[Form 4/A] Horizon Kinetics Holding Corp Amended Insider Trading Activity

Rhea-AI Filing Summary

Horizon Kinetics Holding Corp (HKHC): Amended Form 4 (Form 4/A) reports multiple insider purchases on 08/28/2025. Murray Stahl and related entities acquired common stock at $38 per share through several transactions recorded with purchase codes (P). The filing shows direct purchases of 8 shares and 248,961 shares by Mr. Stahl, and indirect holdings reflecting large positions: 8,216,603 shares held via Horizon Common Inc., 823,888 shares via FRMO Corp. and smaller holdings through related entities and family (spouse).

The amendment adds Horizon Common Inc. as an additional reporting person and 10% owner and clarifies Mr. Stahl’s discretionary control and stated pecuniary interests in several holdings. The form is signed by attorney-in-fact Jay Kesslen on 09/02/2025.

Positive

• Material insider purchases disclosed at $38 per share on 08/28/2025, increasing transparency
• Amendment adds Horizon Common Inc. as a reporting person and 10% owner, clarifying ownership
• Detailed disclosure of indirect holdings and Mr. Stahl's discretionary control and pecuniary interests

Negative

• None.

Insights

Securities Analyst

TL;DR: Significant insider purchases and large indirect holdings disclosed; amendment clarifies reporting persons and ownership percentages.

The Form 4/A documents aggregated purchases at $38 per share executed 08/28/2025 and reports substantial indirect beneficial ownership via affiliated entities. The filing clarifies that Mr. Stahl exercises discretion over shares held by Horizon Common Inc. and FRMO Corp. and disclaims beneficial ownership except for his stated pecuniary interests and percentages. For investors, this increases transparency around insider control and concentration of holdings but does not provide operational or financial performance data.

Corporate Governance Expert

TL;DR: Amendment improves disclosure by adding a 10% owner and detailing indirect ownership structures; governance transparency strengthened.

The amendment adds Horizon Common Inc. as a reporting person and specifies Mr. Stahl’s discretion and approximate ownership percentages (about 21% of Horizon Common Inc. and about 16% of FRMO Corp. holdings). The filing enumerates indirect holdings across affiliated vehicles and family. This level of detail aids stakeholders in understanding ownership concentration and potential voting influence without introducing new managerial or transactional narrative.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

STAHL MURRAY

(Last) (First) (Middle)

470 PARK AVENUE SOUTH

8TH FLOOR SOUTH

(Street)

NEW YORK NY 10016

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Horizon Kinetics Holding Corp [ HKHC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	CEO and CIO

3. Date of Earliest Transaction (Month/Day/Year)
08/28/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)
08/29/2025

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/28/2025		P		8	A	$38	248,961	D
Common Stock	08/28/2025		P		6	A	$38	8,216,603(1)	I	Horizon Common Inc.(5)
Common Stock	08/28/2025		P		5	A	$38	823,888(2)(3)	I	FRMO Corp.
Common Stock	08/28/2025		P		2	A	$38	9(4)	I	Horizon Kinetics Hard Assets, LLC
Common Stock								5(4)	I	Spouse
Common Stock								6,900(4)	I	Kinetics Institutional Partners LP
Common Stock								5,810(4)	I	Kinetics Partners LP
Common Stock								952(4)	I	Horizon Kinetics Asset Management LLC

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

STAHL MURRAY

(Last) (First) (Middle)

470 PARK AVENUE SOUTH

8TH FLOOR SOUTH

(Street)

NEW YORK NY 10016

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	CEO and CIO

1. Name and Address of Reporting Person^*

Horizon Common Inc

(Last) (First) (Middle)

470 PARK AVENUE SOUTH

8TH FLOOR SOUTH

(Street)

NEW YORK NY 10016

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. Mr. Stahl exercises discretion over the shares of the Issuer and owns approximately 21% of those held by Horizon Common Inc. He disclaims beneficial ownership over the remaining shares.

2. Mr. Stahl exercises discretion over the shares of the Issuer and owns approximately 16% of those held by FRMO Corp. He disclaims beneficial ownership over the remaining shares.

3. This purchase includes shares owned by Fromex Equity Corp, which is a wholly owned subsidiary of FRMO Corp.

4. Mr. Stahl exercises discretion over shares of the Issuer and disclaims beneficial ownership except to the extent of his pecuniary interest.

5. This Form 4/A amends the Form 4 filed on August 29, 2025, to add Horizon Common Inc as an additional reporting person and 10% owner as reflected in the table below and in previous filings.

	/s/ Jay Kesslen, attorney-in-fact	09/02/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
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FAQ

What transactions did the Form 4/A for HKHC report?

The filing reports purchases on 08/28/2025 at $38 per share, including direct purchases and large indirect holdings through affiliated entities.

Who filed the amended Form 4/A for Horizon Kinetics Holding Corp (HKHC)?

The filing lists Murray Stahl and affiliated entities (including Horizon Common Inc. and FRMO Corp.) as reporting persons; signature by attorney-in-fact Jay Kesslen is dated 09/02/2025.

What ownership percentages or interests are disclosed in the amendment?

The filing states Mr. Stahl owns approximately 21% of shares held by Horizon Common Inc. and approximately 16% of those held by FRMO Corp., and disclaims other beneficial ownership except for pecuniary interests.

Which affiliated entities hold HKHC shares according to the Form 4/A?

Reported indirect holdings include Horizon Common Inc. (8,216,603 shares), FRMO Corp. (823,888 shares), Fromex Equity Corp (included within FRMO holdings), and other entities and family members with smaller amounts.

Does the Form 4/A disclose any derivative transactions?

No derivative securities or options are reported in Table II; the filing only lists non-derivative common stock purchases.