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

Rhea-AI Filing Summary

Horizon Kinetics Holding Corp (HKHC) Form 4/A shows insider reporting by Murray Stahl and affiliated entities for transactions dated 08/27/2025. The filing adds Horizon Common Inc. as an additional reporting person and 10% owner. The report lists multiple common stock transactions at a price of $38 per share on 08/27/2025 with amounts shown of 248,945, 8,216,597, 823,883, 7, 5, 6,900, 5,810 and 952 shares. Explanations state Mr. Stahl exercises discretion over shares held by Horizon Common Inc. and FRMO Corp., disclaims beneficial ownership of remaining shares except for his pecuniary interest, and that Fromex Equity Corp. shares are included. The amendment was executed to correct/add the additional reporting person and ownership disclosure.

Positive

• Amendment adds Horizon Common Inc. as a reported 10% owner, improving disclosure
• Multiple transactions disclosed at a fixed price of $38 per share, providing clear price transparency
• Explanations disclose discretion and approximate ownership percentages (21% of Horizon Common Inc. shares; 16% of FRMO Corp. shares)
• Inclusion of Fromex Equity Corp. holdings clarifies related-party share inclusion

Negative

• None.

Insights

Financial Analyst

TL;DR: Insider reported large share transactions and added an affiliated 10% owner; disclosure clarifies voting/pecuniary interests.

The Form 4/A documents multiple common stock transactions on 08/27/2025 executed at $38 per share and adds Horizon Common Inc. as an additional reporting person and 10% owner. The filing quantifies share amounts across direct and indirect holdings and clarifies Mr. Stahl's discretionary control over shares held by Horizon Common Inc. and FRMO Corp., including a stated ~21% and ~16 interest in those entities respectively. This improves the transparency of insider ownership and the chain of beneficial ownership.

Corporate Governance Expert

TL;DR: Amendment increases transparency about insider control and affiliated ownership structure.

The amended filing adds an affiliated entity as a 10% owner and explains the reporter's discretionary authority and disclaimer of beneficial ownership for certain holdings. It also notes inclusion of shares owned by Fromex Equity Corp., a subsidiary of FRMO Corp. Such clarifications are material to understanding voting power and potential conflicts, and they align the disclosure with Section 16 reporting requirements.

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)
08/27/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)
08/28/2025

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	08/27/2025		P		8	A	$38	248,945	D
Common Stock	08/27/2025		P		6	A	$38	8,216,597(1)	I	Horizon Common Inc.(5)
Common Stock	08/27/2025		P		5	A	$38	823,883(2)(3)	I	FRMO Corp.
Common Stock	08/27/2025		P		2	A	$38	7(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 28, 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).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider activity did HKHC (Horizon Kinetics Holding Corp) report on 08/27/2025?

Multiple common stock transactions on 08/27/2025 at $38 per share with amounts listed (e.g., 8,216,597 and 823,883 shares) as reported in the Form 4/A.

Who filed the amended Form 4/A for HKHC and what was amended?

Murray Stahl (and affiliated reporting persons) filed the amendment to add Horizon Common Inc. as an additional reporting person and 10% owner.

Does the filing explain Mr. Stahl's ownership or control over reported shares?

Yes. The filing states Mr. Stahl exercises discretion over shares held by Horizon Common Inc. and FRMO Corp. and disclaims beneficial ownership of remaining shares except for his pecuniary interest.

Are any subsidiary or related entities referenced in the Form 4/A?

Yes. The filing notes that shares owned by Fromex Equity Corp. (a wholly owned subsidiary of FRMO Corp.) are included.

When was the Form 4/A signed and who signed it?

The filing includes a signature by Jay Kesslen, attorney-in-fact dated 09/02/2025.