Horizon Kinetics (HKHC) CEO and 10% owner reports new insider share purchases

Rhea-AI Filing Summary

Horizon Kinetics Holding Corp. (HKHC) reported an insider stock purchase by a senior executive and major shareholder. On 12/05/2025, the reporting person bought 12 shares of HKHC common stock directly and 6 shares indirectly, each at a price of $27.75 per share. After these transactions, the executive directly owns 249,102 shares and indirectly owns 8,216,724 shares through Horizon Common Inc., along with additional indirect holdings through entities including a spouse, FRMO Corp., and several investment partnerships.

The filer is identified as a Director, 10% Owner, CEO and CIO of HKHC, and the form notes that he exercises discretion over certain shares and disclaims beneficial ownership beyond his pecuniary interest. The filing is made jointly by more than one reporting person and is signed by an attorney-in-fact.

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)
12/05/2025

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	12/05/2025		P		12	A	$27.75	249,102	D
Common Stock	12/05/2025		P		6	A	$27.75	8,216,724(1)	I	Horizon Common Inc.
Common Stock	12/05/2025		P		4	A	$27.75	79(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	12/08/2025
	** 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 did the Horizon Kinetics (HKHC) insider do in this Form 4 filing?

The filing shows that a reporting person who is a Director, 10% Owner, CEO and CIO of Horizon Kinetics Holding Corp. (HKHC) purchased additional common stock on 12/05/2025, totaling 18 shares at $27.75 per share across direct and indirect accounts.

How many HKHC shares does the insider own after the reported transactions?

Following the reported trades, the insider directly owns 249,102 shares of HKHC common stock and indirectly owns 8,216,724 shares through Horizon Common Inc., plus other indirect holdings through entities such as a spouse, FRMO Corp., Kinetics Institutional Partners LP, Kinetics Partners LP, and Horizon Kinetics Asset Management LLC.

What were the transaction details for the HKHC insider purchases?

On 12/05/2025 the insider reported two open-market purchase transactions coded "P": one for 12 shares of HKHC common stock at $27.75 per share held directly, and one for 6 shares at $27.75 per share held indirectly through Horizon Common Inc.

What is the relationship of the reporting person to Horizon Kinetics Holding Corp. (HKHC)?

The reporting person is listed as a Director, 10% Owner, and Officer of HKHC, with the officer title specified as CEO and CIO.

How does the Form 4 describe the insider's beneficial ownership in HKHC?

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, and that a portion of the reported holding includes shares owned by Fromex Equity Corp., a wholly owned subsidiary of FRMO Corp.

Were any derivative securities reported in this HKHC Form 4 filing?

The document includes a section for derivative securities, but in the provided content no specific derivative security transactions are listed with amounts or dates.