Horizon Kinetics CEO and 10% owner reports new HKHC share buys

Rhea-AI Filing Summary

Horizon Kinetics Holding Corp (HKHC) reported insider share purchases by a major executive and shareholder on a Form 4. On 11/21/2025, CEO, CIO, director and 10% owner Murray Stahl bought 12 shares of HKHC common stock directly at $28.25 per share and an additional 9 shares indirectly through Horizon Common Inc. at the same price. The filing also lists large indirect holdings of HKHC common stock through entities such as Horizon Common Inc., Horizon Kinetics Hard Assets, LLC, FRMO Corp., Kinetics Institutional Partners LP, Kinetics Partners LP, Horizon Kinetics Asset Management LLC and through his spouse. The explanation notes that Mr. Stahl exercises discretion over these shares and disclaims beneficial ownership except to the extent of his pecuniary interest.

Insider Trade Summary

Net Buyer: 25 shares ($706)

Net Buy 8 txns

Insider STAHL MURRAY, Horizon Common Inc

Role CEO and CIO | 10% Owner

Bought 25 shs ($706.25)

Type	Security	Shares	Price	Value
Purchase	Common Stock	12	$28.25	$339.00
Purchase	Common Stock	9	$28.25	$254.25
Purchase	Common Stock	4	$28.25	$113.00
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 248,994 shares (Direct); Common Stock — 8,216,664 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 holding 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)
11/21/2025

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	11/21/2025		P		12	A	$28.25	248,994	D
Common Stock	11/21/2025		P		9	A	$28.25	8,216,664(1)	I	Horizon Common Inc.
Common Stock	11/21/2025		P		4	A	$28.25	43(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	11/24/2025
	** 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.
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FAQ

What insider transaction did HKHC report on this Form 4?

The Form 4 reports that Murray Stahl acquired 12 shares of Horizon Kinetics Holding Corp common stock directly and 9 shares indirectly through Horizon Common Inc., both on 11/21/2025 at $28.25 per share.

Who is the reporting person in the HKHC Form 4 filing?

The reporting person is Murray Stahl, who is identified as a director, 10% owner, and officer (CEO and CIO) of Horizon Kinetics Holding Corp.

How many HKHC shares does Murray Stahl hold directly after the reported transaction?

After the reported transaction, Murray Stahl directly holds 248,994 shares of Horizon Kinetics Holding Corp common stock.

What indirect HKHC holdings related to Murray Stahl are disclosed?

The filing discloses indirect holdings of HKHC common stock through entities including Horizon Common Inc. with 8,216,664 shares, Horizon Kinetics Hard Assets, LLC with 43 shares, FRMO Corp. with 823,923 shares, Kinetics Institutional Partners LP with 6,900 shares, Kinetics Partners LP with 5,810 shares, and Horizon Kinetics Asset Management LLC with 952 shares, as well as shares held by his spouse.

What disclaimer about beneficial ownership does the HKHC Form 4 include?

The explanation states that Mr. Stahl exercises discretion over shares of the issuer and disclaims beneficial ownership of those shares except to the extent of his pecuniary interest. It also notes that the FRMO Corp. holding includes shares owned by Fromex Equity Corp., a wholly owned subsidiary of FRMO Corp.

Does the HKHC Form 4 involve any derivative securities?

The Form 4 includes a standard table for Derivative Securities, but in the provided content there are no specific derivative transactions or amounts reported.