Horizon Kinetics (HKHC) CEO & 10% owner discloses new insider share buys

Rhea-AI Filing Summary

Horizon Kinetics Holding Corp’s CEO and CIO, who is also a director and 10% owner, reported open-market purchases of common stock. On 12/02/2025, the insider bought 12, 6, and 4 shares of common stock at a price of $27.23 per share, each coded as a purchase transaction.

After these trades, the insider directly beneficially owns 249,066 shares of Horizon Kinetics common stock. He also reports significant indirect holdings, including 8,216,706 shares held through Horizon Common Inc. and additional shares held through entities such as FRMO Corp., Kinetics Institutional Partners LP, Kinetics Partners LP, Horizon Kinetics Hard Assets, LLC, Horizon Kinetics Asset Management LLC, and through a spouse. The insider states he exercises discretion over certain shares and disclaims beneficial ownership beyond his pecuniary 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)
12/02/2025

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	12/02/2025		P		12	A	$27.23	249,066	D
Common Stock	12/02/2025		P		6	A	$27.23	8,216,706(1)	I	Horizon Common Inc.
Common Stock	12/02/2025		P		4	A	$27.23	67(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	12/03/2025
	** 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).
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FAQ

What insider transaction did HKHC report in this Form 4?

The filing shows the CEO, CIO, director, and 10% owner of Horizon Kinetics Holding Corp (HKHC) purchased common stock on 12/02/2025. The transactions are coded as open-market purchases of 12, 6, and 4 shares at $27.23 per share.

How many HKHC shares does the reporting person own directly after the transaction?

Following the reported trades, the insider directly beneficially owns 249,066 shares of Horizon Kinetics Holding Corp common stock.

What indirect ownership in HKHC does the insider report?

The insider reports indirect beneficial ownership of 8,216,706 shares of HKHC through Horizon Common Inc., plus additional indirect holdings such as 823,923 shares through FRMO Corp., and smaller stakes through entities including Kinetics Institutional Partners LP, Kinetics Partners LP, Horizon Kinetics Hard Assets, LLC, and Horizon Kinetics Asset Management LLC, as well as a spouse.

What roles does the reporting person hold at Horizon Kinetics Holding Corp (HKHC)?

The reporting person is identified as a Director, a 10% Owner, and an Officer of Horizon Kinetics Holding Corp, serving as CEO and CIO.

What disclaimer does the insider make about beneficial ownership of HKHC shares?

The insider states that he exercises discretion over shares of the issuer and disclaims beneficial ownership except to the extent of his pecuniary interest. He also notes that one reported holding includes shares owned by Fromex Equity Corp, a wholly owned subsidiary of FRMO Corp.

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

The form indicates it is a Form filed by more than one reporting person, as shown by the checked box in the filing.

What is the reported purchase price for the HKHC insider transactions?

All three reported purchase transactions in HKHC common stock on 12/02/2025 were executed at a price of $27.23 per share.