Q1: 17,375 shares; 2025Q2: 17,375 shares; 2025Q3: 17,680 shares; 2025Q4: 17,229 shares 17,229$920K1.88%-451Timeline
RTXRTX CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,921 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 4,702 shares; 2025Q3: 4,676 shares; 2025Q4: 4,697 shares 4,697$861K1.76%+21Timeline
RSGREPUBLIC SVCS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,466 shares; 2024Q4: 4,320 shares; 2025Q1: 4,177 shares; 2025Q2: 4,177 shares; 2025Q3: 3,935 shares; 2025Q4: 3,940 shares 3,940$835K1.71%+5Timeline
PBAPEMBINA PIPELINE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 26,577 shares; 2024Q4: 26,577 shares; 2025Q1: 26,577 shares; 2025Q2: 25,827 shares; 2025Q3: 20,987 shares; 2025Q4: 20,294 shares 20,294$772K1.58%-693Timeline
WMWASTE MGMT INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,235 shares; 2024Q4: 3,125 shares; 2025Q1: 7,718 shares; 2025Q2: 3,016 shares; 2025Q3: 2,825 shares; 2025Q4: 2,836 shares 2,836$623K1.28%+11Timeline
SOBOSOUTH BOW CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 21,336 shares 21,336$586K1.2%newTimeline
ADPAUTOMATIC DATA PROCESSING INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,309 shares; 2024Q4: 2,246 shares; 2025Q1: 2,184 shares; 2025Q2: 2,184 shares; 2025Q3: 2,173 shares; 2025Q4: 2,010 shares 2,010$517K1.06%-163Timeline
LMTLOCKHEED MARTIN CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,356 shares; 2024Q4: 1,320 shares; 2025Q1: 1,235 shares; 2025Q2: 1,188 shares; 2025Q3: 976 shares; 2025Q4: 883 shares 883$427K0.87%-93Timeline
MCDMCDONALDS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,685 shares; 2024Q4: 1,634 shares; 2025Q1: 1,583 shares; 2025Q2: 1,583 shares; 2025Q3: 1,576 shares; 2025Q4: 1,394 shares 1,394$426K0.87%-182Timeline
XLPSELECT SECTOR SPDR TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,513 shares; 2024Q4: 4,849 shares; 2025Q1: 4,851 shares; 2025Q2: 4,853 shares; 2025Q3: 4,855 shares; 2025Q4: 4,858 shares 4,858$377K0.77%+3Timeline
ECLECOLAB INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,400 shares; 2024Q4: 1,344 shares; 2025Q1: 1,288 shares; 2025Q2: 1,288 shares; 2025Q3: 1,280 shares; 2025Q4: 1,291 shares 1,291$339K0.69%+11Timeline
PAGPPLAINS GP HLDGS L PQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 21,282 shares; 2024Q4: 21,282 shares; 2025Q1: 21,282 shares; 2025Q2: 21,282 shares; 2025Q3: 16,291 shares; 2025Q4: 15,565 shares 15,565$298K0.61%-726Timeline
KOCOCA COLA COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,211 shares; 2024Q4: 3,995 shares; 2025Q1: 3,872 shares; 2025Q2: 3,872 shares; 2025Q3: 3,277 shares; 2025Q4: 3,300 shares 3,300$231K0.47%+23Timeline
JNJJOHNSON & JOHNSONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,016 shares; 2024Q4: 1,638 shares; 2025Q1: 1,392 shares; 2025Q2: not reported; 2025Q3: 1,093 shares; 2025Q4: 1,103 shares 1,103$228K0.47%+10Timeline
HSYHERSHEY COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,746 shares; 2024Q4: 1,626 shares; 2025Q1: 1,567 shares; 2025Q2: 1,233 shares; 2025Q3: 1,223 shares; 2025Q4: 1,234 shares 1,234$225K0.46%+11Timeline
PGPROCTER & GAMBLE COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,320 shares; 2024Q4: 2,179 shares; 2025Q1: 2,120 shares; 2025Q2: 2,026 shares; 2025Q3: 1,530 shares; 2025Q4: 1,541 shares 1,541$221K0.45%+11Timeline
MRKMERCK & CO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,247 shares; 2024Q4: 2,105 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 1,992 shares 1,992$210K0.43%newTimeline

Sold out in Q4 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
MKCMCCORMICK & CO INC3,323$222Kshares

How Q4 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001680365-26-000003 superseded2026-01-08acceptance time not in the bulk data set
13F-HR/A 0001680365-26-000017 baserestatement2026-04-15acceptance time not in the bulk data set