SCHEDULE: Horizon Kinetics Files Schedule 13D Amendment

Horizon Kinetics Asset Management LLC has filed an amendment to its Schedule 13D, reporting beneficial ownership of 12.1% of Miami International Holdings, Inc. common stock, and noting the passing of director Murray Stahl.

Summary

• Horizon Kinetics Asset Management LLC (HKAM) has filed Amendment No. 2 to its Schedule 13D, updating its beneficial ownership of Miami International Holdings, Inc. common stock.
• As of April 9, 2026, HKAM beneficially owns 11,061,399 shares, representing 12.1% of the outstanding common stock.
• This filing supersedes previous amendments filed on August 14, 2025, and November 24, 2025.
• The filing notes the unexpected passing of Murray Stahl on April 7, 2026, who served as Chairman, Chief Executive Officer, and Chief Investment Officer of HKAM, and was a Director of the Issuer.
• HKAM acquired the securities for investment purposes and may review its equity interest and acquire additional shares or securities in the future.
• HKAM may also sell shares from time to time for various reasons, including client requests, regulatory limitations, or other investment considerations.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this filing as neutral to slightly negative due to the unexpected passing of a key executive, which introduces uncertainty, despite the continued reporting of a significant investment stake.

Positives

• Horizon Kinetics Asset Management LLC maintains a significant beneficial ownership stake of 12.1% in Miami International Holdings, Inc., indicating continued investment interest.
• The company has a history of actively managing its position, with numerous buy transactions noted in the trading history exhibit.

Negatives

• The unexpected passing of Murray Stahl, a key figure in HKAM and a Director of the Issuer, introduces uncertainty regarding leadership and strategic direction.
• The filing explicitly disclaims beneficial ownership beyond HKAM's pecuniary interest, which is a standard legal disclaimer but can be interpreted as a cautious stance.

Risks

• The passing of Murray Stahl may lead to a period of transition and potential shifts in investment strategy or corporate governance for both HKAM and Miami International Holdings, Inc.
• HKAM's stated intention to "regularly review its equity interest" and potential to "acquire additional shares or other securities" or "sell shares from time to time" indicates ongoing portfolio management that could impact share price.
• The potential for sales of securities by HKAM, for reasons including client requests or regulatory limitations, could exert downward pressure on the stock price.

Future Outlook

HKAM intends to regularly review its equity interest in the Issuer and may acquire additional shares or securities. HKAM may also sell shares from time to time for various reasons.

Management Comments

• "On April 7, 2026, Murray Stahl who served as Chairman, Chief Executive Officer, and Chief Investment Officer of HKAM, and Director of the Issuer passed away unexpectedly."
• "HKAM acquired the securities reported herein on behalf of the Managed Accounts for investment purposes."
• "In the ordinary course of its business, HKAM intends to regularly review its equity interest in the Issuer and may, from time to time, acquire additional shares or other securities of the Issuer."
• "While HKAM has no present intention to dispose of all or any portion of the shares beneficially owned by Managed Accounts, it may sell shares from time to time for a number of reasons, not limited to client requests, regulatory or investment limitations or other reasons."
• "Any such sales of securities of the Issuer may be in the open market, privately negotiated transactions or otherwise."
• "Neither the filing of this Schedule 13D nor any of its contents shall be deemed to constitute an admission that HKAM is the beneficial owner of the Common Stock referred to herein for purposes of Sections 13(d) and or 16 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or for any other purpose, and such beneficial ownership is expressly disclaimed, except to the extent of its pecuniary interest therein."

Industry Context

StockSavvy.ai notes that Schedule 13D filings are crucial for tracking significant ownership changes and potential shifts in control or influence within a company. This amendment highlights the impact of a key personnel change on an institutional investor's holdings.

Management Changes

Stakeholder Impact

• Shareholders of Miami International Holdings, Inc. may be impacted by potential shifts in investment strategy or leadership at Horizon Kinetics Asset Management LLC.
• Employees and stakeholders of Horizon Kinetics Asset Management LLC may experience changes related to leadership transition and strategic adjustments following the passing of Murray Stahl.

Next Steps

• HKAM will continue to manage its investment in Miami International Holdings, Inc., potentially acquiring or selling shares.
• Investors will monitor future filings for any changes in HKAM's ownership stake or strategic intentions.
• The company may need to address leadership transitions following the passing of Murray Stahl.

Key Dates

Recommendation

The filing is primarily an update on beneficial ownership and a notification of a significant personnel change at the reporting entity. While the passing of a key executive introduces uncertainty, there are no immediate indications of fundamental changes to the company's performance or strategic direction that would warrant a buy or sell recommendation based solely on this filing. Investors should await further information regarding leadership transitions and any potential impact on investment strategies.

Keywords

Schedule 13D, Horizon Kinetics Asset Management LLC, Miami International Holdings, Inc., Beneficial Ownership, Common Stock, SEC Filing, Investment, Murray Stahl, Corporate Governance