Horizon Kinetics (HKHC) discloses Maran fund share transfers and ownership

Rhea-AI Filing Summary

Horizon Kinetics Holding Corp insider entities reported non-cash internal transfers of common stock. A group of related investment entities and Daniel J. Roller jointly filed to disclose activity on 12/23/2025. One transaction shows an in-kind contribution of 25,360 shares of common stock to Maran Partners Fund, LP at a stated price of $0 per share. Another transaction reports the disposition of 42,000 shares by Maran SPV, LP at $0 per share as those shares were distributed to its limited partners while that vehicle is winding down.

Following these transactions, Maran Partners Fund, LP is listed as directly beneficially owning 236,066 shares of Horizon Kinetics common stock, and Maran SPV, LP reports no remaining shares. The filing also notes an additional 9,500 shares of common stock reported as indirectly owned by Daniel J. Roller, reflecting his interests through affiliated entities.

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

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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^*

Maran Partners Fund, LP

(Last) (First) (Middle)

250 FILLMORE STREET

SUITE 150

(Street)

DENVER CO 80206

(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)

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Affiliate

3. Date of Earliest Transaction (Month/Day/Year)
12/23/2025

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(1)	12/23/2025		J(2)		25,360	A	$0	236,066	D(3)
Common Stock(1)	12/23/2025		J(4)		42,000	D	$0	0	I	Maran SPV, LP(5)
Common Stock(1)								9,500	I	Daniel J. Roller

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^*

Maran Partners Fund, LP

(Last) (First) (Middle)

250 FILLMORE STREET

SUITE 150

(Street)

DENVER CO 80206

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Affiliate

1. Name and Address of Reporting Person^*

Roller Daniel J

(Last) (First) (Middle)

250 FILLMORE ST

UNIT 150

(Street)

DENVER CO 80206

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Maran Partners GP, LLC

(Last) (First) (Middle)

250 FILLMORE ST

UNIT 150

(Street)

DENVER CO 80206

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Affiliate

1. Name and Address of Reporting Person^*

Maran SPV, LP

(Last) (First) (Middle)

250 FILLMORE ST

UNIT 150

(Street)

DENVER CO 80206

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Affiliate

1. Name and Address of Reporting Person^*

Maran Capital Management, LLC

(Last) (First) (Middle)

250 FILLMORE ST

UNIT 150

(Street)

DENVER CO 80206

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Affiliate

1. Name and Address of Reporting Person^*

Maran SPV GP, LLC

(Last) (First) (Middle)

250 FILLMORE ST

UNIT 150

(Street)

DENVER CO 80206

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Affiliate

Explanation of Responses:

1. This Form 4 is filed jointly by Maran Partners Fund, LP ("MPF"), a Delaware limited partnership, Maran Partners GP, LLC ("MPGP"), a Delaware limited liability company, Maran SPV, LP ("MSPV"), a Delaware limited partnership, Maran SPV GP, LLC ("MSPVGP"), a Colorado limited liability company, Maran Capital Management, LLC ("MCM"), a Delaware limited liability company, and Daniel J. Roller (collectively, the "Reporting Persons").

2. In-kind contributions to MPF.

3. Securities owned directly by MPF. The reported securities may be deemed to be indirectly beneficially owned by MPGP, as the general partner of MPF. The reported securities may also be deemed to be indirectly beneficially owned by MCM, as the investment manager of MPF. The reported securities may also be deemed to be indirectly beneficially owned by Daniel J. Roller, as the sole managing member of MPGP and MCM. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein.

4. The shares were distributed to its Limited Partners as MSPV is winding down.

5. Securities owned directly by MSPV. The reported securities may be deemed to be indirectly beneficially owned by MSPVGP, as the general partner of the MSPV. The reported securities may also be deemed to be indirectly beneficially owned by MCM, as the investment manager of MSPV. The reported securities may also be deemed to be indirectly beneficially owned by Daniel J. Roller, as the sole managing member of MSPVGP and MCM. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein.

	/s/ Jay Kesslen, attorney-in-fact	12/23/2025
	** 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 activity did Horizon Kinetics (HKHC) report in this Form 4?

The filing reports internal transfers of Horizon Kinetics Holding Corp common stock involving affiliated Maran entities. It includes an in-kind contribution of shares to Maran Partners Fund, LP and a distribution of shares from Maran SPV, LP to its limited partners as that entity winds down.

How many Horizon Kinetics (HKHC) shares were contributed or distributed?

The Form 4 shows an in-kind contribution of 25,360 shares of Horizon Kinetics common stock to Maran Partners Fund, LP and a distribution of 42,000 shares by Maran SPV, LP to its limited partners.

What is Maran Partners Fund, LPs ownership in Horizon Kinetics after these transactions?

After the reported transactions, Maran Partners Fund, LP is listed as directly beneficially owning 236,066 shares of Horizon Kinetics Holding Corp common stock.

What happened to the Horizon Kinetics (HKHC) shares held by Maran SPV, LP?

The filing states that 42,000 shares of Horizon Kinetics common stock were distributed by Maran SPV, LP to its limited partners as Maran SPV, LP is winding down, leaving it with no reported remaining shares.

How many Horizon Kinetics (HKHC) shares are indirectly attributed to Daniel J. Roller?

The Form 4 notes that 9,500 shares of Horizon Kinetics Holding Corp common stock are reported as indirectly beneficially owned by Daniel J. Roller through affiliated entities.

Were these Horizon Kinetics (HKHC) insider share transfers cash transactions?

The transactions are reported at a stated price of $0 per share, indicating non-cash movements such as in-kind contributions and distributions among related investment entities.