Horizon Kinetics Holding Corp (HKHC) CEO and 10% owner discloses new stock purchases and large indirect holdings

Rhea-AI Filing Summary

Horizon Kinetics Holding Corp insider activity: On 12/09/2025, CEO, CIO, director and 10% owner Mr. Stahl reported small open‑market purchases of Horizon Kinetics Holding Corp common stock at $27 per share. The filing shows acquisitions of 12 shares held directly, 6 shares held through Horizon Common Inc., and 4 shares held through Horizon Kinetics Hard Assets, LLC.

After these transactions, Mr. Stahl is shown as directly owning 249,126 shares, with substantial additional indirect holdings, including 8,216,736 shares through Horizon Common Inc., 823,923 shares through FRMO Corp., and smaller positions via several investment partnerships and entities. The footnotes state that Mr. Stahl exercises discretion over these shares and disclaims beneficial ownership beyond his economic 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

OMB APPROVAL

OMB Number:			3235-0287
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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)
12/09/2025

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	12/09/2025		P		12	A	$27	249,126	D
Common Stock	12/09/2025		P		6	A	$27	8,216,736(1)	I	Horizon Common Inc.
Common Stock	12/09/2025		P		4	A	$27	87(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	12/10/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transaction did Horizon Kinetics Holding Corp (HKHC) report on December 9, 2025?

The filing reports that on 12/09/2025, Mr. Stahl acquired small amounts of Horizon Kinetics Holding Corp common stock in open‑market purchases at $27 per share, totaling 12 shares directly, 6 shares via Horizon Common Inc., and 4 shares via Horizon Kinetics Hard Assets, LLC.

What is Mr. Stahl’s role at Horizon Kinetics Holding Corp (HKHC)?

Mr. Stahl is reported as a Director, a 10% Owner, and an Officer, serving as the company’s CEO and CIO.

How many Horizon Kinetics Holding Corp shares does Mr. Stahl own directly after the reported transaction?

Following the reported transaction, Mr. Stahl beneficially owns 249,126 shares of Horizon Kinetics Holding Corp common stock in a direct capacity.

What are the largest indirect holdings reported for Mr. Stahl in HKHC stock?

The filing shows Mr. Stahl with significant indirect beneficial ownership, including 8,216,736 shares held through Horizon Common Inc. and 823,923 shares held through FRMO Corp., along with smaller stakes through several investment partnerships and entities.

How does Mr. Stahl describe his beneficial ownership of these Horizon Kinetics shares?

The explanation states that Mr. Stahl exercises discretion over certain shares of the issuer and disclaims beneficial ownership except to the extent of his pecuniary interest.

Does the HKHC Form 4 indicate that more than one reporting person is involved?

Yes. The cover information indicates that the Form is filed by more than one reporting person, consistent with the multiple entities listed as indirect holders.

What additional entity is included within the FRMO Corp holding in HKHC?

The filing notes that the FRMO Corp. holding includes shares owned by Fromex Equity Corp, which is described as a wholly owned subsidiary of FRMO Corp.