Horizon Kinetics Holding Corp

• Greenhaven Road Capital Partners Fund Q1 ↗ Horizon Kinetics Holding Company is presented as an overlooked, management-aligned asset manager whose cash and investments, prospective incentive fees and recurring management business exceed its market valuation. Greenhaven Road explains that Maran Capital’s large HKHC position fits its preference for inexpensive, lightly followed companies outside major indices. fourth quarter 2025 HKHC $417M
• Maran Capital Management Q2 2026 ↗ Maran Partners Fund added a direct bridge loan to exploit an underserved small-loan market and used a hedged mutual-fund position to capture SpaceX's IPO revaluation. Clarus and Correios de Portugal are pursuing asset-sale alternatives and repurchasing shares to narrow perceived discounts to underlying value. second quarter 2026 SPCX
• Maran Capital Management Q1 2026 Letter to Partners ↗ Maran Partners Fund used the AI-driven software selloff and broader volatility to begin a small position in an unnamed cash-rich, high-free-cash-flow company. The fund reviewed gains from delisting and uplisting special situations, reiterated its insurance demutualization thesis, and warned that private-credit liquidity mismatches warrant monitoring. first quarter 2026 —

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