Miami International Holdings, INC.

• Horizon Kinetics 2nd Quarter Commentary ↗ Horizon Kinetics defends long-horizon compounding through land, royalty and exchange businesses, while arguing that index construction creates mispricings in smaller and unconventional companies. It reduced precious-metals royalties on valuation grounds, backs exchanges against perpetual-futures disruption, and frames bitcoin’s supply schedule and network effects as the basis for its long-term thesis. 2nd Quarter 2026 — TPL $26BAMZN $2.8TCBOE $32BCME $99B
• Horizon Kinetics 1st Quarter Commentary ↗ Horizon Kinetics argues that crowd-driven capital flows create durable discounts in royalty businesses, partnerships and other assets outside index mandates. It discusses recovery-stage positions in Hawaiian Electric and Cheniere, private mineral-rights investments, and senior CLO tranches as income sources with inflation protection and limited rate sensitivity. 1st Quarter 2026 — AB $3.4BHE $2BLNG $57BMIAX $4.2B
• Greenhaven Road Capital Partners Fund Q1 ↗ Greenhaven Road’s Partners Fund argues that Maran Capital’s Horizon Kinetics Holding Company stake offers overlooked exposure to royalties, mineral and water rights, exchanges and future incentive fees. The manager values HKHC’s balance-sheet investments, asset-management earnings and potential carry, while favoring concentrated managers focused outside major indices. fourth quarter +2.0% HKHC $498MMIAX $4.2B

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