Murray Stahl (HKHC) adds HKHC shares via direct and entity purchases

Rhea-AI Filing Summary

Horizon Kinetics Holding Corp director and CEO/CIO Murray Stahl reported net open‑market purchases of Horizon Kinetics Holding Corp (HKHC) common stock. On 2026-03-18, he bought 10 shares directly at $34.00 per share, bringing his direct holdings to 249,148 shares.

On the same date, 9 shares were purchased at $34.00 per share and are held indirectly through Horizon Common Inc., which now holds 8,216,751 shares, and 8 shares were purchased at $34.00 per share and are held indirectly through Horizon Kinetics Hard Assets, LLC, which now holds 99 shares. Additional indirect holdings are reported through his spouse, FRMO Corp., Kinetics Institutional Partners LP, Kinetics Partners LP, and Horizon Kinetics Asset Management LLC; he exercises investment discretion over these entities but 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

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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 NEW YORK 10016

(City) (State) (Zip)

UNITED STATES

(Country)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/18/2026

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

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

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

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	03/18/2026		P		10	A	$34	249,148	D
Common Stock	03/18/2026		P		9	A	$34	8,216,751(1)	I	Horizon Common Inc.
Common Stock	03/18/2026		P		8	A	$34	99(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 NEW YORK 10016

(City) (State) (Zip)

UNITED STATES

(Country)

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 NEW YORK 10016

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

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

Explanation of Responses:

1. Mr. Stahl serves as the Chief Executive Officer and Chief Investment Strategist for Horizon Kinetics Asset Management LLC, a wholly owned subsidiary of Horizon Kinetics Holding Corporation (HKHC), and also serves as the Chief Executive Officer of Horizon Common, Inc. (HCI), a large shareholder of HKHC. Mr. Stahl exercises discretion over shares of the Issuer held by HKHC and HCI and disclaims beneficial ownership except to the extent of his pecuniary interest.

2. Mr. Stahl serves as the Chief Executive Officer for FRMO Corp. (FRMO) and exercises discretion over shares of the Issuer. He disclaims beneficial ownership except to the extent of his pecuniary interest. The reported ownership includes shares held by Fromex Corp., a wholly owned subsidiary of FRMO.

	/s/Jay Kesslen, attorney-in-fact	03/19/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transactions did HKHC CEO Murray Stahl report on this Form 4?

Murray Stahl reported small open‑market purchases of HKHC common stock. He bought 10 shares directly and additional shares indirectly through Horizon Common Inc. and Horizon Kinetics Hard Assets, LLC, all at $34.00 per share, modestly increasing his reported holdings.

How many Horizon Kinetics (HKHC) shares does Murray Stahl hold directly after the reported trades?

After the reported trades, Murray Stahl holds 249,148 HKHC shares directly. This figure reflects his direct ownership of common stock as of 2026-03-18 following the open‑market purchase of 10 additional shares at $34.00 per share.

Which entities hold indirect HKHC shares associated with Murray Stahl on this Form 4?

Indirect HKHC holdings are reported through several entities linked to Murray Stahl. These include Horizon Common Inc., Horizon Kinetics Hard Assets, LLC, FRMO Corp., Kinetics Institutional Partners LP, Kinetics Partners LP, Horizon Kinetics Asset Management LLC, and his spouse, with Stahl exercising investment discretion over certain entities.

What price did Murray Stahl and related entities pay per share for the HKHC stock purchases?

The reported HKHC stock purchases were executed at $34.00 per share. This price applied to the 10 shares bought directly by Murray Stahl and the 9 and 8 shares bought indirectly through Horizon Common Inc. and Horizon Kinetics Hard Assets, LLC, respectively, on 2026-03-18.

Does Murray Stahl claim full beneficial ownership of the indirect HKHC holdings?

Murray Stahl disclaims full beneficial ownership of certain indirect HKHC holdings. Footnotes state he exercises discretion over shares held by entities such as Horizon Common Inc. and FRMO Corp. but disclaims beneficial ownership except to the extent of his pecuniary interest in those entities.

How many HKHC shares does Horizon Common Inc. hold after the reported transactions?

Horizon Common Inc. holds 8,216,751 HKHC shares after the transaction. This total follows the purchase of 9 additional common shares at $34.00 per share on 2026-03-18, with Murray Stahl serving as its Chief Executive Officer and exercising investment discretion.