Murray Stahl of Horizon Kinetics (HKHC) adds shares in small open-market buy

Rhea-AI Filing Summary

Horizon Kinetics Holding Corp (HKHC) director and CEO/CIO Murray Stahl reported small open-market purchases of the company’s common stock. On March 19, 2026, he bought 89 shares in total at $34.06 per share across three transactions. Following these trades, his reported direct holding increased to 249,194 shares.

The filing also lists substantial indirect holdings through related entities. These include Horizon Common Inc., shown with 8,216,776 shares, and FRMO Corp., shown with 823,923 shares, along with smaller positions held via several partnerships and a spouse account. Footnotes state that Stahl exercises investment discretion over these entity-held shares and disclaims beneficial ownership except to the extent of his pecuniary interest.

Insider Trade Summary

Net Buyer: 89 shares

Net Buy 8 txns

Insider STAHL MURRAY, Horizon Common Inc

Role CEO and CIO | 10% Owner

Bought 89 shs ($3K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	46	$34.06	$2K
Purchase	Common Stock	25	$34.06	$851.50
Purchase	Common Stock	18	$34.06	$613.08
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 249,194 shares (Direct); Common Stock — 8,216,776 shares (Indirect, Horizon Common Inc.); Common Stock — 117 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 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. F2. 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.

FAQ

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

Murray Stahl reported three open-market purchases of Horizon Kinetics Holding Corp common stock totaling 89 shares at $34.06 per share on March 19, 2026. These transactions modestly increased his reported direct and indirect ownership positions.

How many HKHC shares does Murray Stahl hold directly after these transactions?

After the reported trades, Murray Stahl’s direct holding stands at 249,194 shares of Horizon Kinetics Holding Corp common stock. This figure comes from the post-transaction balance associated with his 46-share open-market purchase coded as a direct ownership position.

What indirect HKHC shareholdings are associated with Murray Stahl on this Form 4?

The filing lists several indirect holdings, including 8,216,776 shares held via Horizon Common Inc. and 823,923 shares via FRMO Corp. Additional smaller positions appear through partnerships and a spouse account, all reported as indirect ownership interests.

At what price were the HKHC insider purchases executed on March 19, 2026?

All three reported insider purchases were executed at $34.06 per share. This single price applies to the 46-share direct purchase and the 25-share and 18-share indirect purchases, indicating they were likely executed around the same market level that day.

How does the Form 4 describe Murray Stahl’s beneficial ownership of entity-held HKHC shares?

Footnotes explain that Murray Stahl exercises discretion over shares held by Horizon Kinetics Asset Management LLC, Horizon Common Inc., and FRMO Corp. but disclaims beneficial ownership except to the extent of his pecuniary interest. This clarifies his economic stake versus formal record ownership.

Does the Form 4 show any HKHC insider sales or derivative exercises by Murray Stahl?

The Form 4 shows no reported sales or derivative exercises. The transaction summary reflects three open-market purchases totaling 89 shares, zero sales, and no option or other derivative activity, indicating a net-buy pattern for this reporting period.

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 03/20/2026 - 12:38 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 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)
03/19/2026

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	03/19/2026		P		46	A	$34.06	249,194	D
Common Stock	03/19/2026		P		25	A	$34.06	8,216,776(1)	I	Horizon Common Inc.
Common Stock	03/19/2026		P		18	A	$34.06	117(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	03/20/2026
	** 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)