Horizon Kinetics (HKHC) Form 4 details updated insider holdings

Rhea-AI Filing Summary

Horizon Kinetics Holding Corp insider Mr. Stahl filed a Form 4 reporting small open-market purchases of the company’s common stock. On 11/20/2025, he bought 11 shares directly and 9 shares indirectly at a price of $27.5 per share.

After these transactions, he is shown as directly beneficially owning 248,982 shares and indirectly beneficially owning 8,216,655 shares through Horizon Common Inc., along with smaller indirect positions via entities such as Horizon Kinetics Hard Assets, LLC, FRMO Corp, several Kinetics partnerships, and his spouse. The filing notes that Mr. Stahl exercises discretion over these shares and disclaims beneficial ownership except to the extent of his pecuniary interest, and that the FRMO Corp total includes shares held by its wholly owned subsidiary Fromex Equity Corp.

Insider Trade Summary

Net Buyer: 24 shares ($660)

Net Buy 8 txns

Insider STAHL MURRAY, Horizon Common Inc

Role CEO and CIO | 10% Owner

Bought 24 shs ($660.00)

Type	Security	Shares	Price	Value
Purchase	Common Stock	11	$27.50	$302.50
Purchase	Common Stock	9	$27.50	$247.50
Purchase	Common Stock	4	$27.50	$110.00
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 248,982 shares (Direct); Common Stock — 8,216,655 shares (Indirect, Horizon Common Inc.)

Footnotes (1)

1. Mr. Stahl exercises discretion over shares of the Issuer and disclaims beneficial ownership except to the extent of his pecuniary interest. This total includes shares owned by Fromex Equity Corp, which is a wholly owned subsidiary of FRMO Corp.

Form 4 Insider Transactions: What Each Field Means →

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 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)
11/20/2025

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	11/20/2025		P		11	A	$27.5	248,982	D
Common Stock	11/20/2025		P		9	A	$27.5	8,216,655(1)	I	Horizon Common Inc.
Common Stock	11/20/2025		P		4	A	$27.5	39(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 total includes shares owned by Fromex Equity Corp, which is a wholly owned subsidiary of FRMO Corp.

	/s/ Jay Kesslen, attorney-in-fact	11/21/2025
	** 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 Mr. Stahl, an insider of Horizon Kinetics Holding Corp (HKHC), made open-market purchases of the company’s common stock on 11/20/2025.

How many HKHC shares did Mr. Stahl purchase and at what price?

On 11/20/2025, Mr. Stahl purchased 11 shares of HKHC common stock directly and 9 shares indirectly, all at a price of $27.5 per share.

What is Mr. Stahl’s direct beneficial ownership in HKHC after the transaction?

Following the reported purchases, Mr. Stahl is listed as directly beneficially owning 248,982 shares of Horizon Kinetics Holding Corp common stock.

What indirect HKHC holdings are reported for Mr. Stahl?

The filing shows indirect beneficial ownership of 8,216,655 shares through Horizon Common Inc., plus additional smaller indirect positions via entities including Horizon Kinetics Hard Assets, LLC, FRMO Corp, Kinetics Institutional Partners LP, Kinetics Partners LP, Horizon Kinetics Asset Management LLC, and his spouse.

What roles does Mr. Stahl hold at Horizon Kinetics Holding Corp (HKHC)?

Mr. Stahl is identified as a Director, a 10% Owner, and an Officer of HKHC, serving as CEO and CIO.

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 FRMO Corp’s total includes shares owned by its wholly owned subsidiary Fromex Equity Corp.