Form 4: CEO Murray Stahl Boosts HKHC Stake with Stock Purchases

Horizon Kinetics Holding Corp's CEO and CIO, Murray Stahl, reported recent purchases of common stock, increasing his direct and indirect beneficial ownership.

Summary

• Murray Stahl, CEO and CIO of Horizon Kinetics Holding Corp (HKHC), purchased a total of 27 shares of common stock at a price of $27 per share on December 9, 2025.
• These purchases include 12 shares acquired directly, 6 shares indirectly through Horizon Common Inc., 4 shares indirectly through Horizon Kinetics Hard Assets, LLC, and 5 shares indirectly through his spouse.
• Following these transactions, Mr. Stahl's direct beneficial ownership stands at 249,126 shares.
• His indirect beneficial ownership includes 8,216,736 shares through Horizon Common Inc., 87 shares through Horizon Kinetics Hard Assets, LLC, 5 shares through his spouse, 823,923 shares through FRMO Corp. (which includes shares owned by Fromex Equity Corp.), 6,900 shares through Kinetics Institutional Partners LP, 5,810 shares through Kinetics Partners LP, and 952 shares through Horizon Kinetics Asset Management LLC.
• Mr. Stahl disclaims beneficial ownership of the indirectly held shares except to the extent of his pecuniary interest.

Sentiment

Score: 7

Explanation: The sentiment is positive due to significant insider buying by the CEO and CIO, indicating strong management confidence in the company's valuation and future performance.

Positives

• The CEO and CIO, Murray Stahl, purchased additional shares of the company's common stock, signaling confidence in the company's future prospects.
• The purchases were made at a price of $27 per share, providing a clear valuation point for recent insider activity.

Future Outlook

This filing does not contain forward-looking statements or guidance, as it is a report of past insider transactions.

Management Comments

• Mr. Stahl exercises discretion over shares of the Issuer and disclaims beneficial ownership except to the extent of his pecuniary interest.

Industry Context

Insider buying, particularly by a CEO and CIO, is often interpreted by the market as a positive signal, indicating that management believes the company's stock is undervalued or that significant positive developments are anticipated. This can potentially boost investor confidence in Horizon Kinetics Holding Corp.

Related Party Transactions

• Murray Stahl's indirect beneficial ownership includes shares held through Horizon Common Inc., Horizon Kinetics Hard Assets, LLC, his spouse, FRMO Corp. (including Fromex Equity Corp.), Kinetics Institutional Partners LP, Kinetics Partners LP, and Horizon Kinetics Asset Management LLC, over which he exercises discretion.

Stakeholder Impact

• Shareholders may view the insider purchases as a positive sign of management's belief in the company's value, potentially increasing investor confidence.
• The increased alignment of management's interests with shareholders through direct stock ownership could be seen favorably.

Key Dates

Recommendation

The direct purchase of company stock by the CEO and CIO, Murray Stahl, at a specific price of $27 per share, signals strong insider confidence. This action suggests that management believes the company's shares are currently undervalued or that significant positive developments are on the horizon, making it an opportune time to increase exposure.

Keywords

Horizon Kinetics Holding Corp, HKHC, Murray Stahl, Insider Trading, Stock Purchase, Form 4, CEO, CIO, Beneficial Ownership