Horizon Kinetics (HKHC) CEO Murray Stahl reports new insider share purchases

Rhea-AI Filing Summary

Horizon Kinetics Holding Corp (HKHC) insider Murray Stahl reported small open-market purchases of the company’s common stock. On 12/04/2025, he bought 12 shares of HKHC common stock directly at $27.75 per share, bringing his directly held stake to 249,090 shares. On the same date, an affiliated entity, Horizon Common Inc., purchased 6 shares at $27.75 per share, after which 8,216,718 shares are reported as indirectly owned through that entity.

Stahl is listed as a director, 10% owner, and CEO and CIO of Horizon Kinetics Holding Corp, and he reports additional indirect holdings through several related entities and his spouse. He states that he exercises discretion over these shares and disclaims beneficial ownership except to the extent of his pecuniary interest, including shares held by FRMO Corp and its wholly owned subsidiary Fromex Equity Corp.

Insider Trade Summary

Net Buyer: 22 shares ($611)

Net Buy 8 txns

Insider STAHL MURRAY, Horizon Common Inc

Role CEO and CIO | 10% Owner

Bought 22 shs ($610.50)

Type	Security	Shares	Price	Value
Purchase	Common Stock	12	$27.75	$333.00
Purchase	Common Stock	6	$27.75	$166.50
Purchase	Common Stock	4	$27.75	$111.00
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 249,090 shares (Direct); Common Stock — 8,216,718 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)
12/04/2025

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	12/04/2025		P		12	A	$27.75	249,090	D
Common Stock	12/04/2025		P		6	A	$27.75	8,216,718(1)	I	Horizon Common Inc.
Common Stock	12/04/2025		P		4	A	$27.75	75(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	12/05/2025
	** 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 in this Form 4?

The filing shows that Murray Stahl reported open-market purchases of Horizon Kinetics Holding Corp common stock on 12/04/2025, including 12 shares bought directly and 6 shares bought indirectly through Horizon Common Inc., both at $27.75 per share.

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

Murray Stahl is identified as a director, a 10% owner, and an officer of Horizon Kinetics Holding Corp, serving as the company’s CEO and CIO.

How many HKHC shares does Murray Stahl own directly after the reported trades?

After the 12-share purchase on 12/04/2025, Murray Stahl reports 249,090 shares of Horizon Kinetics Holding Corp common stock held in direct ownership.

What are Murray Stahl’s reported indirect holdings of HKHC through Horizon Common Inc.?

Following the purchase of 6 shares on 12/04/2025 at $27.75 per share, the filing shows 8,216,718 shares of Horizon Kinetics Holding Corp common stock reported as indirectly owned through Horizon Common Inc.

What does the filing say about Murray Stahl’s beneficial ownership of indirectly held HKHC shares?

The explanation states that Murray Stahl exercises discretion over certain shares of Horizon Kinetics Holding Corp and disclaims beneficial ownership except to the extent of his pecuniary interest in those shares.

How are FRMO Corp and Fromex Equity Corp related to Murray Stahl’s HKHC holdings?

The filing notes that one reported holding includes shares owned by Fromex Equity Corp, which is a wholly owned subsidiary of FRMO Corp, and these shares are part of the indirect holdings attributed to Murray Stahl.

Is this Form 4 filed by one or multiple reporting persons for HKHC?

The document indicates that the Form 4 is filed by more than one reporting person, as marked in the section on individual or joint/group filing.