Horizon Kinetics (HKHC) CEO and 10% owner reports new stock buys

Rhea-AI Filing Summary

Horizon Kinetics Holding Corp (HKHC) insider buying was reported by a key executive and major shareholder. On 11/24/2025, the reporting person, who serves as CEO, CIO, director, and a 10% owner, purchased HKHC common stock in open market transactions at a price of $28 per share. These purchases included 12 shares held directly and additional shares held indirectly through affiliated entities.

After these transactions, the reporting person beneficially owned 249,006 shares directly and large indirect positions, including 8,216,672 shares through Horizon Common Inc., along with smaller holdings through other investment vehicles and a spouse. The filing notes that Mr. Stahl exercises discretion over certain shares and disclaims beneficial ownership except to the extent of his pecuniary interest.

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
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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)
11/24/2025

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	11/24/2025		P		12	A	$28	249,006	D
Common Stock	11/24/2025		P		8	A	$28	8,216,672(1)	I	Horizon Common Inc.
Common Stock	11/24/2025		P		4	A	$28	47(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	11/25/2025
	** 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 transaction did HKHC report on this Form 4?

The Form 4 reports that a Horizon Kinetics Holding Corp CEO, CIO, director, and 10% owner bought HKHC common stock in open market transactions on 11/24/2025 at $28 per share.

How many HKHC shares did the insider buy in the latest transaction?

The reported transactions show purchases of 12 shares directly and additional shares indirectly through entities such as Horizon Common Inc. at a price of $28 per share.

What is the insider’s direct ownership in HKHC after the reported trades?

Following the reported transactions, the insider beneficially owned 249,006 HKHC common shares directly.

What indirect HKHC holdings does the reporting person have?

The filing lists indirect ownership, including 8,216,672 HKHC shares through Horizon Common Inc., along with additional indirect holdings through entities such as Horizon Kinetics Hard Assets, FRMO Corp., Kinetics Institutional Partners LP, Kinetics Partners LP, and Horizon Kinetics Asset Management LLC.

What does the Form 4 say about Mr. Stahl’s beneficial ownership of HKHC shares?

The explanation states that Mr. Stahl exercises discretion over shares of the issuer and disclaims beneficial ownership except to the extent of his pecuniary interest. It also notes that one holding includes shares owned by Fromex Equity Corp., a wholly owned subsidiary of FRMO Corp.

What is the relationship of the reporting person to Horizon Kinetics Holding Corp?

The reporting person is identified as a director, CEO, CIO, and a 10% owner of Horizon Kinetics Holding Corp.

Is this HKHC Form 4 filed by more than one reporting person?

Yes. The form indicates that it is a Form filed by more than one reporting person.