Horizon Kinetics (HKHC) Form 4 shows new insider stock buys

Rhea-AI Filing Summary

Horizon Kinetics Holding Corp (HKHC)11/25/2025, the reporting person made several open-market purchases of common stock at $27 per share, including 12 shares held directly and smaller amounts through affiliated entities.

Following these transactions as of that date, the reporting person directly owned 249,018 HKHC shares and indirectly held 8,216,680 shares through Horizon Common Inc., along with additional indirect positions via entities such as FRMO Corp., Kinetics Institutional Partners LP, Kinetics Partners LP, Horizon Kinetics Asset Management LLC, and a spouse. The filing notes that Mr. Stahl exercises discretion over certain shares and disclaims beneficial ownership beyond his pecuniary interest.

11/26/2025 - 12:04 PM

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

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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)
11/25/2025

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	11/25/2025		P		12	A	$27	249,018	D
Common Stock	11/25/2025		P		8	A	$27	8,216,680(1)	I	Horizon Common Inc.
Common Stock	11/25/2025		P		4	A	$27	51(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	11/26/2025
	** 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 director, 10% owner, and CEO/CIO made open-market purchases of HKHC common stock on 11/25/2025 at $27 per share, adding small lots to direct and indirect holdings.

How many HKHC shares does the insider own directly after the reported trades?

After the reported transactions on 11/25/2025, the reporting person directly owned 249,018 shares of Horizon Kinetics Holding Corp common stock.

What is the insider’s largest indirect holding of HKHC shares?

The largest indirect holding disclosed is 8,216,680 shares of HKHC common stock held through Horizon Common Inc., as shown in the “beneficially owned following transaction” column.

Which affiliated entities hold HKHC shares for the reporting person?

Indirect holdings are reported through Horizon Common Inc., Horizon Kinetics Hard Assets, LLC, a spouse, FRMO Corp. (including Fromex Equity Corp), Kinetics Institutional Partners LP, Kinetics Partners LP, and Horizon Kinetics Asset Management LLC.

What disclaimer does the insider include about beneficial ownership of HKHC shares?

The filing states that Mr. Stahl exercises discretion over certain shares of the issuer and disclaims beneficial ownership except to the extent of his pecuniary interest.

At what price were the newly acquired HKHC shares purchased?

The common stock purchases reported on 11/25/2025 were made at a price of $27 per share, as shown in the transaction table.