Horizon Kinetics CEO adds HKHC shares in open-market purchases

Horizon Kinetics Holding Corp (HKHC) reported an insider stock purchase by its CEO, CIO, director, and 10% owner, Mr. Stahl.

Rhea-AI Filing Summary

Horizon Kinetics Holding Corp (HKHC) reported an insider stock purchase by its CEO, CIO, director, and 10% owner, Mr. Stahl. On 12/10/2025, he acquired small amounts of Common Stock in open-market purchases at $27 per share, including 12 shares held directly, 6 shares held through Horizon Common Inc., and 4 shares held through Horizon Kinetics Hard Assets, LLC.

After these transactions, he beneficially owns 249,138 shares directly and large indirect positions, including 8,216,742 shares through Horizon Common Inc., plus additional holdings via entities such as FRMO Corp., Kinetics Institutional Partners LP, Kinetics Partners LP, and Horizon Kinetics Asset Management LLC. The filing notes he exercises discretion over these shares and disclaims beneficial ownership beyond his pecuniary interest.

Insider Trade Summary

Net Buyer: 22 shares

Net Buy 8 txns

Insider STAHL MURRAY, Horizon Common Inc

Role CEO and CIO | 10% Owner

Bought 22 shs ($594.00)

Type	Security	Shares	Price	Value
Purchase	Common Stock	12	$27.00	$324.00
Purchase	Common Stock	6	$27.00	$162.00
Purchase	Common Stock	4	$27.00	$108.00
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 249,138 shares (Direct); Common Stock — 8,216,742 shares (Indirect, Horizon Common Inc.); Common Stock — 91 shares (Indirect, Horizon Kinetics Hard Assets, LLC); Common Stock — 5 shares (Indirect, Spouse); Common Stock — 823,923 shares (Indirect, FRMO Corp.); Common Stock — 6,900 shares (Indirect, Kinetics Institutional Partners LP); Common Stock — 5,810 shares (Indirect, Kinetics Partners LP); Common Stock — 952 shares (Indirect, Horizon Kinetics Asset Management LLC)

Footnotes (2)

1. F1. Mr. Stahl exercises discretion over shares of the Issuer and disclaims beneficial ownership except to the extent of his pecuniary interest.
2. F2. This holding includes shares owned by Fromex Equity Corp, which is a wholly owned subsidiary of FRMO Corp.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did HKHC report in this Form 4?

The company reported that its CEO, CIO, director, and 10% owner, Mr. Stahl, made open-market purchases of Horizon Kinetics Holding Corp common stock on 12/10/2025 at $27 per share.

How many HKHC shares did the insider buy and at what price?

On 12/10/2025, Mr. Stahl purchased 12 shares directly, 6 shares through Horizon Common Inc., and 4 shares through Horizon Kinetics Hard Assets, LLC, all at $27 per share.

How many HKHC shares does the insider own directly after the transaction?

Following the reported transactions, Mr. Stahl directly beneficially owns 249,138 shares of Horizon Kinetics Holding Corp common stock.

What are the main indirect HKHC holdings reported for the insider?

The filing shows indirect beneficial ownership of 8,216,742 shares through Horizon Common Inc., plus additional holdings such as 823,923 shares via FRMO Corp., and stakes through Kinetics Institutional Partners LP, Kinetics Partners LP, and Horizon Kinetics Asset Management LLC.

What roles does the reporting person hold at Horizon Kinetics Holding Corp (HKHC)?

The reporting person is a Director, a 10% Owner, and an Officer of the company, serving as CEO and CIO.

Does the insider claim full beneficial ownership of all reported HKHC shares?

No. The filing states that Mr. Stahl exercises discretion over shares of the issuer and disclaims beneficial ownership except to the extent of his pecuniary interest, including shares held via FRMO Corp. and its subsidiary Fromex Equity Corp.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 12/11/2025 - 01:08 PM Learn about SEC filing dates

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).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

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)
12/10/2025

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

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	12/10/2025		P		12	A	$27	249,138	D
Common Stock	12/10/2025		P		6	A	$27	8,216,742(1)	I	Horizon Common Inc.
Common Stock	12/10/2025		P		4	A	$27	91(1)	I	Horizon Kinetics Hard Assets, LLC
Common Stock								5	I	Spouse
Common Stock								823,923(1)(2)	I	FRMO Corp.
Common Stock								6,900(1)	I	Kinetics Institutional Partners LP
Common Stock								5,810(1)	I	Kinetics Partners LP
Common Stock								952(1)	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 shares of the Issuer and disclaims beneficial ownership except to the extent of his pecuniary interest.

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

	/s/ Jay Kesslen, attorney-in-fact	12/11/2025
	** 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.
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