Form 4: CEO Murray Stahl Boosts Stake in Horizon Kinetics

Horizon Kinetics Holding Corp's CEO and CIO, Murray Stahl, reported significant purchases of common stock, primarily through indirect holdings, under a 10b5-1 plan.

Summary

• Murray Stahl, CEO and CIO, Director, and 10% Owner of Horizon Kinetics Holding Corp (HKHC), reported multiple purchases of common stock.
• The transactions occurred on September 5, 2025, at a price of $39 per share.
• Purchases were made directly and indirectly through various entities, including Horizon Common Inc., FRMO Corp., Horizon Kinetics Hard Assets, LLC, his spouse, Kinetics Institutional Partners LP, and Kinetics Partners LP.
• A total of 8 shares were acquired directly, bringing direct beneficial ownership to 248,953 shares.
• Significant indirect acquisitions include 8,216,633 shares via Horizon Common Inc. and 823,913 shares via FRMO Corp.
• The transactions were made pursuant to a Rule 10b5-1(c) plan.
• Mr. Stahl disclaims beneficial ownership over portions of shares held by Horizon Common Inc. and FRMO Corp. beyond his pecuniary interest (21% and 16% respectively) and for other entities except to the extent of his pecuniary interest.

Sentiment

Score: 7

Explanation: The insider buying by the CEO and CIO, especially under a 10b5-1 plan, indicates management confidence. While not a direct financial performance report, insider purchases are generally a positive signal for investors.

Positives

• Insider buying by a key executive (CEO and CIO) and significant owner (10% owner) can signal confidence in the company's future prospects.
• The transactions were executed under a Rule 10b5-1 plan, which indicates a pre-arranged trading strategy and can mitigate concerns about opportunistic timing.

Future Outlook

No specific future outlook or guidance is provided in this transactional filing.

Management Comments

• Mr. Stahl exercises discretion over the shares of the Issuer and owns approximately 21% of those held by Horizon Common Inc. He disclaims beneficial ownership over the remaining shares.
• Mr. Stahl exercises discretion over the shares of the Issuer and owns approximately 16% of those held by FRMO Corp. He disclaims beneficial ownership over the remaining shares.
• 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, especially by a CEO and CIO, is generally viewed positively as it suggests management believes the stock is undervalued or has strong future prospects. This is a standard signal in the investment community.

Comparison to Industry Standards

• Insider buying by a CEO and CIO is a strong signal, often outperforming general market sentiment. Studies by academic institutions or financial research firms often show that clusters of insider buying, particularly by top executives, tend to precede periods of outperformance for the company's stock compared to broader market indices or sector peers.
• The use of a 10b5-1 plan aligns with best practices for corporate insiders to avoid accusations of trading on material non-public information, providing a structured approach to stock acquisition.

Corporate Governance

Related Party Transactions

• The reported transactions involve the CEO and CIO, Murray Stahl, and entities in which he has a direct or indirect interest (e.g., Horizon Common Inc., FRMO Corp., spouse, various Kinetics partnerships), making them related party transactions.

Stakeholder Impact

• Shareholders: May view the insider buying as a positive signal of management's confidence in the company's future, potentially leading to increased investor interest and positive sentiment.

Key Dates

Recommendation

The significant insider buying by CEO and CIO Murray Stahl, a 10% owner, signals strong confidence in Horizon Kinetics Holding Corp's future prospects. While the transactions are under a 10b5-1 plan, the sheer volume of shares acquired, particularly indirectly, suggests a belief that the stock is undervalued or poised for growth. This type of insider activity is generally a bullish indicator for seasoned investors.

Keywords

Horizon Kinetics Holding Corp, HKHC, Murray Stahl, Insider Buying, Form 4, SEC Filing, Stock Purchase, 10b5-1 Plan, CEO, CIO, Beneficial Ownership